<PAGE>   1

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934
         FOR THE QUARTERLY PERIOD ENDED September 30, 2000.

                                       OR

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934
         FOR THE TRANSITION FROM _______ TO ________.


                        COMMISSION FILE NUMBER 000-27421

                       EMERGENCY FILTRATION PRODUCTS, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


              NEVADA                                87-0561647
   -------------------------------             -------------------
   (State or other jurisdiction of              (I.R.S. Employer
    incorporation or organization)             Identification No.)


  4335 South Industrial Road, Suite 440
           Las Vegas, Nevada                          89103
-----------------------------------------           ---------
(Address of principal executive offices)           (Zip code)


Issuer's telephone number: (702) 798-4541

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 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 [ ]

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

     At September 30, 2000, there were outstanding 8,980,489 shares of the
     Registrant's Common Stock, $.001 par value.

Transitional Small Business Disclosure Format: Yes [ ]   No [X]


<PAGE>   2


                                     PART I

                              FINANCIAL INFORMATION


Item I.   Financial Statements








                       EMERGENCY FILTRATION PRODUCTS, INC.

                              FINANCIAL STATEMENTS

                    SEPTEMBER 30, 2000 AND DECEMBER 31, 1999






<PAGE>   3



                       EMERGENCY FILTRATION PRODUCTS, INC.
                                 Balance Sheets


                                     ASSETS
                                     ------

<TABLE>
<CAPTION>

                                                September 30,       December 31,
                                                     2000              1999
                                                -------------       ------------
                                                 (Unaudited)
<S>                                                <C>                <C>
CURRENT ASSETS

   Cash                                            $  20,261          $    --
   Accounts receivable (Note 1)                        6,138              9,605
   Prepaid expenses                                     --                  958
   Inventory (Note 1)                                 82,182             90,937
                                                   ---------          ---------
     Total Current Assets                            108,581            101,500
                                                   ---------          ---------

PROPERTY AND EQUIPMENT (Note 1)

   Molds                                             109,650            109,650
   Furniture and office equipment                     37,152             36,884
   Accumulated depreciation                          (70,729)           (48,751)
                                                   ---------          ---------

     Total Property and Equipment                     76,073             97,783
                                                   ---------          ---------
OTHER ASSETS
   Deposits                                            4,141              4,141
   Patent, net (Note 2)                               52,009             29,144
                                                   ---------          ---------
     Total Other Assets                               56,150             33,285
                                                   ---------          ---------
     TOTAL ASSETS                                  $ 240,804          $ 232,568
                                                   =========          =========
</TABLE>




<PAGE>   4



                       EMERGENCY FILTRATION PRODUCTS, INC.
                           Balance Sheets (Continued)


                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                 ----------------------------------------------

<TABLE>
<CAPTION>

                                                          September 30,      December 31,
                                                              2000               1999
                                                         --------------     -------------
                                                          (Unaudited)
<S>                                                        <C>               <C>
CURRENT LIABILITIES

   Accounts payable                                        $   123,466       $   102,051
   Accounts payable - related parties (Note 3)                 346,070           146,620
   Cash overdraft                                                 --               1,176
   Note payable (Note 4)                                         2,139            18,532
   Accrued expenses                                             21,615            21,615
   Note payable - related, current (Note 3)                      7,523           135,000
                                                           -----------       -----------

     Total Current Liabilities                                 500,813           424,994
                                                           -----------       -----------

LONG-TERM DEBT

   Note payable - related (Note 3)                             157,177              --
                                                           -----------       -----------

     Total Long-Term Debt                                      157,177              --
                                                           -----------       -----------

     Total Liabilities                                         657,990           424,994
                                                           -----------       -----------
STOCKHOLDERS' EQUITY (DEFICIT)

   Common stock, par value $0.001; authorized
    50,000,000 shares; 8,980,489 and 7,823,765 shares
    issued and outstanding, respectively                         8,981             7,824
   Additional paid-in capital                                4,625,357         3,920,647
   Accumulated deficit                                      (5,051,524)       (4,120,897)
                                                           -----------       -----------

