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

                                   FORM 10-QSB
                                   (Mark One)

[X]  Quarterly report pursuant section 13 or 15(d) of the Securities Exchange
     Act of 1934
                                For the quarterly period ended December 31, 2001

[ ]  Transition report pursuant section 13 or 15(d) of the Securities Exchange
     Act of 1934
                                For the transition period from.......to........
                                Commission file number 000-27545


                         ABOVE AVERAGE INVESTMENTS, LTD.
--------------------------------------------------------------------------------
              (Exact name of small business issuer in its charter)


              Nevada                                         98-0204736
--------------------------------------------------------------------------------
     (State or other jurisdiction of                        (IRS Employer
     Incorporation or organization)                        Identification No.)



   Suite 104, 1456 St. Paul Street, Kelowna, British Columbia, Canada V1Y 2E6
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


                                 (250) 868-8177
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

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__

Number of shares outstanding of the issuer's classes of common equity, as of
December 31, 2001:

                  3,000,000 Shares of Common Stock (One Class)

Transitional Small Business Disclosure Format: Yes___  No_X_

This document consists of 19 pages, excluding exhibits. The Exhibit Index is on
page 18.
<PAGE>
                         ABOVE AVERAGE INVESTMENTS, LTD.



Item 1.  Financial Statements..................................................3

Item 2.  Management's Discussion and Analysis.................................10

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

Signatures....................................................................18


                                       2

<PAGE>
                      FINANCIAL STATEMENT TABLE OF CONTENTS


Condensed Financial Statements:

      Condensed Balance Sheet (unaudited) as of December 31, 2001..............4

      Condensed Statements of Operations (unaudited) for the three
      months ended December 31, 2001 and 2000 and from
      April 21, 1997 (inception) through December 31, 2001.....................5

      Condensed Statements of Cash Flows (unaudited) for the three
      months ended December 31, 2001 and 2000 and from
      April 21, 1997 (inception) through December 31, 2001.....................6

Notes to Condensed Financial Statements......................................7-9



                                       3
<PAGE>
ABOVE AVERAGE INVESTMENTS, LTD.
(A Development Stage Company)
CONDENSED BALANCE SHEET
(UNAUDITED)
--------------------------------------------------------------------------------

                                     ASSETS
                                                                   December 31,
                                                                       2001
Assets:

    Restricted cash                                                  $ 125,806
    Prepaid acquisition costs                                           10,030
    Prepaid financing costs                                             26,505
                                                                     ---------
              Total assets                                           $ 162,341
                                                                     =========


                      LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:

    Accrued liabilities                                              $ 220,607
    Liability to repurchase stock                                       25,000
                                                                     ---------
              Total current liabilities                                245,607
                                                                     ---------

Common stock subject to redemption; 2,500,000 shares                   125,000

Stockholders' deficit:
    Common stock, $0.0001 par value, 100,000,000 shares
      authorized; 500,000 shares issued and outstanding                     50
    Additional paid-in capital                                          23,840
    Deficit accumulated during the development stage                  (232,156)
                                                                     ---------
              Total stockholders' deficit                             (208,266)
                                                                     ---------

              Total liabilities and stockholders' deficit            $ 162,341
                                                                     =========

           See accompanying notes to condensed financial statements.
                                       -4-
<PAGE>
<TABLE>
ABOVE AVERAGE INVESTMENTS, LTD.
(A Development Stage Company)
(CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
----------------------------------------------------------------------------------------------------------------------
<CAPTION>
                                                                                                               April 21, 1997
                                                                                                                (inception)
                                                   Three Months Ended                Six Months Ended             through
                                                      December 31,                     December 31,             December 31,
                                              --------------------------       ---------------------------
                                                 2001            2000             2001             2000             2001
                                              ----------      ----------       ----------       ----------       ----------
Costs and expenses:
<S>                                           <C>             <C>              <C>              <C>              <C>
   Legal fees                                 $  (18,087)     $  (41,051)      $  (50,598)      $  (45,123)      $ (153,811)
   Accounting fees                               (13,167)         (4,105)         (35,914)          (5,605)         (65,740)
   Printing                                            -               -                -           (6,804)         (12,758)
   Licenses and fees                                   -             (95)               -              (95)            (603)
   Stock-based compensation for
     organizational costs                              -                                                                (50)
   Interest income                                   806               -              806                -              806
                                              ----------      ----------       ----------       ----------       ----------
Loss from operations                             (30,448)        (45,251)         (85,706)         (57,627)        (232,156)
                                              ----------      ----------       ----------       ----------       ----------

