<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 June 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 June 30, 2000, there were outstanding 8,716,754 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.
                                 Balance Sheets


                                     ASSETS

<TABLE>
<CAPTION>

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

   Cash                                            $     901          $    --
   Accounts receivable (Note 1)                        9,017              9,605
   Prepaid expenses                                     --                  958
   Inventory (Note 1)                                 84,216             90,937
                                                   ---------          ---------

     Total Current Assets                             94,134            101,500
                                                   ---------          ---------
PROPERTY AND EQUIPMENT (Note 1)

   Molds                                             109,650            109,650
   Furniture and office equipment                     36,884             36,884
   Accumulated depreciation                          (63,403)           (48,751)
                                                   ---------          ---------

     Total Property and Equipment                     83,131             97,783
                                                   ---------          ---------
OTHER ASSETS

   Deposits                                            4,141              4,141
   Patent, net (Note 2)                               51,451             29,144
                                                   ---------          ---------

     Total Other Assets                               55,592             33,285
                                                   ---------          ---------

     TOTAL ASSETS                                  $ 232,857          $ 232,568
                                                   =========          =========
</TABLE>



<PAGE>   3


                       EMERGENCY FILTRATION PRODUCTS, INC.
                           Balance Sheets (Continued)


                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

<TABLE>
<CAPTION>

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

   Accounts payable                                        $   134,587       $   102,051
   Accounts payable - related parties (Note 3)                 286,570           146,620
   Cash overdraft                                                 --               1,176
   Note payable (Note 4)                                         6,320            18,532
   Accrued expenses                                             21,615            21,615
   Note payable - related, current (Note 3)                     10,800           135,000
                                                           -----------       -----------

     Total Current Liabilities                                 459,892           424,994
                                                           -----------       -----------
LONG-TERM DEBT

   Note payable - related (Note 3)                             135,700              --
                                                           -----------       -----------

     Total Long-Term Debt                                      135,700              --
                                                           -----------       -----------

     Total Liabilities                                         595,592           424,994
                                                           -----------       -----------

STOCKHOLDERS' EQUITY (DEFICIT)

   Common stock, par value $0.001; authorized
     50,000,000 shares; 8,716,754 and 7,823,765 shares
     issued and outstanding, respectively                        8,717             7,824
   Additional paid-in capital                                4,475,320         3,920,647
   Accumulated deficit                                      (4,846,772)       (4,120,897)
                                                           -----------       -----------

      Total Stockholders' Equity (Deficit)                    (362,735)         (192,426)
                                                           -----------       -----------

      TOTAL LIABILITIES AND STOCKHOLDERS'
       EQUITY (DEFICIT)                                    $   232,857       $   232,568
                                                           ===========       ===========
</TABLE>


<PAGE>   4


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

<TABLE>
<CAPTION>

                                                    For the Three Months Ended                  For the Six Months Ended
                                                             June 30,                                  June 30,
                                                  ------------------------------            ------------------------------
                                                     2000                1999                  2000                1999
                                                  ---------            ---------            ---------           ----------
<S>                                               <C>                  <C>                  <C>                  <C>
NET SALES                                         $  13,532            $   6,097            $  18,843            $  11,966

EXPENSES

   Cost of sales                                      5,928                2,149                8,638                4,194
   Depreciation and amortization                      8,274                8,375               16,154               14,094
   Research and development                           5,050              139,007               41,050              143,990
   General and administrative                       324,473               72,301              678,253              392,199
                                                  ---------            ---------            ---------            ---------

     Total Expenses                                 343,725              221,832              744,095              554,477
                                                  ---------            ---------            ---------            ---------

LOSS FROM OPERATIONS                               (330,193)            (215,735)            (725,252)            (542,511)
                                                  ---------            ---------            ---------            ---------

OTHER INCOME (EXPENSE)

   Interest expense                                    (241)                (556)                (623)                (935)
                                                  ---------            ---------            ---------            ---------

     Total Other Income (Expense)                      (241)                (556)                (623)                (935)
                                                  ---------            ---------            ---------            ---------