     Total Stockholders' Equity (Deficit)                     (417,186)         (192,426)
                                                           -----------       -----------

     TOTAL LIABILITIES AND STOCKHOLDERS'
      EQUITY (DEFICIT)                                     $   240,804       $   232,568
                                                           ===========       ===========
</TABLE>


<PAGE>   5



                       EMERGENCY FILTRATION PRODUCTS, INC.
                            Statements of Operations
                                   (Unaudited)


<TABLE>
<CAPTION>

                                       For the Three Months Ended      For the Nine Months Ended
                                             September 30,                   September 30,
                                      ----------------------------    ----------------------------
                                         2000              1999          2000             1999
                                      -----------     ------------    -----------     -----------
<S>                                    <C>             <C>             <C>             <C>
NET SALES                              $   7,739       $  18,471       $  26,582       $  30,437

EXPENSES

   Cost of sales                           5,853           6,355          14,491          10,549
   Depreciation and amortization           8,274           7,047          24,428          21,141
   Research and development                   90          62,200          41,140         206,190
   General and administrative            194,641         139,312         872,894         531,511
                                       ---------       ---------       ---------       ---------
     Total Expenses                      208,858         214,914         952,953         769,391
                                       ---------       ---------       ---------       ---------
LOSS FROM OPERATIONS                    (201,119)       (196,443)       (926,371)       (738,954)
                                       ---------       ---------       ---------       ---------
OTHER INCOME (EXPENSE)
   Interest expense                       (3,633)           (414)         (4,256)         (1,349)
                                       ---------       ---------       ---------       ---------
     Total Other Income (Expense)         (3,633)           (414)         (4,256)         (1,349)
                                       ---------       ---------       ---------       ---------
NET LOSS                               $(204,752)      $(196,857)      $(930,627)      $(740,303)
                                       =========       =========       =========       =========
BASIC LOSS PER SHARE                   $   (0.02)      $   (0.03)      $   (0.11)      $   (0.10)
                                       =========       =========       =========       =========

</TABLE>


<PAGE>   6



                       EMERGENCY FILTRATION PRODUCTS, INC.
                  Statements of Stockholders' Equity (Deficit)

<TABLE>
<CAPTION>

                                                 Common Stock           Additional
                                        ---------------------------       Paid-In        Accumulated
                                           Shares          Amount         Capital          Deficit
                                        -----------    -------------   -------------     -----------
<S>                                     <C>            <C>              <C>              <C>
Balance, December 31, 1998              7,078,107      $     7,078      $ 3,191,923      $(3,137,388)

Common stock issued for
 cash at $1.00 per share                  601,061              601          600,460             --

Common stock issued on
 exercise of stock options
 at $0.75 per share                        67,000               67           50,183             --

Common stock issued for
 services at $1.00 per share               77,597               78           77,519             --

Additional capital contribution              --               --                562             --

Net loss for the year ended
 December 31, 1999                           --               --               --           (983,509)
                                      -----------      -----------      -----------      -----------
Balance, December 31, 1999              7,823,765            7,824        3,920,647       (4,120,897)

Common stock issued for
 cash at $0.50 per share
 (unaudited)                               50,000               50           24,950             --

Common stock issued for
 services at prices ranging
 from $0.50 to $0.85 per
 share (unaudited)                        460,236              460          243,041             --

Common stock issued for cash
 at $0.75 per share (unaudited)            72,333               72           54,178             --

Common stock issued on exercise
 of options at $0.75 per share
 (unaudited)                               86,333               87           64,663             --

Common stock issued for services
 at $0.75 per share (unaudited)           204,087              204          152,861             --

Common stock issued for patent
 costs (unaudited)                         20,000               20           14,980             --
                                      -----------      -----------      -----------      -----------
Balance forward                         8,716,754      $     8,717      $ 4,475,320      $(4,120,897)
                                      -----------      -----------      -----------      -----------
</TABLE>



<PAGE>   7



                       EMERGENCY FILTRATION PRODUCTS, INC.
            Statements of Stockholders' Equity (Deficit) (Continued)


