<PAGE> 1

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

                               FORM 10-QSB/A
                             AMENDMENT NO. 3
(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 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 March 31, 2003, there were outstanding 18,103,700 shares of the
Registrant's Common Stock, $.001 par value.

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



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<PAGE> 2

  This amendment to Emergency Filtration Products, Inc.'s Quarterly Report on
Form 10-QSB for the quarter ended March 31, 2003 is being filed to reflect a
restatement of our financial statements for the three months ended March 31,
2003 and 2002 for a reduction in amortization expense in connection with
certain costs that were incorrectly capitalized to patent costs during June
2000.  The restatement was made to eliminate recorded amortization for each
quarter on $100,000 of capitalized patent costs previously recorded in error.

Subsequent to the original issuance of the March 31, 2003 and December 31,
2002 financial statements, management of the Company discovered an error
regarding the initial recording of certain patent rights acquired during June
2000.  This resulted in the overstatement of capitalized patent costs in the
amount of $81,666 and $83,333 as of March 31, 2003 and December 31, 2002,
respectively, and the overstatement of related party accounts payable in the
amount of $100,000 at March 31, 2003 and December 31, 2002.  The error also
resulted in the overstatement of the net loss resulting from overstated
amortization on the patent costs for the three months ended March 31, 2003 and
2002 totaling $1,667 and $1,667, respectively.  Consequently, the restated
total stockholders' equity (deficit) at March 31, 2003 and December 31, 2002
was $163,593 and $(225,341), respectively, compared with the previously
reported stockholders' equity (deficit) of $145,259 and $(242,008) at March
31, 2003 and December 31, 2002, respectively.  The restatement does not impact
the Company's loss per share for each period presented.

Items 1 and 2 of Part I are the only items being amended by this Form 10-QSB/A
and such amendments relate only to the restated financial statements.  In all
other respects, this amendment presents information as of the original date of
the Form 10-QSB for the quarter ended March 31, 2003.

                                  PART I

                             FINANCIAL INFORMATION

                                  Item 1.

                         RESTATED FINANCIAL STATEMENTS
                                (UNAUDITED)


     The restated financial statements included herein have been prepared by
the Company, without audit, pursuant to the rules and regulations of the
Securities and Exchange Commission.  Certain information and footnote
disclosures normally included in financial statements prepared in accordance
with generally accepted accounting principles have been condensed or omitted.
However, in the opinion of management, all adjustments (which include only
normal recurring accruals) necessary to fairly state the financial position
and results of operations for the periods presented have been made.  These
financial statements should be read in conjunction with the accompanying
notes, and with the historical financial information of the Company.







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EMERGENCY FILTRATION PRODUCTS, INC.
Balance Sheets
March 31, 2003 and December 31, 2002
(Restated - See Note 2)
(Unaudited)
                                                    March 31,    December 31,
                                                      2003          2002
                                                   -----------   -----------
ASSETS
CURRENT ASSETS
 Cash and cash equivalents                        $     89,529  $     21,424
 Restricted cash                                        11,500             -
 Accounts receivable, net of an allowance for
  doubtful accounts of $8,500 and $8,500,
  respectively                                         102,694        16,135
 Prepaid expenses and other                             54,475        49,384
 Inventory                                              48,830        59,382
                                                   -----------   -----------
   Total Current Assets                                307,028       146,325
                                                   -----------   -----------
PROPERTY AND EQUIPMENT
 Molds                                                 112,850       112,850
 Furniture and office equipment                         47,519        45,292
 Accumulated depreciation                             (122,792)     (115,343)
                                                   -----------   -----------
   Total Property and Equipment                         37,577        42,799
                                                   -----------   -----------
OTHER ASSETS
 Deposits                                                3,462         3,462
 Patents, net                                           75,651        74,480
                                                   -----------   -----------
   Total Other Assets                                   79,113        77,942
                                                   -----------   -----------
TOTAL ASSETS                                      $    423,718  $    267,066
                                                   ===========   ===========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
 Accounts payable                                 $    113,708  $    153,231
 Accounts payable - related parties                     93,594       266,289
 Accrued expenses                                       30,615        30,615
 Note payable                                           22,208        42,272
                                                   -----------   -----------
   Total Current Liabilities                           260,125       492,407
                                                   -----------   -----------
COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIT)
 Common stock, par value $0.001; authorized
50,000,000 shares; 18,103,700 and 17,467,700 shares
issued and outstanding, respectively                    18,104        17,468
 Additional paid in capital                          7,362,801     7,223,517
 Stock to be issued                                    463,825             -
 Accumulated deficit                                (7,681,137)   (7,466,326)
                                                   -----------   -----------
   Total Stockholders' Equity (Deficit)                163,593      (225,341)
                                                   -----------   -----------
TOTAL LIABILITIES AND STOCKHOLDERS'
 EQUITY (DEFICIT)                                  $   423,718  $   267,066
                                                    ===========   ==========

