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

                                   FORM 10-QSB

        [X] Quarterly Report under Section 13 or 15(d) of the Securities
                              Exchange Act of 1934

                   For the fiscal quarter ended JULY 31, 2001
                                                -------------

                         Commission file number 0-26955


                          ARCHER SYSTEMS LIMITED, INC.
           (Name of small business issuer as specified in its charter)



     DELAWARE                                  22-3652650
     (State or other jurisdiction of           I.R.S. Employer
     incorporation or organization)            Identification No.)


                    119 HARRISON AVENUE, ROSELAND, NJ, 07068
                    (Address of principal executive offices)

                                 (973) 226-2330
                           (Issuer's telephone number)


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


         As of January 10, 2002, 894,988,414 shares of the Common Stock
                                were outstanding.







<PAGE>


                          ARCHER SYSTEMS LIMITED, INC.
                          (A Development Stage Company)

                                FORM 10-QSB INDEX
                                  July 31, 2001

                                     PART I
                                     ------

                                                                           PAGE
                                                                         NUMBER
                                                                         ------

Item 1.   Financial Statements (Unaudited):

          Balance Sheets at July 31, 2001 and 2000............................3

          Statements of Operations and Accumulated (Deficit) for the three
          months ended July 31, 2001, 2000 and cumulative from inception
          through July 31,
          2001................................................................5

          Statements of Cash Flows for the three months ended July 31,
          2001, 2000 and cumulative from inception through July 31,
          2001................................................................6

          Statements of Stockholders' Equity (Deficit) from inception
          (March 19, 1986) through July 31,
          2001................................................................8

          Notes to Financial Statements.......................................9


Item 2.   Management's Discussion and Analysis or Plan of Operations.........10

                                     PART II
                                     -------

Item 1.   Legal Proceedings..................................................11

Item 2.   Changes in Securities..............................................12

Item 3.   Defaults Upon Senior Securities....................................12

Item 4.   Submission of Matters to a Vote of Security Holders................12

Item 5.   Other Information..................................................12

Item 6.   Exhibits and Reports on Form 8-K...................................12

Signatures...................................................................16






                                       2


<PAGE>

<TABLE>
<CAPTION>

                              ARCHER SYSTEMS, INC.
                         (A Development Stage Company)
                                 BALANCE SHEETS
                             July 31, 2001 and 2000
                                  (Unaudited)


                                     ASSETS
                                                          2001            2000
                                                        -------         --------

CURRENT ASSETS

<S>                                                     <C>             <C>
        Cash in bank                                    $  (268)         $   723
        Accounts receivable                               2,850            1,030
        Other current assets                              7,000           14,200
        Investments - current                             --                --
                                                        -------         --------
                Total current assets                      9,582           15,953
                                                        -------         --------

LEASEHOLD IMPROVEMENTS                                    --                --
                                                        -------         --------

OTHER ASSETS

        Security deposits                                 --              11,000
        Investments - long term                           --             347,500
        Prepaid employment contract                       --             147,250
                                                        -------         --------
                Total other assets                        --             505,750
                                                        -------         --------
TOTAL ASSETS                                            $ 9,582         $521,703
                                                        =======         ========

</TABLE>

                 See accompanying notes to financial statements





                                        3
<PAGE>
<TABLE>
<CAPTION>



                              ARCHER SYSTEMS, INC.
                         (A Development Stage Company)
                             July 31, 2001 and 2000
                                   (Unaudited)



                      LIABILITIES AND STOCKHOLDERS' EQUITY


                                                   2001             2000
                                                ---------       ---------

CURRENT LIABILITIES

<S>                                             <C>             <C>
        Accounts payable                        $ 106,188       $  27,948
        Accrued expenses                           28,159           2,903
        Deferred revenues                            --             7,188
        Due to related parties - current           56,172            --
                                                ---------       ---------
                Total current liabilities         190,519          38,039

LONG-TERM LIABILITIES

        Due to related parties - long term        245,156         111,317
                                                ---------       ---------
TOTAL LIABILITIES                                 435,675         149,356
                                                ---------       ---------
STOCKHOLDERS' EQUITY
        Common stock ($0.0001 par value
          900,000,000 shares authorized
          539,988,414 and 523,721,750
          shares issued respectively)               3,050             864
        Paid in capital                           536,452         605,699
        Accumulated deficit                      (965,595)       (234,216)
                                                ---------       ---------
TOTAL STOCKHOLDERS' DEFICIT                      (426,093)        372,347
                                                ---------       ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY      $   9,582       $ 521,703
                                                =========       =========

</TABLE>


                 See accompanying notes to financial statements




                                        4
<PAGE>

<TABLE>
<CAPTION>

                              ARCHER SYSTEMS, INC.
                         (A Development Stage Company)
               STATEMENTS OF OPERATIONS AND ACCUMULATED (DEFICIT)
                    Three Months Ended July 31, 2001 and 2000
                                  (Unaudited)

                                                                    CUMULATIVE
                                                                  FROM INCEPTION
                                                                   TO  JULY 31,
                                            2001          2000           2001
                                        ----------     ---------- --------------

