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

                                   FORM 10-QSB

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

                  For the fiscal quarter ended JANUARY 31, 2003
                                               ----------------

                         Commission file number 0-26955

                               OCUMED GROUP, INC.


           (Name of small business issuer as specified in its charter)



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


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

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

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

         As of February 28, 2003, 24,841,572 shares of the Common Stock
                                were outstanding.
<PAGE>
                               Ocumed Group, Inc.

                                   FORM 10-QSB

                                January 31, 2003

<TABLE>
<CAPTION>
                                     PART I

                                                                           Page
                                                                          Number
                                                                          ------
<S>                                                                       <C>
Item 1. Financial Statements (Unaudited):

        Consolidated Balance Sheets at January 31, 2003
             and April 30, 2002 ........................................     3

        Consolidated Statements of Operations for the
             Three Months Ended January 31, 2003 .......................     5

        Consolidated Statements of Operations for the
             Nine Months Ended January 31, 2003 ........................     6

        Consolidated Statements of Cash Flows From Continuing Operations
             For the Nine Months Ended January 31, 2003 ................     7

        Consolidated Statement of Stockholders' Equity From August 1,
             2001 Through January 31, 2003 .............................     9

        Notes to Consolidated Financial Statements .....................    10

Item 2. Management's Discussion and Analysis or Plan of Operations .....    14

                                     PART II

Item 1. Legal Proceedings ..............................................    16

Item 2. Changes in Securities ..........................................    16

Item 3. Defaults Upon Senior Securities ................................    16

Item 4. Submission of Matters to a Vote of Security Holders ............    16

Item 5. Other Information ..............................................    16

Item 6. Exhibits and Reports on Form 8-K ...............................    16
</TABLE>




                                       2
<PAGE>
                               Ocumed Group, Inc.
                      UNAUDITED CONSOLIDATED BALANCE SHEETS
                       January 31, 2003 and April 30, 2002

                                     ASSETS

<TABLE>
<CAPTION>
                                             January 31, 2003     April 30, 2002
                                             ----------------     --------------
<S>                                          <C>                  <C>
CURRENT ASSETS:
      Cash in bank                             $    42,727         $     5,101
      Accounts receivable                        1,622,778           1,373,186
      Inventories                                2,045,047           1,794,321
      Other current assets                         372,568             344,568
                                               -----------         -----------
           Total current assets                  4,083,120           3,517,176
                                               -----------         -----------

PROPERTY, PLANT &
      EQUIPMENT - NET                            6,596,070           7,366,470
                                               -----------         -----------

OTHER ASSETS:
      Other assets                                 576,397             118,381
      Deferred tax asset                           371,946             486,336
                                               -----------         -----------
           Total other assets                      948,343             604,717
                                               -----------         -----------

TOTAL ASSETS                                   $11,627,533         $11,488,363
                                               ===========         ===========
</TABLE>




                 See accompanying notes to financial statements.

                                       3
<PAGE>
                               Ocumed Group, Inc.
                      UNAUDITED CONSOLIDATED BALANCE SHEETS
                       January 31, 2003 and April 30, 2002

                      LIABILITIES AND STOCKHOLDERS' EQUITY


<TABLE>
<CAPTION>
                                               January 31, 2003   April 30, 2002
                                               ----------------   --------------
<S>                                            <C>                <C>
CURRENT LIABILITIES
      Accounts payable                           $    331,865      $    398,739
      Accrued expenses                                278,873           224,857
      Current portion - long term debt                171,504           157,663
      Current portion - net liabilities of
           discontinued operations                    355,229           182,011
                                                 ------------      ------------
           Total current liabilities                1,137,471           963,270

LONG-TERM LIABILITIES
      Long term Debt                                3,561,218         3,689,938
      Long term portion - net liabilities of
           discontinued operations                         --           164,227
                                                 ------------      ------------

TOTAL LIABILITIES                                   4,698,689         4,817,435
                                                 ------------      ------------

STOCKHOLDERS' EQUITY
      Common stock ($0 0001 par value
           900,000,000 shares authorized
           24,841,572 shares issued)                   39,845            39,845
      Paid in capital                               7,441,185         7,441,185
      Accumulated deficit                            (552,182)         (810,102)
                                                 ------------      ------------
TOTAL STOCKHOLDERS' EQUITY                          6,928,848         6,670,928
                                                 ------------      ------------

TOTAL LIABILITIES AND
      STOCKHOLDER'S EQUITY                       $ 11,627,537      $ 11,488,363
                                                 ============      ============
</TABLE>




                 See accompanying notes to financial statements.