Benefit (provision) for income taxes                   -               -                -                -                -
                                              ----------      ----------       ----------       ----------       ----------

Net profit (loss)                             $  (30,448)     $  (45,251)      $  (85,706)      $  (57,627)      $ (232,156)
                                              ==========      ==========       ==========       ==========       ==========


Net loss per share - basic and diluted        $    (0.01)     $    (0.09)      $    (0.04)      $    (0.12)
                                              ==========      ==========       ==========       ==========
Weighted average number of shares -
  basic and diluted                            3,000,000         500,000        1,994,565          500,000
                                              ==========      ==========       ==========       ==========

</TABLE>

           See accompanying notes to condensed financial statements.
                                      -5-
<PAGE>
<TABLE>
ABOVE AVERAGE INVESTMENTS, LTD.
(A Development Stage Company)
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
-----------------------------------------------------------------------------------------------------------
<CAPTION>
                                                                                              April 21, 1997
                                                                                                (inception)
                                                                   Six Months Ended              through
                                                                     December 31,              December 31,
                                                                 2001             2000             2001
                                                              ----------       ----------       ----------
Net cash used in operating activities:
<S>                                                           <C>              <C>              <C>
   Net loss                                                      (85,706)      $  (57,627)      $ (232,156)
   Non-cash transactions:
       Interest added to restricted cash                            (806)                             (806)
       Stock-based compensation for
         organizational costs                                          -                -               50
        Third party expenses paid by affiliate on
         behalf of the Company, recorded as
         additional paid-in capital                               21,475           12,195           48,840
   Changes in operating assets and liabilities:
       Prepaid acquisition costs                                                  (10,030)         (10,030)
       Prepaid financing costs                                   (26,505)                          (26,505)
       Accounts payable and accrued liabilities                   91,542           55,462          220,607
                                                              ----------       ----------       ----------
Net cash used in operating activities                                  -                -                -
                                                              ----------       ----------       ----------

Net cash provided by financing activities                              -                -                -
                                                              ----------       ----------       ----------

Net cash from investing activities                                     -                -                -
                                                              ----------       ----------       ----------

Net increase in cash and equivalents                                   -                -                -

Cash at beginning of period                                            -                -                -
                                                              ----------       ----------       ----------

Cash at end of period                                         $        -       $        -       $        -
                                                              ==========       ==========       ==========
Supplemental disclosure of cash flow information:
   Cash paid during the period for:
       Interest                                               $        -       $        -       $        -
                                                              ==========       ==========       ==========
       Income taxes                                           $        -       $        -       $        -
                                                              ==========       ==========       ==========
Non-cash financing activities:
   500,000 shares issued for services                         $        -       $        -       $       50
                                                              ==========       ==========       ==========
   Liability to repurchase stock and decrease
   in additional paid in capital                              $        -       $        -       $   25,000
                                                              ==========       ==========       ==========
</TABLE>
           See accompanying notes to condensed financial statements.
                                      -6-
<PAGE>
ABOVE AVERAGE INVESTMENTS, LTD.
(A Development Stage Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements of Above Average
Investments, Ltd. (the "Company") have been prepared in accordance with the
accounting policies in its audited financial statement for the year ended June
30, 2001 as filed January 2, 2002 and should be read in conjunction with the
notes thereto. The Company entered the development stage in accordance with
Statements of Financial Accounting Standard ("SFAS") No. 7 on April 21, 1997 and
is a "blank check" company with the purpose to evaluate, structure and complete
a merger with, or acquisition of, a privately owned corporation.

