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 March 31, 2003

     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 May 4, 2003: 13,640,855
<PAGE>

PART I   FINANCIAL INFORMATION

Item 1.  Financial Statements

     Condensed Balance Sheet as of  March 31, 2003 (unaudited) ..............  1

     Condensed Statements of Operations for the three-months and
     nine-months ended March 31, 2003 and 2002 (unaudited) ..................  2

     Condensed Statement of Changes in Stockholders' Deficit for
     the three-months ended March 31, 2003 (unaudited) ......................  3

     Condensed Statements of Cash Flows for the nine-months ended
     March 31, 2003 and 2002 (unaudited) ....................................  4

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

Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations ..........................................  9

Item 3.  Controls and Procedures ............................................ 15

PART II  OTHER INFORMATION

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

Item 2.  Changes in Securities and Use of Proceeds .......................... 17

Item 3.  Defaults Upon Senior Securities .................................... 17

Item 4.  Submission of Matters to a Vote of Security Holders ................ 17

Item 5.  Other Information .................................................. 17

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

SIGNATURES .................................................................. 17
<PAGE>

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

                                     ASSETS
                                     ------
                                                                    March 31,
                                                                      2003
                                                                  ------------

         Current assets:
            Cash                                                  $      7,515
                                                                  ------------

         Property and equipment, net                                     4,338
                                                                  ------------

         Other assets:
            Prepaid expenses, deposits                                  13,197
            Intangible asset, net                                      343,750
                                                                  ------------
                  Total other assets                                   356,947
                                                                  ------------
                  Total assets                                    $    368,800
                                                                  ============

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

         Current liabilities:
            Accounts payable                                      $    414,254
            Accrued interest on note payable - officer/director         79,810
            License payable                                            160,000
            Note payable - officer/director                          1,165,200
            Shareholder loans payable                                    9,300
            Due to affiliate/shareholder                                 8,500
                                                                  ------------
                  Total current liabilities                          1,837,064
                                                                  ------------

         Stockholders' deficit:
            Common stock, $0.0001 par value; 100,000,000
              authorized shares; 13,640,855 shares issued
              and outstanding                                            1,365
            Additional paid-in capital                               5,883,129
            Outstanding stock options                                   94,426
            Accumulated deficit                                     (7,447,184)
                                                                  ------------
                  Total stockholders' deficit                       (1,468,264)
                                                                  ------------
                  Total liabilities and stockholders' deficit     $    368,800
                                                                  ============


            See accompanying notes to condensed financial statements.

                                       -1-
<PAGE>

<TABLE>
<CAPTION>
QUICK-MED TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
=====================================================================================================

                                              Three Months Ended               Nine Months Ended
                                                   March 31,                       March 31,
                                         ----------------------------    ----------------------------
                                             2003            2002            2003            2002
                                         ------------    ------------    ------------    ------------

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

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

Gross profit                                       --              --              --              --

Expenses:
   General and administrative expenses        183,008         111,591         540,312         289,062
   Research and development                    63,342          53,462         374,418         148,163
   Depreciation and amortization                9,999           9,865          29,769          29,754
   Stock-based compensation                   141,767              --       1,553,022       1,827,000
                                         ------------    ------------    ------------    ------------
Total expenses                                398,116         174,918       2,497,521       2,293,979
                                         ------------    ------------    ------------    ------------

Loss from operations                         (398,116)       (174,918)     (2,497,521)     (2,293,979)
                                         ------------    ------------    ------------    ------------

Other income (expense):
   Interest expense                           (16,155)        (13,085)     (1,016,756)        (31,860)
                                         ------------    ------------    ------------    ------------

Loss before income taxes                     (414,271)       (188,003)     (3,514,277)     (2,325,839)
                                         ------------    ------------    ------------    ------------

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

Net loss                                 $   (414,271)   $   (188,003)   $ (3,514,277)   $ (2,325,839)
                                         ============    ============    ============    ============


Net loss per share (basic and diluted)   $      (0.03)   $      (0.02)   $      (0.26)   $      (0.22)
                                         ============    ============    ============    ============

Weighted average common
 shares outstanding                        13,606,813      11,393,333      13,563,625      10,632,263
                                         ============    ============    ============    ============
</TABLE>


            See accompanying notes to condensed financial statements.

