U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10Q-SB


[X]      Quarterly report under Section 13 or 15(d) of the Securities Exchange
         Act of 1934 for the quarterly period ended December 31, 2002

[ ]      Transition report under Section 13 or 15(d) of the Exchange Act for the
         Transition Period from ________ to ________

                         Commission file number 0-27545


                          QUICK-MED TECHNOLOGIES, INC.
                          ----------------------------
        (Exact Name of Small Business Issuer as Specified in Its Charter)


             Nevada                                       98-0204736
   -------------------------------                    ------------------
   (State or Other Jurisdiction of                    (I.R.S. Employer
    Incorporation or Organization)                    Identification No.)

                  3427 SW 42nd Way, Gainesville, Florida 32608
                  --------------------------------------------
                    (Address of Principal Executive offices)

                                 (352) 379-0611
                                 ---------------
                (Issuer's Telephone Number, Including Area Code)

              (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[ ]


                Applicable Only to Issuers Involved in Bankruptcy
                   Proceedings During the Preceding Five Years

Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by court. Yes [ ]  No [ ]

Number of shares of common stock outstanding as of February 4, 2003: 13,542,500
<PAGE>

PART I   FINANCIAL INFORMATION

Item 1.  Financial Statements

         Condensed Balance Sheet as of December 31, 2002 (unaudited)           3

         Condensed Statements of Operations for the three-months and
         six-months ended December 31, 2002 and 2001 (unaudited)               4

         Condensed Statement of Changes in Stockholders' Deficit for the
         three-months ended December 31, 2002 (unaudited)                      5

         Condensed Statements of Cash Flows for the six-months ended
         December 31, 2002 and 2001 (unaudited)                                6

         Notes to Condensed Financial Statements                               8

Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations                                                10

Item 3.  Controls and Procedures                                              16

PART II  OTHER INFORMATION                                                    16

Item 1.  Legal Proceedings                                                    16

Item 2.  Changes in Securities                                                16

Item 3.  Defaults Upon Senior Securities                                      16

Item 4.  Submission of Matters to a Vote of Security Holders                  16

Item 5.  Other Information                                                    17

Item 6.  Exhibits and Reports on Form 8-K                                     17

SIGNATURES                                                                    17

                                      -2-
<PAGE>

QUICK-MED TECHNOLOGIES, INC.
CONDENSED BALANCE SHEET
(UNAUDITED)
--------------------------------------------------------------------------------


                                     ASSETS
                                     ------

                                                                    December 31,
                                                                        2002
                                                                    -----------

Current assets:
   Cash                                                             $     2,161
                                                                    -----------

Property and equipment, net                                               4,796
                                                                    -----------

Other assets:
   Prepaid expenses,deposits                                             20,326
   Intangible asset, net                                                330,679
                                                                    -----------
         Total other assets                                             351,005
                                                                    -----------
         Total assets                                               $   357,962
                                                                    ===========

                      LIABILITIES AND STOCKHOLDERS' DEFICIT
                      -------------------------------------

Current liabilities:
   Accounts payable                                                 $   426,067
   Accrued interest on note payable - officer/director                   68,629
   License payable                                                      160,000
   Note payable - officer/director                                      942,700
   Shareholder loans payable                                              9,300
   Due to affiliate/shareholder                                          26,191
                                                                    -----------
         Total current liabilities                                    1,632,887
                                                                    -----------


Stockholders' deficit:
   Common stock, $0.0001 par value; 100,000,000
     authorized shares; 13,542,500 shares  issued
     and outstanding                                                      1,355
   Additional paid-in capital                                         5,671,749
   Outstanding stock options                                             84,884
   Accumulated deficit                                               (7,032,913)
                                                                    -----------
         Total stockholders' deficit                                 (1,274,925)
                                                                    -----------
         Total liabilities and stockholders' deficit                $   357,962
                                                                    ===========


            See accompanying notes to condensed financial statements.

