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 September 30, 2002

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

                         Commission file number 0-27545

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

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

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

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

              (Former Name, Former Address and Former Fiscal Year,
                          if Changed Since Last Report)

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15 (d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days. Yes [X] No [ ]


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

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


Number of shares of common stock outstanding as of  November 5, 2002: 12,767,500

<PAGE>
                                                                        Page No.
PART I     FINANCIAL INFORMATION

Item 1.  Financial Statements

         Condensed Balance Sheet as of September 30, 2002                    1

         Condensed Statements of Operations for the three-month
         periods ended September 30, 2002 and 2001                           2

         Condensed Statement of Changes in Stockholders' Deficit for
         the three months ended September 30, 2002 and 2001                  3

         Condensed Statements of Cash Flows for the three months ended
         September 30, 2002 and 2001                                         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                                            14

PART II    OTHER INFORMATION

Item 1.  Legal Proceedings                                                  15

Item 2.  Changes in Securities                                              15

Item 3.  Defaults Upon Senior Securities                                    15

Item 4.  Submission of Matters to a Vote of Security Holders                15

Item 5.  Other Information                                                  15

Item 6.  Exhibits and Reports on Form 8-K                                   15

SIGNATURES                                                                  15


                                        i
<PAGE>

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


                                     ASSETS
                                     ------
                                                                   September 30,
                                                                       2002
                                                                   ------------

Current assets:
   Cash                                                            $         --
                                                                   ------------

Property and equipment, net                                               2,417
                                                                   ------------

Other assets:
   Prepaid expenses,deposits                                             29,830
   Intangible asset, net                                                340,220
                                                                   ------------
          Total other assets                                            370,050
                                                                   ------------
          Total assets                                             $    372,467
                                                                   ============

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

Current liabilities:
   Accounts payable                                                $    416,017
   Accrued interest on note payable - officer/director                   76,533
   License payable                                                      160,000
   Loan payable - Euro Atlantic Capital                                 580,500
   Note payable - officer/director                                      725,000
   Shareholder loans payable                                              9,300
   Due to affiliate/shareholder                                          26,191
                                                                   ------------
          Total current liabilities                                   1,993,541
                                                                   ------------

Stockholders' deficit:
   Common stock, $0.0001 par value; 100,000,000
     authorized shares; 12,767,750 shares issued
     and outstanding                                                      1,277
   Additional paid-in capital                                         3,785,852
   Outstanding stock options                                             75,342
   Accumulated deficit                                               (5,483,545)
                                                                   ------------
          Total stockholders' deficit                                (1,621,074)
                                                                   ------------
          Total liabilities and stockholders' deficit              $    372,467
                                                                   ============


            See accompanying notes to condensed financial statements.


                                       -1-
<PAGE>

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


                                                       Three Months Ended
                                                          September 30,
                                                  -----------------------------
                                                      2002             2001
                                                  ------------     ------------

Sales                                             $         --     $         --

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

Gross profit                                                --               --

Expenses:
     General and administrative expenses               162,724           90,590
     Research and development                           90,308           58,701
     Depreciation and amortization                       9,862            9,866
     Stock-based compensation                        1,269,488               --
                                                  ------------     ------------
Total expenses                                       1,532,382          159,157
                                                  ------------     ------------

Loss from operations                                (1,532,382)        (159,157)
                                                  ------------     ------------

Other income (expense):
     Interest expense                                  (18,256)            (724)
                                                  ------------     ------------

Loss before income taxes                            (1,550,638)        (159,881)
                                                  ------------     ------------

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

Net loss                                          $ (1,550,638)    $   (159,881)
                                                  ============     ============


Net loss per share (basic and diluted)            $      (0.12)    $      (0.02)
                                                  ============     ============

Weighted average common
  shares outstanding                                12,767,500       10,260,000
                                                  ============     ============


            See accompanying notes to condensed financial statements.