                                       -2-
<PAGE>

<TABLE>
<CAPTION>
QUICK-MED TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT)
(UNAUDITED)
===============================================================================================================================

                                              Common Stock            Additional
                                       ---------------------------      Paid-in     Accumulated     Outstanding
                                          Shares         Amount         Capital        Deficit     Stock Options       Total
                                       ------------   ------------   ------------   ------------    ------------   ------------
<S>                                      <C>          <C>            <C>            <C>             <C>            <C>
Balance, December 31, 2002               13,542,500   $      1,355   $  5,671,749   $ (7,032,913)   $     84,884   $ (1,274,925)

Stock-based compensation                                                  132,225                                       132,225
Stock options granted for consulting                                                                       9,542          9,542
Stock issued in debt conversion              30,855              3         31,162                                        31,165
Stock issued for cash                        67,500              7         47,993                                        48,000
Net loss, March 31, 2003                                                                (414,271)                      (414,271)

                                       ------------   ------------   ------------   ------------    ------------   ------------
Balance, March 31, 2003                  13,640,855   $      1,365   $  5,883,129   $ (7,447,184)   $     94,426   $ (1,468,264)
                                       ============   ============   ============   ============    ============   ============
</TABLE>


            See accompanying notes to condensed financial statements.

                                       -3-
<PAGE>

<TABLE>
<CAPTION>
QUICK-MED TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
==================================================================================

                                                            Nine Months Ended
                                                                March 31,
                                                      ----------------------------
                                                          2003            2002
                                                      ------------    ------------
<S>                                                   <C>             <C>
Cash flows from operating activities:
   Net loss                                           $ (3,514,277)   $ (2,325,839)
   Adjustments to reconcile net loss to net
    cash used by operating activities:
      Depreciation and amortization                         29,769          29,755
      Stock options granted for services                    28,626              --
      Stock-based compensation                           1,524,396       1,827,000
      Liabilities paid by a shareholder                     14,626              --
      License payable                                           --        (100,000)
      Interest expense in debt conversion to equity        995,224              --
         Increase in prepaid expenses                      (12,080)         (1,117)
         Increase (decrease) in:
            Accounts payable                                26,800          89,296
            Accrued expenses                                    --         (32,636)
            Accrued interest                                21,532          30,809
            Due to affiliate                                    --           6,467
                                                      ------------    ------------
Net cash used by operating activities                     (885,384)       (476,265)
                                                      ------------    ------------

Cash flows from investing activities:
   Purchase of fixed assets                                 (2,746)         (1,551)
   Patent additions                                        (22,611)        (19,520)
                                                      ------------    ------------
Net cash used by investing activities                      (25,357)        (21,071)
                                                      ------------    ------------

Cash flows from financing activities:
   Issuance of common stock                                148,000              --
   Increase in notes payable                               250,000         100,000
   Increase in notes payable - officer/director            508,700         435,000
                                                      ------------    ------------
Net cash provided by financing activities                  906,700         535,000
                                                      ------------    ------------

Net increase (decrease) in cash                             (4,041)         37,664
Cash at beginning of period                                 11,556          15,329
                                                      ------------    ------------
Cash at end of period                                 $      7,515    $     52,993
                                                      ============    ============
</TABLE>


            See accompanying notes to condensed financial statements.

                                       -4-
<PAGE>

<TABLE>
<CAPTION>
QUICK-MED TECHNOLOGIES, INC.
CONDENSED STATEMENTS OF CASH FLOWS (CONTINUED)
(UNAUDITED)
==================================================================================

                                                            Nine Months Ended
                                                                March 31,
                                                      ----------------------------
                                                          2003            2002
                                                      ------------    ------------
<S>                                                   <C>             <C>
Supplementary disclosure of cash activities:

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

   Non-cash disclosures of investing and
    financing activities:
      Stock options granted to consultant             $     28,626    $         --
                                                      ============    ============
      Conversion of debt to equity                    $    701,191    $         --
                                                      ============    ============
</TABLE>


            See accompanying notes to condensed financial statements.