INCOME
<S>                                     <C>            <C>          <C>
        Revenue during the
          development stage             $     --       $    --       $   --
                                        ----------     ----------    ----------
OPERATING EXPENSE
        General and administrative           8,504         55,082       955,586
                                        ----------     ----------    ----------
OTHER EXPENSE - NET                          2,744          1,133        10,209
                                        ----------     ----------    ----------
NET OPERATING LOSS BEFORE
  EXTRAORDINARY ITEM                       (11,248)       (56,215)     (965,795)

  Extraordinary item - sale of operating
    name Computer Technology International    --            --              200
                                        ----------     ----------    ----------

NET LOSS AFTER EXTRAORDINARY ITEM          (11,248)       (56,215)     (965,595)

ACCUMULATED DEFICIT-BEGINNING             (954,347)       178,001         --
                                        ----------     ----------    ----------
ACCUMULATED DEFICIT - END               $ (965,595)    $  121,786   $ (965,595)
                                        ==========     ==========    ==========

Net loss per share before and after
  extraordinary item - based on shares
  outstanding of 535,558,911 and
  523,835,903 respectively              $(0.000021)    $ 0.000232  $ (0.001484)
                                        ==========     ==========    ==========

</TABLE>


                 See accompanying notes to financial statements



                                        5
<PAGE>
<TABLE>
<CAPTION>


                              ARCHER SYSTEMS, INC.
                         (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
               For the Period From Inception Through July 31, 2001
                                  (Unaudited)


                                                                   CUMULATIVE
                                                                  FROM INCEPTION
                                                                   TO  JULY 31,
                                            2001          2000           2001
                                        ----------     ---------- --------------


CASH FLOWS  PROVIDED BY/(USED IN)
  OPERATIONS:

<S>                                     <C>            <C>          <C>
Net income/(loss) for the period        $  (11,248)    $  (56,215)  $  (965,595)
                                        ----------     ----------   -----------

Adjustments to reconcile net income/
  (loss) to net cash used in operating
  activities:

  (Increase)/decrease in current assets      6,175        (14,200)       (9,850)
  (Increase)/decrease in other assets          --        (344,750)         --
  Increase/(decrease) in current
    liabilities                            (34,820)        (1,797)       190,519
                                        ----------     ----------   -----------
                                           (28,645)      (360,747)      180,669
                                        ----------     ----------   -----------
NET CASH PROVIDED BY/(USED IN)
  OPERATIONS                               (39,893)      (416,962)     (784,926)
                                        ----------     ----------   -----------
CASH FLOWS PROVIDED BY/(USED IN)
  FINANCING ACTIVITIES:

        Notes payable                          --          60,334       245,156
        Issuance of common stock            38,500        356,625       539,502
                                        ----------     ----------   -----------
                                            38,500        416,959       784,658
                                        ----------     ----------   -----------
NET INCREASE/(DECREASE) IN CASH             (1,393)            (3)       (1,396)

CASH AT BEGINNING OF PERIOD                  1,125            726           --
                                        ----------     ----------   -----------
CASH AT END OF PERIOD                   $     (268)    $      723   $    (1,396)
                                        ==========     ==========   ===========

</TABLE>

                 See accompanying notes to financial statements



                                        6
<PAGE>

<TABLE>
<CAPTION>


                              ARCHER SYSTEMS, INC.
                         (A Development Stage Company)
                            STATEMENTS OF CASH FLOWS
               For the Period From Inception Through July 31, 2001
                                  (Unaudited)


                                                                   CUMULATIVE
                                                                  FROM INCEPTION
                                                                   TO  July 31,
                                            2001          2000           2001
                                        ----------     ---------- --------------

SUPPLEMENTAL DISCLOSURE OF NON
  CASH INVESTING AND FINANCING
  ACTIVITIES:
 <S>                                     <C>            <C>          <C>
  Issuance of common stock in
    connection with consulting
    services                            $   38,500     $   20,625   $   269,502

SUPPLEMENTAL DISCLOSURE OF CASH
  FLOW INFORMATION:

  Cash paid during the periods for:

        Interest                             2,744          1,133        11,422
        Income taxes                          --             --            --


</TABLE>




                 See accompanying notes to financial statements



                                       7
<PAGE>

<TABLE>
<CAPTION>


                              ARCHER SYSTEMS, INC.
                         (A Development Stage Company)
                 STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY)
                         Inception Through July 31, 2001
                                  (Unaudited)

                                                                    ADDITIONAL       RETAINED
                                           COMMON STOCK              PAID IN         EARNINGS
                                           ------------
                                      SHARES        AMOUNT           CAPITAL         (DEFICIT)
                                      ------        ------           -------         --------


Balance, March 19, 1986
<S>                                         <C>    <C>             <C>               <C>
   No Par                                   100    $       --      $       --         $    --

June 1986
   Cancellation of no par stock            (100)           --              --              --
   Authorization of 600,000,000
   shares, $0.0001 Par Value and
   issuance for investment all
   shares of Computer Technology
   International, Inc.              520,496,750          52,050         (52,050)           --
                                   ------------    ------------    ------------       ------------
Balance, December 14, 1998           52,496,750          52,050         (52,050)           --