In the opinion of management, all adjustments consisting of normal recurring
adjustments considered necessary to provide a fair presentation of the operating
results for the interim periods presented have been made. These results have
been determined on the basis of generally accepted accounting principles and
practices applied consistently with those used in the preparation of the
Company's Annual Financial Statements for the for the year ended June 30, 2001.
Operating results for the six months ended December 31, 2001 are not necessarily
indicative of the results that may be expected for the year ending June 30,
2002.

Since its inception, the Company has been dependent upon certain related parties
to provide continued funding and capital resources to fund its negative cash
flow from operations. The Company's auditors have included a paragraph in their
audit report in the Company's annual financial statements for the year ended
June 30, 2001, which expresses concern about the Company's ability to continue
as a going concern unless it can secure continued funding.


NOTE 2 -SHARE CAPITAL

In December 2000, the Company completed an initial public offering of 2,500,000
common shares at $0.05 per share for cash proceeds of $125,000. Beginning in
September 2001, the proceeds of the offering and the common stock issued
pursuant thereto are being held in an escrow account, and shall remain in the
escrow account until an acquisition meeting specific criteria is completed, and
before the deposited funds and deposited securities can be released to the
Company and the investors, respectively, the Company is required to update its
registration statement with post-effective amendment, and within five business
days after the effective date thereof, the Comany is required to furnish the
investors with the prospectus produced thereby containing the terms of a
reconfirmation offer and information regarding the proposed acquisition
candidate and its business. Investors must have no fewer than 20 and no more
than 45 business days from the effective date of the post-effective amendment to
decide to reconfirm their investment and remain an investor or, alternatively,
require the return of their investment. Each investor shall have 20 business
days from the date of this prospectus to reconfirm their investment. Any
investor not making any decision within the 20-business-day period will
automatically have their investment returned.


                                      -7-
<PAGE>
ABOVE AVERAGE INVESTMENTS, LTD.
(A Development Stage Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

If the Company does not complete an acquisition meeting the specified criteria
within 18 months of the effective date of its initial public offering, all of
the deposited funds in the escrow account must be returned to investors. (See
note 3)


NOTE 3 - ESCROW ACCOUNT DISCREPANCY

In September 2001, our auditors discovered that the $125,000 raised in the Rule
419 offering that closed on November 28, 2000 had not been deposited in the
escrow account at City National Bank. Therefore, these funds were not in our
possession and should not have been included on the balance sheets of our
December 31, 2000 and March 31, 2001 reports on Form 10-QSB. Amendments to these
reports are being prepared.

The funds have been held on deposit in the trust account of Martin & Adams,
PLLC, a Washington, D.C. law firm which held the funds on behalf of Euro
Atlantic Capital Corporation ("Euro"), the organization that is facilitating the
merger of our company and Quick-Med. Euro received no commissions or other
compensation for raising these funds, and is one of the investors in the
offering. Euro acted as Quick-Med's agent in locating a blank check company in
order to execute a reverse merger and become a public company. When this
discrepancy was brought to the attention of our management, the law firm was
immediately notified to transfer the funds. The funds were transferred to City
National Bank on September 10, 2001, and received into the escrow account on
September 12, 2001. (See note 2)


NOTE 4 -MERGER AGREEMENT

During March 2001, the Company entered into an agreement with QMT and its
shareholders to acquire all of the issued and outstanding shares of capital
stock of QMT in exchange for 10,260,000 shares of the Company's capital stock.
For accounting purposes, the public shell merger will be treated as a
recapitalization of QMT. The value of the net assets of the Company after the
public shell merger is the same as their historical book value.