NET LOSS                                          $(330,434)           $(216,291)           $(725,875)           $(543,446)
                                                  =========            =========            =========            =========

BASIC LOSS PER SHARE                              $   (0.04)           $   (0.03)           $   (0.09)           $   (0.08)
                                                  =========            =========            =========            =========
</TABLE>


<PAGE>   5


                       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                 --

Net loss for the six months ended
  June 30, 2000 (unaudited)                            --                   --                   --               (725,875)
                                                -----------          -----------          -----------          -----------
Balance, June 30, 2000
  (unaudited)                                     8,716,754          $     8,717          $ 4,475,320          $(4,846,772)
                                                ===========          ===========          ===========          ===========

</TABLE>

<PAGE>   6



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


<TABLE>
<CAPTION>

                                                                For the Three Months Ended          For the Six Months Ended
                                                                         June 30,                            June 30,
                                                                ---------------------------         ---------------------------
                                                                  2000              1999              2000              1999
                                                                ---------         ---------         ---------         ---------
<S>                                                             <C>               <C>               <C>               <C>
CASH FLOWS FROM OPERATING
 ACTIVITIES
   Net loss                                                     $(330,434)        $(216,291)        $(725,875)        $(543,446)

   Adjustments to reconcile net loss to
    net cash (used by) operating activities:
     Depreciation and amortization                                  8,274             8,375            16,154            14,094
     Common stock issued for services                             153,065            25,000           396,566            50,000
   Changes in operating assets and liabilities:
     (Increase) decrease in inventory                               5,096           (30,398)            6,721           (38,604)
     (Increase) decrease in prepaid expenses                         --               2,894               958             5,788
     (Increase) decrease in accounts receivable
       and accounts receivable related                             (4,224)           (3,969)              588             5,012
     Increase (decrease) in cash overdraft                           --                --              (1,176)             --
     Increase (decrease) in accrued expenses                         --              (3,491)             --              (2,264)
     Increase (decrease) in accounts payable
       and accounts payable - related parties                      62,363            11,232           183,986           (18,019)
                                                                ---------         ---------         ---------         ---------

       Net Cash (Used by) Operating Activities                   (105,860)         (206,648)         (122,078)         (527,439)
                                                                ---------         ---------         ---------         ---------

CASH FLOWS FROM INVESTING ACTIVITIES

   Patent costs                                                    (8,809)             (800)           (8,809)             (800)
   Acquisition of equipment                                          --                --                --              (7,225)
                                                                ---------         ---------         ---------         ---------

       Net Cash (Used by) Investing Activities                     (8,809)             (800)           (8,809)           (8,025)
                                                                ---------         ---------         ---------         ---------

CASH FLOWS FROM FINANCING ACTIVITIES

   Proceeds from issuance of stock                                119,000            66,400           144,000           601,061
   Payment on notes and leases payable                             (6,176)           (8,151)          (12,212)          (16,419)
                                                                ---------         ---------         ---------         ---------

       Net Cash Provided by Financing Activities                  112,824            58,249           131,788           584,642
                                                                ---------         ---------         ---------         ---------

NET INCREASE (DECREASE) IN CASH
 AND CASH EQUIVALENTS                                              (1,845)         (149,199)              901            49,178

CASH AT BEGINNING OF PERIOD                                         2,746           259,561              --              61,184
                                                                ---------         ---------         ---------         ---------

CASH AT END OF PERIOD                                           $     901         $ 110,362         $     901         $ 110,362
                                                                =========         =========         =========         =========
</TABLE>


<PAGE>   7



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

<TABLE>
<CAPTION>

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

Cash paid for:

   Interest                                          $    241           $    556           $    623           $    935
   Income taxes                                      $   --             $   --             $   --             $   --

NON-CASH FINANCING ACTIVITIES:

   Common stock issued for services                  $153,065           $ 25,000           $396,566           $ 50,000
   Common stock issued for patent costs              $ 15,000           $   --             $ 15,000           $   --


</TABLE>


<PAGE>   8



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

       e.     Provision for Taxes

       At December 31, 1999, the Company had net operating loss carryforwards of
       approximately $4,100,000 that may be offset against future taxable income
       through 2019. 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>   9



                       EMERGENCY FILTRATION PRODUCTS, INC.
                        Notes to the Financial Statements
                       June 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 computation of basic loss per share of common stock is based on the
       weighted 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.