   Reclassification                        --           (52,050)         52,050            --
   Net loss for retroactive
     period December 14, 1998
     through April 30, 1999                --              --              --              --
                                   ------------    ------------    ------------       ------------
Balance, April 30, 1999             520,496,750            --              --              (19,800)

   Shares issued for services         1,225,000             123          94,815            --
   Shares issued for the
     purchase of NextNet.com          2,000,000             200         154,800            --
   Net Loss for the period
     ending April 30, 2000                 --              --              --             (158,201)
                                   ------------    ------------    ------------       ------------
Balance, April 30, 2000             523,721,750             323         249,615           (178,001)

   Shares issued for services         8,600,000             860         114,015            --
   Shares issued per
     subscription agreements
   Net Loss for the period
     ending April 30, 2001                 --              --              --             (776,346)
                                   ------------    ------------    ------------       ------------
Balance, April 30, 2001             539,988,414           1,951         477,862           (954,347)

   Shares issued for services        11,000,000           1,100          37,400            --
   Net Loss for the period
     ending April 30, 2001                 --              --              --              (11,248)
                                   ------------    ------------    ------------       ------------
Balance, July 31, 2001              550,988,414    $     3,051     $    515,262       $   (965,595)
                                   ============    ============    ============       ============

</TABLE>


                 See accompanying notes to financial statements




                                        8
<PAGE>


                          ARCHER SYSTEMS LIMITED, INC.
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                                  July 31, 2001


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

A.         ORGANIZATION: Archer Systems Limited, Inc. was incorporated on March
           19, 1986, under the laws of the State of Delaware. The Company was
           established by Archer Limited, a foreign corporation based in London,
           England which is no longer in existence. The Company adopted a fiscal
           year ending, April 30.

           The Company was organized to acquire the name and all the common
           stock of Computer Technology International, Inc. ("CTI"); a publicly
           traded computer related company. The Company exchanged common stock
           on a one for one basis for the shares of CTI. On December 14, 1998,
           the Company sold all the common stock and the name Computer
           Technology International, Inc. to an individual for $200.

           In August, 2001, the Company acquired all the outstanding shares of
           common stock of Ocumed Group, Inc., engaged in the production and
           selling of a broad range of ophthalmic products for both the
           prescription (Rx) and over-the-counter (OTC) pharmaceutical markets
           (see Note 6). Until that time the Company was considered to be in the
           development stage, as defined in the Statement of Financial
           Accounting Standards No. 7. There were no operations from
           incorporation through that date.

B.         ESTIMATES: The preparation of financial statements in conformity with
           generally accepted principles, requires management to make estimates
           and assumptions that affect the reported amounts of assets and
           liabilities and disclosures of contingent assets and liabilities at
           the date of the financial statements and the reported amounts of
           revenues and expenses during the period. Actual results could differ
           from those estimates.

C.         METHOD OF ACCOUNTING: The financial statements have been prepared in
           accordance and with the accrual basis method of accounting. Under
           this method of accounting, income expenses are identified with
           specific periods of time and are recorded as earned or incurred
           without regard to date of receipt or disbursements of cash.

D.         EARNINGS PER SHARE: Computed by dividing the net loss by the weighted
           average number of shares outstanding during the year. Common stock
           warrants attached to the Computer Technology, Inc. shares expired
           prior to 1986, 15 months after issuance. They are excluded from the
           earnings per share computation because of their expiration date as
           well as their anti-dilutive effect on the loss per share if there
           were such common stock equivalents.

E.         CONSOLIDATION POLICY: The consolidated financial statements include
           all the accounts of Archer Systems Limited, Inc. and controlled
           entities. The Company accounts for its investments in consolidated
           subsidiaries by the equity method. All inter-company transactions are
           eliminated.


                                       9



<PAGE>

F.         RECLASSIFICATIONS: Certain amounts in the 2000 financial statements
           have been reclassified to conform to the 2001 presentation.


NOTE 2 - STOCKHOLDERS EQUITY

           INCORPORATION SHARES: Upon incorporation, the Company had authorized
           100 shares of common stock, no par value.

           In June 1986, the Company's officers approved a change in the
           authorized shares from 100 shares of common stock, no par value, to
           600,000,000 shares of common stock, $0.0001 par value. The majority
           stockholder and directors ratified the increase in authorized shares
           on December 14, 1998.

           At the Annual Meeting of Shareholders, held on November 16, 2000, the
           shareholders approved an increase of the authorized shares from
           600,000,000 to 900,000,000 shares.

           In June 1986, the Company exchanged 520,496,750 shares of common
           stock of the Company for all the issued and outstanding common
           shares, on a one for one basis, of Computer Technology International,
           Inc. (see Note 1A).

           On April 1, 2000, the Company issued to a vendor, 1,225,000 shares of
           the Company's common stock per a financial services agreement.

           On April 17, 2000, the Company issued 2,000,000 shares of the
           Company's common stock in exchange for 2,000,000 shares of
           NextNet.com, Inc. common stock in the acquisition of NextNet from Mr.
           L. Weinstein (See Note 5).