<TABLE>
<CAPTION>


                                                 Common Stock           Additional
                                        ---------------------------       Paid-In        Accumulated
                                           Shares          Amount         Capital          Deficit
                                        -----------    -------------   -------------     -----------
<S>                                     <C>            <C>              <C>              <C>
Balance forward                            8,716,754      $     8,717      $ 4,475,320      $(4,120,897)

Common stock issued on exercise
 of options at $0.75 per share
 (unaudited)                                   1,667                2            1,248             --

Common stock issued for cash at
 prices ranging from $0.40 to $0.50
 per share (unaudited)                       145,000              145           61,105             --

Common stock issued for services
 at $0.75 per share (unaudited)              117,068              117           87,684             --

Net loss for the nine months ended
 September 30, 2000 (unaudited)                 --               --               --           (930,627)
                                         -----------      -----------      -----------      -----------
Balance, September 30, 2000
 (unaudited)                               8,980,489      $     8,981      $ 4,625,357      $(5,051,524)
                                         ===========      ===========      ===========      ===========

</TABLE>



<PAGE>   8



                       EMERGENCY FILTRATION PRODUCTS, INC.
                            Statements of Cash Flows
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                       For the Three Months Ended    For the Nine Months Ended
                                                             September 30,                 September 30,
                                                      ---------------------------   -----------------------------
                                                          2000          1999            2000             1999
                                                      -----------    -----------     ----------      -----------
<S>                                                   <C>             <C>             <C>             <C>
CASH FLOWS FROM OPERATING
 ACTIVITIES

   Net loss                                           $(204,752)      $(196,857)      $(930,627)      $(740,303)
   Adjustments to reconcile net loss to
    net cash (used by) operating activities:
     Depreciation and amortization                        8,274           7,047          24,428          21,141
     Common stock issued for services                    87,801           6,857         484,367          56,857
   Changes in operating assets and liabilities:
     (Increase) decrease in inventory                     2,034           6,224           8,755         (32,380)
     (Increase) decrease in prepaid expenses               --              --               958           5,788
     (Increase) decrease in accounts receivable
       and accounts receivable related                    2,879          (6,358)          3,467          (1,346)
     Increase (decrease) in cash overdraft                 --              --            (1,176)           --
     Increase (decrease) in accrued expenses               --            15,125            --            12,861
     Increase (decrease) in accounts payable
       and accounts payable - related parties            36,879          65,310         220,865          47,291
                                                      ---------       ---------       ---------       ---------
       Net Cash (Used by) Operating Activities          (66,885)       (102,652)       (188,963)       (630,091)
                                                      ---------       ---------       ---------       ---------
CASH FLOWS FROM INVESTING ACTIVITIES
   Patent costs                                          (1,506)           --           (10,315)           (800)
   Acquisition of equipment                                (268)           --              (268)         (7,225)
                                                      ---------       ---------       ---------       ---------

       Net Cash (Used by) Investing Activities           (1,774)           --           (10,583)         (8,025)
                                                      ---------       ---------       ---------       ---------

CASH FLOWS FROM FINANCING ACTIVITIES

   Proceeds from issuance of stock                       62,500            --           206,500         601,061
   Proceeds from notes and leases payable                31,500            --            31,500            --
   Payment on notes and leases payable                   (5,981)         (4,562)        (18,193)        (20,981)
                                                      ---------       ---------       ---------       ---------

       Net Cash Provided by Financing Activities         88,019          (4,562)        219,807         580,080
                                                      ---------       ---------       ---------       ---------

NET INCREASE (DECREASE) IN CASH
 AND CASH EQUIVALENTS                                    19,360        (107,214)         20,261         (58,036)

CASH AT BEGINNING OF PERIOD                                 901         110,362            --            61,184
                                                      ---------       ---------       ---------       ---------
CASH AT END OF PERIOD                                 $  20,261       $   3,148       $  20,261       $   3,148
                                                      =========       =========       =========       =========
</TABLE>