Subsequent to the merger, assuming all of the Company's shareholders reconfirm
their investment, the Company's shareholders will retain approximately 20% of
the outstanding shares of the Company's capital stock. Upon ratification of the
public shell merger by its shareholders, the Company will change its name to
Quick-Med Technologies, Inc.

NOTE 5 - RELATED PARTY TRANSACTIONS


                                      -8-
<PAGE>
ABOVE AVERAGE INVESTMENTS, LTD.
(A Development Stage Company)
NOTES TO CONDENSED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

The Company does not maintain a checking account and all expenses incurred by
the Company are paid by an affiliate. For the six months ended December 31,
2001, the Company incurred $85,706 in expenses ($30,448 for the three months
ended December 31, 2001). The affiliate does not expect to be repaid for the
expenses it pays on behalf of the Company. Accordingly, as the expenses are
paid, they are classified as additional paid-in capital.








                                      -9-
<PAGE>
                      MANAGEMENT'S DISCUSSION AND ANALYSIS

Above Average Investments, Ltd.

         We were organized as a Nevada corporation on April 21, 1997 for the
purpose of creating a corporate vehicle to seek, investigate and, if the
investigation warrants, acquire an interest in business opportunities presented
to us by persons or firms who or which desire to employ our funding in their
business or to seek the perceived advantages of a publicly-held corporation. In
December 2000, we completed an initial public offering for 2,500,000 shares of
our common stock for $.05 per share under a Registration Statement that became
effective with the Securities and Exchange Commission on September 19, 2000.
Quick-Med Technologies, Inc.'s primary business is the research and development
of biomedical products for antibacterial applications. Quick-Med has no sales or
revenues to date.

         In the interim, we have filed post-effective amendments in conjunction
with the issuance of this prospectus, which, when declared effective, we intend
to utilize to facilitate the reconfirmation offering. Until we consummate a
merger, we will continue to be a blank check company. If we are unable to
consummate the merger with Quick-Med, management intends to continue to seek a
qualified entity. However, we cannot assure you that management will continue to
provide the financial support required to allow us to maintain our status as a
reporting company. If market conditions warrant, management may decide to
suspend filing periodic reports, and possibly dissolve the company.

Negotiations between us and Quick-Med

         In November 2000, we commenced negotiations to acquire Quick-Med
Technologies, Inc. Quick-Med's primary business is the research and development
of biomedical products for antibacterial applications. Quick-Med indicated that
it was interested in seeking the perceived advantages of a publicly-held
corporation and requested information from us. In turn, we requested and
received background information on Quick-Med including certain financial
information. Once such information was exchanged, the parties began to negotiate
the structure of the transaction. We indicated that we were interested in
acquiring all of the outstanding capital stock of Quick-Med. Quick-Med indicated
that this structure would be acceptable provided that Quick-Med's current
shareholders received enough shares of common stock to represent at least 80% of
our outstanding shares of common stock. In March 2001, we executed an agreement
with Quick-Med and its shareholders to acquire all of Quick-Med's issued and
outstanding shares in exchange for 10,000,000 shares of our common stock. In
July 2001, the agreement was amended to increase the number of shares to be
exchanged to 10,260,000, and to provide for the purchase of our originally
issued 500,000 shares at $0.05 per share.

The Offering and Reconfirmation

         2,500,000 shares of common stock were offered for $.05 per share on a
"best efforts, all or none" basis. We conducted the offering directly, without
the use of an underwriter, and the offering was completed in December 2000. An
amended prospectus is being furnished to investors in the reconfirmation
offering so they may consider reconfirming their investment as a


                                       10
<PAGE>
result of our proposed acquisition. The amendment also contains proxy material
for approval of the merger and other corporate matters.