                                       -3-
<PAGE>

QUICK-MED TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                              Three Months Ended               Six Months Ended
                                                 December 31,                    December 31,
                                             2002            2001            2002            2001
                                         ------------    ------------    ------------    ------------

<S>                                      <C>             <C>             <C>             <C>
Sales                                    $         --    $         --    $         --    $         --

Cost of sales                                      --              --              --              --
                                         ------------    ------------    ------------    ------------

Gross profit                                       --              --              --              --

Expenses:
   General and administrative expense         194,581          93,550         357,304         177,469
   Research and development                   220,767          35,730         311,076          94,701
   Depreciation and amortization                9,908          10,023          19,770          19,889
   Stock-based compensation                   141,767       1,827,000       1,411,255       1,827,000
                                         ------------    ------------    ------------    ------------
Total expenses                                567,023       1,966,303       2,099,405       2,119,059
                                         ------------    ------------    ------------    ------------

Loss from operations                         (567,023)     (1,966,303)     (2,099,405)     (2,119,059)
                                         ------------    ------------    ------------    ------------

Other income (expense):
   Interest expense                          (982,345)        (11,651)     (1,000,601)        (18,776)
                                         ------------    ------------    ------------    ------------

Loss before income taxes                   (1,549,368)     (1,977,954)     (3,100,006)     (2,137,835)
                                         ------------    ------------    ------------    ------------

Provision (benefit) for income taxes               --              --              --              --
                                         ------------    ------------    ------------    ------------

Net loss                                 $ (1,549,368)   $ (1,977,954)   $ (3,100,006)   $ (2,137,835)
                                         ============    ============    ============    ============


Net loss per share (basic and diluted)   $      (0.12)   $      (0.19)   $      (0.24)   $      (0.21)
                                         ============    ============    ============    ============

Weighted average common
  shares outstanding                       13,144,130      10,260,000      12,955,815      10,260,000
                                         ============    ============    ============    ============
</TABLE>


            See accompanying notes to condensed financial statements.

                                       -4-
<PAGE>

QUICK-MED TECHNOLOGIES, INC.
CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(UNAUDITED)
--------------------------------------------------------------------------------


<TABLE>
<CAPTION>
                                              Common Stock           Additional
                                        -------------------------     Paid-In     Accumulated    Outstanding
                                          Shares        Amount        Capital       Deficit     Stock Options     Total
                                        -----------   -----------   -----------   -----------    -----------   -----------

<S>                                      <C>          <C>           <C>           <C>            <C>           <C>
Balance, September 30, 2002              12,767,500   $     1,277   $ 3,785,852   $(5,483,545)   $    75,342   $(1,621,074)

Stock-based compensation                                                132,225                                    132,225
Stock options granted for consulting                                                                   9,542         9,542
Stock issued in debt conversion             675,000            68     1,640,182                                  1,640,250
Liabilities paid by a shareholder                                        13,500                                     13,500
Stock issued for cash                       100,000            10        99,990                                    100,000
Net loss, December 31, 2002                                                        (1,549,368)                  (1,549,368)
                                        -----------   -----------   -----------   -----------    -----------   -----------
Balance, December 31, 2002               13,542,500   $     1,355   $ 5,671,749   $(7,032,913)   $    84,884   $(1,274,925)
                                        ===========   ===========   ===========   ===========    ===========   ===========
</TABLE>


            See accompanying notes to condensed financial statements.

                                       -5-
<PAGE>

QUICK-MED TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
--------------------------------------------------------------------------------


                                                           Six Months Ended
                                                             December 31,
                                                          2002          2001
                                                      -----------   -----------

Cash flows from operating activities:
   Net loss                                           $(3,100,006)  $(2,137,835)
   Adjustments to reconcile net loss to net
     cash used by operating activities:
       Depreciation and amortization                       19,770        19,889
       Stock options granted for services                  19,084            --
       Stock-based compensation                         1,392,171     1,827,000
       Liabilities paid by a shareholder                   14,626            --
       License payable                                         --      (100,000)
       Interest expense in debt conversion to equity      965,250            --
          Increase in prepaid expenses                    (19,209)         (847)
          Increase (decrease) in:
             Accounts payable                              38,613        17,231
             Accrued expenses                                  --       (19,799)
             Accrued interest                              35,352         5,299
             Due to affiliate                                  --         6,467
                                                      -----------   -----------
Net cash used by operating activities                    (634,349)     (382,595)
                                                      -----------   -----------

Cash flows from investing activities:
   Purchase of fixed assets                                (2,746)           --
   Patent additions                                            --       (17,734)
                                                      -----------   -----------
Net cash used by investing activities                      (2,746)      (17,734)
                                                      -----------   -----------

Cash flows from financing activities:
   Issuance of common stock                               100,000            --
   Increase in notes payable                              250,000            --
   Increase in notes payable - officer/director           277,700       385,000
                                                      -----------   -----------
Net cash provided by financing activities                 627,700       385,000
                                                      -----------   -----------

Net increase (decrease) in cash                            (9,395)      (15,329)
Cash at beginning of period                                11,556        15,329
                                                      -----------   -----------
Cash at end of period                                 $     2,161   $        --
                                                      ===========   ===========


            See accompanying notes to condensed financial statements.