<PAGE>   9



                       EMERGENCY FILTRATION PRODUCTS, INC.
                      Statements of Cash Flows (Continued)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                For the Three Months Ended      For the Nine Months Ended
                                                       September 30,                 September 30,
                                               ----------------------------     -------------------------
                                                  2000            1999            2000            1999
                                               ----------     ------------     ----------     -----------
<S>                                            <C>             <C>             <C>             <C>
SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for:

   Interest                                    $  3,633        $    414        $  4,256        $  1,349
   Income taxes                                $   --          $   --          $   --          $   --

NON-CASH FINANCING ACTIVITIES:

   Common stock issued for services            $ 87,801        $  6,857        $484,367        $ 56,857
   Common stock issued for patent costs        $   --          $   --          $ 15,000        $   --

</TABLE>


<PAGE>   10



                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                    September 30, 2000 and December 31, 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     a. Organization

     Emergency Filtration Products, Inc. (the Company) was incorporated in the
     State of Nevada on November 1, 1991 as Lead Creek Unlimited. In March 1996,
     pursuant to a Plan of Reorganization, the Company changed its name to
     Emergency Filtration Products, Inc.

     Between November 1, 1991 and February 9, 1996, the Company had no line of
     business. As of the latter date, the Company entered into an agreement to
     acquire title to a technology in the emergency respiration equipment field.
     The Company is currently engaged in the development, production and sale of
     this equipment.

     b. Accounting Method

     The Company's financial statements are prepared using the accrual method of
     accounting. The Company has elected a December 31, year end.

     c. Cash and Cash Equivalents

     The Company considers all highly liquid investments with a maturity of
     three months or less when purchased to be cash equivalents.

     d. Accounts Receivable

     Accounts receivable are shown net of the allowance for doubtful accounts of
     $1,092 and $1,092 at September 30, 2000 and December 31, 1999,
     respectively.

     e. Provision for Taxes

     At September 30, 2000, the Company had net operating loss carryforwards of
     approximately $5,000,000 that may be offset against future taxable income
     through 2020. No tax benefit has been reported in the financial statements,
     because the potential tax benefits of the loss carryforwards are offset by
     a valuation allowance of the same amount

     f. Property and Equipment

     Property and equipment are stated at cost. Expenditures for small tools,
     ordinary maintenance and repairs are charged to operations as incurred.
     Major additions and improvements are capitalized. Depreciation is computed
     using the straight-line and accelerated methods over estimated useful lives
     as follows:

             Molds                                       7 years
             Furniture and office equipment              5 to 7 years




<PAGE>   11



                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                    September 30, 2000 and December 31, 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     g. Inventory

     Inventory is stated at the lower of cost (computed on a first-in, first-out
     basis) or market. The inventory consists of raw materials used in the
     assembly and production of the emergency respiration equipment.

     h. Estimates

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

     i. Basic Loss Per Share

     The following is an illustration of the reconciliation of the numerators
     and denominators of the basic loss per share calculation:

<TABLE>
<CAPTION>

                                                    For the                                For the
                                              Three Months Ended                     Nine Months Ended
                                                 September 30,                           September 30,
                                       --------------------------------        -------------------------------
                                            2000             1999                  2000                1999
                                       --------------   ---------------        ------------        ------------
      <S>                              <C>                 <C>                 <C>                 <C>
      Income (loss) (numerator)        $  (204,752)        $  (196,857)        $  (930,627)        $  (740,303)
      Weighted average
       shares outstanding
       (denominator)                     8,402,127           7,403,692           8,402,127           7,403,692
                                       -----------         -----------         -----------         -----------

      Basic loss per share             $     (0.02)        $     (0.03)        $     (0.11)        $     (0.10)
                                       ===========         ===========         ===========         ===========

</TABLE>

     The computation of basic earnings per share of common stock is based on the
     weighted standard average number of shares outstanding during the period of
     the financial statements. Common stock equivalents, consisting of stock
     options, have not been included in the calculation as their effect is
     antidilutive for the periods presented.

     j. Change in Accounting Principle

     The Financial Accounting Standards Board has issued certain new standards,
     including standards on earnings per share (SFAS 128), capital structure
     (SFAS 129), comprehensive income (SFAS 130), operating segments (SFAS 131)
     and postretirement benefits (SFAS 132). The adoption of these standards did
     not have a material impact on the Company's financial statements.

     k. Advertising

     The Company follows the policy of charging the costs of advertising to
     expense as incurred.