           On May 18, 2000, the Company issued 100,000 shares of the Company's
           common stock to an individual for services rendered.

           On May 18, 2000, the Company issued 4,307,692 shares of the Company's
           common stock to acquire an equity interest in INFe.com as part of a
           Strategic Alliance Agreement with Archer Systems Limited, Inc.

           On July 13, 2000, the Company issued to an officer of the Company,
           1,000,000 shares of the Company's common stock for services rendered.

           On October 24, 2000, the Company and INFe.com mutually agreed to
           terminate their Strategic Alliance Agreement. The 4,307,692 shares
           issued to INFe.com have been returned to the Company and canceled.

           On October 26, 2000, the Company, pursuant to a private placement
           under section 4(2) of the Securities Act of 1933, as amended, sold to
           two investors for gross proceeds of $25,000 each, 1,666,666 shares
           each of the Company's common stock.

           On January 2, 2001, the Company issued to an officer of the Company,
           5,000,000 shares of the Company's common stock for services rendered.

           On January 3, 2001, the Company issued to an officer of the Company,
           2,500,000 shares of the Company's common stock for services rendered.



                                       10


<PAGE>

           On April 25, 2001, the Company, pursuant to a private placement under
           section 4(2) of the Securities Act of 1933, as amended, issued to two
           investors for gross proceeds of $40,000 and $25,000, respectively
           2,666,666 and 1,666,666 shares of the Company's common stock.

           On June 4, 2001, the Company issued to two officers of the Company,
           4,000,000 shares of the Company's common stock for services rendered.

           On June 4, 2000, the Company issued 7,000,000 shares of the Company's
           common stock to an individual for services rendered.

NOTE 3 - RELATED PARTY TRANSACTIONS

A.         Office Space: From June 1, 1999 through August 6, 2001, the Company
           shared office space at 75 Lincoln Highway, Iselin, New Jersey. The
           space is leased by GRQ Financial, Inc. which is solely owned by
           Richard J. Margulies, former President of the Company. No formal
           lease existed between GRQ Financial, Inc. and the Company. The fair
           market value of donated rent and administrative costs were determined
           to be $600 per month, $1,800 was charged to rent expense for the
           three months ended July 31, 2001 and 2000 respectively. -

B.         During the fiscal year ended April 30, 2000, the Company's president
           and stockholder advanced to the Company $22,191 and $27,172,
           respectively. These loans were represented by nine separate notes,
           were unsecured and carried an annual interest rate of 6%.
           Accordingly, these shareholder loans were recorded as long-term debt
           due to related parties in the accompanying financial statements.

C.         During the fiscal year ended April 30, 2001, the Company's former
           president and stockholder and two stockholders advanced to the
           Company $139,126, $86,073 and $22,102 respectively. These loans are
           represented by three separate Note Consolidation Agreements. These
           Note Consolidation Agreements are unsecured, carry an annual interest
           rate of 6% and are payable as follows; $34,000 when the Company
           receives funds from a lending institution or investor in an amount in
           excess of $4,000,000 and $4,000 per month commencing the first day of
           the second month after the closing of the acquisition of the
           acquisition of Ocumed Group, Inc. (see Note5). Accordingly, these
           shareholder loans are recorded as current and long-term debt due to
           related parties in the accompanying financial statements.

D.         During the three months ended July 31, 2001, the Company's president
           and a stockholder advanced to the Company $2,220 and $500,
           respectively. These loans were represented by three separate notes,
           were unsecured and carried an annual interest rate of 6%.
           Accordingly, these stockholder loans were recorded as current debt
           due to related parties in the accompanying financial statements. In
           the three months ended July 31, 2000 the Company's president and
           stockholder advanced to the Company $22,191 and $27,172 respectively.
           These loans were represented by nine separate notes, were unsecured
           and carried an annual interest rate of 6%. These shareholder loans
           were included in the Note Consolidation Agreements referred to in
           Note 3, Section C above and are recorded as current and long-term
           debt due to related parties in the accompanying financial statements.





                                       11



<PAGE>

NOTE 4 - INCOME TAXES

A.         OPERATING LOSS: The Company, as of July 30, 2001, has loss carry
           forwards totaling $965,595 that may be offset against future taxable
           income.

B.         COMPONENTS - CURRENT AND DEFERRED:

                                              JULY 31, 2001
                                              -------------

                     Current Taxes             $      0
                     Deferred                  $328,302
                                               --------

                                               $328,302

             Bases on management's present assessment, the Company has not yet
             determined it to be more likely than not that a net deferred long
             term tax asset of $328,302 attributable to the future utilization
             of $965,595 of net operating loss carry forwards as of July 31,
             2001, will be realized.