Securities Outstanding

         There are presently 3,000,000 shares of common stock outstanding from
an authorized issuance of 100,000,000 shares of common stock. If the acquisition
is completed, 13,600,000 shares of common stock will be outstanding on a fully
diluted basis, which includes 840,000 shares issuable upon the exercise of
options. These options are currently issued under Quick-Med's stock option plan,
which will be assumed by us upon consummation of the merger.

Escrow

         After the post-effective amendment is declared effective, we will start
the reconfirmation offering. Upon reconfirmation, we will notify the escrow
agent to release the proceeds and the securities to us. We will distribute the
certificates. Investors will receive a supplement to the prospectus indicating
the amount of proceeds and securities released and the date of release.

Escrow Account Discrepancy

         In September 2001, our auditors discovered that the $125,000 raised in
the Rule 419 offering that closed on November 28, 2000 had not been deposited in
the escrow account at City National Bank. Therefore, these funds were not in our
possession and should not have been included on the balance sheets of our
December 31, 2000 and March 31, 2001 reports on Form 10-QSB. These reports were
amended and filed to report and correct this discrepancy in our financial
statements for these periods.

         The funds have been held on deposit in the trust account of Martin &
Adams, PLLC, a Washington, D.C. law firm which held the funds on behalf of Euro
Atlantic Capital Corporation ("Euro"), the organization that is facilitating the
merger of our company and Quick-Med. Euro received no commissions or other
compensation for raising these funds, and is one of the investors in the
offering. Euro acted as Quick-Med's agent in locating a blank check company in
order to execute a reverse merger and become a public company. When this
discrepancy was brought to the attention of our management, the law firm was
immediately notified to transfer the funds. The funds were transferred to City
National Bank on September 10, 2001, and received into the escrow account on
September 12, 2001.

Reconfirmation Offering Conducted in Compliance with Rule 419

         We are a blank check company and, consequently, this reconfirmation
offering is being conducted in compliance with Rule 419. The investors have
certain rights and will receive the substantive protection provided by the rule.
To that end, the securities purchased by investors and the funds received in our
initial public offering are deposited and held in an escrow account established
under Rule 419, and will remain in the escrow account until an acquisition
meeting specific criteria is completed. Before the acquisition can be completed
and before the


                                       11
<PAGE>
deposited funds and deposited securities can be released to us and the
investors, respectively, we are required to update the registration statement
with a post-effective amendment, and within five business days after the
effective date, we are required to furnish the investors with the prospectus
containing the terms of a reconfirmation offer and information about the
proposed acquisition candidate and its business, including audited financial
statements. According to Rule 419, investors must have no fewer than 20 and no
more than 45 business days from the effective date of the post-effective
amendment to decide to reconfirm their investment and remain an investor or,
alternately, require the return of their investment. Each investor has 20
business days from the date of the prospectus to reconfirm his/her investment.
Any investor who does not decide within the 20 business day period will
automatically have his/her investment promptly returned.

         The rule further provides that if we do not complete an acquisition
meeting the specified criteria within 18 months of the effective date of the
initial public offering, all of the deposited funds in the escrow account must
be promptly returned to investors.

Terms of the Reorganization Agreement

         The terms of the merger are stated in the Reorganization Agreement
dated March 19, 2001. We will consummate the merger when, among other things, we
receive acceptance of the reconfirmation offer by at least 80% of the investors.
If the merger is consummated, Quick-Med will be merged into Above Average, with
Above Average as the surviving entity. We will change our name to Quick-Med
Technologies, Inc. When we consummate the merger:

         (i) each shareholder who holds shares of our common stock registered
         under a registration statement declared effective by the SEC on
         September 19, 2000 prior to the merger and who accepts the
         reconfirmation offer will continue to hold his or her share
         certificate(s) representing our registered common stock; and

         (ii) each stockholder of registered common stock who rejects the
         reconfirmation offer will be paid his or her pro rata share of the
         amount in the escrow account of $.05 per share. At the effective date
         of the merger, Quick-Med's outstanding shares will be canceled. We will
         issue 10,260,000 shares of our common stock to Quick-Med's shareholders
         at the effective date, and our current shareholders will own 2,500,000
         shares, representing 18.4% of the surviving entity, on a fully-diluted
         basis. The 500,000 originally issued shares are being purchased as part
         of the merger at the public offering price.