<PAGE>   12



                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                    September 30, 2000 and December 31, 1999


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

     l. Revenue Recognition

     Revenue is recognized upon shipment of goods to the customer.

     m. Equity Securities

     Equity securities issued for services rendered have been accounted for at
     the fair market value of the securities on the date of issuance.

NOTE 2 - PATENT

     The Company entered into an agreement to acquire the rights to certain
     intellectual property, which property includes title to the patent on a
     component of an emergency CPR assistance device, called a dual filtered
     rotary isolation valve. Rights pertaining thereto include the right to
     maintain, sell and improve the device, and to license those rights. The
     Company has agreed to pay a 5% royalty on any sales related to the patented
     intellectual property. Additional costs related to the patent were
     capitalized during the years ended December 31, 1999 and 1998 and the nine
     months ended September 30, 2000 which consist of legal and filing fees
     incurred to maintain the patent throughout the world. Amortization is
     computed over an estimated life of 15 years. Impairment of the patent is
     analyzed annually. The patent was published by the U.S. Patent Office on
     November 15, 1996, the U.S. Patent number is 5,575,279.

NOTE 3 - RELATED PARTY TRANSACTIONS

     At December 31, 1999, $135,000 was recorded by the Company which
     represented an amount claimed to be owed to a shareholder and former
     officer of the Company for unpaid wages and reimbursements. The shareholder
     also claimed that he had legal rights to certain trademarks of the Company
     until he was paid in full. On June 2, 2000, the Company entered into a
     Settlement Agreement and Mutual Release with the shareholder, settling on
     an amount of $146,500. The amount accrues interest at 10% per annum.
     Principal and interest are to be paid in monthly installments of $1,800
     beginning on July 1, 2000 until paid. Current portion of the debt at
     September 30, 2000 is $7,523, leaving a long-term balance of $137,177 at
     September 30, 2000.

     At September 30, 2000, the Company owed another related party amounts equal
     to $20,000. This amount is included with the above amounts on the Company's
     balance sheet at September 30, 2000.

     Certain employees, officers and shareholders are also owed amounts in past
     due wages and expense reimbursements as of September 30, 2000 and December
     31, 1999. In addition, certain shareholders of the Company have advanced
     funds to the Company in order to cover operating costs. The total amount
     owed to these related parties as of September 30, 2000 and December 31,
     1999 was $346,070 and $146,620, respectively. The amounts are non-interest
     bearing, unsecured, and due on demand.



<PAGE>   13



                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                    September 30, 2000 and December 31, 1999


NOTE 4 - NOTE PAYABLE

     A note was signed by the Company to an insurance company for product
     liability insurance for a one year period from October 1999 to October
     2000. The remaining amount due at September 30, 2000 and December 31, 1999
     was $2,139 and $18,532, respectively.

NOTE 5 - GOING CONCERN

     The Company's financial statements are prepared using generally accepted
     accounting principles applicable to a going concern which contemplates the
     realization of assets and liquidation of liabilities in the normal course
     of business. The Company has incurred significant losses which have
     resulted in an accumulated deficit of $5,051,524 at September 30, 2000
     which raises substantial doubt about the Company's ability to continue as a
     going concern. The accompanying financial statements do not include any
     adjustments relating to the recoverability and classification of asset
     carrying amounts or the amount and classification of liabilities that might
     result from the outcome of this uncertainty. It is the intent of management
     to create additional revenues through the development and sales of its
     emergency respiration equipment and to rely upon additional equity
     financing if required to sustain operations until revenues are adequate to
     cover the costs.

NOTE 6 - COMMITMENTS AND CONTINGENCIES

     The Company is leasing office space in Las Vegas, Nevada for three years
     beginning October 15, 1998. The monthly rental payment is currently $3,810.