                                       -5-
<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 nine months ended March 31,
2003 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 - RECENT ACCOUNTING PRONOUNCEMENTS
-----------------------------------------

In December 2002, the Financial Accounting Standards Board issued Statement of
Financial Account Standards No. 148, Accounting for Stock-Based Compensation -
Transition and Disclosure. This Statement amends Statements No. 123 to provide
three alternative methods of transition for Statement No. 123's fair value
method of accounting for stock-based employee compensation for companies that
elect to adopt the provision of Statement No. 123. Transition to the fair value
accounting method of Statement No. 123 is not required by Statement No. 148. The
Company has elected to use the intrinsic value method of accounting for stock
compensation in accordance with APB No. 25 and related interpretations.
Statement No. 148 also amends the disclosure provisions of Statement No. 123 to
require disclosure in the summary of significant accounting policies of the
effects of an entity's accounting policy with respect to stock-based
compensation on reported net income and earnings per share in annual and interim
financial statements. The disclosure provision of Statement No. 148 are required
to be adopted by all companies with stock-based employee compensation,
regardless of whether they account for that compensation using the fair value
method of Statement No. 123 or the intrinsic value method of APB No. 25. The
disclosure provision of Statement No. 148 has been adopted by the Company with
appropriate disclosure included in Note 3 below.


NOTE 3 - STOCK OPTIONS
----------------------

On March 4, 2001, the Company adopted a qualified equity incentive plan. Under
the Plan, the Company is authorized to grant up to 3,000,000 shares of common
stock. In March, 2002, 1,140,000 unqualified options were granted under the Plan
to employees and directors. The exercise price for 990,000 and 150,000 of the
options were 75% and 25%, respectively, of the average trading price of the
Company's stock during the first 30 days after commencement of the stock trading
on the Over the Counter ("OTC") Market. The vesting provisions for 100,000 of
the options were immediate and the remainder of the 1,040,000 options are vested
one third respectively on January 15, 2002, January 15, 2003 and January 15,
2004. All options expire five years after the grant date.

                                       -6-
<PAGE>

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


NOTE 3 - STOCK OPTIONS continued
--------------------------------

The Company has elected to account for the stock options granted to employees
under Accounting Principles Board Opinion No. 25, "Accounting for Stock Issued
to Employees," and related interpretations. Under APB No. 25, the difference
between the option price and the fair value of the shares creates an additional
stock option compensation expense which will be recorded in the income statement
over the current and subsequent fiscal years, prorated on a quarterly basis.

The Company accounts for stock options granted to consultants under Financial
Accounting Standards Board Statement No. 123, "Accounting for Stock Based
Compensation" (FASB No. 123). In March 2002, 50,000 options were granted to a
consultant vesting over the same three-year period as employees and directors.
Using the Black-Scholes option pricing model, $9,542 of compensation expense was
recorded in this period. No options were granted to consultants during this
period. The assumptions utilized in valuing the fair market value were -
Risk-free interest rate of 4.75%; Dividend yield of 0%; Volatility factor of
50%; Estimated life of 5 years.

Had the stock compensation expense for the stock options granted been determined
based on the fair value of the options at the grant date consistent with the
methodology prescribed under FASB No. 123, The Company's net loss for the nine
month periods ended March 31, 2003 and 2002 would have been $3,721,127 and
$2,707,639 respectively.