                                       4
<PAGE>
                               Ocumed Group, Inc.
                 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
              For the Three Months Ended January 31, 2003 and 2002

<TABLE>
<CAPTION>
                                                      2003             2002
                                                  ------------     ------------
<S>                                               <C>              <C>
 Net sales                                        $  2,207,180     $  1,674,325
                                                  ------------     ------------
 Cost of goods sold:
       Material                                        333,632          253,087
       Labor                                           122,091           92,616
       Overhead                                        189,186          143,513
       Depreciation                                    256,800          256,800
                                                  ------------
 Cost of goods sold                                    901,709          746,016
                                                  ------------     ------------
 Gross Profit                                        1,305,471          928,309
                                                  ------------     ------------
 Operating Expenses:
       Selling and marketing                           529,723          421,461
       General and administrative                      345,217          219,910
       Research and development                        174,090          132,062
                                                  ------------     ------------
 Total operating expenses                            1,049,030          773,433
                                                  ------------     ------------
 Income from operations                                256,441          154,876
                                                  ------------     ------------
 Other income/(expense):
       Interest expense                               (106,304)        (110,546)
       Financing expense                                (2,526)          (2,526)
       Royalty income                                   10,167           11,653
                                                  ------------     ------------
 Total other income/(expense)                          (98,663)        (101,419)
                                                  ------------     ------------
 Income before provision for income taxes              157,778           53,457
 Provision for income taxes                             47,333           16,037
                                                  ------------     ------------
 Net income from continuing operations                 110,445           37,420
 Loss from discontinued operations                      (3,040)          (4,611)
                                                  ------------     ------------
 Net income/(loss)                                $    107,405     $     32,809
                                                  ============     ============
 Net income/(loss) per common share:
       Basic income from continuing operations    $   0.004446     $   0.052408
       Basic loss from discontinued operations       (0.000122)       (0.006458)
                                                  ------------     ------------
       Basic income/(loss) per common share       $   0.004324     $   0.045950
                                                  ============     ============
       Weighted average of common shares
          outstanding, basic                        24,841,572          714,013
                                                  ============     ============
</TABLE>



                 See accompanying notes to financial statements.

                                       5
<PAGE>
                               Ocumed Group, Inc.
                 UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
                   For the Nine Months Ended January 31, 2003



<TABLE>
<S>                                                                <C>
Net sales                                                          $  6,267,031
                                                                   ------------
Cost of goods sold:
      Material                                                          947,309
      Labor                                                             346,664
      Overhead                                                          537,173
      Depreciation                                                      770,400
                                                                   ------------
Cost of goods sold                                                    2,601,546
                                                                   ------------
Gross Profit                                                          3,665,485
                                                                   ------------
Operating Expenses:
      Selling and marketing                                           1,516,028
      General and administrative                                        980,186
      Research and development                                          494,309
                                                                   ------------
Total operating expenses                                              2,990,523
                                                                   ------------
Income from operations                                                  674,962
                                                                   ------------
Other income/(expense):
      Interest expense                                                 (322,167)
      Financing expense                                                  (7,578)
      Royalty income                                                     36,080
                                                                   ------------
Total other income/(expense)                                           (293,665)
                                                                   ------------
Income before provision for income taxes                                381,297
Provision for income taxes                                              114,389
                                                                   ------------
Net income from continuing operations                                   266,908
Loss from discontinued operations                                        (8,990)
                                                                   ------------
Net income/(loss)                                                  $    257,918
                                                                   ============
Net income/(loss) per common share:
      Basic income from continuing operations                      $   0.010744
      Basic loss from discontinued operations                         (0.000362)
                                                                   ------------
      Basic income/(loss) per common share                         $  (0.01038)
                                                                   ============
      Weighted average of common shares
         outstanding, basic                                          24,841,572
                                                                   ============
</TABLE>



                 See accompanying notes to financial statements.