                                       -6-
<PAGE>

QUICK-MED TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF CASH FLOWS (CONTINUED)
(UNAUDITED)
--------------------------------------------------------------------------------


                                                           Six Months Ended
                                                             December 31,
                                                          2002          2001
                                                      -----------   -----------

Supplementary disclosure of cash activities:

   Cash paid for:
      Interest                                        $        --   $        --
                                                      ===========   ===========
      Income taxes                                    $        --   $        --
                                                      ===========   ===========

   Non-cash disclosures of investing and
    financing activities:
      Stock options granted to consultant             $    19,084   $        --
                                                      ===========   ===========
      Conversion of debt and accrued
         interest to equity                           $   675,000   $        --
                                                      ===========   ===========


            See accompanying notes to condensed financial statements.

                                       -7-
<PAGE>

QUICK-MED TECHNOLOGIES, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements of Quick-Med
Technologies, Inc. (the "Company") have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-QSB and Regulation S-B. Accordingly, they do
not include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of the
management of the Company, the accompanying unaudited financial statements
contain all the adjustments (which are of a normal recurring nature) necessary
for a fair presentation. Operating results for the six months ended December 31,
2002 are not necessarily indicative of the results that may be expected for the
year ending June 30, 2003. For further information, refer to the financial
statements and the footnotes thereto contained in the Company's Annual Report on
Form 10-KSB for the year ended June 30, 2002, as filed with the Securities and
Exchange Commission.

The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. The Company has negative cash flows
from operations and an accumulated deficit that raises substantial doubt about
its ability to continue as a going concern. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.

In March 2002, the Board of Directors approved the Company's change of year-end
from December 31 to June 30.


NOTE 2 - STOCK OPTIONS

At December 31, 2002 and 2001, the Company's net loss and loss per share would
have been increased to the pro forma amounts below:

                                      December 31,    December 31,
                                          2002            2001
                                      ------------    ------------

         Net loss
             As reported              $ (3,100,006)   $ (2,137,835)
                                      ============    ============
             Pro forma                $ (2,322,453)   $ (2,137,835)
                                      ============    ============

         Loss per share
             As reported              $      (0.24)   $      (0.21)
                                      ============    ============
             Pro forma                $      (0.18)   $      (0.21)
                                      ============    ============

NOTE 3 - RELATED PARTY TRANSACTIONS

On November 24, 2001, the Company granted the option to convert all of the notes
payable to officer/director and affiliate loans payable plus accrued interest
into common stock at $1.00 per share. Up to June 30, 2002, the Company
recognized a cumulative total of $2,185,026 in compensation expense as a result
of the granting of the conversion privilege. For the three months ended December

                                      -8-
<PAGE>

QUICK-MED TECHNOLOGIES, INC.
NOTES TO CONDENSED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

31, 2002, the Company received $217,700 from the chairman and accrued interest
of $11,992. At December 31, 2002, the amount of the notes payable to the
chairman and the affiliate of $942,700 and $26,191, respectively, plus accrued
interest, totaled $1,038,518 and are convertible into approximately 1,038,000
common shares. On January 23, 2003, the affiliate converted its outstanding loan
balance totalling $23,710 plus interest into approximately 30,800 common shares
at the conversion price of $1 per share.

In December 2002, the chairman entered into an interim financing agreement with
the Company for up to an additional $500,000 of financing at an annual interest
rate of 6% due the earlier of July 1, 2003 or receipt by the Company of at least
$1 million in equity funding. This amount of the loan is secured by the
Ilomastat licenses and associated revenues generated under an agreement with the
Company and an outside third party and mustard gas post-injury products.


NOTE 4 -  FINANCING

Quick-Med has received $650,000 of bridge financing from Euro Atlantic Capital
Corp. ("Euro"). Euro failed to deliver the $1 million of equity financing that
was due on October 4, 2002 and the additional $1 million of equity due on
November 4, 2002. On November 16, 2002, Quick-Med and Euro entered into an
interim agreement to restructure its relationship. Under the revised terms, Euro
converted the notes $650,000 plus $25,000 accrued interest into 675,000 shares
of common stock and such amounts were applied to the above $2 million of equity
financing that Euro has committed to provide. The deadline for providing the
remaining amounts up to $2 million has been extended to May 4, 2003. Euro has
agreed to use its best efforts to raise $300,000 over the next 60 days, of which
$100,000 has been raised to date. As a result of the conversion of the notes
payable, the Company recognized a charge of $965,250 of non-cash interest
expense in this quarter.

