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 QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000

                 [ ] Transition report under section 13 or 15(d)
                              of the Exchange Act.

                         COMMISSION FILE NUMBER 0-28875

                              TRANSWAVE CORPORATION
                     --------------------------------------
        (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)

                    DELAWARE                             95-4719023
                    --------                             ----------
         (STATE OR OTHER JURISDICTION OF              (I.R.S. EMPLOYER
          INCORPORATION OR ORGANIZATION)             IDENTIFICATION NO.)

              29160 HEATHERCLIFF ROAD, SUITE 102, MALIBU, CA 90265
        ----------------------------------------------------------------
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (310) 457-8167
                                 ----------------
                           (ISSUER'S TELEPHONE NUMBER)

             860 VIA DE LA PAZ, SUITE E-1, PACIFIC PALISADES, CA 90272
                 (Former Address, if changed since last report)

     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 November  15,  2000,  there were  1,018,400  shares of Common  Stock,
$0.001 par value, of the issuer outstanding.

            Transitional Small Business Disclosure Format (check one)

                         YES       NO  X
                             ---      ---

<PAGE>


                              TRANSWAVE CORPORATION
                         (A DEVELOPMENT STAGE COMPANY)

                                      INDEX

         PART I. FINANCIAL INFORMATION                            PAGE NUMBER

           Item 1. Financial Statements

            BALANCE SHEET AS OF SEPTEMBER 30, 2000 (UNAUDITED) AND
            DECEMBER 31, 1999                                           2

            STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND
            NINE MONTHS ENDED SEPTEMBER 30, 2000 AND SEPTEMBER 30,
            1999 AND FROM OCTOBER 27, 1998 (INCEPTION) TO
            SEPTEMBER 30, 2000 (UNAUDITED)                              3

            STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED
            SEPTEMBER 30, 2000 AND SEPTEMBER 30, 1999 AND FOR
            THE PERIOD FROM OCTOBER 27, 1998 (INCEPTION) TO
            SEPTEMBER 30, 2000 (UNAUDITED)                              4

            NOTES TO FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2000
            (UNAUDITED)                                                 5-7


           Item 2. Management's Discussion and Analysis of
                    Financial Condition and Results of Operations       8

         PART II. OTHER INFORMATION

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

  Signatures                                                            9


                                       1

<PAGE>

PART I.    FINANCIAL INFORMATION

Item 1.   Financial Statements


                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                                  BALANCE SHEET



                                   ASSETS
                                                September 30,
                                                   2000        December 31,
                                                (unaudited)        1999
                                               --------------  --------------

TOTAL ASSETS                                   $       -       $       -
------------                                   ==============  ==============



                  LIABILITIES AND STOCKHOLDERS' DEFICIENCY

LIABILITIES
  Loan payable to stockholder                  $     22,795    $         95
                                               --------------  --------------

  TOTAL LIABILITIES                                  22,795              95
                                               --------------  --------------

STOCKHOLDERS' DEFICIENCY
  Preferred stock, $0.001 par value,
   8,000,000 shares authorized, none
   issued and outstanding                              -               -
  Common stock, $0.001 par value,
   100,000,000 shares authorized,
   1,018,400 issued and outstanding                   1,018           1,018
  Accumulated deficit during
  development stage                                 (23,813)         (1,113)
                                               --------------  --------------

TOTAL STOCKHOLDERS' DEFICIENCY                      (22,795)            (95)
                                               --------------  --------------

TOTAL LIABILITIES AND STOCKHOLDERS'
------------------------------------
  DEFICIENCY                                   $       -       $       -
  ----------                                   ==============  ==============



                       See accompanying notes to financial statements

                                       2
<PAGE>

<TABLE>
<CAPTION>
                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


                                                                                                       For the
                                                                                                     period from
                                             For the        For the       For the       For the      October 27,
                                              three          three         nine          nine           1998
                                           months ended   months ended  months ended  months ended   (Inception)
                                            September      September     September     September     to September
                                            30,  2000      30, 1999       30, 2000     30, 1999       30, 2000
                                           ----------     ----------    ----------    -----------    -----------
<S>                                        <C>            <C>           <C>           <C>            <C>
REVENUES                                   $   -          $    -        $    -        $     -        $     -
                                           ----------     ----------    ----------    -----------    -----------

EXPENSES
  Accounting fees                             1,400           -            5,400            500          5,900
  Bank charges                                 -              -             -                30             95
  Consulting fees                              -              -             -                18             18
  Legal fees                                  2,300           -            8,300            500          8,800
  Office & postage expense                      700           -            2,200           -             2,200
  Rent                                        2,000           -            6,800           -             6,800
                                           ----------     ----------    ----------    -----------    -----------