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 Ended March 31, 2003 and 2002
(Restated - See Note 2)
(Unaudited)

                                                      2003          2002
                                                   -----------   -----------
NET SALES                                         $    100,956  $     95,744
                                                   -----------   -----------
EXPENSES
 Cost of sales                                          64,101        59,266
 Depreciation and amortization                           8,922         8,207
 Research and development                                1,744           700
 General and administrative                            240,538       211,858
                                                   -----------   -----------
   Total Expenses                                      315,305       280,031
                                                   -----------   -----------
LOSS FROM OPERATIONS                                  (214,349)     (184,287)
                                                   -----------   -----------
OTHER INCOME (EXPENSE)
 Interest expense                                         (462)         (425)
                                                   -----------   -----------
   Total Other Income (Expense)                           (462)         (425)
                                                   -----------   -----------
NET LOSS                                          $   (214,811) $   (184,712)
                                                   ===========   ===========
BASIC LOSS PER SHARE                              $      (0.01) $      (0.02)
                                                   ===========   ===========
WEIGHTED AVERAGE NUMBER OF COMMON
  SHARES OUTSTANDING                                17,743,300    11,706,658
                                                   ===========   ===========








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 Three Months Ended March 31, 2003 and 2002
(Restated - See Note 2)
(Unaudited)
                                                      2003          2002
                                                   -----------   -----------
Net loss                                          $   (214,811) $   (184,712)
Adjustments to reconcile net loss to net
cash (used in) operating activities:
 Depreciation and amortization                           8,922         8,207
 Common stock issued for services                      128,920        55,500
Changes in operating assets and liabilities:
 Accounts receivable                                   (86,559)      (46,630)
 Prepaid expenses and other                            (19,890)       40,464
 Inventory                                              10,552        14,564
 Accounts payable and accounts payable -
  related parties                                       34,290       (19,009)
 Accrued expenses                                            -            (9)
                                                   -----------   -----------
  Net Cash (Used In) Operating Activities             (138,576)     (131,625)
                                                   -----------   -----------
CASH FLOWS FROM INVESTING ACTIVITIES
 Acquisition of property and equipment                  (2,228)       (2,290)
 Patent costs                                           (2,643)         (940)
                                                   -----------   -----------
  Net Cash (Used In) Investing Activities               (4,871)       (3,230)
                                                   -----------   -----------
CASH FLOWS FROM FINANCING ACTIVITIES
 Increase in restricted cash                           (11,500)            -
 Proceeds from stock to be issued                      492,000             -
 Stock offering costs                                  (73,500)            -
 Advances from shareholders                                  -       146,900
 Repayments of advances from shareholders             (190,183)            -
 Payment on note payable                               (5,265)       (8,987)
                                                   -----------   -----------
  Net Cash Provided by Financing Activities            211,552       137,913
                                                   -----------   -----------
NET INCREASE IN CASH AND CASH EQUIVALENTS               68,105         3,058
CASH AND CASH EQUIVALENTS AT BEG OF PERIOD              21,424             -
                                                   -----------   -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD        $     89,529  $      3,058
                                                   ===========   ===========

SUPPLEMENTAL CASH FLOW INFORMATION
 Cash Paid For:
 Interest                                         $        462  $        425

 Non-Cash Investing and Financing Activities
  Common stock issued for services                $    128,920  $     55,500
  Common stock issued for accounts payable        $     11,000  $     72,900
  Non-cash reduction in note payable              $     14,799  $          -
  Accounts payable - related parties
   exchanged for stock to be issued               $     45,325  $          -

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


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<PAGE> 6

EMERGENCY FILTRATION PRODUCTS, INC.
Notes to the Restated Financial Statements
March 31, 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.  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 ended March 31, 2003 and 2002
are not necessarily indicative of the results to be expected for the full
year.