     Minimum future lease payments on the lease as of December 31, 1999 are as
     follows:

<TABLE>
<CAPTION>

                Year Ending
                December 31,                                    Amount
                -----------                                 -----------
                <S>                                        <C>
                   2000                                     $    48,535
                   2001                                          28,989
                   2002                                          -
                   2003                                          -
                   2004 and thereafter                           -
                                                            -----------
               Total                                        $    77,524
                                                            ===========
</TABLE>



<PAGE>   14


                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                    September 30, 2000 and December 31, 1999


NOTE 7 - STOCK OPTIONS

     During 1998, the Company granted stock options to various individuals for a
     total of 3,120,000 restricted common shares of the Company at exercise
     prices ranging from $0.60 to $1.40 per share. During the year ended
     December 31, 1999, additional stock options were granted for a total of
     785,000 restricted common shares of the Company at exercise prices ranging
     from $1.00 to $5.00 per share and 67,000 options were exercised at $0.75
     per share for total proceeds of $50,250. During the nine months ended
     September 30, 2000, additional options were granted for a total of
     1,900,000 restricted common shares of the Company at an exercise price of
     $0.75 per share. 188,000 options were exercised at $0.75 per share during
     the nine months ended September 30, 2000 for total proceeds of $66,000. The
     total amount of outstanding stock options at September 30, 2000 is
     summarized as follows:

<TABLE>
<CAPTION>

                   Shares           Exercise Price          Exercised By
                 ----------         --------------        --------------
                 <S>                 <C>                 <C>
                    300,000            $0.60              December 2000
                  2,465,000            $0.75              January 2001
                    100,000            $0.60              December 2001
                    100,000            $1.40              December 2001
                    100,000            $1.00              March 2002
                    150,000            $1.00              February 2002
                     50,000            $2.50              February 2002
                     50,000            $4.00              February 2002
                    150,000            $1.00              January 2002
                    100,000            $2.50              January 2002
                     75,000            $4.00              January 2002
                     75,000            $5.00              January 2002
                     35,000            $1.00              March 2003
                  1,800,000            $0.75              January 2003
                    100,000            $0.75              July 2003

</TABLE>



<PAGE>   15

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

Financial Condition

     Since the Company's inception, the Company has been involved in the
development of its technology. During this time revenues have been minimal and
expenditures primarily attributed to research and development. Without adequate
revenues to offset expenditures, the Company has reported a loss in each of its
years of existence. To date, the Company has funded itself by way of a series of
private equity sales. As of the quarter ended 9/30/2000, the Company had offset
its accumulated deficit in this manner and has therefore not found it necessary
to incur any long-term debt. The most valuable asset of the Company is its
intellectual property and technology. The Company has acquired the rights to
certain intellectual property, which property includes title to the patent on a
component of an emergency CPR assistance device, called a dual-filtered rotary
isolation valve. Rights pertaining thereto include the right to maintain, sell
and improve the device, and to license those rights. Although the Company
believes its technology to be very valuable in the real sense, this value is not
quantified as such on the Company's Balance Sheet.

Operational Results

     During the quarter ended 9/30/2000, the Company reported revenues of
$7,739. Revenues have been primarily from the sale of the emergency CPR
assistance device and the company is now focusing on securing licensing
agreements and on a marketing-driven sales effort in order to increase revenues
that will ultimately cover total expenditures.

     The cost of goods sold increased as a percentage of sales in the third
quarter of 2000 versus the third quarter of 1999. This increase is due primarily
to the increased volume of business and the purchase of inventory to facilitate
orders shipped in the fourth quarter.

     Total expenditures decreased slightly in the third quarter of 2000 as
compared to the third quarter of 1999. The primary reason for this occurrence is
the decrease in research and development expenditures as the company moves
toward a marketing-driven sales effort. Research and development costs


<PAGE>   16

decreased from $62,200 to $90 during the quarters ended September 30, 1999 and
2000, respectively. General and administrative costs increased from $139,312 to
$194,641 during the quarters ended September 30, 1999 and 2000, respectively, as
a result of increased expenditures for professional and consulting services.

Capital Funding

     The Company currently is unable to generate sufficient cash from operations
to sustain its business efforts as well as to accommodate its growth plans.
Until it is able to generate sufficient cash flow, the Company will seek capital
funding from outside resources. The company presently has no commitment for such
funding and has not concluded what form, whether debt or equity, such funding
will be derived through.

