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, 2001

                                       OR

[ ]  TRANSITION  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
     EXCHANGE ACT OF 1934

                       For the transition period from to .


                           Commission File No. 0-30430

                              INTERMOST CORPORATION
         ----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

           Utah                                           87-0418721
-------------------------------                ---------------------------------
(State or other jurisdiction of                (IRS Employer Identification No.)
incorporation or organization)

     27th Floor, 600 Renmin Rd (South), Tower C, TianAn International Plaza
                             Shenzhen, China 518005
     -----------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)

                                 86 755 220 1941
                            -------------------------
                           (Issuer's telephone number)


              (Former name, former address and former fiscal year,
                         if changed since last report)

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Exchange  Act during the past 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

         As of November 1, 2001, 13,120,481 shares of Common Stock of the issuer
were outstanding.
<PAGE>


                              INTERMOST CORPORATION

                                      INDEX


                                                                   Page
                                                                   Number
                                                                 -----------
PART I - FINANCIAL INFORMATION

         Item 1.  Financial Statements

         Consolidated Condensed Balance Sheets -- September
            30, 2001 and June 30, 2001.................................   3

         Consolidated Condensed Statements of Operations --
            For the three months ended September 30, 2001 and 2000.....   4

         Consolidated Condensed Statements of Cash Flows --
            For the three months ended September 30, 2001 and 2000.....   5

         Notes to Consolidated Condensed Financial Statements..........   6

         Item 2. Management's Discussion and Analysis of Financial
                  Condition and Results of Operations..................   7

PART II - OTHER INFORMATION

         Item 6.  Exhibits and Reports on Form 8-K.....................  10

SIGNATURES        .....................................................  11

<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

                     INTERMOST CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS
                                  (Unaudited)

                                     ASSETS
<TABLE>


                                                            June 30, 2001           September 30, 2001
                                                           ----------------      ------------------------
                                                                 RMB              RMB                US$
<S>                                                         <C>                <C>                <C>

Current assets:
     Cash and cash equivalents                                4,126,138        2,041,025           246,501
     Accounts receivable, net                                   459,279          360,549            43,545
     Costs and estimated earnings in excess of
      billings on uncompleted contract                          353,210          427,885            51,677
     Deposits, prepayments and other receivables              1,786,050        2,128,198           257,029
     Inventories                                                 15,818           15,817             1,910
     Due from related companies                                  72,345           72,345             8,737
                                                            -----------     ------------      ------------

         Total current assets                                 6,812,840        5,045,819           609,399
                                                             ----------       ----------        ----------

Investment in an associated company                           1,153,093        1,153,093           139,262
Fixed Assets                                                  5,480,166        4,319,759           521,710
                                                             ----------       ----------        ----------

         Total assets                                        13,446,099       10,518,671         1,270,371
                                                             ==========       ==========        ==========

                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
     Accruals and other payables                              1,868,961        1,611,006           194,566
     Deposits on liquidation of investment
       in associated company                                  1,000,000        1,072,200           129,493
     Deferred revenue                                           412,103          395,359            47,749
     Deferred rent                                              362,638                -                 -
     Deposits from customers                                     61,400                -                 -
     Business tax payable                                        88,744           14,116             1,705
     Due to directors                                         1,955,680        1,952,283           235,783
                                                             ----------       ----------        ----------

         Total current liabilities                            5,749,526        5,044,964           609,296
                                                             ----------       ----------        ----------

Minority interest                                                87,630           83,733            10,113

Shareholders' equity:
     Shares capital                                             108,679          108,679            13,125
     Additional paid in capital                              58,955,419       58,955,419         7,120,219
     Accumulated deficit                                   (51,424,259)     (53,642,967)       (6,478,619)
     Cumulative translation adjustments                        (30,896)         (31,157)           (3,763)
                                                        ---------------   --------------    --------------

         Total shareholders' equity                           7,608,943        5,389,974           650,962
                                                          -------------     ------------      ------------

         Total liabilities and shareholders'
           equity                                            13,446,099       10,518,671         1,270,371
                                                             ==========       ==========       ===========
</TABLE>


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

                                       3
<PAGE>

                     INTERMOST CORPORATION AND SUBSIDIARIES

                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                  (Unaudited)

<TABLE>

                                                       Three Months Ended September 30,
                                                   ---------------------------------------
                                                    2000                      2001
                                                   -------         -----------------------
                                                    RMB             RMB                US$
<S>                                              <C>            <C>                <C>


Net sales                                        2,432,360        2,476,973           299,151
Cost of services                                 2,565,035        1,871,786           226,061
                                                ----------       ----------         ---------