NOTE 2 - CORRECTION OF AN ERROR

Subsequent to the original issuance of the March 31, 2003 and December 31,
2002 financial statements, management of the Company discovered an error
regarding the initial recording of certain patent rights acquired during June
2000.  This resulted in the overstatement of capitalized patent costs in the
amount of $81,666 and $83,333 as of March 31, 2003 and December 31, 2002,
respectively, and the overstatement of related party accounts payable in the
amount of $100,000 at March 31, 2003 and December 31, 2002.  The error also
resulted in the overstatement of the net loss resulting from overstated
amortization on the patent costs for the three months ended March 31, 2003 and
2002 totaling $1,667 and $1,667, respectively.  Consequently, the restated
total stockholders' equity (deficit) at March 31, 2003 and December 31, 2002
was $163,593 and $(225,341), respectively, compared with the previously
reported stockholders' equity (deficit) of $145,259 and $(242,008) at March
31, 2003 and December 31, 2002, respectively.

As discussed in Note 3 to the Company's December 31, 2002 Restated Financial
Statements, on June 28, 2000 the Company entered into a written agreement
whereby the Company was assigned the rights to a new portable emergency safety
resuscitator (the "BVM Bag").  The written agreement provided that the
assignor was to receive 120,000 shares of common stock as consideration for
the rights to the technology.  Based upon the written agreement at the time,
the Company recorded this transaction at a $120,000 value (120,000 shares at
the market value on the date of issuance of $1.00 per share), resulting in
$120,000 of capitalized patent costs, a $100,000 liability for the unissued
100,000 shares and $20,000 in equity.






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<PAGE> 7

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

NOTE 2 - CORRECTION OF AN ERROR (Continued)

Subsequent to the issuance of the March 31, 2003 and the December 31, 2002
financial statements, management of the Company discovered that a verbal
agreement had been entered into between the Company and the assignor shortly
after the original agreement was executed.  This verbal agreement has not
previously been reflected in the Company's financial statements.  The Company
did not issue any of the shares under the written agreement upon execution of
the written agreement.  Prior to the issuance of any shares under the written
agreement, the Company determined that the technology underlying the patent
was not fully developed, able to be manufactured or marketed.  At this time,
the verbal agreement was entered into between the two parties.

This verbal agreement was made effective retroactive to the date of the
original written agreement.  The verbal agreement reduced the number of shares
to be issued upon the assignment of the patented technology to 20,000 shares
with the remaining 100,000 shares to be issued to the assignor only upon the
successful completion of a BVM Bag technology product that was fully developed
and ready for market.  Both the Company and the assignor have performed under
the guidelines of the verbal agreement since its inception.  The verbal
agreement has now been executed in writing by both parties during September
2003 with an effective date of June 28, 2000.

Accordingly, the Company has restated the financial statements to properly
record the transaction as the issuance of only 20,000 shares of common stock
rather than the original 120,000 shares of common stock thus reducing the
capitalized patent costs by $100,000 with a corresponding reduction in a
$100,000 liability.  The remaining issuance of 100,000 shares represents a
contingent share issuance for which the performance objective has not been
satisfied; accordingly, the equity fair value recorded to date for this
contingent share issuance is $0.  Management has determined that such
contingency will not be satisfied until the successful completion of the BVM
Bag products.

In addition, the financial statements have been restated to reverse
amortization that had been recorded subsequent to June 28, 2000 related to the
$100,000 capitalized patent costs previously recorded.  The effect to the
financial statements is as follows:

Balance Sheet as of December 31, 2002
                                                      As
                                          As          Previously  Net
                                          Restated    Recorded    Change

Capitalized patent costs, net             $74,480     $157,813    $(83,333)
Total assets                              $267,066    $350,399    $(83,333)
Accounts payable - related parties        $266,289    $366,289    $(100,000)
Accumulated deficit                       $(7,466,326)$(7,482,993)$16,667
Total stockholders' deficit               $(225,341)  $(242,008)  $16,667



<PAGE>
<PAGE> 8

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

NOTE 2 - CORRECTION OF AN ERROR (Continued)