                                      -9-
<PAGE>

ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         PLAN OF OPERATION

         The following discussion and analysis should be read in conjunction
with the financial statements appearing as Item 1 to this Report and the Annual
Report on Form 10-KSB for the year ended June 30, 2002. In connection with, and
because it desires to take advantage of, the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995, Quick-Med cautions readers
regarding certain forward looking statements in the following discussion and
elsewhere in this report and in any other statement made by, or on the behalf of
Quick-Med, whether or not in future filings with the Securities and Exchange
Commission. Forward looking statements are statements not based on historical
information and which relate to future operations, strategies, financial results
or other developments. Forward looking statements are based upon estimates and
assumptions that are inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are beyond
Quick-Med's control and many of which, with respect to future business
decisions, are subject to change. These and other factors are discussed in the
Annual Report on Form 10-KSB for the year ended June 30, 2002 under the heading
"Factors That May Affect Future Results." These uncertainties and contingencies
can affect actual results and could cause actual results to differ materially
from those expressed in any forward looking statements made by, or on behalf of,
Quick-Med. Quick-Med disclaims any obligation to update forward looking
statements.

Overview

         Quick-Med intends to fund the research efforts necessary to develop the
planned products, administer the patent process, subcontract the manufacture of
its products and, in many cases, enter joint ventures with other companies to
move products to the marketplace. Quick-Med itself does not intend to
manufacture and distribute final products. Quick-Med intends to focus its
attention on the value-added activities of developing and commercializing new
core technologies. Scientific experts in relevant fields will be identified and
retained through consulting contracts. Senior management will be identified to
ensure broad experience in all aspects of the business. Cash expenditures have
been kept relatively low because Quick-Med has been compensating non-executive
management and the scientific team mostly in equity, and not in cash salaries
and benefits.

         Quick-Med's vision is to rapidly deliver products in targeted civilian
and military health care markets where it can leverage its core technologies.
Quick-Med's goal is to develop core technologies with multiple applications in
targeted areas showing what it perceives to be wide gaps between available
science and application. To accelerate research and development Quick-Med has
retained qualified researchers who it believes can prototype, test and help to
effectively commercialize attractive products in targeted areas.

Critical Accounting Policies and Estimates

The preparation of our financial statements requires us to make estimates and
assumptions that affect the reported amounts. The estimates and assumptions are
evaluated on an on-going basis and are based on historical experience and on
various other factors that are believed to be reasonable. Estimates and
assumptions include, but are not limited to, fixed asset lives, intangible
assets, income taxes, and contingencies. We base our estimates on historical
experience and on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis for making
judgments about the carrying values of assets and liabilities that are not
readily apparent from other sources. Actual results may differ from these
estimates under different assumptions or conditions. Quick-Med believes the
following critical accounting policies affect its more significant judgments and
estimates used in the preparation of the financial statements. Our accounting
for stock compensation requires us to estimate the value of the shares issued
and the value of intangible assets require us to continually assess whether such
assets are impaired.

                                      -10-
<PAGE>

Results Of Operations

Comparison of Six Months Ended December 31, 2002 and December 31, 2001

         Quick-Med had no sales for the three-month and six-month periods ended
December 31, 2002 and December 31, 2001 as its products are still in the
development stage.

         Quick-Med reported an operating loss of ($2,099,405) for the six-month
period ended December 31, 2002 and ($2,119,059) for the six-month period ended
December 31, 2001. The slight reduction in operating loss was due to a
combination of a reduction in stock-based compensation, accelerated spending in
research and development and increased general and administrative expenses as
operating levels increased. The non- cash stock-based compensation decreased
$415,745 from $1,827,000 to $1,411,255 because Quick-Med recognized $1,827,000
in compensation expense during 2001 as a result of the granting of the
conversion privilege in lieu of the repayment of the notes payable to the
chairman and the affiliate. Research and development expense increased $216,375
from $94,701 to $311,076 as Quick-Med added more personnel in 2002 and
accelerated its research and development through various product development,
research and distribution agreements with third parties. General and
administrative expense increased $179,835 from $177,469 to $357,304 was largely
resulted from increased operating levels including liability insurance premiums,
marketing and investors relations activities. In both 2002 and 2001, Quick-Med
also incurred various costs and expenses normally associated with a start-up
business. In both periods, most of the expenses were related to research and
development of its primary proposed products. Quick-Med expects that costs will
continue to increase as its product development efforts continue to increase and
additional employees are hired to staff the research lab.