Gross Profit                                     (132,675)          605,187            73,090

Selling, general and administrative
   expenses                                      3,773,416        2,441,570           294,876
                                                ----------       ----------         ---------

Loss from operations                           (3,906,091)      (1,836,383)         (221,786)

Loss on disposal of fixed assets                         -          817,496            98,731
Share of loss of an associated company           1,506,819                -                 -
Other loss (income), net                          (46,433)        (431,274)          (52,086)
                                              ------------     ------------      ------------

Loss before minority interest                  (5,366,477)      (2,222,605)         (268,431)

Minority interest                                  824,713            3,897               471
                                              ------------     ------------      ------------

Net loss                                       (4,541,764)      (2,218,708)         (267,960)
                                               ===========      ===========        ==========

Net loss
  per common share - Basic and diluted              (0.38)           (0.17)            (0.02)
                                              ============     ============     =============

Weighted average number of
   shares outstanding                           11,840,968       13,120,481        13,120,481
                                                ==========       ==========        ==========
</TABLE>



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

                                       4
<PAGE>

                     INTERMOST CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
<TABLE>


                                                                 Three Months Ended September 30,
                                                          -----------------------------------------
                                                            2000                    2001
                                                          -------       ---------------------------
                                                          RMB              RMB               US$
<S>                                                      <C>             <C>              <C>


Cash flows from operating activities:

Net loss                                               (4,541,764)     (2,218,708)          (267,960)
Adjustments to reconcile net loss to net cash
used in operating activities:
     Loss on disposal of fixed assets                            -         817,496             98,731
     Amortization                                          300,001               -                  -
     Depreciation                                          967,517         342,908             41,414
     Cumulative translation adjustment                           -           (258)               (31)
     Investment loss                                     1,506,819               -                  -
     Minority interest                                   (824,713)         (3,897)              (471)
     Compensation expense                                  444,727               -                  -
(Increase) decrease in operating assets -
     Inventory                                              38,537               1                  -
     Accounts receivable, net                              727,410          98,730             11,924
       Cost and estimated earnings in Excess of
           billings on uncompleted contract                      -        (74,675)            (9,019)
     Deposits, prepayments and
     other receivables                                   (215,154)       (342,148)           (41,322)
     Due from related companies                              2,020               -                  -
     Due from directors                                  (284,265)               -                  -
Increase (decrease) in operating liabilities -
     Accruals, Accounts payable and
     Other payables                                    (1,480,269)       (257,955)           (31,154)
       Deposit on liquidation                                    -          72,200              8,720
        Deferred revenue                                         -        (16,744)            (2,022)
        Deferred rent                                            -       (362,638)           (43,797)
     Deposits from customers                               364,509        (61,400)            (7,415)
     Business tax payable                                   23,388        (74,628)            (9,013)
     Due to directors                                    (135,484)         (3,397)              (410)
                                                         ---------    ------------         ----------

     Net cash used in operating activities             (3,106,721)     (2,085,113)          (251,825)
                                                       -----------    ------------         ----------

Cash flows from investing activities:

Purchase of plant and equipment                          (785,238)               -                  -
                                                         ----------   ------------         ----------

     Net cash used in investing activities               (785,238)               -                  -
                                                         ----------   ------------         ----------

Net decrease in cash and cash equivalents              (3,891,959)     (2,085,113)          (251,825)

Cash and cash equivalents, beginning of period          13,556,982       4,126,138            498,326
                                                        ----------     -----------         ----------

Cash and cash equivalents, end of period                 9,665,023       2,041,025            246,501
                                                         =========      ==========         ==========
</TABLE>


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

                                       5
<PAGE>


                     INTERMOST CORPORATION AND SUBSIDIARIES

              NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1.   INTERIM FINANCIAL PRESENTATION

     The interim consolidated  financial statements are prepared pursuant to the
     requirements for reporting on Form 10-QSB.  These financial statements have
     not been  audited by  independent  accountants.  The June 30, 2001  balance
     sheet data was  derived  from  audited  financial  statements  but does not
     include  all  disclosures   required  by  generally   accepted   accounting
     principles.  The interim  financial  statements and notes thereto should be
     read in conjunction with the financial statements and notes included in the
     Company's  Form  10-KSB.  In  the  opinion  of  management,  these  interim
     financial  statements  reflect all adjustments of a normal recurring nature
     necessary  for a fair  statement  of the results  for the  interim  periods
     presented.  The current period  results of operations  are not  necessarily
     indicative of results which  ultimately  will be reported for the full year
     ending June 30, 2002.