NET LOSS                                   $ (6,400)      $   -         $(22,700)     $  (1,048)     $ (23,813)
--------                                   ==========     ==========    ==========    ===========    ===========


Net loss per share - basic and
diluted                                    $(0.0063)      $   -         $(0.0223)     $ (0.0016)     $ (0.0303)
                                           ==========     ==========    ==========    ===========    ===========

Weighted average number of shares
  outstanding during the period -
  basic and diluted                        1,018,400      1,018,400     1,018,400       663,089        787,199
                                           ==========     ==========    ==========    ===========    ===========
</TABLE>



                       See accompanying notes to financial statements


                                       3

<PAGE>

<TABLE>
<CAPTION>
                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)


                                                   For the         For the
                                                     nine            nine           October
                                                    months          months         27, 1998
                                                    ended           ended        (inception)
                                                  September      September      to September
                                                   30, 2000       30, 1999        30, 2000
                                                  -----------    -----------    -----------
<S>                                               <C>            <C>            <C>
Cash flows from operating activities
  Net loss                                        $ (22,700)     $  (1,048)     $ (23,813)
  Adjustments to reconcile net loss to net
   cash used in operating activities:
  Common stock issued for services                     -                18             18
  Increase in accrued expenses                         -               500           -
                                                  -----------    -----------    -----------
    Net cash used in operating activities           (22,700)          (530)       (23,795)
                                                  -----------    -----------    -----------

Cash flows from financing activities
  Proceeds from issuance of common stock               -             1,000          1,000
  Loan proceeds from stockholder                     22,700            270         22,795
                                                  -----------    -----------    -----------
    Net cash provided by financing
    activities                                       22,700          1,270         23,795
                                                  -----------    -----------    -----------

Net increase in cash                                   -               740           -

Cash and cash equivalents - Beginning                  -              -              -
                                                  -----------    -----------    -----------

Cash and cash equivalents - ending                $    -         $     740      $    -
                                                  ===========    ===========    ===========
</TABLE>





                       See accompanying notes to financial statements

                                       4
<PAGE>

                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                            AS OF SEPTEMBER 30, 2000

NOTE 1    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          (A)  Organization and Business Operations

          Transwave  Corporation (a development  stage company) ("the  Company")
          was  incorporated  in  Delaware  on October  27,  1998 to engage in an
          internet-based  business.  At September 30, 2000,  the Company had not
          yet commenced any  revenue-generated  operations,  and all activity to
          date relates to the Company's  formation,  proposed fund raising,  and
          business plan development.

          The  Company's  ability to commence  revenue-generating  operations is
          contingent  upon its ability to implement  its business plan and raise
          the capital it will require through the issuance of equity securities,
          debt securities, bank borrowings or a combination thereof.

          (B)  Basis of Presentation

          The accompanying  unaudited financial statements have been prepared in
          accordance with generally accepted accounting principles and the rules
          and regulation of the  Securities and Exchange  Commission for interim
          financial  information.  Accordingly,  they  do not  include  all  the
          information  necessary for a  comprehensive  presentation of financial
          position and results of operations.

          It is  management's  opinion,  however that all  material  adjustments
          (consisting of normal recurring  adjustments) have been made which are
          necessary for a fair financial statement presentation. The results for
          the interim period are not necessarily indicative of the results to be
          expected for the year.

          For  further  information,  refer  to  the  financial  statements  and
          footnotes  included  in the  Company's  Form 10-KSB for the year ended
          December 31, 1999.

          (C)  Use of Estimates

          The  preparation  of  the  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.

                                       5
<PAGE>

                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                            AS OF SEPTEMBER 30, 2000

NOTE 1    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          (D)  Cash and Cash Equivalents

          For purposes of the statement of cash flows, the Company considers all
          highly liquid investments purchased with an original maturity of three
          months or less to be cash equivalents.

          (E)  Income Taxes

          The Company  accounts for income taxes under the Financial  Accounting
          Standards Board Statement of Financial  Accounting  Standards No. 109,
          "Accounting for Income Taxes"  ("Statement 109"). Under Statement 109,
          deferred tax assets and  liabilities are recognized for the future tax
          consequences   attributable  to  differences   between  the  financial
          statement  carrying  amounts of existing  assets and  liabilities  and
          their  respective tax basis.  Deferred tax assets and  liabilities are
          measured  using enacted tax rates  expected to apply to taxable income
          in the years in which those  temporary  differences are expected to be
          recovered or settled.  Under Statement 109, the effect on deferred tax
          assets  and  liabilities  of a change  in tax rates is  recognized  in
          income in the period that includes the enactment  date.  There were no
          current or deferred  income tax expense or benefits due to the Company
          not having any material operations for the nine months ended September
          30, 2000.