             Accordingly, the Company has provided 100% allowance against the
             net deferred tax asset in the financial statements as of July 31,
             2001. The Company will continue to review this valuation allowance
             and make adjustments as appropriate. Net operating loss carry
             forwards will expire as follows:

                      YEAR ENDED                     NET OPERATING
                       APRIL 30                    LOSS CARRY FORWARDS
                     ------------                 --------------------

                        2014                            $   6,732
                        2015                               53,788
                        2016                              263,958
                        2017                                3,824
                                                        ---------

                     Net operating loss carry forward    $324,478
                                                        ---------

NOTE 5 - ACQUISITIONS AND COMMITMENTS

             On April 17, 2000, Mr. L. Weinstein, the sole stockholder of
             NextNet.com, Inc., exchanged 2,000,000 shares of his company's
             stock for 2,000,000 of Archer Systems Limited and a five year
             employment agreement, which commenced on April 27, 2000. Mr.
             Weinstein was to serve as President and Chief Executive Officer of
             the subsidiary during the term of this agreement. During the fiscal
             year ended April 30, 2000, $155,000 was charged to a prepaid
             employment contract, in connection with this exchange of stock, and
             was to be expensed over the next five years. In the quarter ended
             July 31, 2000, $7,750 was charged to amortization expense.

             On October 25, 2000, the Company and Mr. L. Weinstein mutually
             agreed to terminate Weinstein's five-year employment contract with
             ArcusNet Corporation, formally known as NextNet.com, Inc. Mr.
             Weinstein has submitted his resignation as President and Chief
             Executive Officer of the subsidiary. During the quarter ended
             October 31, 2000, the balance of the prepaid employment contract
             totaling $147,250 was charged to consulting expense.

                                       12



<PAGE>


             On May 18, 2000, Archer Systems Limited, Inc. and INFe.com, a
             Florida Corporation whose common stock is traded on the OTC-BB,
             entered into a Strategic Alliance Agreement whereby they agreed to
             acquire an equity interest in each other's corporation, so that
             they may pursue common goals for their joint benefit. By the
             agreement, INFe.com agreed to grant to Archer 300,000 of INFe.com's
             common stock, par value of $.001 per share. In exchange for the
             INFe.com shares, Archer agreed to grant INFe.com 4,307,692 shares
             of the Company's common stock, par value $.001 per share.

             On October 24, 2000, the Company and INFe.com mutually agreed to
             terminate the Strategic Alliance Agreement entered into on May 18,
             2000. The Company returned the 300,000 shares of INFe.com's common
             stock to INFe.com. The 4,307,692 shares of the Company's common
             stock were returned and canceled.

             On June 8, 2000, Archer Systems Limited, Inc. entered into a
             financial advisory services agreement with Superwire.com, Inc.
             ("Superwire"), a publicly traded company on the OTC Pink Sheets.
             The Company, by this agreement, was to assist Superwire in
             developing strategic alliances by providing advisory services. The
             term of this agreement was from the date above through December 31,
             2000. The Company received in the form of a retainer, 25,000 shares
             of Superwire common stock, par value $.001 per share. The Superwire
             shares were subject to Rule 144 of the Securities and Exchange Act
             of 1933, as amended. The value of the shares was $0.159 per share
             recorded in the accompanying financial statements at $3,975. On
             June 11, 2001 the shares were transferred to Richard Margulies, the
             President of the Company, to be applied against money due for
             payment of rent of the corporate office of Archer.

             On October 6, 2000, the Company formed a Delaware corporation,
             General Acquisition, Inc. as a wholly owned subsidiary
             ("Subsidiary"), for the purpose of acquiring ComLinx, Inc. through
             a statutory merger in which the Subsidiary is the surviving
             corporation. The Subsidiary has 50,000,000 common shares, par value
             $.001, authorized and 5,000,000 common shares have been issued by
             the Subsidiary of the Company. A merger agreement between the
             subsidiary and ComLinx was entered into on November 8, 2000, and
             was subject to certain conditions before the merger became
             effective. The conditions were not met and the company elected, on
             January 11,2001, to terminate the agreement. During the course of
             the Company's efforts to complete the transaction, the Company
             advanced ComLinx, Inc. $66,000. On February 16, 2001, these notes
             were cancelled in settlement of all disputes and obligations that
             had existed between the Company and ComLinx, Incand the $66,000 was
             charged to an appropriate expense



                                       13



<PAGE>

NOTE 6 - VALUATION OF STOCK ISSUED FOR SERVICES AND ACQUISITION

             The Board of Directors from time to time has authorized the
             issuance of common stock in payment of services provided by
             non-employees and acquisitions.

             Statement of Financial Accounting Standards No. 123, Accounting for
             Stock-Based Compensation (SFAS 123) establishes a fair value method
             for accounting for stock-based compensation plans, through
             recognition in these statements. Archer applies SFAS 123 to report
             the issuance of common stock in payment of compensation to
             non-employees using the fair value method to account for such
             transactions.

             During the fiscal years ended April 30, 2001 and 2000, the
             following stock was issued in lieu of cash compensation:

                             2001                             2000
                             ----                             ----

                NUMBER OF SHARES     VALUE         NUMBER OF SHARES     VALUE
                ----------------     -----         ----------------     ------

 Stock Issued
 for Services      8,600,000        $136,064          3,225,000        $94,938

NOTE 7 - LEASING ARRANGEMENTS

             The Company executed various leases with Sovereign Motor Car Ltd.,
             and Ford Motor Credit for 2 automobiles. During the fiscal year
             ended April 30, 2001 and 2000, $11,259 and $0 was charged to
             Automobile lease expense respectively. The leases were discontinued
             when the Company purchased Ocumed Group, Inc. on August 6, 2001,
             (See Note 8).