         Interest expense for the six months ended December 31, 2002 was
$1,000,601 compared to $18,776 for the six months ended December 31, 2001 as
borrowings increased and the conversion of the notes payable to a shareholder of
$650,000 in principal balance and $25,000 in related accrued interest to common
stock. As a result of this conversion, Quick-Med took a charge of $990,250 of
non-cash interest expense.

         Net loss for the six months ended December 31, 2002 was ($3,100,006) or
($0.24) per share compared to ($2,137,835) or ($0.21) per share for the six
months ended December 31, 2001.

Comparison of Three Months Ended December 31, 2002 and December 31, 2001

         Quick-Med reported an operating loss of ($567,023) for the three-month
period ended December 31, 2002 and ($1,966,303) for the three-month period ended
December 31, 2001. The decrease in the operating loss resulted primarily in the
non-cash compensation expense of $1,827,000 in 2001 from the notes payable
conversions to equity and the increase in total expenses in 2002 as operating
levels increased and research and development accelerated. Research and
development increased $185,037 from $35,730 to $220,767 due to increased

                                      -11-
<PAGE>

personnel at Quick-Med's lab and the acceleration in research and development
through product development, research and distribution arrangements. General and
administrative expense increased $101,031 from $93,550 to $194,581 as a result
of increased marketing and investors relations expenses as well as the insurance
liability premiums.

         Interest expense for the three months period ended December 31, 2002
increased $970,694 from $11,651 to $982,345 due to the notes payable conversion
from a shareholder resulting in a non-cash interest charge of $990,250 in this
quarter as described above.

         Net loss for the three-month period ended December 31, 2002 was
($1,549,368) or ($0.12) per share compared to ($1,997,954) for the period ended
December 31, 2001 or ($0.19) per share.

Liquidity and Capital Resources

         At December 31, 2002, Quick-Med had a working capital deficit of
($1,630,726), primarily due to loans of $1,046,820, a license fee payable of
$160,000 and accounts payable of $426,067. At December 31, 2002, Quick-Med had a
stockholders' deficit of ($1,274,925). A substantial portion of the deficit was
due to non-cash stock compensation expense and non-cash interest expense due to
the notes payable conversion described below and above and stock options
described above.

         Cash used by operating activities was $634,349 for the six months ended
December 31, 2002. Net cash used by investing activities was $2,746 for the
purchase of fixed assets. Net cash provided by financing activities was $627,700
of which $527,700 was from loans and $100,000 from the issuance of stocks.

         To date, Quick-Med has funded its activities principally from short
term loans totaling approximately $969,000 from a shareholder and an affiliated
company and a $650,000 loan from a merchant banking firm. The funds have been
loaned with 6% interest. In March 2001, the first $260,000 shareholder loan was
converted into common stock at $1.00 per share. At September 30, 2002,
shareholder and affiliate loans totaling $837,024 were outstanding. It is
anticipated that Quick-Med will continue to depend on the receipt of investment
capital or other financing to fund its continuing activities. In January 2002,
Mr. Granito, who has loaned Quick-Med approximately $725,000, and Quick-Med
entered into a revolving note agreement that provides for him to loan Quick-Med
up to $750,000, all of which is currently outstanding. The agreement provides
that the outstanding balance is convertible into common stock at $1.00 per share
at Mr. Granito's option. The maturity date of the note is December 31, 2003. In
November 2002, Mr. Granito agreed to provide up to an additional $500,000 under
a non-convertible revolving note agreement, although the repayment terms have
not yet been finalized. These funds will be available until Quick-Med is able to
raise sufficient funds from third parties. In January and February 2003,
Quick-Med raised approximately $48,000 through the issuance of its stocks. To
date, Quick-Med has been able to meet its obligations on a timely or delayed
basis as funding has been made available on an as-needed basis. However,
Quick-Med cannot assure you that Mr. Granito will continue to provide funding
beyond the amount of the new revolving note agreement.

                                      -12-
<PAGE>

         Quick-Med has received $650,000 of bridge financing from Euro Atlantic
Capital Corp. As of November 13, 2002, Euro Atlantic has failed to deliver the
$1 million of equity financing that was due on October 4, 2002 and the
additional $1 million of equity due on November 4, 2002. Quick-Med has delivered
a notice of default to Euro but is continuing negotiations to restructure the
agreement and believes that a satisfactory resolution will be reached in the
near future. On November 16, 2002, Quick-Med and Euro entered into an interim
agreement to restructure its relationship. Under the revised terms, Euro
converted the notes of $650,000 plus $25,000 accrued interest into 675,000
shares of common stock and such amounts were applied to the above $2 million of
equity financing that Euro has committed to provide. The deadline for providing
the remaining amounts up to $2 million has been extended to May 4, 2003. Euro
has agreed to use its best efforts to raise $300,000 over the next 60 days, of
which $100,000 has been raised to date.