     The Company's cost-efficient business model emphasizes: (1) in-house
research and development; (2) accumulation of intellectual property assets; (3)
ownership of key production equipment; and (4) outsourcing of all manufacturing,
distribution, warehousing, and order fulfillment. Accordingly, the Company
benefits from low overhead, as well as the pricing advantages inherent in
proprietary specialty products.

     The Company's management is now completing transformation from a
technology-driven research and development business to a marketing-driven
proprietary products company. Product development efforts remain an important
priority, but are now balanced by an increasing focus on elements of production
and sales.

     The Company's current product line includes:

     [X]  RespAide(TM) CPR Isolation Mask. The company has received Federal Drug
          Administration ("FDA") approval for its RespAide(TM) CPR isolation
          mask incorporating the VIV filter, and recently commenced volume
          manufacturing and distribution of complete units and replacement
          filters (the RespAide(TM) filter needs to be replaced after each use).
          In test by Nelson Laboratories, RespAide(TM) was found to be greater
          than 99.9% effective against bacterial and viral transmission - the
          highest rating testing labs will issue for medical devices, and
          believed by management of the Company to be superior to any competing
          product on the market.

     [X]  Disposable Filters for BVMs. The same filter used in the RespAide(TM)
          product is ideal for preventing contamination of "bag valve masks"
          which are single-use ventilators. The disposable filter keeps the
          equipment contaminant-free, thereby allowing a BVM to be safely reused
          with a new filter - a considerable economic benefit due to the lower
          replacement and disposal costs of the filter versus

<PAGE>   17

          discarding the entire BVM unit. The Company has applied for FDA
          approval.

     [X]  Ventilator Circuits. To extend its market reach from emergency
          response sites to the vast number of respiratory procedures conducted
          within medical facilities, the Company has introduced two new
          configurations of its VIV technology: (1) a one-way ventilator circuit
          that eliminates the exhalation ports of patient's breath in favor of
          permitting a T-valve attachment of monitoring CO(2) levels - suitable
          for any inline ventilator connection; and (2) a two-way ventilator
          circuit for applications where ambient air flow must pass evenly in
          both directions while still protecting equipment and hoses. This is
          suitable for use in anesthesia and general respiratory procedures. The
          company has applied for FDA approval.

     In addition, the Company has designed another configuration of the
technology for the BVM market that incorporates a self-contained nebulizer, a
filter, and a bag with built-in CO(2) monitoring capabilities. A patent has been
granted for this product. The Company is currently conducting prototype
development.

     The market for air purification filters for protection against communicable
diseases has grown rapidly since the mid-1980's - from practically nil, to an
estimated 1,460,000,000 in 1997. Demand has been driven largely by such factors
as the spread of AIDS and Hepatitis C, the resurgence of Tuberculosis in many
urban settings, and growing concerns in the medical community about new
drug-resistant strains of bacteria. Such concerns are clearly evident in the
results of recent independent surveys indicating that approximately 45% of
doctors, 57% of EMTs, 80% of nurses, and substantially all paramedics surveyed
would refuse to perform mouth-to-mouth resuscitation on an adult stranger
without barrier protection. Indeed, many of the respondents indicated that they
had already walked away from situations in the community requiring
mouth-to-mouth resuscitation.

     In addition to emergency ambulance services, police departments,
firefighters, hospitals, doctors, the military, and major CPR training
organizations such as the American Heart Association, management believes that
the market also includes government and private sector entities that will
choose, or may be required by law to keep CPR isolation masks on hand.

     The Company currently holds military national stocking numbers for the
RespAide(TM) CPR isolation mask and replacement filters. These stocking numbers
make both products acceptable for inventory in all four branches of the military
and the U.S. Coast Guard. The Company has recently begun receiving orders from
the Defense Supply Center Philadelphia for these products.

<PAGE>   18

     To reach the market, the Company has entered into contractual arrangements
with a number of U.S. and international medical product distributors.
Additionally, the Company is actively pursuing licensing agreements with other
companies that have market penetration.