NOTE 8 - SUBSEQUENT EVENT

             On August 6, 2001, the Company acquired all the outstanding shares
             of common stock of Ocumed Group, Inc. ("Ocumed"), a privately held
             New Jersey Corporation, in exchange for three hundred and forty
             four million (344,000,000) shares of Archer Common Stock and a five
             million six hundred thousand ($5,600,000) Subordinated Income
             Debentures (the "Exchange"). The Exchange was accomplished pursuant
             to the terms of an Agreement dated August 6, 2001 (the
             "Agreement"), by and among Archer and Ocumed and Crossgates Limited
             Partners, STMI Investments, Inc. and Ocumed, Inc. The terms of the
             Purchase Agreement reflected the arm's-length negotiations among
             the parties.

             Ocumed produces and sells a broad range of ophthalmic products for
             both the prescription (Rx) and over-the-counter (OTC)
             pharmaceutical markets. These products support lens care and eye
             care as well as diagnostic, surgical and therapeutic ophthalmic
             applications.




                                       14




<PAGE>





          Following is a condensed unaudited Financial Statement of Ocumed
          Group, Inc., for the ten months ended October 31, 2001:


                            BALANCE SHEET CONDENSED

              Assets                                    $10,132,667
                                                        -----------

              Liabilities                               $ 4,442,432
              Stockholders' equity                        5,690,235
                                                       ------------

                                                       $ 10,132,667

                          STATEMENT OF INCOME CONDENSED

              Sales                                      $5,598,934
              Cost of sales                               2,491,935
                                                       ------------

              Gross profit                               $3,106,999
              Operating expenses                          2,647,007
                                                       ------------

              Operating profit                         $    459,992
              Other expenses-net                            425,547
                                                       ------------

              Net income                               $     34,445
                                                       ------------





                                       15



<PAGE>



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

PLAN OF OPERATIONS

From 1986 until October 25, 2000, the Company conducted no business operations
except for organizational activities and looking for technologies and businesses
to acquire.

On October 25, 2000, the Company acquired NextNet.Com, Inc., whose name was been
changed to ArcusNet Corporation. Until August 6, 2001 the Company has had
insignificant income from operations and operating expenses aggregating $954,347
through April 30, 2001.

In August 2001, the Company acquired all the outstanding shares of common stock
of Ocumed Group, Inc. ("Ocumed").

Ocumed produces and sells a broad range of ophthalmic products for both the
prescription (Rx) and over-the-counter (OTC) pharmaceutical markets. These
products support lens care and eye care as well as diagnostic, surgical and
therapeutic ophthalmic applications.

Ocumed recorded sales of $5.6 million as reported in its 2000 year-end audited
statements, reflecting an increase over previous year's results of $4.5 million
in sales.

Ocumed markets and distributes its branded product lines nationally through
major drug chains, wholesalers, hospitals, surgi-centers and related buying
groups as well as internationally to selective markets. Ocumed's products are
focused on a group of patented and proprietary drug delivery systems for
applications in surgery, diagnostics, therapy, and lens care in the ophthalmic
field. These product lines include; OPHTHA-DOSE P.F.(TM) a preservative free
unit of use dispenser for eye drops, OCUREST(TM), a patented multi-dose
dispenser for prescription (Rx) and over-the-counter (OTC) ophthalmic
applications, and MINI-MED(TM), a controlled dispenser system for delivering
highly accurate quantities of drugs.

The Company's basic mission is to supply sterile ophthalmic solutions to the
medical and health care industry through internal development and acquisition of
proprietary patented technology and products lines.

The Company may have to raise additional funds from outside investors or
financial institutions to fund the various business opportunities the Company
wishes to pursue. Management intends to explore all available alternatives for
debt and/or equity financing, including but not limited to private and public
securities offerings. The Company has determined that it has sufficient assets
to meet its operating needs for the next 12 months.

RESULTS OF OPERATIONS

For the three months ending July 31, 2001, the Company is considered to be a
development stage company as defined by FASB No. 7. There were no revenues
generated for the three months ending July 31, 2001 and July 31, 2000.

Net loss for the three months ended July 31, 2001, was $11,248 as compared to a
net loss of $56,215 for the three months ended April 30, 2000. The net loss
increase was primarily due to financial public relations expenses incurred in
2000, not incurred in 2001.

                                       16


<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

           The Company's cash position was ($723) as of July 31, 2001, as
compared with a balance of $723 as of July 31, 2000. Cash flows from activities
during three months ended July 31, 2001, used cash of $39,893 due to the net
loss of $11,248 adjusted for a decrease of current assets of $6,175 and a
decrease in current liabilities of $34,820. Cash flows from activities during
the three months ended July 31, 2000, used cash of $416,962 due to the net

           The net cash provided by financing activities during the three months
ended July 31, 2001, consisted of the issuance of common stock totaling $38,500.
The net cash provided by financing activities during the three months ended July
31, 2000, consisted of long-term borrowings totaling $60,334 and the issuance of
common stock totaling $356,625. These proceeds funded operating activities
during the respective three-month periods.