Contractual Obligations And Commercial Commitments

The following tables summarize our contractual obligations and commercial
commitments as of December 31, 2002:

<TABLE>
<CAPTION>

Significant Obligations          Total       Within 1 Year     2-3 Years       4-5 Years      After 5 Years
-----------------------      ------------    ------------    ------------    ------------     -------------
<S>                          <C>             <C>             <C>             <C>              <C>
Capital Leases               $         --
Operating Leases             $     16,755    $     13,404    $      3,351    $         --     $          --

</TABLE>


We are committed under leases for our Gainesville office and lab. The lease
expires in March 2004. We do not have any capital leases.

Recent Pronouncements

Amendment of the FASB Statement No. 13, and Technical Corrections. SFAS 145
rescinds the provisions of SFAS No. 4 that requires companies to classify
certain gains and losses from debt extinguishments as extraordinary items,
eliminates the provisions of SFAS No. 44 regarding transition to the Motor
Carrier Act of 1980 and amends the provisions of FASB No. 13 to require that
certain lease modifications be treated as sale leaseback transactions. The
provisions of FASB 145 related to classification of debt extinguishments are
effective for fiscal years beginning after May 15, 2002. The provisions of SFAS
145 related to lease modifications is effective for transactions occurring after
May 15, 2002. Earlier application is encouraged.

The Company believes that the ongoing application of these Statements will not
have a material adverse effect on the Company's financial position, results of
operations, or cash flows.

Plan of Operation

Research and Development

         Over the next 12 months Quick-Med intends to continue the development
of its two main product groups. Assuming it raises sufficient funds, product
development activities are expected to accelerate. Quick-Med has been expanding
its research facility in Gainesville, Florida near its University of Florida
researchers, but will continue its research and development with existing and
new partners in order to conserve resources. For each potential product,
Quick-Med will continue to monitor the appropriate time to enter into
negotiations towards a license agreement with a joint venture partner such as

                                      -13-
<PAGE>

with the Collaborative Group. To the extent that Quick-Med enters into a joint
venture agreement, it is anticipated that the partner will assume some or all of
the development costs in exchange for a percentage of the profits for that
product. These ventures will have the effect of decreasing cash flow over the
near term and long term, but will help sustain Quick-Med's operations since it
should be able to devote its limited resources to more projects than it could
otherwise do without partners.

         Quick-Med anticipates hiring additional employees, and expects to
retain scientific and product marketing consultants on a project basis over the
next year. These consultants will be paid on a hourly, milestone or project
basis in cash or equity. Quick-Med currently employs five scientific consultants
on a part-time basis. Their consulting fees range from $5,000 per year to
$15,000 per year in cash and 2,500 to 100,000 shares of stock. The agreements
also provide for bonuses of up to $10,000 per year. In order to conserve its
cash, Quick-Med intends to seek employees who are willing to receive a
combination of cash and equity for compensation. Bonuses may be awarded for
achievement of milestones such as entering into a license agreement or receipt
of regulatory approval for a particular product.

Capital Expenditures and Requirements

         Quick-Med has spent approximately $200,000 over the last two years on
the acquisition of patents and exclusive license agreements, and owes an
additional $160,000, which is due when certain milestones are met.

         Over the next 12 months Quick-Med does not anticipate earning revenues
from any of its products. Over the next 12 months, Quick-Med is not required to
pay any royalties for its license to its primary MMP inhibitor. However, should
Quick Med receive revenues pursuant to its license of its primary MMP inhibitor
they will be required to pay a royalty to the licensor of 2.0% of the first $1.5
million of revenue, and 1.5% thereafter. Quick-Med anticipates over the next 12
months that it will spend approximately $2,000,000 on operations, all of which
is expected to come from third party funding, private placements, strategic
partnerships or license agreements. It is anticipated that the majority of any
funds raised will be used for research and development, patent prosecutions and
licenses for proposed products. It is also possible that a licensing arrangement
will be made with one or more strategic partners that will pay a license fee to
Quick-Med or assume a portion of the research expenses.

         Quick-Med does not expect any significant additions to property, plant
and equipment.

Skin Care

         According to a market report by the Southern Technology Applications
Center, or STAC, one of the largest health care markets is skin care, especially
in the aging population where natural chemical processes like declining estrogen
levels lead to skin deterioration. Quick-Med is developing a wrinkle treatment
cosmetic cream with particular application to post-menopausal women as a
healthier alternative to estrogen replacement.