Balance Sheet as of March 31, 2003
                                                      As
                                          As          Previously  Net
                                          Restated    Recorded    Change

Capitalized patent costs, net             $75,651     $157,317    $(81,666)
Total assets                              $423,718    $505,384    $(81,666)
Accounts payable - related parties        $93,594     $193,594    $(100,000)
Accumulated deficit                       $(7,681,137)$(7,699,471)$18,334
Total stockholders' equity                $163,593    $145,259    $18,334

Statement of Operations for the three months ended March 31, 2003

                                                      As
                                          As          Previously  Net
                                          Restated    Recorded    Change

Depreciation and amortization             $8,922      $10,589     $(1,667)
Net loss                                  $(214,811)  $(216,478)  $(1,667)
Basic loss per share                      $(0.01)     $(0.01)     $ 0.00

Statement of Operations for the three months ended March 31, 2002

                                                      As
                                          As          Previously  Net
                                          Restated    Recorded    Change

Depreciation and amortization             $8,207      $9,874      $(1,667)
Net loss                                  $(184,712)  $(186,379)  $(1,667)
Basic loss per share                      $(0.02)     $(0.02)     $ 0.00

NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS

In January 2003, the Financial Accounting Standards Board issued FASB
Interpretation No. 46 ("FIN 46"), "Consolidation of Variable Interest
Entities."  This interpretation addresses the requirements for business
enterprises to consolidate related entities in which they are determined to be
the primary economic beneficiary as a result of their variable economic
interests.  The interpretation is intended to provide guidance in judging
multiple economic interests in an entity and in determining the primary
beneficiary.  The interpretation outlines disclosure requirements for VIEs
created after January 31, 2003.  The Company has reviewed its major
relationships and its overall economic interests with other companies
consisting of related parties, and other suppliers to determine the extent of
its variable economic interest in these parties.  The review has not resulted
in a determination that it would be judged to be the primary beneficiary in
any material relationships, or that any material entities would be judged to
be Variable Interest Entities of the Company.



<PAGE>
<PAGE> 9

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

NOTE 4 - LOSS PER SHARE

Following is a reconciliation of the numerators of the basic and diluted loss
per share for the three months ended March 31, 2003 and 2002:

                                                For the
                                          Three Months Ended
                                                March 31,
                                           2003           2002
                                        -----------   -----------
 Net loss available to
  common shareholders                  $   (214,811) $   (184,712)
                                        ===========   ===========

 Weighted average shares                 17,743,300    11,706,658
 Effect of dilutive securities                    _             _
                                        -----------   -----------
                                         17,743,300    11,706,658
                                        ===========   ===========
 Basic loss per share (based
  on weighted average shares)          $      (0.01) $      (0.02)
                                        ===========   ===========

Weighted average shares issuable upon the exercise of stock options, which
were not included in the above calculations, were approximately 2.2 million
and 6.1 million in the three month periods ended March 31, 2003 and 2002,
respectively, because they were antidilutive.

NOTE 5 - GOING CONCERN

The Company's financial statements are prepared using generally accepted
accounting principles applicable to a going concern, which contemplates the
realization of assets and liquidation of liabilities in the normal course of
business.  The Company has incurred significant losses, which have resulted in
an accumulated deficit of $7,681,137 at March 31, 2003, which raises
substantial doubt about the Company's ability to continue as a going concern.
However, as discussed in Note 6, the Company has raised $418,500 through the
issuance of common shares (to be issued) pursuant to an SB_2 registration
during the three months ended March 31, 2003 and raised an additional $345,000
subsequent to March 31, 2003. The accompanying financial statements do not
include any adjustments relating to the recoverability and classification of
asset carrying amounts or the amount and classification of liabilities that
might result from the outcome of this uncertainty.  It is the intent of
management to create additional revenues through the development and sales of
its emergency respiration equipment and to rely upon additional equity
financing if required to sustain operations until revenues are adequate to
cover the costs.  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.




<PAGE>
<PAGE> 10

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


NOTE 6 - STOCK TRANSACTIONS

On February 28, 2003, the Company issued 636,000 shares of common stock
pursuant to an S-8 registration valued at $0.22 per share (equal to the market
value on the date of issuance) for legal and other services rendered valued at
$128,920 and in payment of accounts payable totaling $11,000.