                                       6
<PAGE>
                               Ocumed Group, Inc.
                 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                           FROM CONTINUING OPERATIONS
                   For the Nine Months Ended January 31, 2003


<TABLE>
<S>                                                                   <C>
Cash flows from operating activities:
     Net income from continuing operations                            $ 266,908

     Adjustments to reconcile net income to net
         cash used in operating activities:
            Depreciation and amortization                               762,822
            Decrease in deferred tax asset                              114,389

            (Increase)/decrease in assets:
                Accounts receivable                                    (249,592)
                Inventories                                            (250,726)
                Other current assets                                    (28,000)
            Increase/(decrease) in liabilities:
                Accounts payable                                        (66,874)
                Accrued royalty expense                                  54,016
                Current portion - long term debt                         13,841
                                                                      ---------

     Net cash provided by operating activities                          616,784
                                                                      ---------

     Cash flows from investing activities:

         Purchase of property, plant & equipment                             --
                                                                      ---------

     Cash flows from financing activities:

         Proceeds from new debt                                              --
         Other non-current assets                                      (450,438)
         Debt repayment                                                (128,720)
                                                                      ---------
     Net cash provided by financing activities                         (579,158)

Net cash provided by/(used in) continuing
     operations                                                          37,626

Cash balance at merger date (August 1, 2001)                              5,101
                                                                      ---------

Cash balance at end of period                                         $  42,727
                                                                      =========
</TABLE>



                 See accompanying notes to financial statements.

                                       7
<PAGE>
                               Ocumed Group, Inc.
                 UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
                           FROM CONTINUING OPERATIONS
                   For the Nine Months Ended January 31, 2003


<TABLE>
<S>                                                                     <C>
Supplemental disclosure of non cash investing
     and financing activities:

         Issuance of common stock in connection
            with the acquisition of Ocumed
                Group, Inc.                                             $     --

Supplemental disclosure of cash flow information:

     Cash paid during the periods for:

         Interest                                                       $322,167
         Income taxes:                                                        --
</TABLE>



                 See accompanying notes to financial statements.

                                       8
<PAGE>
                               Ocumed Group, Inc.
                        STATEMENT OF STOCKHOLDERS' EQUITY
             For The Period August 1, 2001 Through January 31, 2003


<TABLE>
<CAPTION>
                                                                 Common Stock                 Additional         Retained
                                                        -------------------------------         Paid in          Earnings
                                                           Shares             Amount            Capital          (Deficit)
                                                        ------------       ------------      ------------      ------------
<S>                                                     <C>                <C>               <C>               <C>
Balance, August 1, 2001 (merger date)                    894,988,414       $     37,450      $  1,018,052      $   (965,595)

      Reverse stock split (one share for every one
         thousand held)                                 (894,093,426)                --                --                --

      Shares issued for the conversion of debt            23,946,584              2,395         6,423,133                --

      Net income for the nine months ending
         April 30, 2002                                           --                 --                --           155,493
                                                        ------------       ------------      ------------      ------------

Balance, April 30, 2002                                   24,841,572       $     39,845      $  7,441,185      $   (810,102)

      Net income for the nine months ending
         January 31, 2003                                         --                 --                --           257,918
                                                        ------------       ------------      ------------      ------------

Balance, January 31, 2003                                 24,841,572       $     39,845      $  7,441,185      $   (552,184)
                                                        ============       ============      ============      ============
</TABLE>




            See accountants' report and notes to financial statements



                                       9
<PAGE>
                               OCUMED GROUP, INC.

                 Notes To The Consolidated Financial Statements

                                JANUARY 31, 2003

         The accompanying unaudited financial statements have been prepared in
         accordance with generally accepted accounting principles for interim
         financial information and with instructions to Form 10-QSB.
         Accordingly, they do not include all of the information and footnotes
         required by generally accepted accounting principles for complete
         financial statements. In the opinion of management, all adjustments
         considered necessary for the fair presentation have been included. The
         results of operations for the three months ended January 31, 2003, is
         not necessarily indicative of the results to be expected for the full
         year ending April 30, 2003. For further information, please refer to
         the consolidated financial statements and footnotes thereto included in
         the Company's Annual Report for the year ended April 30, 2002 filed on
         Form 10-KSB, which is incorporated herein by reference.

NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

     A.  Organization: Ocumed Group, Inc. (the "Company"), formerly Archer
         Systems Limited, Inc., was incorporated on March 19, 1986, under the
         laws of the State of Delaware. On August 6, 2001, the Company merged
         with Ocumed Group, Inc. ("Ocumed"), a company incorporated in August
         1998, under the State of New Jersey. Ocumed became a wholly owned
         subsidiary of the Company. In January 2002 the Company changed its name
         from Archer Systems Limited, Inc. to Ocumed Group, Inc.

         Pursuant to the merger agreement, the former business activities of
         Archer Systems Limited, Inc. and its wholly owned subsidiaries were
         discontinued.

