FORM 10-Q/A

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2001.

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from N/A to N/A

Commission file number 0-12984

ADVANCED TOBACCO PRODUCTS, INC. (Exact name of registrant as specified in its charter)

TEXAS 74-2285214 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.)

16607 Blanco Road, Suite 703, San Antonio, Texas 78232 (Address of principal executive offices)(Zip Code)

(210) 408-1995 (Registrant's telephone number, including area code)

N/A (Former name, former address and former fiscal year, if changed since last report)

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes No N/A

APPLICABLE ONLY TO CORPORATE ISSUERS:

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

8,212,136 as of December 31, 2001

EXPLANATION OF AMENDMENT

This amendment is to correct a filing error of the 10-Q for Advanced Tobacco Products, Inc. for the three month period ending December 31, 2001. The 10-Q filed on February 14, 2002 inadvertently attached a previously filed report for Advanced Tobacco Products, Inc.

ADVANCED TOBACCO PRODUCTS, INC. PART I - FINANCIAL INFORMATION dba ADVANCED THERAPEUTIC PRODUCTS, INC. ITEM 1: Financial Statements BALANCE SHEET

(Unaudited) (Audited) December 31 September 30 2001 2001

ASSETS:

CURRENT ASSETS:
Cash & cash equivalents	$ 506,922	$ 193,498
Product Payments Receivable	198,808	142,095
Interest Receivable	2,167	2,436
Investments	459,295	559,456
TOTAL CURRENT ASSETS:	1,167,192	897,485

LICENSE AGREEMENTS, Net:	157,976	162,352

LONG TERM INVESTMENTS:	975,387	1,105,044

TOTAL ASSETS:	$2,300,555	$2,164,881

LIABILITIES AND STOCKHOLDERS' EQUITY:

LIABILITIES:
Accrued Liabilities	$ 30,394	$ 40,150

TOTAL LIABILITIES:	30,394	40,150

STOCKHOLDERS' EQUITY:
Common stock, $.01 par value;
30,000,000 shares authorized;

8,222,136 shares issued and outstanding as of December 31,

2001, and September 30, 2001, respectively	82,222	82,222
Additional paid-in-capital	12,595,767	12,595,767
Accumulated deficit	(10,407,828)	(10,553,258)

TOTAL STOCKHOLDERS' EQUITY:	2,270,161	2,124,731

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY:	$2,300,555	$2,164,881

ADVANCED TOBACCO PRODUCTS, INC. dba ADVANCED THERAPEUTIC PRODUCTS, INC. STATEMENTS OF INCOME

(Unaudited) Three Months Ended December 31 2001 2000

REVENUES:
Product Payments	198,808	193,719
Total operating revenues:	198,808	193,719

EXPENSES:
General and administrative	75,707	35,100
Total operating expenses:	75,707	35,100

INCOME FROM OPERATIONS:	123,101	158,619

OTHER INCOME:
Interest Income	22,329	24,380
Total other income:	22,329	24,380

NET INCOME:	$ 145,430	$ 182,999

WEIGHTED AVERAGED NUMBER OF SHARES
OF COMMON STOCK OUTSTANDING:	8,222,136	8,202,245

WEIGHTED AVERAGED NUMBER OF SHARES
OF COMMON STOCK OUTSTANDING -
ASSUMING DILUTION:	8,222,136	8,202,245

INCOME PER COMMON SHARE - BASIC AND
ASSUMING DILUTION	$ .02	$ .02

ADVANCED TOBACCO PRODUCTS, INC. dba ADVANCED THERAPEUTIC PRODUCTS, INC. STATEMENTS OF CASH FLOWS

(Unaudited) Three Months Ended December 31 2001 2000

CASH FLOWS FROM OPERATING ACTIVITIES:
Net income:	145,430	182,999
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of license agreements	4,376	13,965
Amortization of discount on investments	(19,817)	(18,824)
Increase in cash flows from changes
in operating assets and liabilities
Product payments receivable	(56,713)	(85,927)
Interest receivable	269	-0-
Accounts payable	( 9,756)	19,155
Net cash provided by operating activities:	63,789	111,368

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of license agreements and patent costs	-0-	(1,750)
Purchase of investments	(200,365)	-0-
Sale or maturity of investments	450,000	300,000
Net cash provided by investing activities:	249,635	298,250

CASH FLOWS FROM FINANCING ACTIVITIES:
Exercise of stock Options	-0-	8,439
Dividends Paid	-0-	-0-
Net cash provided by financing activities:	-0-	8,439