A summary of options as at March 31, 2003 is shown below:

<TABLE>
<CAPTION>
                                                            March 31, 2003
                                                   --------------------------------
                                                       Number      Weighted-Average
                                                     of Shares      Exercise Price
                                                   --------------   --------------
<S>                                                     <C>         <C>
         Outstanding at beginning of period               840,000   $         2.24
         Granted                                        1,140,000             3.00
         Exercised                                             --               --
         Forfeited                                             --               --
                                                   --------------   --------------
         Outstanding at end of period                   1,980,000   $         2.68
                                                   --------------   ==============
         Exercisable at end of period                   1,633,000
                                                   --------------
         Available for issuance at end of period        1,860,000
                                                   ==============
</TABLE>


At March 31, 2003 and 2002, the Company's net loss and loss per share would have
been increased to the pro forma amounts below:

                                            March 31,         March 31,
                                              2003              2002
                                         -------------     -------------
       Net loss
          As reported                    $  (3,514,277)    $  (2,325,839)
                                         =============     =============
          Pro forma                      $  (3,721,127)    $  (2,707,639)
                                         =============     =============
       Loss per share
          As reported                    $       (0.27)    $       (0.23)
                                         =============     =============
          Pro forma                      $       (0.29)    $       (0.26)
                                         =============     =============

                                       -7-
<PAGE>

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


NOTE 4 - RELATED PARTY TRANSACTIONS
-----------------------------------

For the three months ended March 31, 2003, the Company received $222,500 from
the chairman and accrued interest of $15,597. At March 31, 2003, the amount of
the notes payable to the chairman and the president of $1,165,200 and $8,500,
respectively, plus accrued interest, totaled $1,245,131 and are convertible into
approximately 1,245,131 common shares. On January 23, 2003, the affiliate
converted its outstanding loan balance totaling $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 licenses
and associated revenues generated under an agreement with the Company and an
outside third party and mustard gas post-injury products. The total commitment
amount under the interim financing agreement with the Company is $1,250,000. At
March 31, 2003, the Company has utilized $1,165,200 of the total commitment
amount.

NOTE 5 - FINANCING
------------------

The Company 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 in the principal amount of $650,000 plus $25,000 accrued
interest into 675,000 shares of common stock and such amounts will be applied to
the $2 million of equity financing that Euro committed to provide. The deadline
for providing the remaining amounts up to $2 million was extended to May 4,
2003. As of May 12, 2003, Euro has raised a total of $850,000, including the
$650,000 above, of its $2 million commitment and is working with Quick-Med on
structures to raise the remaining amount. As a result of the conversion of the
notes payable, the Company recognized a charge of $990,250 of non-cash interest
expense in this quarter.

                                       -8-
<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

                                       -9-
<PAGE>

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.

Results Of Operations

Comparison of Nine Months Ended March 31, 2003 and March 31, 2002

         Quick-Med had no sales for the three-month and nine-month periods ended
March 31, 2003 and March 31, 2002 as its products are still in the development
stage.

         Quick-Med reported an operating loss of ($2,497,521) for the nine-month
period ended March 31, 2003 and ($2,293,979) for the nine-month period ended
March 31, 2002. The increase in operating loss was due to a combination of a
reduction in stock-based compensation, offset by an accelerated spending in
research and development and an increased general and administrative expenses as
operating level increased. The non- cash stock-based compensation decreased
$273,978 from $1,827,000 to $1,553,022 because the Company recognized $1,827,000
in compensation expense during 2002 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 $226,255
from $148,163 to $374,418 as the Company added more personnel in 2003 and
accelerated its research and development through various product development,
research and distribution agreements with third parties. General and
administrative expense increased $251,250 from $289,062 to $540,312 largely as a
result of increased operating level including liability insurance premiums,
marketing, investors relations activities and consulting services. 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 nine months ended March 31, 2003 was
$1,016,756 compared to $31,860 for the nine months ended March 31, 2002 as
borrowings increased. During the 2003 period notes payable to shareholders of
$673,710 in principal balance and $29,974 in related accrued interest were
converted to common stock. As a result of this conversion, the Company took a
charge of $995,224 of non-cash interest expense.

         Net loss for the nine months ended March 31, 2003 was ($3,514,277) or
($0.26) per share compared to ($2,325,839) or ($0.23) per share for the nine
months ended March 31, 2002.