                                       -2-
<PAGE>

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

<TABLE>
<CAPTION>

                                                  Common Stock           Additional
                                            -------------------------     Paid-In     Accumulated    Outstanding
                                              Shares        Amount        Capital       Deficit     Stock Options     Total
                                            -----------   -----------   -----------   -----------    -----------   -----------
<S>                                          <C>          <C>           <C>           <C>            <C>           <C>
Balance, June 30, 2002                       12,767,500   $     1,277   $ 2,524,781   $(3,932,907)   $    65,800   $(1,341,049)
Stock-based compensation                             --            --     1,259,946            --             --     1,259,946
Stock options granted for consulting                                                                       9,542         9,542
Liabilities paid by Euro Atlantic Capital            --            --         1,125            --             --         1,125
Net loss, September 30, 2002                         --            --            --    (1,550,638)            --    (1,550,638)
                                            -----------   -----------   -----------   -----------    -----------   -----------
Balance, September 30, 2002                  12,767,500   $     1,277   $ 3,785,852   $(5,483,545)   $    75,342   $(1,621,074)
                                            ===========   ===========   ===========   ===========    ===========   ===========
</TABLE>

            See accompanying notes to condensed financial statements.


                                       -3-
<PAGE>

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


                                                         Three Months Ended
                                                           September 30,
                                                     --------------------------
                                                         2002           2001
                                                     -----------    -----------
Cash flows from operating activities:
     Net loss                                        $(1,550,638)   $  (159,881)
     Adjustments to reconcile net loss to net
       cash used by operating activities:
        Depreciation and amortization                      9,862          9,867
        Stock options granted for services                 9,542             --
        Stock-based compensation                       1,259,946             --
        Liabilities paid by a shareholder                  1,125             --
           Increase in prepaid expenses                  (28,713)          (847)
           Increase (decrease) in:
              Accounts payable                            28,564         16,979
              Accrued expenses                                --        (31,581)
              Accrued interest                            18,256          7,124
              Due to affiliate                                --          3,943
                                                     -----------    -----------
Net cash used by operating activities                   (252,056)      (154,396)
                                                     -----------    -----------

Cash flows from investing activities:
     Patents                                                  --        (15,899)
                                                     -----------    -----------

Cash flows from financing activities:
     Increase in notes payable                           180,500             --
     Increase in notes payable - officer/director         60,000        155,000
                                                     -----------    -----------
Net cash provided by financing activities                240,500        155,000
                                                     -----------    -----------

Net increase (decrease) in cash                          (11,556)       (15,295)
Cash at beginning of period                               11,556         15,329
                                                     -----------    -----------
Cash at end of period                                $        --    $        34
                                                     ===========    ===========


            See accompanying notes to condensed financial statements.


                                       -4-
<PAGE>

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


                                                         Three Months Ended
                                                           September 30,
                                                     --------------------------
                                                         2002           2001
                                                     -----------    -----------
Supplementary Information:
--------------------------

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

     Non-cash disclosures of investing and
      financing activities:
        Stock options granted to consultant          $     9,542    $        --
                                                     ===========    ===========


            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-Q and Article 10 of Regulation S-X.
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
three months ended September 30, 2002 are not necessarily indicative of the
results that may be expected for the year ending June 30, 2003. For further
information, refer to the financial statements and the footnotes thereto
contained in the Company's Annual Report on Form 10-KSB for the year ended June
30, 2002, as filed with the Securities and Exchange Commission.

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

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


NOTE 2 - MERGER AGREEMENT
-------------------------

On March 19, 2001 the Company (QMT) entered into an agreement with Above Average
Investments, Ltd. (AAI), a public blank check company, to acquire all of the
issued and outstanding shares of capital stock of the Company in exchange for
10,260,000 shares of AAI's capital stock. For accounting purposes, the public
shell merger was treated as a recapitalization of the Company. The value of the
net assets of the Company after the public shell merger is the same as their
historical book value.

On February 25, 2002, AAI and QMT shareholders reconfirmed their investment and
closed on the original merger agreement. Therefore AAI issued 10,260,000 shares
of its common stock in exchange for all the issued and outstanding stock of QMT.
Prior to the closing, under the merger agreement, AAI had a total of 3,000,000
shares issued and outstanding, of which 500,000 shares were repurchased and
cancelled on April 8, 2002 for an originally agreed amount of $25,000.