Also during the three months ended March 31, 2003, the Company entered into
various subscription agreements through an investment company.  The Company is
to issue common shares at $0.18 per share.  Through March 31, 2003, the
Company had raised $421,825 (net of $73,500 of stock offering costs) pursuant
to these agreements although the shares had not yet been issued.  The shares
to be issued also include one three year, non-callable warrant to purchase
common stock for each dollar invested exercisable at $0.25 per share.  The
Company raised an additional $345,000 subsequent to March 31, 2003 pursuant to
the subscription agreements.

The Company is required to promptly upon closing, but no later than thirty
(30) days from the closing date, to file a registration statement with the
United States Securities & Exchange Commission (SB-2) and use its best efforts
to ensure that such registration statement is declared effective within 90
days from the filing date.  Also as part of the agreement with the investment
company, the Company will pay the investment company a placement fee of 10%
plus a charge of 3% of the gross proceeds raised.

In January 2003, in anticipation of a possible joint marketing or joint
venture with Centrex, Inc. (Centrex), an Oklahoma corporation, the Company
entered into a letter of intent whereby the Company and Centrex would exchange
common shares as follows:

 - The Company would issue 450,000 shares of restricted common stock which
shares would have piggy-back registration rights to be included in the
Company's SB-2 registration.

 - Centrex would issue 300,000 shares of free-trading common stock to the
Company.

Upon receipt of the 300,000 shares of Centrex, the Company immediately sold
the shares for gross proceeds of $42,000.  Because of the share price
differences between the two companies, the Company negotiated with Centrex for
a lesser amount of shares to issue.  Accordingly, a total of 400,000 shares of
common stock were issued to Centrex pursuant to this agreement.







<PAGE>
<PAGE> 11

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


NOTE 6 - STOCK TRANSACTIONS (Continued)

The $42,000 cash received has been recorded in the accompanying financial
statements under "Stock To Be Issued" since the 400,000 shares had not yet
been issued at March 31, 2003.  Subsequent to March 31, 2003, the 400,000
shares were issued and recorded as an offset to the "Stock To Be Issued"
account.  The Company is recording the issuance of the 400,000 shares at
$42,000 (or $0.105 per share), the cash proceeds received from the issuance,
since there were no additional services rendered to the Company by Centrex
related to the transaction.

NOTE 7 - RESTRICTED CASH

Restricted cash at March 31, 2003 represents certain proceeds from stock to be
issued.  Such amounts were held in a trust account at March 31, 2003 and were
released to the Company in April 2003.

NOTE 8 - INVENTORY

Inventory consists of raw materials of $48,802 and $59,382 at March 31, 2003
and December 31, 2002, respectively, and finished goods of $28 and $-0- at
March 31, 2003 and December 31, 2002, respectively.  Raw materials consist
primarily of purchased component parts used in the assembly of the Company's
products.  Raw materials and finished goods are stated at the lower of cost,
determined on a first-in, first-out (FIFO) method or market.  Finished goods
cost includes raw materials and direct labor.

NOTE 9 - COMMITMENTS AND 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.

NOTE 10 - SUBSEQUENT EVENTS

Subsequent to March 31, 2003, the following significant subsequent events
occurred:

1. As discussed previously, the Company raised an additional $345,000 pursuant
to certain subscription agreements.  Common shares at $0.18 per share are to
be issued and registered with the Securities and Exchange Commission pursuant
to an SB-2 upon closing of the final agreement.






<PAGE>
<PAGE> 12

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


NOTE 10 - SUBSEQUENT EVENTS (Continued)

2. Effective April 1, 2003, the Company entered into a preliminary letter of
intent on an "Agreement For Assignment of Technology" with an officer of the
Company whereby the officer will assign all of his rights, title and interest
in various technology, patents and patent applications to the Company.  In
consideration of the assignments, the Company will issue 3,250,000 shares of
outstanding common stock to the officer valued at $0.26 per share (the market
value of the shares on the date of issuance) plus $130,000 cash.  The officer
is to receive a 1% royalty on the gross sales of any and all products
utilizing the technology.