           During the next twelve months, Archer Systems Limited, Inc. plans to
satisfy its cash requirements through the operations of Ocumed Group, Inc. the
operating company acquired August 6, 2001 (see Plan of Operations above).

           As of the date of the filing of this report, there were no
commitments for material capital expenditures.

FORWARD LOOKING INFORMATION

This report contains certain forward-looking statements and information relating
to the Company that are based on beliefs of the Company's management as well as
assumptions made by and information currently available to the Company's
management. When used in this report, words such as "anticipate", believe",
"estimate", "expect", "intend", "should", and similar expressions, as they
relate to the Company or its management, identify forward-looking statements.
Such statements reflect the current views of the Company with respect to future
events and are subject to certain risks, uncertainties, and assumptions relating
to the operations, results of operations, liquidity, and growth strategy of the
Company, including competitive factors, changes in legal and regulatory
requirements, interest rate fluctuations, and general economic conditions, as
well as other factors described in this report. Should one or more of the risks
materialize, or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described herein as anticipated,
believed, estimated, expected or intended.








                                       17







<PAGE>



PART II

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.


(a)        Exhibits

The following exhibits marked with a footnote reference were filed with a
periodic report filed by the Company pursuant to Section 14 of the Securities
Exchange Act of 1934, as amended, (the "Securities Act"), and are incorporated
herein by this reference. If no footnote reference is made, the exhibit is filed
with this report.











                                       18



<PAGE>

 NUMBER   EXHIBIT
 ------   -------

 2.1      Form of Agreement and Plan of Reorganization dated April 17, 2000, by
          and between Archer Systems Limited, Inc. and NextNet.com (5)

 2.2      Form of Agreement dated August 6, 2001, for the acquisition of Ocumed
          Group, Inc. by and among Archer Systems Limited, Inc. Crossgates
          Limited Partners, STMI Investments, Inc. and Ocumed, Inc. (11)

 3        Certificate of Incorporation of Company filed with the Secretary of
          State of Delaware on March 19, 1986. (1)

 3.1      Certificate for renewal and revival of Charter of the Company filed
          with the Secretary of State Division of Corporations on December 2,
          1998. (1)

 3.2      Certificate of Amendment of the Certificate of Incorporation of Archer
          Systems Limited, Inc., filed with the Secretary of State Division of
          Corporations on February 12, 1999. (1) 3.3 Certificate of Correction
          to Certificate of Amendment of the Certificate of Incorporation of
          Archer Systems Limited, Inc., filed February 12, 1999 with the
          Secretary of State Division of Corporations. (1)