Comparison of Three Months Ended March 31, 2003 and March 31, 2002

         Quick-Med reported an operating loss of ($398,116) for the three-month
period ended March 31, 2003 and ($174,918) for the three-month period ended
March 31, 2002. The increase in the operating loss resulted primarily in the
non-cash compensation expense of $141,767 in 2003 from the stock options vested
to senior management, directors and consultants and the increase in total
expenses in 2003 as operating levels increased and research and development
accelerated. Research and development increased $9,880 from $53,462 to $63,342
is due to increased personnel at the Company's lab and the acceleration in
research and development through product development, research and distribution

                                      -10-
<PAGE>

arrangements. General and administrative expense increased $71,417 from $111,591
to $183,008 as a result of increased marketing and investor relations expenses
as well as the insurance liability premiums.

         Interest expense for the three months period ended March 31, 2003
increased $3,070 from $13,085 to $16,155 due to the larger outstanding balance
of notes payable from shareholders and officers of the Company.

         Net loss for the three-month period ended March 31, 2003 was ($414,271)
or ($0.03) per share compared to ($188,003) for the same period ended March 31,
2002 or ($0.02) per share.

Liquidity and Capital Resources

         At March 31, 2003, Quick-Med had a working capital deficit of
($1,829,549), primarily due to loans of $1,262,810, a license fee payable of
$160,000 and accounts payable of $414,254. At March 31, 2002, Quick-Med had a
stockholders' deficit of ($1,468,264). 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 $885,384 for the nine months
ended March 31, 2003. Net cash used by investing activities were $2,746 for the
purchase of fixed assets and $22,611 for the filing and maintenance of patents
for its core technologies. Net cash provided by financing activities was
$906,700 of which $758,700 was from loans and $148,000 from the issuance of
stocks.

         To date, Quick-Med has funded its activities principally from short
term loans totaling approximately $1,183,000 from shareholders and an affiliated
company and a $650,000 loan from a merchant banking firm. In March 2001, the
first $260,000 shareholder loan was converted into common stock at $1.00 per
share. Quick-Med continues to depend on the receipt of investment capital or
other financing to fund its 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 similar
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. As of March 31, 2003, the Company has
utilized $1,165,200 of the $1,250,000 under the revolving note agreement. Mr.
Granito, the chairman and a principal shareholder is continuing to provide
funding to Quick-Med as necessary to carry out its operations. The amount of the
committed additional funding is at least $300,000 and the terms of this funding
are being finalized.

         On January 23, 2003, the affiliate converted its outstanding loan
balance totaling $23,710 plus interest into approximately 30,800 common shares
at the conversion price of $1.00 per share. In January and February 2003,
Quick-Med raised approximately $48,000 through the issuance of common stock. 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.

                                      -11-
<PAGE>

         Quick-Med has received $650,000 of bridge financing from Euro Atlantic
Capital Corp. 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 in the principal amount of $650,000 plus $25,000 accrued
interest into 675,000 shares of common stock and such amounts will be applied to
the $2 million of equity financing that Euro committed to provide. The deadline
for providing the remaining amounts up to $2 million was extended to May 4,
2003. As of May 12, 2003, Euro has raised a total of $850,000 including the
$650,000 from the conversion of its $2 million commitment and is working with
Quick-Med on structures to raise the remaining amount.

Contractual Obligations And Commercial Commitments

The following tables summarize our contractual obligations and commercial
commitments as of March 31, 2003:

<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

In December 2002, the Financial Accounting Standards Board issued Statement of
Financial Account Standards No. 148, Accounting for Stock-Based Compensation -
Transition and Disclosure. This Statement amends Statements No. 123 to provide
three alternative methods of transition for Statement No. 123's fair value
method of accounting for stock-based employee compensation for companies that
elect to adopt the provision of Statement No. 123. Transition to the fair value
accounting method of Statement No. 123 is not required by Statement No. 148. The
Company has elected to use the intrinsic value method of accounting for stock
compensation in accordance with APB No. 25 and related interpretations.
Statement No. 148 also amends the disclosure provisions of Statement No. 123 to
require disclosure in the summary of significant accounting policies of the
effects of an entity's accounting policy with respect to stock-based
compensation on reported net income and earnings per share in annual and interim
financial statements. The disclosure provision of Statement No. 148 are required
to be adopted by all companies with stock-based employee compensation,
regardless of whether they account for that compensation using the fair value
method of Statement No. 123 or the intrinsic value method of APB No. 25. The
disclosure provision of Statement No. 148 has been adopted by the Company with
appropriate disclosure included in the financial statements.