2.   CURRENCY PRESENTATION AND FOREIGN CURRENCY TRANSLATION

     Translation  of amounts from Renminbi  ("Rmb") into United  States  dollars
     ("US$") is for the  convenience  of  readers  and has been made at the noon
     buying rate in New York City for cable  transfers in foreign  currencies as
     certified for customs  purposes by the Federal  Reserve Bank of New York on
     September 30, 2001 of US$1.00 = Rmb8.28. No representation is made that the
     Renminbi amounts could have been, or could be, converted into United States
     dollars at that rate or at any other rate.

3.   ABANDONMENT OF LEASEHOLD

     During the quarter  ended  September  30, 2001,  as part of an ongoing cost
     control program, the Company relocated its offices and terminated the lease
     on its prior  offices.  In  conjunction  with the  termination of the prior
     office  lease,  the Company  recorded a loss on  disposal  of fixed  assets
     relating to the  abandonment  of  leasehold  improvements  in the amount of
     $98,731. The Company also recorded other income of approximately $51,000 as
     a result of the  reversal of deferred  rent and other  adjustments  arising
     from termination of the lease.


                                       6
<PAGE>



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

     The following  discussion and analysis  should be read in conjunction  with
the Company's  financial  statements and notes  therewith  included in this Form
10-QSB.  Except for the historical  information contained herein, the discussion
in this Form 10-QSB contains  certain  forward  looking  statements that involve
risks and uncertainties,  such as statements of the Company's plans, objectives,
expectations and intentions.  The cautionary statements made in this Form 10-QSB
should be read as being  applicable to all related forward  statements  wherever
they appear in this Form  10-QSB.  The  Company's  actual  results  could differ
materially  from those  discussed here. For a discussion of certain factors that
could cause actual  results to be materially  different,  refer to the Company's
Form 10-KSB.

Material  Changes in Results of Operations for the Three Months Ended  September
30, 2001 as Compared to the Three Months Ended September 30, 2000.

     Net Sales.  Net sales  during the  quarter  ended  September  30, 2001 were
derived  principally from e-commerce  solutions,  initial sales of our imSCM and
imPARTNER  software,  conference  services and web advertisement while net sales
during the 2000 quarter were derived  principally from e-commerce  solutions and
web advertisement.

     The  following  table  reflects the total net sales and  percentage  of net
sales by major category for the periods indicated:
<TABLE>

                               Total Net Sales                     Percent of Total Net Sales
                         ---------------------------------      --------------------------------
                         Three Months Ended September 30,       Three Months Ended September 30,
                         ---------------------------------      --------------------------------
                               2000             2001                 2000             2001
                               ----             ----                 ----             ----
                                US$              US$
<S>                         <C>              <C>                  <C>               <C>

E-commerce solutions         279,731           70,215                95.2%            23.5%
imSCM and imPARTNER                -           12,263                n.a.%             4.1%
System sales integration           -            8,505                n.a.%             2.8%
Conference service                 -          132,995                n.a.%            44.5%
Web advertisement             14,032           75,173                 4.8%            25.1%
                             -------          -------               ------           ------
     Total                   293,763          299,151               100.0%           100.0%
                             =======          =======               ======           ======
</TABLE>

     Total net  sales  increased  1.7% to  $299,000  during  the  quarter  ended
September  30,  2001  compared  to  $294,000  during  the same  quarter in 2000.
E-commerce  solutions  revenues  decreased 75% to $70,000 in the 2001 quarter as
compared to $280,000 in the 2000 quarter.  Web advertisement  revenues increased
435.7% to  $75,000  in the 2001  quarter as  compared  to  $14,000  for the 2000
quarter. Sales of the Company's proprietary CRM and imPARTNER software commenced
during the quarter and totaled $12,000.  Conference  service  revenues,  derived
from a CRM educational seminar sponsored by the Company, totaled $133,000.

     The  change  in total  net  sales  and the  character  of those  sales  was
primarily  attributable to the transition of the Company's  business  associated
with an adjustment to the Company's  business plan  commencing in June 2000. The
markets within which we operate were adversely  impacted  during the 2001 period
by a sharp  decline in worldwide  investment  in Internet  initiatives  and weak
economic   conditions  and  slowing  economic  growth  in  China  and  globally,
particularly  following  the  terrorist  attacks of  September  11 in the United
States.  Our imSCM and imPARTNER software products were introduced at the end of
the last  quarter.  Initial sales of our software  products have been  adversely
affected by economic  weakness  globally,  particularly in the Internet  sector,
which we believe  has slowed the  development  process of the  Chinese  Internet
market. We continue to believe that the Chinese Internet market will continue to
develop,  outpacing the growth of other more mature Internet  markets,  and that
our presence in the market and local  development of our software  products will
allow us to capitalize on opportunities to sell our software products in China.