     The Company intends to firmly establish its reputation for supplying the
best medical air filters available, and then begin aggressively commercializing
the technology in the enormous HVAC category. The Company estimates that the
addition of HVAC applications will increase the total addressable market for
dual-filtered vapor isolation valve technology.

Competition

     The medical device industry is a highly competitive sector of the health
care industry and there are a large number of established and well financed
entities with significantly greater financial resources, technical expertise and
in depth managerial capabilities than the Company. Although the Company has
achieved patent protection for the RespAide(TM), there is no assurance that
other entities may not compete in or enter the medical and commercial market in
competition with the Company.

     This discussion may contain certain forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Actual results
could differ materially from those forward-looking statements. The factors that
may cause actual results to differ materially is that the Company has no
arrangement, agreement or understanding with respect to engaging in a merger
with, joint venture with or acquisition of, a private or public company and that
there can be no assurance that the Company will be successful in identifying and
evaluating suitable business opportunities or including a business combination.


                                     PART II

                                OTHER INFORMATION

<PAGE>   19

Item 1 - Changes in the Rights of the Company's
         Security Holders. . . . . . . . . . . . . . . . . . . . .None

Item 2 - Defaults by the Company on its
         Senior Securities. . . . . . . . . . . . . . . . . . . . None

Item 3 - Submission of Matter to Vote of Security
         Holders. . . . . . . . . . . . . . . . . . . . . . . . . None

Item 4 - Other Information

     (a) Board meetings

     The board held one meeting during the current quarter, including both
regularly scheduled and special meetings and actions by unanimous written
consent.

     (b) Committee

     The board of directors has not established any audit committee. In
addition, the Company does not have any other compensation or executive or
similar committees. The Board of Directors acts as the audit committee. The
Company recognizes that an audit committee, when formally established, will play
a critical role in the financial reporting system of the Company by overseeing
and monitoring management's and the independent auditors' participation in the
financial reporting process.

     Until such time as an audit committee has been established, the full board
of directors undertakes those tasks normally associated with an audit committee
to include, but not by way of limitation, the (i) review and discussion of the
audited financial statements with management, (ii) discussions with the
independent auditors the matters required to be discussed by the Statement On
Auditing Standards No. 61, as may be modified or supplemented, and (iii)
received from the auditors disclosures regarding the auditors' Independents
Standards Board Standard No. 1, as may be modified or supplemented.

     (c) Legal Proceedings

     Bruce E. Batchelor, a shareholder and former officer of the Company has
made certain claims for alleged breaches of agreements as they relate to unpaid
wages, reimbursement for expenses, and claims certain rights in the trademark of
the Company as security for the alleged obligations. The Company has recorded
the sum of $135,000 as of December 31, 1998 and December 31, 1999 which
represents the amount claimed to be owed to Bruce E. Batchelor. The Company has
entered into a payment plan resolving all differences and has agreed to pay the
principal sum of $146,500 in monthly installments of $1,800 or more, commencing
on the later of July 1, 2000 or 30 days after the documents have been signed by
Bruce E. Batchelor.

     Other than described above, there are no legal proceedings threatened or
pending, except such ordinary routine matters which may be incidental to the
business currently being conducted by the Company.
<PAGE>   20

Item 6 - Exhibits and Reports on Forms 10KSB and 10SB12G/A

     The following reports on Forms 10KSB and 10SB12G/A are incorporated herein
by reference:

          (1)  Form 10KSB filed April 14, 2000

          (2)  Form 10SB12G/A filed February 24, 2000

     The following documents are filed as part of this report:

           1)  Unaudited Financial Statements filed as part of this report with
               the related consolidated statements of operations and accumulated
               deficit, and cash flow for the quarter then ended.

           2)  Financial Data Schedule 27.1.



                                    SIGNATURE

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



Dated: November 17, 2000            Emergency Filtration Products, Inc.
                                    -----------------------------------
                                              (Registrant)

                                     By: /s/ Michael J. Crnkovich
                                         -------------------------------
                                         Michael J. Crnkovich
                                         Chief Executive Officer