<PAGE>
<PAGE> 13
                                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
-------
Since inception, the Company has been involved in the development of its
technology.  During this time, 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 March 31, 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
has acquired the rights to certain intellectual property, which property
includes title to the patent on a component of an emergency CPR assistance
device, called a dual-filtered rotary isolation valve.  Rights pertaining
thereto include the right to maintain, sell and improve the device, and to
license those rights.  Although the Company believes its technology to be very
valuable in the economic sense, this value is not quantified as such on the
Company's Balance Sheet.

Results of Operations
---------------------
Three Months Ended March 31, 2003 compared with 2002
----------------------------------------------------
Revenues:  During the three months ended March 31, 2003, the Company reported
revenues of $100,956 compared to $95,744 for the three months ended March 31,
2002. This represents a slight increase overall of approximately 5.4%.
Revenues have been generated in part from the sale of the emergency CPR
assistance device ($50,581 and $41,344 for the three months ended March 31,
2003 and 2002, respectively) and the Company is now focusing on a
marketing-driven sales effort in order to increase revenues that will
ultimately cover total expenditures. Additionally, the Company generated
revenues related to Superstat, a modified collagen hemostat, for which they
have exclusive distribution rights to the U.S. government and military.
Revenues related to Superstat were $50,375 and $54,400 for the three months
ended March 31, 2003 and 2002, respectively.  This represents a slight
decrease from 2002 to 2003 due to slightly declined revenues from the
military.  The Company recently secured exclusive distribution rights to
foreign governments and militaries for SuperStat.  For the three months ended
March 31, 2003 and 2002, the approximate percentage of revenues derived from
sales to the government were 96% and 84%, respectively.  Governmental orders
from the military are dependent on current foreign affairs and international
conflicts and the need for emergency products in the US military.


<PAGE>
<PAGE> 14

Cost of Sales:  During the three months ended March 31, 2003, the Company
reported cost of sales of $64,101 compared to $59,266 for the three months
ended March 31, 2002.  This represents a slight increase of approximately
8.2%.  This increase is relatively consistent with the increase in revenues
with a slight increase due to minor margin decreases.  Costs as a percentage
of sales were 64% for the three months ended March 31, 2003 compared to 62%
for the three months ended March 31, 2002.  The Company expects costs as a
percentage of sales to be approximately 62%-67% 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
royalties paid on revenues generated.

Operating Expenses:  General and administrative expenditures increased in the
first quarter of 2003 as compared to the first quarter of 2002, to $240,538
from $211,858, representing an increase of approximately 13.5%.  This increase
from 2002 to 2003 was primarily due to increased legal expenses in 2003
related to ongoing operations and increased outside accounting and managerial
consulting.  These increased services were paid in part through the issuance
of common stock.  Common stock issued for services totaled $128,920 for the
three months ended March 31, 2003 compared to $55,500 for the three months
ended March 31, 2002. The Company does not expect a significant increase in
consulting expenses in the near future.  The significant components of our
operating expenses include salaries and wages, consulting and other
professional services, product and liability insurance and office rent.

Research and development:  Research and development costs increased from $700
to $1,744 during the quarters ended March 31, 2002 and 2003, respectively.
The Company intends to bring additional products to market during the next
twelve months.  The 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 $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 paid using the funds raised
during early 2003. The significant components of the Company's research and
development costs include prototype development and materials, governmental
filings and laboratory testing.

Depreciation and amortization expense: Depreciation and amortization expense
increased from $8,207 to $8,922 during the three months ended March 31, 2002
and 2003, respectively.  Cost of sales, general and administrative expenses,
and research and development cost captions do not include any depreciation or
amortization costs for each period presented.

Other Expense:  Interest expense increased from $425 to $462 during the three
months ended March 31, 2002 and 2003, respectively.  The Company's interest
expense is primarily due to the Company's financing of its liability
insurance.






<PAGE>
<PAGE> 15

Net loss.  We had a net loss of $214,811 for the three months ended March 31,
2003 or $0.01 per share based on a weighted average of 17,743,300 common
shares outstanding, compared to a net loss of $184,712 for the three months
ended March 31, 2002 or $0.02 per share based on a weighted average of
11,706,658 common shares outstanding.