Recent Developments

         Our board, based upon its evaluation, recommends that the investors
elect to accept the reconfirmation offering. The merger agreement was approved
by the directors and shareholders of Quick-Med by written consent dated March
19, 2001. The merger agreement was confirmed by the unanimous consent of the
directors on March 19, 2001. The agreement was amended, upon unanimous consent
of our directors, in July of 2001.


                                       12
<PAGE>
Accounting Treatment

         Although we are the legal surviving corporation, for accounting
purposes, the merger is treated as a public shell merger of Above Average and
Quick-Med, and a recapitalization of Quick-Med. The value of the net assets of
the Company after the public shell merger is the same as their historical book
value.

Use of Proceeds

         In our initial public offering, we raised $125,000 in proceeds. None of
the deposited funds have been or will be expended to merge Quick-Med into us.
The deposited funds will be transferred to us under the merger agreement if a
business combination is effected.

Quick-Med Technologies, Inc.

         Quick-Med was incorporated in Delaware in December 1997. Its business
primarily consists of research and development of biomedical products and
devices for antibacterial applications. Quick-Med's vision is to rapidly deliver
break-through products in targeted civilian and military health care markets
where it can leverage core technologies. Quick-Med intends to fund the research
efforts necessary to develop the planned products, administer the patenting
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 will focus its attention on the value-added activities of
developing and commercializing new core technologies. Scientific experts in
relevant fields are identified and retained through consulting contracts. Senior
management is identified to ensure broad experience in all aspects of the
business. Operating costs have been kept low because the Quick-Med compensates
management and the scientific team almost entirely in equity, and not in cash
salaries, benefits and offices. Most activities are conducted in university,
military or other business locations of the management team. Internal
communication is frequent and highly effective through the electronic means that
underpin the growing trend toward telecommuting.

Quick-Med's Business Model

         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 can prototype, test and help to
rapidly commercialize attractive products in targeted areas.

         When it develops new technologies, Quick-Med will seek patent
protection in all major end geographic markets and it will seek exclusive
ownership of the associated patent rights. Exclusive rights may maximize
Quick-Med's ability to profitably commercialize the technology. If Quick-Med
personnel are not the exclusive inventors of the technology, which means that
Quick-Med is not the sole owner of patent rights then there will be other
inventors


                                       13
<PAGE>
who, according to patent law, are also able to exploit their rights under the
patent. While Quick-Med can still seek to commercialize the technology under
such a non-exclusive patent, its ability to do so is reduced since it could face
competition from one of the other inventors named on the patent, or an entity to
whom the other inventors might have assigned their rights. In cases where there
are such other inventors, Quick-Med will seek a license agreement with the other
inventors or their assignees so that Quick-Med has exclusive rights to
commercialize the technology. To date, Quick-Med has licensed the rights to 13
patents on an exclusive basis and has filed three patent applications for its
own inventions, none of which have been granted as of the date of this report.

         For most of its intended products, Quick-Med does not intend to
manufacture and distribute to it's end-markets. Quick-Med expects to develop the
technology to the point of developing a prototype, determining the potential for
market acceptance and then finding a strategic partner or purchaser of the
potential product. It seeks to choose partners to reduce risk and accelerate
growth in manufacturing or distribution. For products where the ultimate end
user or buyer is a civilian entity, Quick-Med intends to license its technology
to a branded distributor and receive a royalty on end-market sales.
Manufacturing will also be outsourced, in many cases to the same company
distributing the product. For products where the user is a military or civil
defense entity, Quick-Med may sell the product itself to the user but will
outsource manufacturing to firms with military approval. In this case revenues
can be earned directly from sales.