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

     B.  Consolidation: The consolidated financial statements include all the
         accounts of Ocumed Group, Inc. and controlled entities. The Company
         accounts for its investments in consolidated subsidiaries by the equity
         method. All inter-company transactions are eliminated.

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



                                       10
<PAGE>
     D.  Method of Accounting: The financial statements have been prepared in
         accordance with the accrual basis method of accounting. Under this
         method of accounting, income and expenses are identified with specific
         periods of time and are recorded as earned or incurred without regard
         to date of receipt or disbursements of cash.

     E.  Earnings Per Share: Computed by dividing net income or loss by the
         weighted average number of shares outstanding during the year.
         Effective January 14, 2002, the Company reverse split its common stock
         on a one share for every thousand shares held basis. The weighted
         average number of shares used in the current financial statements
         reflects this reverse split.

     F.  Federal Income Taxes: The Financial Accounting Standards Board issued
         Statement No. 109, "Accounting for Income Taxes" (SFAS 109), which
         provides for the recognition of deferred tax assets, net of applicable
         valuation allowance, related to net operating loss carry forwards and
         certain temporary differences.

     G.  Research and Development Cost: Expenditures relating to the development
         of new products and processes, including significant improvements to
         existing products, are expensed as incurred.

     H.  Depreciation: Equipment and improvements are recorded at cost and
         depreciated utilizing the straight-line method over their estimated
         useful lives.

NOTE 2 - MERGER:

         On August 6, 2001, the Company merged with Ocumed. The Officers and
         Directors of Ocumed became the new management of the Company.

         The Company has accounted for the acquisition as a reverse acquisition
         of Ocumed. The Company was deemed the accounting acquirer. Accordingly,
         stockholders' equity has been restated to reflect the number of shares
         of common stock outstanding after the merger and the retained deficit
         of the Company prior to the merger. The former activities of the
         Company were discontinued and are included in discontinued operations
         in the statement of operations and net liabilities of discontinued
         operations in the balance sheet.

NOTE 3 - INVENTORIES:

         At January 31, inventories are comprised as follows:

<TABLE>
<S>                                                                   <C>
         Finished Goods                                               $  419,963
         Work-in-process                                                 179,493
         Raw materials and supplies                                    1,445,591
                                                                      ----------

                                                                      $2,045,047
                                                                      ==========
</TABLE>



                                       11
<PAGE>
NOTE 4 - PROPERTY AND EQUIPMENT:

         At January 31, property and equipment are comprised as follows:

<TABLE>
<CAPTION>
                                                     Estimated
                                                    Useful Life
                                                    -----------
<S>                                                 <C>              <C>
         Land                                                        $   300,000
         Buildings                                   30 years          2,200,000
         Machinery and equipment                      7 years          8,545,890
                                                                     -----------
                                                                      11,045,890

          Less: accumulated depreciation                               4,449,820
                                                                     -----------

             Property and Equipment, Net                             $ 6,596,070
                                                                     ===========
</TABLE>

         Expenditures for major repairs and renewals that extend the useful life
         of the asset are capitalized. Minor repair expenditures are charged to
         expense as incurred.

NOTE 5 - INCOME TAXES:

     A.  Operating Loss: The Company, as of January 31, 2003, has loss carry
         forwards totaling $2,714,886 that may be offset against future taxable
         income.

     B.  Components - Current and Deferred:

<TABLE>
<CAPTION>
                                                                January 31, 2003
                                                                ----------------
<S>                                                             <C>
                  Current Taxes                                     $      0
                  Deferred                                          $778,000
                                                                    --------

                                                                    $778,000
                                                                    ========
</TABLE>

         Based on management's present assessment, the Company has determined it
         to be more likely than not that a net deferred long term tax asset of
         $371,946 attributable to the future utilization of $2,431,251 of net
         operating loss carry forwards as of January 31, 2003, will be realized.

         Accordingly, the Company has provided a $406,054 allowance against the
         net deferred tax asset in the financial statements as of January 31,
         2003. The Company will continue to review this valuation allowance and
         make adjustments as appropriate. Net operating loss carry forwards will
         expire as follows:

<TABLE>
<CAPTION>
                    January 31                               Loss Carry Forwards
                    ----------                               -------------------
<S>                                                          <C>
                      2014                                       $   523,473
                      2015                                         1,248,336
                      2016                                           613,402
                      2017                                            46,040
                                                                 -----------

                    Net operating loss carry forward             $ 2,431,251
                                                                 ===========
</TABLE>




                                       12
<PAGE>
NOTE 6 - ROYALTY AGREEMENTS:

         The Company has two royalty income agreements with manufacturers using
         the Company's patented technology. The terms of these agreements are a
         royalty expense of six cents per package manufactured with a $50,000
         royalty minimum due. Both agreements expire in 2007.