Liquidity and Capital Resources
-------------------------------
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 $7,681,137 at March 31, 2003, which raises
substantial doubt about the Company's ability to continue as a going concern.
The accompanying financial statements do not include any adjustments relating
to the recoverability and classification of asset carrying amounts or the
amount and classification of liabilities that might result from the outcome of
this uncertainty.

However, the Company has raised an aggregate of $421,825 (net of $73,500 of
stock offering costs) through the sale of common shares through March 31, 2003
and raised an additional $345,000 subsequent to March 31, 2003. The Company is
to issue common shares at $0.18 per share.  Each share to be issued also
includes one three year, non-callable warrant to purchase common stock for
each dollar invested, exercisable at $0.25 per share.  The shares purchased
and the shares underlying the warrants are required to be registered pursuant
to a registration statement on Form SB-2 to be filed promptly upon closing,
but no later than thirty (30) days from the closing date, and use its best
efforts to ensure that such registration statement is declared effective
within 90 days from the filing date.  Also as part of the agreement with the
investment company, the Company will pay the investment company a placement
fee of 10% plus a charge of 3% of the gross proceeds raised.

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.


During the three months ended March 31, 2003, the Company issued 636,000
shares of common stock, valued at $0.22 per share, for legal, outside
accounting and managerial consulting, and marketing services rendered totaling
$128,920 and in payment of accounts payable totaling $11,000.

In January 2003, in anticipation of a possible joint marketing or joint
venture with Centrex, Inc. (Centrex), an Oklahoma corporation, the Company
entered into a letter of intent whereby the Company and Centrex would exchange
common shares as follows:

 - The Company would issue 450,000 shares of restricted common stock which
shares would have piggy-back registration rights to be included in the
Company's SB-2 registration.


<PAGE>
<PAGE> 16

 - Centrex would issue 300,000 shares of free-trading common stock to the
Company.

Upon receipt of the 300,000 shares of Centrex, the Company immediately sold
the shares for gross proceeds of $42,000.  Because of the share price
differences between the two companies, the Company negotiated with Centrex for
a lesser amount of shares to issue.  Accordingly, a total of 400,000 shares of
common stock were issued to Centrex pursuant to this agreement.

The $42,000 cash received has been recorded in the accompanying financial
statements under "Stock To Be Issued" since the 400,000 shares had not yet
been issued at March 31, 2003.  Subsequent to March 31, 2003, the 400,000
shares were issued and recorded as an offset to the "Stock To Be Issued"
account.  The Company is recording the issuance of the 400,000 shares at
$42,000 (or $0.105 per share), the cash proceeds received from the issuance,
since there were no additional services rendered to the Company by Centrex
related to the transaction.

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

At March 31, 2003, we had working capital of $46,903.  The Company had current
assets of $307,028 consisting of cash and cash equivalents of $101,029,
accounts receivable of $102,694, inventory of $48,830 and prepaid expenses and
other of $54,475.  The Company's remaining assets consist of property and
equipment (net) totaling $37,577, patents, net of accumulated amortization,
totaling $75,651 and deposits of $3,462.  Accounts receivable are
significantly higher at March 31, 2003 ($102,694) as compared to December 31,
2002 ($16,135) because of certain revenues generated in late March 2003 for
which cash collections were not received until subsequent to March 31, 2003.
The accounts receivable, net of the allowance for doubtful accounts of $8,500,
at March 31, 2003 are considered to be fully collectible.

Current liabilities consist mainly of operating accounts payable totaling
$113,708, as well as advances from related parties and accrued wages to
various officers and employees totaling $93,594.  Accrued expenses totaled
$30,615 and a note payable for the Company's liability insurance totaled
$22,208 at March 31, 2003.

Net cash used in operations was $138,576 for the three months ended March 31,
2003.  Net cash used in operations was $131,625 for the three months ended
March 31, 2002.  Cash used by our operating activities for the periods ended
March 31, 2003 and 2002 was funded primarily by the issuance of common stock
for cash and shareholder advances.

Net cash used in investing activities was $4,871 and $3,230 for the three
months ended March 31, 2003 and 2002, respectively, due to the acquisition of
additional property and equipment needed for operations and additional
expenditures related to the Company's patents.