As of September 30, 2002 the merged Company now has 12,767,500 issued and
outstanding shares of common stock of which 10,267,500 shares, or approximately
80% are owned by persons who were previously shareholders of QMT. Persons who
were previously shareholders of AAI own a total of 2,500,000 shares or
approximately 20% of the issued and outstanding common stock. Prior to the
closing of the merger agreement, the shareholders of AAI adopted Restated and
Amended Articles of Incorporation changing the name of AAI to Quick-Med
Technologies, Inc.


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.
Based on an average trading price of $4.92 and the exercise prices below market
mentioned previously, the total stock compensation expense to be prorated is
$1,709,700. Therefore, $1,048,000 of stock compensation expense has been
recorded this period. No options were granted to employees or directors this
period.

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 model $9,542 of compensation expense was recorded this
period. No options were granted to consultants this period.

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 three
month period ended September 30, 2002 would have decrease $847,400, due
primarily because under FASB No. 123 approximately $1,436,000 of the additional
expense would have been recognized during the six months ended June 30, 2002.

A summary of options as at September 30, 2002 and 2001 is shown below:

<TABLE>
<CAPTION>
                                             September 30, 2002           September 30, 2001
                                          -------------------------   -------------------------
                                            Number    Weighted-Average  Number    Weighted-Average
                                           of Shares   Exercise Price  of Shares   Exercise Price
                                          -----------   -----------   -----------   -----------
<S>                                         <C>         <C>               <C>       <C>
Outstanding at beginning of period            840,000   $      2.24       840,000   $      2.24
Granted March 2002                          1,140,000          3.69            --            --
Exercised                                          --            --            --            --
Forfeited                                          --            --            --            --
                                          -----------   -----------   -----------   -----------
Outstanding at end of period                1,980,000   $      3.07       840,000   $      2.24
                                          -----------   ===========   -----------   ===========
Exercisable at end of period                1,288,667                     840,000
                                          -----------                 -----------
Available for issuance at end of period     1,860,000                     840,000
                                          ===========                 ===========
</TABLE>


At September 30, 2002 and 2001, the Company's net loss and loss per share would
have been increased to the pro forma amounts below:

                                             September 30,         September 30,
                                                 2002                  2001
                                             ------------          ------------
Net loss
    As reported                              $ (1,550,638)         $    159,881
                                             ============          ============
    Pro forma                                    (703,238)              159,881
                                             ============          ============
Loss per share
    As reported                              $      (0.12)         $      (0.02)
                                             ============          ============
    Pro forma                                $      (0.06)         $      (0.02)
                                             ============          ============


                                       -7-
<PAGE>

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


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

On November 24, 2001, the Company granted the option to convert all of the notes
payable to officer/director and affiliate loans payable plus accrued interest
into common stock at $1.00 per share. Up to June 30, 2002, the Company
recognized a cumulative total of $2,185,026 in compensation expense as a result
of the granting of the conversion privilege. For the three months ended
September 30, 2002, the Company received $60,000 from the chairman and accrued
interest of $10,457 resulting in the recognition of additional stock
compensation expense of $211,371 due to the conversion privilege. At September
30, 2002, the amount of the notes payable to the chairman and the affiliate of
$725,000 and $26,191, respectively, plus accrued interest, totaled $799,196 and
are convertible into approximately 799,000 common shares. As of September 30,
2002, no conversions into common stock have taken place.


NOTE 5 - COMMITMENT
-------------------

In August 2002, the Company entered into a product development and distribution
agreement with The Collaborative Group ("Collaborative") to further develop a
cosmetic product. The agreement provides that Collaborative will provide product
development, manufacturing and distribution services. Quick-Med is required to
pay $125,000 upon receipt and approval of a workplan and $108,333 at the end of
the following three quarters predicated on the workplan being followed.
Collaborative will conduct its work pursuant to a workplan agreed to by the
parties. If product development is successful, Collaborative has the right to
exercise exclusive U.S. distribution rights and the Company and Collaborative
will share profits equally. To date a workplan has not yet been received by the
Company.