NET INCREASE IN CASH AND CASH EQUIVALENTS:	313,424	418,057

CASH & CASH EQUIVALENTS AT BEGINNING OF PERIOD:	193,498	123,746

CASH & CASH EQUIVALENTS AT END OF PERIOD:	$506,922	$541,803

NOTES TO CONDENSED FINANCIAL STATEMENTS

The condensed financial statements included herein have been prepared by Advanced Tobacco Products, Inc., dba Advanced Therapeutic Products, Inc. ("ATP") without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. However, all adjustments have been made to the accompanying financial statements which are, in the opinion of ATP's management, necessary for the fair presentation of ATP's results of operations for the period covered. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although ATP believes that the disclosures are adequate to make the information presented herein not misleading. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in ATP's Annual Report on Form 10-K as of September 30, 2001.

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operation

DISCUSSION OF OPERATIONS

In 1987, ATP sold patented nicotine technology, which forms the basis of the Nicorette/Nicotrol Inhaler ("Inhaler"), to what is now Pharmacia Corporation ("PHA"), in exchange for product payments of 3% of PHA's net sales of the Inhaler.

Product payments are payable on a country by country basis for the greater of 10 years following the date of the first commercial sale or the expiration of all issued patents enforceable in such countries. There are payment limitations in the event of the sale of a nicotine vapor product competitive with the Inhaler.

The Inhaler was launched nationwide in the U.S. as a prescription product in 1998. PHA has introduced the Inhaler, primarily as an over-the-counter product, in Australia, Austria, Belgium, Czech Republic, Denmark, Estonia, Finland, Hong Kong, Iceland, Ireland, Italy, Malta, Mexico, Netherlands, New Zealand, Norway, Portugal, Russia, Singapore, Sweden, Switzerland, Taiwan, and United Kingdom.

The Inhaler is the only nicotine replacement product designed to help control a smoker's cravings for cigarettes while providing a key behavioral component of smoking--the hand-to-mouth ritual. The Inhaler consists of a mouthpiece and a cartridge containing nicotine. The user puffs on the mouthpiece, inhaling the nicotine, which is then absorbed through the lining of the mouth.

ATP also has an agreement with PHA under which, among other matters, ATP has the right to receive a royalty equal to .1% of net revenues received by PHA from the sale of any product using a nicotine impermeable copolymer technology. Under the terms of the agreement, ATP receives royalties from the sales of PHA's Nicorette/Nicotrol Patch.

In addition, ATP has an exclusive worldwide license to certain dry powder nicotine inhaler technology from Duke University. ATP has obtained several patents covering this technology. ATP believes that a dry powder nicotine inhaler has the potential to be a future generation nicotine replacement product.

LIQUIDITY AND CAPITAL RESOURCES

Cash resources, including investments, available as of December 31, 2001, were $1,941,604 as compared to $1,857,998 as of December 31, 2000. On January 9, 2002 and January 10, 2001, ATP paid dividends aggregating $411,107 (5 cents per share) and $411,107(5 cents per share), respectively.

COMPARISON OF SELECTED FINANCIAL DATA

Operating Revenues for the three month period ending December 31, 2001, increased to $198,808, as compared to $193,719 for the three month period ending December 31, 2000. This increase is due to an increase in product payments from PHA.

Interest income for the three month period ending December 31, 2001, decreased to $22,329 as compared to $24,380 for the three month period ending December 31, 2000. This decrease is due to a decrease in interest rates.

ATP's net income of $182,999 for the quarter ended December 31, 2000, included a non-recurring payment of $50,000 which was credited against general and administrative expenses. The non-recurring payment was a "stand still" fee paid by a third party for a review of ATP and its assets. Net income for the three month period ending December 31, 2001, increased to $145,430 as compared to $132,999 for the Quarter ended December 31, 2000, when adjusted for the non-recurring payment.

General and administrative expenses for the three month period ending December 31, 2001, decreased to $75,707 as compared to $85,100 for the three month period ending December 31, 2000, when adjusted for the non-recurring payment.

PART II - OTHER INFORMATION

Item 1: Legal Proceedings. None

Item 2: Changes in Securities and Use of Proceeds. 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. None -

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.

ADVANCED TOBACCO PRODUCTS. INC. (Registrant)

Dated: February 18, 2002

By: J. W. Linehan, Executive Officer and Chief Accounting Officer

ADVANCED TOBACCO PRODUCTS INC 10-Q/A