     The  increase  in  web  advertisement   revenues  during  the  quarter  was
attributable  to  a  single  customer  order.  Web  advertisement  revenues  and
conference  service  revenues are not  considered to be core revenues  under the
Company's  revised  business  plan. The increases in revenues from those sources
during the quarter is considered to be non-recurring.

                                       7
<PAGE>

     Cost of  Services.  Cost of  services  consist  principally  of salary  for
computer   network   technicians,   costs  of  systems  sales  and  integration,
depreciation  and  amortization,  and  other  costs  associated  with the  same,
including  travel,  welfare,  office  and  related  expenses  allocable  to  the
engineering and technician staff.

     The following  table reflects the principal  components of cost of services
and  percentage  of net sales  represented  by each  component  for the  periods
indicated:
<TABLE>

                                            Total Cost of Services                Percent of Total Net Sales
                                       -----------------------------------   ------------------------------------
                                       Three Months Ended September 30,        Three Months Ended September 30,
                                             2000              2001             2000                2001
                                              US$               US$
<S>                                       <C>               <C>                <C>                 <C>


Engineering/technician salaries            92,784            21,340             31.5%               7.2%
Subcontract fees                                -           163,107              n.a.%             54.5%
Cost of system sales and integration      134,841            11,019             45.9%               3.7%
Depreciation                                2,199             3,914              0.8%               1.3%
Other                                      79,963            26,681             27.2%               8.9%
                                         --------          --------           -------             ------

     Total                                309,787           226,061             105.4%             75.6%
                                          =======           =======            =======             =====
</TABLE>


     Costs of services decreased 27%, to $226,000, or 75.6% of net sales, in the
2001 quarter from $310,000, or 105.4% of net sales in the 2000 quarter.

     The principal  components of cost of services during the three months ended
September,  2001 were  engineer/technician  salaries;  subcontract fees; cost of
hardware;  other costs  associated  with  support on the  engineering/technician
staff; and depreciation of equipment utilized in connection with services.

     The decrease in costs of services,  in total and as a percentage  of sales,
was principally  attributable to cost containment  measures taken by the Company
during the 2001 period, including a decrease in engineering/technician headcount
from 60 at September  30, 2000 to 12 at September  30, 2001 which was  partially
offset by fees paid to subcontractors to perform services  previously  performed
internally.

     Selling,   General  and  Administrative  Expense.   Selling,   general  and
administrative  expense ("SG&A") consists  principally of (1) sales commissions,
(2) advertising, (3) other marketing expense, (4) rental expense, (5) salary for
administrative  and sales  staff,  (6)  corporate  overhead and (7) research and
development costs.

     The  following  table  reflects  the  principal   components  of  SG&A  and
percentage of net sales represented by each component for the periods indicated:
<TABLE>

                                                  Total SG&A                   Percent of Total Net Sales
                                       -------------------------------       -------------------------------
                                      Three Months Ended September 30,       Three Months Ended September 30,
                                        2000             2001               2000            2001
                                        US$              US$
<S>                                   <C>             <C>                <C>              <C>

Sales and marketing salaries and
  commissions                         64,148            29,082              21.9%              9.8%
Advertising and other sales and
  marketing expenses                  44,458            53,212              15.1%             17.8%
Rentals                               13,051            35,719               4.4%             11.9%
Administrative salaries              105,560            42,281              36.0%             14.1%
Corporate overhead                   192,278           104,348              65.4%             34.9%
Research and development                   -            30,234              n.a.%             10.1%
Amortization of intangibles           36,232                 -              12.3%             n.a.%
                                   ---------    --------------           --------        ----------

     Total                           455,727           294,876             155.1%             98.6%
                                   =========         =========            =======           =======
</TABLE>

                                       8
<PAGE>


     For the three months ended  September 30, 2001,  SG&A decreased  35.3%,  to
$295,000,  or 98.6% of net sales, from $456,000,  or 155.1% of net sales for the
three months ended September 30, 2000.

     The decrease in SG&A has been principally  attributable to cost containment
efforts  undertaken  during  the  2001  quarter,  including  relocation  of  the
Company's  offices to a less  expensive  office and a  reduction  in  marketing,
corporate and support headcount from 60 at September 30, 2000 to 20 at September
30, 2001.  Additionally,  certain intangibles were fully amortized during fiscal
2001 resulting in no amortization expense for the current quarter.