       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.



<PAGE>   10


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


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 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 June 30, 2000 is $10,800, leaving a
       long-term balance of $135,700 at June 30, 2000.

       Certain employees, officers and shareholders are also owed amounts in
       past due wages and expense reimbursements as of June 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 June 30, 2000 and
       December 31, 1999 was $286,570 and $146,620, respectively. The amounts
       are non-interest bearing, unsecured, and due on demand.

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 June 30, 2000 and December 31, 1999 was
       $6,320 and $18,532, respectively.



<PAGE>   11


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


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 $4,120,897 at December 31,
       1999 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>


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 six months
       ended June 30, 2000, additional options were granted for a total of
       1,800,000 restricted common shares of the Company at an exercise price of
       $0.75 per share. 86,333 options were exercised at $0.75 per share during
       the six months ended June 30, 2000 for total proceeds of $64,750. The
       total amount of outstanding stock options at June 30, 2000 is summarized
       as follows:


<PAGE>   12



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


NOTE 7 - STOCK OPTIONS (Continued)

<TABLE>
<CAPTION>

                Shares                Exercise Price        Exercised By
                ------                --------------        ------------
              <S>                     <C>                         <C>
                300,000                   $0.60              December 2000
              2,466,667                   $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

</TABLE>

<PAGE>   13

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 report 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 6/30/2000, 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 6/30/2000, the Company reported revenues of
$13,532. 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 both in the amount and as a percentage of
sales in the second quarter of 2000 versus the second quarter of 1999. This
increase is due primarily to the increased volume of business and the highly
competitive sector of the health care industry in which the Company operates.

     Total expenditures increased in the second quarter of 2000 as compared to
the second quarter of 1999. The primary reason for this occurrence is general
and administrative costs increased from $72,301 to $324,473 during the quarters
ended June 30, 1999 and 2000, respectively, as a result of increased

<PAGE>   14

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 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

<PAGE>   15

          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.

     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.

<PAGE>   16

     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

Item 1 - Legal Proceedings

     (a) In September, 1998, Bruce N. Knudsen, a former employee of the Company,
filed an action in the Fifth Judicial Court in and for Washington County, State
of Utah, against the Company and Douglas K. Beplate for alleged breach of
contract, which arose out of an employment relationship, claiming 20,000 shares
of stock in the Company, unpaid wages and unreimbursed expenses in the
approximate sum of $40,000. The Company has entered into a Stipulation and
Settlement Agreement for dismissal with prejudice of the lawsuit by agreeing to
pay 15,000 shares of common stock of the Company, in accordance with said
Stipulation.

     (b) 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.


<PAGE>   17


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.


Item 2 - Changes in the Rights of the Company's
         Security Holders. . . . . . . . . . . . . . .  . . . . . . None

Item 3 - Defaults by the Company on its
         Senior Securities. . . . . . . . . . . . . . . . . . . . . None

Item 4 - Submission of Matter to Vote of Security
         Holders. . . . . . . . . . . . . . . . . . . . . . . . . . None

Item 5 - Other Information

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

     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.

     On July 12, 2000, Douglas K. Beplate was selected to fill a vacancy on the
board of directors and was elected by the board of directors as president.
Michael J. Crnkovich continues to hold the position of chief executive officer
of the Company. Michael J. Crnkovich is also the chairman of the board. On
August 15,

<PAGE>   18

2000, Douglas K. Beplate transferred 668,670 shares of his common stock, in
cancellation of indebtedness, to a third party pledgee. See the Form 10KSB filed
with the Securities and Exchange Commission on April 14, 2000 and Form 10SB12G/A
filed with the Securities and Exchange Commission on February 24, 2000.

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: August 18, 2000              Emergency Filtration Products, Inc.
                                    -----------------------------------
                                              (Registrant)

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