          (F)  Loss Per Share

          Net loss per common share for the periods  presented is computed based
          upon the weighted  average  common  shares  outstanding  as defined by
          Financial  Accounting  Standards No. 128  "Earnings Per Share".  There
          were no common stock equivalents outstanding at September 30, 2000.

NOTE 2    LOAN PAYABLE TO STOCKHOLDER

          The loan payable to stockholder is a non-interest-bearing loan payable
          to PageOne  Business  Productions,  LLC arising from funds advanced to
          the Company. The amount is due and payable upon demand.

                                       6

<PAGE>

                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                            AS OF SEPTEMBER 30, 2000

NOTE 3    STOCKHOLDERS' DEFICIENCY

          The Company  was  originally  authorized  to issue  100,000  shares of
          preferred   stock  at  $.01  par   value,   with  such   designations,
          preferences, limitations and relative rights as may be determined from
          time  to  time by the  Board  of  Directors.  It was  also  originally
          authorized  to issue  10,000,000  shares of common  stock at $.001 par
          value.  The Company  issued  909,200 and 109,200  shares to  AppleTree
          Investment  Company,  Ltd.  and  PageOne  Business  Productions,  LLC,
          respectively.  No  preferred  shares were issued as of  September  30,
          2000.

          Management  filed a restated  certificate  of  incorporation  with the
          State of Delaware  which  increased  the number of  authorized  common
          shares to  100,000,000,  increased the number of authorized  preferred
          shares to  8,000,000  and  decreased  the par  value of the  preferred
          shares to $.001 per share.

          The  financial  statements at September 30, 2000 give effect to common
          and preferred stock amounts and par values  enumerated in the restated
          certificate of incorporation.

NOTE 4    GOING CONCERN

          As reflected in the accompanying financial statements, the Company has
          accumulated  losses of  $23,813  since  inception,  a working  capital
          deficiency of $22,795, and has not generated any revenues since it has
          not yet  implemented  its business plan. The ability of the Company to
          continue as a going concern is dependent on the  Company's  ability to
          raise  additional   capital  and  implement  its  business  plan.  The
          financial  statements  do not  include any  adjustments  that might be
          necessary if the Company is unable to continue as a going concern.

          The Company  intends to  implement  its  business  plan and is seeking
          funding through the private placement of its equity or debt securities
          or may seek a combination  with another company already engaged in its
          proposed  business.  Management  believes that actions presently taken
          provide  the  opportunity  for  the  Company  to  continue  as a going
          concern.


                                       7


<PAGE>



Item 2.   Management's Discussion and Analysis of Financial Condition
          and Results of Operations

RESULTS OF OPERATIONS

     The following  discussion  and analysis below should be read in conjunction
with the financial statements,  including the notes thereto, appearing elsewhere
in this report.  For the period  since  inception  (October  27,  1998)  through
September 30, 2000,  during the Company's  development  stage, the Company has a
zero cash balance and has accumulated losses of ($23,813).

FINANCIAL CONDITION AND LIQUIDITY

     The Company has a working capital  deficiency of $22,795 and has an ongoing
need to finance its  activities.  To date,  the  Company  has funded  these cash
requirements  by  offering  and selling  its Common  Stock,  in addition to cash
advances from a stockholder, and has issued 1,000,000 shares of Common Stock for
net proceeds of $1,000.00. Operating costs for the current period were funded by
a loan from a stockholder.

PLAN OF OPERATION

     The Company has  registered an internet  domain name and has  determined it
can begin conducting its business with limited financing that it has arranged.


PART II   OTHER INFORMATION

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

       (a)      Exhibits

       Exhibit No.     Description
       ----------      -----------
           27          Financial Data Schedule


       (b)      Reports on Form 8-K

                    None.




                                        8

<PAGE>


                                   SIGNATURES
                                   ----------

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

                                        TRANSWAVE CORPORATION
                                        ---------------------
                                        Registrant


 February 21,2001                 By:      /s/ James P. Walters
 -----------------                        --------------------------------
                                           James P. Walters
                                           Chief Financial Officer
                                           (Principal Financial Officer)





                                        9
<PAGE>


                                  EXHIBIT INDEX


Exhibit No.                Description
----------                 -----------
    27                     Financial Data Schedule