     Loss on Disposal of Fixed  Assets.  Loss on disposal of fixed assets in the
amount of $99,000 during the 2001 quarter.  The loss related to the  abandonment
of leasehold  improvements  in conjunction  with the relocation of the Company's
offices.

     Share of Loss of an  Associated  Company.  Share  of loss in an  associated
company  totaled  $182,000  during  the 2000  quarter  and nil  during  the 2001
quarter.  Share  of  loss  in an  associated  company  reflected  the  Company's
allocable  share of the loss of the Sino-E venture which was  terminated  during
fiscal 2001.

     Other Expense (Income),  Net. Other income, net, totaled $52,000 during the
2001  quarter as compared  to other  income of $6,000  during the 2000  quarter.
Other income during the 2001 quarter consisted  primarily of the reversal of the
remaining  deferred rent upon early  termination of the Company's  former office
lease in the amount of $51,000  and  interest  income of  $1,000.  Other  income
during the 2000 quarter consisted primarily of interest income.

     Minority  Interest.  Minority  interest  of $500 was  reported  during  the
current  period as compared to  $100,000  of minority  interest  during the 2000
period.  Minority interest reflects the proportionate interest in the losses not
attributable  to the  Company of  Intermost  Focus  Advertising  during the 2001
quarter and Jiayin Joint Venture during the 2000 quarter.

Material Changes in Financial Condition, Liquidity and Capital Resources.

     At  September  30, 2001 we had cash and cash  equivalents  of $247,000  and
working  capital of $0 as compared to $498,000 of cash and cash  equivalents and
$128,000 of working capital at June 30, 2001.

     Operations  used  $252,000 of cash during the three months ended  September
30,  2001.  Funds used in  operations  primarily  relate to the losses  incurred
during the period and increases in deposits and prepayments which were partially
offset by reductions in receivables.

     The Company  had no  investing  or  financing  activities  during the three
months ended September 30, 2001.

     The Company had no long term debt at September 30, 2001.

     As a result of continuing losses and weakness in the global economy and the
Internet sector, we have implemented various cost cutting measures to reduce our
overhead in response to slowing growth in our revenues and operating margins. We
are also evaluating various opportunities to accelerate our path to, and attain,
profitability.  We are presently  involved in discussions with various financing
sources with respect to providing equity financing to support our operations and
pursue strategic opportunities.

                                       9
<PAGE>


Certain Factors Affecting Future Operating Results

     Our operating  results have been,  and will  continue to be,  affected by a
wide variety of factors that could have material  adverse effect on revenues and
profitability  during any  particular  period,  including  the level and rate of
acceptance of our products and services by the Chinese people,  continued growth
in use of the Internet in China, entry of new competition (including established
companies   from  outside  China  and  companies  with   substantially   greater
resources),  fluctuations  in the level of orders for  services  delivered  in a
quarter,  rescheduling  or  cancellation  of  orders by  customers,  competitive
pressures on selling prices, changes in product,  service or customer mix, rapid
changes in technology,  dependence upon certain key employees,  availability and
cost of computer technicians,  loss of any strategic relationships,  our ability
to  introduce  new  products  and  services on a timely  basis,  new product and
service introductions by our competitors, requirements for additional capital to
support operations and acquisitions, fluctuations in exchange rates, and general
economic  conditions,  among  others.  Various  factors  which effect our future
operating results are discussed in our Form 10-KSB.

     Except  as  noted  above,  we are  not  aware  of  any  trends,  events  or
uncertainties  which  have had,  or are  reasonably  likely to have,  a material
impact on our operations or our short-term or long-term liquidity.

                           PART II - OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

     (a) Exhibits

         None

     (b) Reports on Form 8-K

     Form 8-K, dated September 17, 2001, filed on September 24, 2001,  reporting
     under Item 4 the  dismissal  of  PriceWaterhouse  Coopers as the  Company's
     independent  certifying accountants and the appointment of Blackman Kallick
     Bartelstein LLP as the Company's new independent certifying accoutants.

     Form 8-K/A,  dated September 17, 2001, filed on September 27, 2001 amending
     the  report  filed on  September  24,  2001  relating  to the change of the
     Company's  independent  certifying  accountants and filed a letter from the
     prior  accountants  regarding its  concurrence  with the  statements in the
     report.


                                       10
<PAGE>

                                   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.


                                      INTERMOST CORPORATION


Dated: November 14, 2001             By: /s/ Andy Lin
                                         ---------------------------------------
                                          Andy Lin, President and C.E.O

                                       11