         The goal of this project is to develop a cosmetic product that visibly
reduces the signs of skin aging by reducing the appearance of lines and
wrinkles, increasing skin firmness while it softens and smoothes the skin. The
main feature of the cosmetic product currently under development is a
formulation containing a combination of a patented matrix metalloproteinase or

                                      -14-
<PAGE>

MMP inhibitor and a plant extract containing a phytoestrogen in an emollient
cream. Previous scientific research published in leading medical journals
referred to later has demonstrated that the activity of MMPs increases in the
skin with age, especially in postmenopausal women, and that topical application
of estrogen reduces the level of MMP activity in the skin of women and increases
the amount of skin collagen. Combining a phytoestrogen-containing plant extract
with the MMP inhibitor is anticipated to produce a synergistic benefit on the
extracellular matrix of the skin.

         In August 2002, Quick-Med entered into a product development and
distribution agreement with The Collaborative Group to further develop this
product. The agreement provides that Collaborative will provide product
development, manufacturing and distribution services. The agreement required
Quick-Med to pay $125,000 in October 2002 and $108,333 at the end of the
following three quarters, provided a workplan was delivered. The workplan has
not yet been delivered although the parties are continuing their efforts.
Collaborative will conduct its work pursuant to a workplan agreed to by the
parties. If product development is successful, Collaborative has the right to
exercise exclusive U.S. distribution rights and Quick-Med and Collaborative will
share profits equally. Additional trials are expected once additional
formulations are completed and funding is obtained. This product is not
currently expected to require FDA approval. If further trials are successful, a
product may be commercialized in 2003.

Chemical Warfare

         As exemplified by the 2001 anthrax incidents and the current Iraq
threats, chemical warfare is now a leading threat posed by rogue military states
or terrorists. Quick-Med is developing a post-injury chemical warfare agent for
treatment of mustard gas and other chemical burns to be sold to the U.S.
military and friendly states, as well as for civil defense. Related products
will target the civilian chemical burn market in areas like industrial accidents
and civilian or military exposures to hazardous materials.

         For the sulfur mustard product, Quick-Med will continue its development
pursuant to the Cooperative Research and Development Agreement, or CRADA, with
U.S. Army Medical Research Institute of Chemical Defense. The CRADA provides
that research is done by the Army in consultation with Quick-Med. If development
and trial studies are successful and regulatory approvals obtained, a product
may be ready for commercialization by the end of 2003. Quick-Med is currently
sponsoring efficacy experiments at independent defense-affiliated research
laboratories in Israel and the Netherlands

NIMBUSTM

         Quick-Med is continuing development and marketing of its NIMBUS
technology for wood preservation and other medical and nonmedical uses. Several
potential users are currently evaluating the technology.

Wound dressings

         With an aging population, the market for severe or chronic wound
dressings used in hospitals and outpatient facilities is substantial. Quick-Med
is developing a proprietary modern bandage, which employs an advanced wound
dressing that utilizes its super absorbent polymer technology to kill bacteria
and fungi at the same time as absorbing exudate, which is fluid released from a
wound.

                                      -15-
<PAGE>

         For the wound-care bandage, Quick-Med will continue its product
development at its own and outside laboratories with the intent of seeking to
commercialize this potential product in collaboration with a major medical
device manufacturer. Preliminary discussions have commenced with potential
partners. If development and clinical trials are successful and regulatory
approvals obtained, a product may be ready for commercialization by 2005. Little
emphasis will be placed on this project until adequate funding or a partner is
obtained.

Item 3.  Controls and Procedures

Evaluation of disclosure controls and procedures
------------------------------------------------

Within the 90 days prior to the filing date of this report, the Company carried
out an evaluation of the effectiveness of the design and operation of its
disclosure controls and procedures pursuant to Exchange Act Rule 13a-14. This
evaluation was done under the supervision and with the participation of the
Company's Chairman, President and General Counsel and Secretary. Based upon that
evaluation, they concluded that the Company's disclosure controls and procedures
are effective in gathering, analyzing and disclosing information needed to
satisfy the Company's disclosure obligations under the Exchange Act.

Changes in internal controls
----------------------------

There were no significant changes in the Company's internal controls or in other
factors that could significantly affect those controls since the most recent
evaluation of such controls.

                                     PART II
                                OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.