                                      -12-
<PAGE>

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

         Quick-Med is continuing 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 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.

Capital Expenditures and Requirements

         Quick-Med has spent approximately $170,000 in fiscal 2003 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.

                                      -13-
<PAGE>

         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
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 was
delivered and the parties are continuing their efforts pursuant to this plan. If
product development is successful, Collaborative has the right to exercise
exclusive distribution rights and Quick-Med and Collaborative will share profits
equally. Informal reports from Collaborative indicate that as of March 31, 2003,
product development efforts are on schedule and are thus far consistent with
product objectives. This product is not currently expected to require FDA
approval. If further development efforts are successful, a product may be
commercialized within the next 12 months.

Chemical Warfare

         As exemplified by the recent Anthrax incidents, 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. In addition,
Illomastat recently passed tests were that conducted by the TNO Prins Maurits
Laboratory, an independent research facility in the Netherlands focused on
medical countermeasures. The experiments tested the ability of Ilomastat to
prevent blistering in human skin derived from elective surgery and exposed to
mustard gas vapor. The tests demonstrated that Ilomastat was effective in
preventing the type of skin disintegration that leads to blistering. These
results were anticipated by Quick-Med's scientists based on prior clinical data
for similar types of chemical burns.

         If development and trial studies are successful and regulatory
approvals obtained, a product may be ready for commercialization within the next
12 months.

                                      -14-
<PAGE>

NIMBUS

         Novel Intrinsically MicroBicidal Utility Substrate (NIMBUS(TM)) is a
family of advanced non-toxic polymers engineered to have anti-microbial, super
absorbent, hemostatic and other properties with significant applications in the
medical, consumer, and industrial markets. Quick-Med is actively working to
commercialize NIMBUS by seeking distribution partners in key markets where there
is a growing interest in anti-microbial products. These include manufacturers of
advanced bandages, building materials such as wallboard and rot resistant wood,
and personal care items such as wipes, diapers, soaps and cosmetics.

         In March 2003, Quick-Med entered into a non-exclusive Joint Development
Agreement with a leading firm in the wood preservation industry for developing
the Company's NIMBUS(TM) technology. The agreement follows a long-term study in
which the companies successfully tested NIMBUS(TM) for protecting wood against
rot and termites. The non-exclusive Joint Development Agreement calls for a
six-month period of additional research and development, followed by a license
agreement to be negotiated based on the success of the technology in specific
product applications.

         Quick-Med's NIMBUS technology is based on impregnating wood or other
substrates with a highly effective and safe microbicide but in a way that
prevents the active ingredient from leaching out of the wood. Unlike most
current technologies on the market, the active ingredient is not a heavy metal
such as the arsenic in chromated copper arsenate (CCA) which makes them
unacceptable for interior and many exterior uses. NIMBUS(TM) treated wood is not
dangerous to humans, but it inhibits rot or mold due to the action of the
microbicide. It kills termites because NIMBUS(TM) kills the bacteria that
termites require in their digestive systems. CCA pressure-treated wood will be
banned by 2004. NIMBUS can be used for wood and interior applications where mold
is now seen as a major risk.

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, act as a hemostat and at the same time as absorbing exudate, which is
fluid released from a wound.

         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 2004. 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

                                      -15-
<PAGE>

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.


                                      -16-
<PAGE>

                                     PART II
                                OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.

Item 2.  Changes in Securities and Use of Proceeds

         During the three months ended March 31, 2003, the Company sold an
         aggregate of 67,500 shares for net proceeds of $48,000 to two
         accredited investors.

Item 3.  Defaults Upon Senior Securities.

         None.

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

         None

Item 5.  Other Information.

         None

Item 6.  Exhibits 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:    May 15, 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 March 31, 2003, 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:

         4.       I have reviewed this quarterly report on Form 10-QSB for the
fiscal quarter ended March 31, 2003, of the Registrant (the "Report").

         5.       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.

         6.       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-