         The Company has a royalty agreement with an inventor for the use of a
         patented eye drop dispenser. The Company is required to make payments
         of 5% of sales of Ocurest products or $4,000 per month, which ever is
         greater.

NOTE 7 - DEBT:

         The Company has two loan agreements totaling $2,763,117, payable over
         twelve years and one loan agreement for $969,605, payable over twenty
         years. The terms of the loan are interest at Prime plus 1.75% per
         annum. Principal and interest payable monthly. In addition, the Company
         incurred expenses relating to obtaining the loan agreements. These
         expenses are being amortized over the loan terms.

         A schedule of future payments of long term debt by fiscal year is as
         follows:

<TABLE>
<S>                                                                 <C>
                           2003                                     $     84,490
                           2004                                          180,546
                           2005                                          202,633
                           2006                                          226,572
                           2007                                          253,340
                           Thereafter                                  2,785,141
                                                                    ------------

                           Total                                    $  3,732,722
                                                                    ============
</TABLE>

NOTE 8 - DEBT CONVERSION:

         On March 22, 2002, the Board of Directors authorized the conversion of
         the $5,600,000 Subordinated Income Debentures, issued to the former
         owners of Ocumed Group, Inc., into restricted common stock of the
         Company. The conversion was effected at one half of the market price on
         that date or $0.26 and resulted in the issuance of 22,303,712 share of
         the Company's Restricted Common Stock.

         On April 10, 2002, two shareholders exercised their right to convert
         Note Consolidation Agreements ("the Agreements") to restricted common
         stock in the Company. Per the Agreements the conversion was effected at
         the same rate as the conversion of the Subordinated Income Debenture
         and resulted in the issuance of 465,872 shares of the Company's
         Restricted Common Stock.



                                       13
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

PLAN OF OPERATIONS:

From 1986 until July 25, 2001, the Company conducted no business operations
except for organizational activities and seeking technologies and businesses to
acquire.

In August 2001, the Company acquired all the outstanding shares of common stock
of Ocumed Group, Inc. ("Ocumed"). Until then the Company had no income from
operations and operating expenses aggregating $965,595.

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

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

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

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

RESULTS OF OPERATIONS:

In August 2001, the Company acquired all the outstanding shares of common stock
of Ocumed Group, Inc. ("Ocumed"), a New Jersey Corporation, in exchange for
shares of Archer Common Stock and Subordinated Income Debentures (the
"Exchange"). The Exchange was accomplished pursuant to the terms of an Agreement
dated August 6, 2001 (the "Agreement"), by and among Archer and Ocumed and
Crossgates Limited Partners, STMI Investments, Inc. and Ocumed, Inc.,
hereinafter referred to as ("Ocumed Shareholders"). The terms of the Purchase
Agreement reflected the arm's-length negotiations among the parties.



                                       14
<PAGE>
Effective January 11, 2002, the Company amended its certificate of incorporation
to change its name from Archer Systems Limited, Inc. to Ocumed Group, Inc. The
name change was adopted to more clearly reflect the new operations of the
Company, which began upon the acquisition of Ocumed in August of 2001.

The Company has eliminated the Archer Systems Limited, Inc., business
development activities. Therefore, no financial information is included for
these activities except as set forth in the footnotes to the Financial
Statements presented herein.

The above mentioned acquisition was recorded as a purchase for accounting
purposes. Therefore, the accompanying financial statements reflect the financial
results of Archer Systems Limited, Inc. for the period May 1,2001, through July
31, 2001, and Ocumed, from August 1, 2001, through January 31, 2003.

For the three months ending January 31, 2003, revenues increased from
$1,674,325 generated in 2002, to $2,207,180. This increase was a result of the
continuing marketing efforts implemented of Ocumed Group, Inc., the private New
Jersey corporation.

Net income from continuing operations for the three months ended January 31,
2003, increased by $73,025, a result of the increased revenue.