         Quick-Med believes that there can be significant benefits to strategic
partnerships with larger corporations. Larger corporations may have capital,
manufacturing resources, access to markets, and strong consumer brands.
Quick-Med seeks to gain the capacity and channels to deliver its technology and
Quick-Med believes that the larger companies need to add new products to their
lines, assuring successful relationships.

         Quick-Med currently conducts its research with contract research
organizations. It has recently opened a research facility with one of these
contract research organizations in Gainesville, Florida near its University of
Florida researchers. Research and development is also being conducted with the
US Army pursuant to a CRADA agreement.

         In the future, Quick-Med intends to conduct research and development in
its own facilities or with contract research organizations. Research and
development is completed at such time as a potential product has proven efficacy
and safety. If the product requires regulatory approval, then regulatory review
will occur subsequent to completion of research and development. If no approval
is required, then the product will be commercialized upon completion of
development. If available, Quick-Med will seek patent protection as soon in the
development stage as management determines a patentable invention has been
discovered.

         Most of Quick-Med's proposed products will require regulatory approval
before they can be sold. Quick-Med has not yet commenced the regulatory approval
process on any of its products or made any filings with government agencies
other than its patent applications. Quick-Med cannot predict when regulatory
filings will be made and when the process will be completed.


                                       14
<PAGE>
Management Team

         Quick-Med's management team is composed of bankers, scientists,
attorneys, retired military generals and business professionals, all with 15 to
35 years of experience in their respective fields, and have attained senior
levels in their corporate, scientific or military careers.

Scientific Team

         Quick-Med's scientific team consists of experienced leading academic
and private sector researchers in the targeted research and development
segments. The team has extensive experience in the areas of wound healing,
cosmetic skin treatments, biochemistry, physical and surface chemistry and
material science. The team has also extensive experience in managing research
and development processes for both the military and major private sector
companies. Quick-Med has retained five scientists as consultants. Three
additional scientists serve as officers and directors but do not receive any
compensation.

Products Under Development

         Quick-Med's strategy is to develop core technologies that can apply to
multiple targets in the civilian and military health care markets. Quick-Med
presently has two technologies that it is seeking to use in four markets:

Ilomostat

         Quick-Med has an exclusive license on a new bio-medical compound called
Ilomostat. Ilomostat is a member of a class of compounds called Matrix
Metallaproteinese Inhibitors or MMPIs. As discussed in articles listed above in
Quick-Med Plan of Operations, scientific research by members of Quick-Med's team
and other independent researchers have shown that MMPIs block the production of
Matrix Metallaproteinese or, MMPs, in skin cells. They have also shown that MMPs
are naturally occurring compounds that can cause detrimental effects in the skin
when events trigger an over-production of MMPs in skin cells. Events that can
trigger an over-production of MMPs include certain external chemical exposures,
sun damage or even natural aging in which the levels of other compounds in skin
cells, such as estrogen in women, decline.

         This core technology will be developed into two product lines: chemical
warfare and skin care.

Chemical Warfare

         Chemical warfare is now a the 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 to be developed will target the civilian chemical


                                       15
<PAGE>
burn market in areas like industrial accidents and civilian or military
exposures to hazardous materials.

         Quick-Med expects to complete research and development of the
post-injury agent within the next 12 to 24 months. It expects final product
specification, initial contract awards, manufacturing and distribution to be
initiated within 18 to 24 months of that. Quick-Med will have exclusive rights
to this potential product subject to its obligation under the CRADA to sell any
product to the U.S. Army and is required to pay royalties to the MMP patent
holder.

Skin Care

         Quick-Med believes that 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 an
anti-wrinkle cosmetic cream with particular application to post-menopausal women
as a healthier alternative to estrogen replacement. Related products will target
the general marketplace for skin care products.