NOTE 6 - FINANCING
------------------

On October 18, Quick-Med received the final payment of its $500,000 interim
funding facility which commenced February 8, 2002 and was scheduled to be
completed on November 8, 2002. Due to poor capital market conditions, Quick-Med
and Euro have agreed to revise their agreement. On November 16, 2002, Quick-Med
and Euro have agreed to enter into an interim finance agreement in which Euro
has agreed to provide an additional $300,000 of equity financing over the next
60 days and to convert their notes for $650,000 into common stock at $1.00 per
share. Quick-Med and Euro have also agreed to extend the balance of the
$2,000,000 of equity financing which was due in October and November 2002 to May
2003 and will complete a formal revised finance agreement within the next 2
weeks.


                                       -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

Three Months Ended September 30, 2002 compared to the period ended September 30,
2001

         Quick-Med had no sales for the three months ended September 30, 2002
and September 30, 2001 as its products are still in the development stage.

         Quick-Med reported an operating loss of ($1,532,832) for the three
months ended September 30, 2002 and ($159,157) for the three months ended
September 30, 2001. This change resulted primarily from a non-cash expense of
$1,269,488 for issuance of stock options in lieu of cash compensation to
management and the increase in total expenses in 2002 as operating levels
increased and research and development accelerated. General and administrative
expense increased $72,134 from $90,590 to $162,724, primarily due to increased
public company expenses. Research and development increased $31,607 from $58,701
to $90,308. In both 2001 and 2000, Quick-Med also incurred various costs and
expenses normally associated with a start-up business. In both periods, most of
the expenses were related to research and development of its primary proposed
products. Quick-Med expects that costs will continue to increase as its product
development efforts continue to increase and additional employees are hired to
staff the research lab.

         Interest expense for the three months ended September 30, 2002 was
$18,256 compared to $724 for the three months ended September 30, 2001 as
borrowings increased.

         Net loss for the three months ended September 30, 2002 was ($1,550,638)
or ($.12) per share compared to ($159,881) for the three months ended September
30, 2001 or ($.02) per share.

Liquidity and Capital Resources

         At September 30, 2002, Quick-Med had a working capital deficit of
($1,993,541), primarily due to loans of $1,417,524, a license fee payable of
$160,000 and accounts payable of $416,017. At September 30, 2002, Quick-Med had
a stockholders' deficit of ($1,621,074). A substantial portion of the deficit
was due to non-cash stock compensation expense due to the note described below
and stock options described above.

         Cash used by operating activities was $252,056 for the three months
ended September 30, 2002. Net cash provided by financing activities was
$240,500, all from loans.

         To date, Quick-Med has funded its activities principally from short
term loans totaling approximately $850,000 from a shareholder and an affiliated
company and a $650,000 loan from a merchant banking firm ($580,000 at September
30, 2002). The funds have been loaned with 6% interest. In March 2001, the first
$260,000 shareholder loan was converted into common stock at $1.00 per share. At
September 30, 2002, shareholder and affiliate loans totaling $837,024 were
outstanding. It is anticipated that Quick-Med will continue to depend on the
receipt of investment capital or other financing to fund its continuing
activities. In January 2002, Mr. Granito, who has loaned Quick-Med approximately
$725,000, and Quick-Med entered into a revolving note agreement that provides


                                      -10-
<PAGE>

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 June 30, 2004. 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. 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.

On October 18, Quick-Med received the final payment of its $500,000 interim
funding facility which commenced February 8, 2002 and was scheduled to be
completed on November 8, 2002. Due to poor capital market conditions, Quick-Med
and Euro have agreed to revise their agreement. On November 16, 2002, Quick-Med
and Euro have agreed to enter into an interim finance agreement in which Euro
has agreed to provide an additional $300,000 of equity financing over the next
60 days and to convert their notes for $650,000 into common stock at $1.00 per
share. Quick-Med and Euro have also agreed to extend the balance of the
$2,000,000 of equity financing which was due in October and November 2002 to May
2003 and will complete a formal revised finance agreement within the next 2
weeks.