<PAGE>
<PAGE> 17

For the quarter ended March 31, 2003, cash from financing activities totaled
$211,552 consisting of $492,000 in proceeds on the issuance of common stock
(of which $11,500 was restricted) less stock offering costs of $73,500,
repayment of shareholder advances totaling $190,183 and payments on the
outstanding note payable totaling $5,265.  For the quarter ended March 31,
2002, cash from financing activities totaled $137,913, primarily from advances
from shareholders totaling $146,900 and payments on the note payable totaling
$8,987.


The Company has also incurred an accumulated deficit of $7,681,137 as of March
31, 2003 resulting from the continued losses since inception.  The report of
our independent accountants for our most recent fiscal year ended December 31,
2002 contains a going concern modification as to our ability to continue as a
going concern.

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.

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.

Subsequent Event
----------------
Effective April 1, 2003, the Company entered into a preliminary letter of
intent on an "Agreement For Assignment of Technology" with Douglas Beplate, an
officer of the Company, whereby he will assign all of his rights, title and
interest in various technology, patents and patent applications to the
Company.  In consideration of the assignments, the Company will issue
3,250,000 shares of outstanding common stock to the officer valued at $0.26
per share (the market value of the shares on the date of issuance) plus
$130,000 cash.  Mr. Beplate is to receive a 1% royalty on the gross sales of
any and all products utilizing the technology.  The $130,000 will be paid to
Mr. Beplate from the private placement funds received by the Company during
May 2003.

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

<PAGE>
<PAGE> 18

                              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

The Company issued the following shares of common stock during the three
months ended March 31, 2003:

On February 28, 2003, the Company issued 636,000 shares of common stock
pursuant to an S-8 registration 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.

Also during the three months ended March 31, 2003, the Company entered into
various subscription agreements through an investment company.  The Company is
to issue common shares at $0.18 per share.  Through March 31, 2003, the
Company had raised $421,825 (net of $73,500 of stock offering costs) pursuant
to these agreements although the shares had not yet been issued.  The shares
to be issued also include one three year, non-callable warrant to purchase
common stock for each dollar invested exercisable at $0.25 per share.  The
Company raised an additional $345,000 subsequent to March 31, 2003 pursuant to
the subscription agreements.

The Company is required to promptly upon closing, but no later than thirty
(30) days from the closing date, to file a registration statement with the
United States Securities & Exchange Commission (SB-2) and use its best efforts
to ensure that such registration statement is declared effective within 90
days from the filing date.  Also as part of the agreement with the investment
company, the Company will pay the investment company a placement fee of 10%
plus a charge of 3% of the gross proceeds raised.

In January 2003, in anticipation of a possible joint marketing or joint
venture with Centrex, Inc. (Centrex), an Oklahoma corporation, the Company
entered into a letter of intent whereby the Company and Centrex would exchange
common shares as follows:

<PAGE>
<PAGE> 19

 - The Company would issue 450,000 shares of restricted common stock which
shares would have piggy-back registration rights to be included in the
Company's SB-2 registration.

 - Centrex would issue 300,000 shares of free-trading common stock to the
Company.

Upon receipt of the 300,000 shares of Centrex, the Company immediately sold
the shares for gross proceeds of $42,000.  Because of the share price
differences between the two companies, the Company negotiated with Centrex for
a lesser amount of shares to issue.  Accordingly, a total of 400,000 shares of
common stock were issued to Centrex pursuant to this agreement.

The $42,000 cash received has been recorded in the accompanying financial
statements under "Stock To Be Issued" since the 400,000 shares had not yet
been issued at March 31, 2003.  Subsequent to March 31, 2003, the 400,000
shares were issued and recorded as an offset to the "Stock To Be Issued"
account.  The Company is recording the issuance of the 400,000 shares at
$42,000 (or $0.105 per share), the cash proceeds received from the issuance,
since there were no additional services rendered to the Company by Centrex
related to the transaction.

The shares issued in the foregoing transactions (other than the shares issued
pursuant to the S-8 Registration Statement) 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.


           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

b. The following reports on Form 8-K were filed in the quarter ended March 31,
2003: None


<PAGE>
<PAGE> 20

                                SIGNATURES

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

  Emergency Filtration Products, Inc.


 Date: February 5, 2004           By: /s/Douglas K. Beplate
                                    Douglas K. Beplate, President

 Date: February 5, 2004           By: /s/Steve M. Hanni
                                    Steve M. Hanni, Chief Financial Officer