 3.4      Copy of the by-laws of the Company. (1)

 4        Specimen Stock Certificate. (1)

 10.1     Copy of 6% Promissory Note Due June 30, 2001. (2)

 10.2     Copy of 6% Promissory Note Due June 8, 2001. (2)

 10.3     Copy of 6% Promissory Note Due August 1, 2001. (3)

 10.4     Copy of 6% Promissory Note Due August 17, 2001. (2)

 10.5     Copy of 6% Promissory Note Due November 18, 2001. (4)

 10.6     Employment Agreement dated April 25, 2000 between NextNet.com and
          Larry Weinstein. (5)

 10.7     Copy of 6% Promissory Note Due February 15, 2002. (7)

 10.8     Copy of 6% Promissory Note Due March 9, 2002. (7)

 10.9     Copy of 6% Promissory Note Due March 20, 2002. (7)

 10.10    Copy of 6% Promissory Note Due April 9, 2002. (7)

 10.11    Form of Strategic Alliance Agreement dated May 18, 2000. (6)

 10.12    Agreement dated June 8, 2000 between the Company and Superwire.com,
          Inc. (7)

 10.13    Agreement dated July 21, 2000 between the Company and ComLinx, Inc.
          (7)

 10.14    Agreement dated July 22, 2000 between ArcusNet Corporation and Cydoor
          Technologies, Inc. (7)

 10.15    Copy of 6% Promissory Note Due April 11, 2002. (8)

 10.16    Copy of 6% Promissory Note Due April 30, 2002. (8)

 10.17    Copy of 6% Promissory Note Due May 4, 2002. (8)

 10.18    Copy of 6% Promissory Note Due May 29, 2002. (8)

 10.19    Copy of 6% Promissory Note Due June 12, 2002. (8)

 10.20    Copy of 6% Promissory Note Due June 13, 2002. (8)

 10.21    Copy of 6% Promissory Note Due June 15, 2002. (8)

 10.22    Copy of 6% Promissory Note Due July 30, 2002. (8)

 10.23    Copy of 6% Promissory Note Due July 30, 2002. (8)

 10.24    Copy of 6% Promissory Note Due August 17, 2002. (9)

 10.25    Copy of 6% Promissory Note Due September 21, 2002. (9)

 10.26    Copy of 6% Promissory Note Due October 19, 2002. (9)

 10.27    Copy of 6% Promissory Note Due October 22, 2002. (9)

 10.28    Copy of 6% Promissory Note Due October 29, 2002. (9)

 10.29    Copy of 5.35% Demand Promissory Note due from Comlinx, Inc. dated
          October 26, 2000. (10)

 10.30    Copy of 5.35% Demand Promissory Note due from Comlinx, Inc. dated
          October 26, 2000. (10)

 10.31    Copy of 5.35% Demand Promissory Note due from Comlinx, Inc. dated
          November 10, 2000. (10)

 10.32    Copy of 5.35% Demand Promissory Note due from Comlinx, Inc. dated
          November 22, 2000. (10)

 10.33    Copy of 5.35% Demand Promissory Note due from Comlinx, Inc. dated
          December 26, 2000. (10)

 10.34    Copy of 6% Note Due January 30, 2003. (10)

 10.35    Copy of 6% Note Due January 30, 2003. (10)

 10.36    Copy of 6% Promissory Note Due February 8, 2003. (12)

 10.37    Copy of 6% Promissory Note Due February 12, 2003. (12)

 10.38    Copy of 6% Promissory Note Due February 13, 2003. (12)

 10.39    Copy of 6% Promissory Note Due March 7, 2003. (12)

 10.40    Copy of 6% Promissory Note Due March 29, 2003. (12)

 10.41    Copy of 6% Promissory Note Due April 3, 2003. (12)

 10.42    Copy of 6% Promissory Note Due April 20, 2003. (12)

 10.43    Copy of 6% Promissory Note Due April 29, 2003. (12)

 10.44    Copy of Subordinated Income Debenture dated August 6, 2001 issued to
          Crossgates Limited Partners. (11)

 10.44    Copy of Subordinated Income Debenture dated August 6, 2001 issued to
          STMI Investments, Inc. (11)

 10.45    Copy of Subordinated Income Debenture dated August 6, 2001 issued to
          Ocumed, Inc. (11)

 10.46    Note Consolidation Agreement by and between Richard Margulies and
          Company dated August 6, 2001. (12)

 10.47    Note Consolidation Agreement by and between Peter Jegou and Company
          dated August 6, 2001. (12)

 10.48    Note Consolidation Agreement by and between Zamora Funding, Inc. and
          Company dated August 6, 2001. (12)

 21       Subsidiaries of the Company:

          ArcusNet Corporation

          General Acquisition, Inc.


 (1)      Filed as an exhibit to the Company's Form 10SB12G/A filed September
          10, 1999 and incorporated herein by this reference.

 (2)      Filed as an exhibit to the Company's Form 10QSB/A filed December 9,
          1999 and incorporated herein by this reference.

 (3)      Filed as an exhibit to the Company's Form 10SB/A filed December 14,
          1999 and incorporated herein by this reference.

 (4)      Filed as an exhibit to the Company's Form 10QSB filed March 15, 2000
          and incorporated herein by this reference.

 (5)      Filed as an exhibit to the Company's Form 8-K filed on May 8, 2000 and
          incorporated herein by this reference.

 (6)      Filed as an exhibit to the Company's Form 8K/A filed June 14, 2000 and
          incorporated herein by this reference.

 (7)      Filed as an exhibit to the Company's Form 10-KSB filed July 31, 2000
          and incorporated herein by this reference.

 (8)      Filed as an exhibit to the Company's Form 10-QSB filed September 13,
          2000 and incorporated herein by this reference.

 (9)      Filed as an exhibit to the Company's Form 10-QSB filed December 15,
          2000 and is incorporated herein by this reference.

 (10)     Filed as an exhibit to the Company's Form 10-QSB filed March 21, 2001
          and is incorporated herein by this reference.

 (11)     Filed as an exhibit to the Company's Form 8-K filed on August 22, 2001
          and incorporated herein by this reference.

 (12)     Filed as an exhibit to the Company's Form 10-KSB filed January 28,
          2002 and incorporated herein by this reference.

          (b) Reports on Form 8-K.

          A Form 8-K was filed on May 8, 2000 disclosing in Item 2 the
          acquisition of Next Net, Inc.

          A Form 8-K was filed on June 14, 2000 disclosing in Item 2 a
          Strategic Alliance Agreement with INFe.com.

          A Form 8-K/A was filed on June 14, 2000 disclosing in Item 2
          a Strategic Alliance Agreement with INFe.com.

          A Form 8-K was filed on August 17, 2000 disclosing in Item 7
          an exhibit (pro forma balance sheet) in regard to the
          Strategic Alliance Agreement with INFe.com.

          A Form 8-K was filed on August 16, 2001 disclosing in Item 2
          the acquisition of Ocumed Group, Inc.































                                   SIGNATURES



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



Dated: January 31, 2002


ARCHER SYSTEMS LIMITED, INC.


By:  /S/  ALFRED R. CAGGIA
           Alfred R. Caggia
           President


By:   /S/  PAUL G. FILIPEK
           Paul G. Filipek
           Secretary/Treasurer