Contractual Obligations And Commercial Commitments

The following tables summarize our contractual obligations and commercial
commitments as of September 30, 2002:

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

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

Recent Pronouncements

Amendment of the FASB Statement No. 13, and Technical Corrections. SFAS 145
rescinds the provisions of SFAS No. 4 that requires companies to classify
certain gains and losses from debt extinguishments as extraordinary items,
eliminates the provisions of SFAS No. 44 regarding transition to the Motor
Carrier Act of 1980 and amends the provisions of FASB No. 13 to require that


                                      -11-
<PAGE>

certain lease modifications be treated as sale leaseback transactions. The
provisions of FASB 145 related to classification of debt extinguishments are
effective for fiscal years beginning after May 15, 2002. The provisions of SFAS
145 related to lease modifications is effective for transactions occurring after
May 15, 2002. Earlier application is encouraged.

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

Plan of Operation

Research and Development
         Over the next 12 months Quick-Med intends to continue the development
of its two main product groups. Assuming it raises sufficient funds, product
development activities are expected to accelerate. Quick-Med has been expanding
its research facility in Gainesville, Florida near its University of Florida
researchers, but will continue its research and development with existing and
new partners in order to conserve resources. For each potential product,
Quick-Med will continue to monitor the appropriate time to enter into
negotiations towards a license agreement with a joint venture partner such as
with the Collaborative Group. To the extent that Quick-Med enters into a joint
venture agreement, it is anticipated that the partner will assume some or all of
the development costs in exchange for a percentage of the profits for that
product. These ventures will have the effect of decreasing cash flow over the
near term and long term, but will help sustain Quick-Med's operations since it
should be able to devote its limited resources to more projects than it could
otherwise do without partners.

         Quick-Med currently has five employees, and expects to retain
scientific and product marketing consultants on a project basis over the next
year. These consultants will be paid on a hourly, milestone or project basis in
cash or equity. In order to conserve its cash, Quick-Med intends to seek
employees who are willing to receive a combination of cash and equity for
compensation. Bonuses may be awarded for achievement of milestones such as
entering into a license agreement or receipt of regulatory approval for a
particular product.

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

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


                                      -12-
<PAGE>

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 Data Monitor, one of the largest health
care markets is skin care, especially in the aging population where natural
chemical processes like declining estrogen levels lead to skin deterioration.
Quick-Med is developing a wrinkle treatment cosmetic cream with particular
application to post-menopausal women as a healthier alternative to estrogen
replacement.

         The goal of this project is to develop a cosmetic product that visibly
reduces the signs of skin aging by reducing the appearance of lines and
wrinkles, increasing skin firmness while it softens and smoothes the skin. The
main feature of the cosmetic product currently under development is a
formulation containing a combination of a patented matrix metalloproteinase or
MMP inhibitor and a plant extract containing a phytoestrogen in an emollient
cream. Previous scientific research published in leading medical journals
referred to later has demonstrated that the activity of MMPs increases in the
skin with age, especially in postmenopausal women, and that topical application
of estrogen reduces the level of MMP activity in the skin of women and increases
the amount of skin collagen. Combining a phytoestrogen-containing plant extract
with the MMP inhibitor is anticipated to produce a synergistic benefit on the
extracellular matrix of the skin.

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

Chemical Warfare
         As exemplified by the 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. If development


                                      -13-
<PAGE>

and trial studies are successful and regulatory approvals obtained, a product
may be ready for commercialization by the end of 2003.

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

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

Item 3.  Controls and Procedures

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

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

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

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


                                      -14-
<PAGE>

                                     PART II
                                OTHER INFORMATION

Item 1.  Legal Proceedings.

         None.

Item 2.  Changes in Securities

         None

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 Certifications


                                   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:    November 14, 2002              Quick-Med Technologies, Inc.

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


                                      -15-


                  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 September 30, 2002, of the Registrant (the "Report").

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

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

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

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

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

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

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

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

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

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


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


                                      -16-
<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 September 30, 2002, 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


                                      -17-