LIQUIDITY AND CAPITAL RESOURCES:

The Company's cash position was $42,727 as of January 31, 2003. Cash flows
provided by operating activities during the nine months ended January 31, 2003,
were $616,784, due to the net income of $266,908 adjusted for an increase of
current assets of $528,318 an increase in current liabilities of $983,
depreciation and amortization of $762,822 and a decrease in deferred tax asset
of $114,389. The net cash used in financing activities during the nine months
ended January 31, 2003, consisted of a reduction of long-term borrowings of
$128,720. During the next twelve months the Company plans to satisfy its
operating cash requirements through the operations of Ocumed Group, Inc., the
operating company acquired August 6, 2001 (see Plan of Operations above).

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

FORWARD LOOKING INFORMATION:

This report contains certain forward-looking statements and information relating
to the Company that are based on beliefs of the Company's management as well as
assumptions made by and information currently available to the Company's
management. When used in this report, words such as "anticipate," "believe,"
"estimate," "expect," "intend," "should," and similar expressions, as they
relate to the Company or its management, identify forward-looking statements.
Such statements reflect the current views of the Company with respect to future
events and are subject to certain risks, uncertainties, and assumptions relating
to the operations, results of operations, liquidity, and growth strategy of the
Company, including competitive factors, changes in legal and regulatory


                                       15
<PAGE>
requirements, interest rate fluctuations, and general economic conditions, as
well as other factors described in this report. Should one or more of the risks
materialize, or should underlying assumptions prove incorrect, actual results or
outcomes may vary materially from those described herein as anticipated,
believed, estimated, expected or intended.

                                     PART II

ITEM 1.           LEGAL PROCEEDINGS.

                  None

ITEM 2.           CHANGES IN SECURITIES.

                  None

ITEM 3.           DEFAULTS UPON SENIOR SECURITIES.

                  None

ITEM 4.           SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

                  None

ITEM 5.           OTHER INFORMATION.

                  None

ITEM 6.           EXHIBITS AND REPORTS ON FORM 8-K.

                  (a) Exhibits

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

Number          Exhibit

2               Form of Agreement dated August 6, 2001, for the acquisition of
                Ocumed Group, Inc., by and among Archer Systems Limited, Inc.,
                Crossgates Limited Partners, STMI Investments, Inc., and Ocumed,
                Inc. filed as an exhibit to the Company's Form 8-K filed on
                August 22, 2001 and incorporated herein by this reference.



                                       16
<PAGE>
3               Certificate of Incorporation of Company filed with the Secretary
                of State of Delaware on March 19, 1986. Filed as an exhibit to
                the Company's Form 10SB12G/A filed September 10, 1999 and
                incorporated herein by this reference.

3.1             Certificate for renewal and revival of Charter of the Company
                filed with the Secretary of State Division of Corporations on
                December 2, 1998. Filed as an exhibit to the Company's Form
                10SB12G/A filed September 10, 1999 and incorporated herein by
                this reference.

3.2             Certificate of Amendment of the Certificate of Incorporation of
                Archer Systems Limited, Inc., filed with the Secretary of State
                Division of Corporations on February 12, 1999. Filed as an
                exhibit to the Company's Form 10SB12G/A filed September 10, 1999
                and incorporated herein by this reference.

3.3             Certificate of Correction to Certificate of Amendment of the
                Certificate of Incorporation of Archer Systems Limited, Inc.,
                filed February 12, 1999 with the Secretary of State Division of
                Corporations. Filed as an exhibit to the Company's Form
                10SB12G/A filed September 10, 1999 and incorporated herein by
                this reference.

3.4             Copy of the by-laws of the Company. Filed as an exhibit to the
                Company's Form 10SB12G/A filed September 10, 1999 and
                incorporated herein by this reference.

4               Specimen Stock Certificate. Filed as an exhibit to the Company's
                Form 10SB12G/A filed September 10, 1999 and incorporated herein
                by this reference.

11              Statement: computation of per share earnings, see "Notes to
                Consolidated Financial Statements - Note 1 E."

21              Subsidiaries of the Company:

                Ocumed Group, Inc., a New Jersey Corporation

                ArcusNet Corporation

                General Acquisition, Inc.

23              There were no Form 8-K filings during the quarter ended January
                31, 2003.




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<PAGE>
SIGNATURES

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




Dated: March 17, 2003




OCUMED GROUP, INC.




By:   /s/  Alfred R. Caggia
      -----------------------
           Alfred R. Caggia
           President

By:   /s/  Paul G. Filipek
      -----------------------
           Paul G. Filipek
           Secretary/Treasurer

By:   /s/  Louise A. Cummings
      -----------------------
           Louise A. Cummings
           Director




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