         Quick-Med expects to complete research and development of the cosmetic
cream within the next 9 to 18 months. It expects to license the formulation to a
manufacturing and distribution partner within 6 to 12 months after completion of
research and development. Quick-Med has filed a patent application for the
formulation of this product and will have exclusive rights to this product,
subject to its obligation to pay royalties to the inventor.

Advanced Super Absorbent Polymers

         Quick-Med has filed a patent application for a second core technology
for super absorbent polymers that are chemically engineered to create new
products in the following target markets:

         Wound dressings

         Based upon a report by STAC, which forecasts an aging population,
Quick-Med believes the market for severe or chronic wound dressings used in
hospitals and outpatient facilities is large and growing rapidly. Yet the
technology used in the current high margin products like the gauze bandage still
found in most medicine cabinets lags far behind available science. Quick-Med is
developing a proprietary modern bandage, which employs an advanced wound
dressing that utilizes its super absorbent polymer technology to deliver
medication while disinfecting and absorbing exudate.

         Quick-Med expects to complete research and development of the wound
dressing within 9 to 18 months. Quick-Med has filed a patent application that is
currently pending and will provide them with exclusive rights to use should a
patent be granted. It expects to license the technology to a manufacturing and
distribution partner within 6 to 12 months of that.

         Quick-Med is exploring other uses of this technology that would benefit
from the antimicrobial properties, since the dressing can be included in many
kinds of fabrics. Potential uses are surgical clothing, tablecloths, shoes and
masks.


                                       16
<PAGE>
         Protective clothing

         Based on the Department of Defense Nuclear Biological/Chemical Defense
Annual Report to Congress Dated March 2000, the U.S. Army is expected to spend
over $1 billion in the next ten years on a 1950's technology for protecting
soldiers from chemical warfare attacks, which consists of heavy clothing laced
with activated carbon that is difficult to wear and requires frequent
replacement. Quick-Med is developing a new generation of fabric comprised of
layers of high efficiency filtration fiber webs, some of which are treated with
neutralizers for chemical warfare agents to replace existing technology for
protecting soldiers. Related products will target markets for emergency response
forces and hazardous material handlers.

         If sufficient funding is obtained, it expects to complete research and
development of a protective fabric within 18 to 30 months after funding. In
order to develop a commercial product, Quick-Med needs to find a manufacturing
partner that meets U.S. Military requirements within 6 to 12 months of that. It
expects shipments to the U.S. Military and first responder groups to begin in
2004. Quick-Med filed a provisional patent in October 2000 and filed the full
application in October 2001. Quick-Med will have exclusive rights to this
product.

         Assuming this reconfirmation offering and acquisition is completed,
Quick-Med's business will be our sole business.

                                LEGAL PROCEEDINGS

         There is no litigation pending or threatened by or against us.



                                       17
<PAGE>
                         ABOVE AVERAGE INVESTMENTS, LTD.

                           PART II - OTHER INFORMATION


         3.1*              Articles of Incorporation
         3.2*              Amendment to Articles of Incorporation
         3.3*              Bylaws
         4.1*              Specimen Informational Statement
         10.1.1**          Merger Agreement
         10.1.2**          Amendment to Merger Agreement
         10.1.2**          Escrow Agreement

*Filed as an Exhibit to the Company's Registration Statement on Form 10-SB,
dated October 1999, and incorporated by reference.

**Incorporated by reference to the Company's Form SB-2, filed July 14, 2000
(File No. 333-41672), and amendments thereto.

Reports on Form 8-K

None.



                                       18
<PAGE>
                         ABOVE AVERAGE INVESTMENTS, LTD.

                                   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.


                                      ABOVE AVERAGE INVESTMENTS, LTD.


Date: February 14, 2002               By: /s/ Devinder Randhawa
                                         ----------------------
                                         Devinder Randhawa, President

                                      By: /s/ Bob Hemmerling
                                         -------------------
                                         Bob Hemmerling, Secretary


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