Item 2.  Changes in Securities

         In November 2002, Euro Atlantic Capital Corp. converted its $650,000 of
         bridge loans and accrued interest into 675,000 shares of restricted
         common stock. In December 2002, Euro Atlantic purchased 100,000 shares
         of common stock at $1.00 per share. The transactions were exempt from
         registration under the Securities Act of 1933 pursuant to Section 4(2).
         Euro Atlantic was an existing stockholder of Quick-Med.

Item 3.  Defaults Upon Senior Securities.

         None.

Item 4.  Submission of Matters to a Vote of Security Holders.

         None

                                      -16-
<PAGE>

Item 5.  Other Information.

         In December 2002, Quick-Med entered into a licensing agreement with the
         University of Florida that will give the Company exclusive worldwide
         rights for the manufacturing, marketing, and distribution of its
         NIMBUS(TM) and topical Ilomastat technologies

Item 6.  Exhibits and Reports on Form 8-K

         99.1 Certification by Principal Executive Officer
         99.2 Certification by Principal Financial Officer


                                   SIGNATURES

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


Date:    February 14, 2003             Quick-Med Technologies, Inc.

                                       By: /s/ DAVID LERNER
                                           -------------------------------------
                                           David Lerner, President


                                      -17-
<PAGE>

                  CERTIFICATION BY PRINCIPAL EXECUTIVE OFFICER
                  --------------------------------------------

     I, Michael R. Granito, the Chairman of Quick-Med Technologies, Inc., a
Nevada corporation (the "Registrant"), certify that:

     1.  I have reviewed this quarterly report on Form 10-QSB for the fiscal
quarter ended December 31, 2002, of the Registrant (the "Report").

     2.  Based on my knowledge, the Report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by the Report.

     3.  Based on my knowledge, the financial statements, and other financial
information included in the Report, fairly present in all material respects the
financial condition, results of operations and cash flows of the Registrant as
of, and for, the periods presented in the Report.

     The Registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:

         a)    designed such disclosure controls and procedures to ensure that
material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which the Report is being prepared.

         b)    evaluated the effectiveness of the Registrant's disclosure
controls and procedures as of a date within 90 days prior to the filing date of
the Report (the "Evaluation Date"); and

         c)    presented in the Report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

     The Registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the Registrant's auditors and the Audit Committee
of the Registrant's Board of Directors:

         a)    all significant deficiencies in the design or operation of
internal controls which could adversely affect the Registrant's ability to
record, process, summarize and report financial data and have identified for the
Registrant" auditors any material weaknesses in internal controls; and

         b)    any fraud, whether or not material, that involves management or
other employees who have a significant role in the Registrant's internal
control.

     The Registrant's other certifying officers and I have indicated in the
Report whether or not there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.


                                       /s/ MICHAEL GRANITO
                                       -----------------------------------------
                                       Name:  Michael R. Granito
                                       Title: Chairman


                                      -18-
<PAGE>

                  CERTIFICATION BY PRINCIPAL FINANCIAL OFFICER
                  --------------------------------------------

     I, David Lerner, President and the Chief Financial Officer of the
Registrant, certify that:

     1.  I have reviewed this quarterly report on Form 10-QSB for the fiscal
quarter ended December 31, 2002, of the Registrant (the "Report").

     2.  Based on my knowledge, the Report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were
made, not misleading with respect to the period covered by the Report.

     3.  Based on my knowledge, the financial statements, and other financial
information included in the Report, fairly present in all material respects the
financial condition, results of operations and cash flows of the Registrant as
of, and for, the periods presented in the Report.

     The Registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:

         a)    designed such disclosure controls and procedures to ensure that
material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which the Report is being prepared.

         b)    evaluated the effectiveness of the Registrant's disclosure
controls and procedures as of a date within 90 days prior to the filing date of
the Report (the "Evaluation Date"); and

         c)    presented in the Report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

     The Registrant's other certifying officers and I have disclosed, based on
our most recent evaluation, to the Registrant's auditors and the Audit Committee
of the Registrant's Board of Directors:

         a)    all significant deficiencies in the design or operation of
internal controls which could adversely affect the Registrant's ability to
record, process, summarize and report financial data and have identified for the
Registrant" auditors any material weaknesses in internal controls; and

         b)    any fraud, whether or not material, that involves management or
other employees who have a significant role in the Registrant's internal
control; and

     The Registrant's other certifying officers and I have indicated in the
Report whether or not there were significant changes in internal controls or in
other factors that could significantly affect internal controls subsequent to
the date of our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.


                                       /s/ DAVID LERNER
                                       -----------------------------------------
                                       Name:  David Lerner
                                       Title: President and Acting
                                              Chief Financial Officer


                                      -19-