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, 2001

               [ ] 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.)

          14724 Ventura Boulevard, Second Floor, Sherman Oaks, CA 91403
        ----------------------------------------------------------------
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (818) 971-5100
                                 --------------
                           (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 September  30, 2001,  there were  2,400,000  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)
                                  FORM 10-QSB

                                      INDEX

         PART I. FINANCIAL INFORMATION                            PAGE NUMBER

           Item 1. Financial Statements (unaudited)

             BALANCE SHEET AS OF SEPTEMBER 30, 2001                      2

             STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
             ENDED SEPTEMBER 30, 2001 AND 2000                           3


             STATEMENTS OF OPERATIONS FOR THE NINE MONTHS
             ENDED SEPTEMBER 30, 2001 AND 2000 AND FOR THE PERIOD
             FROM OCTOBER 27, 1998 (INCEPTION) TO SEPTEMBER 30, 2001     4

             STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS
             ENDED SEPTEMBER 30, 2001 AND 2000 AND FOR THE PERIOD
             FROM OCTOBER 27, 1998 (INCEPTION) TO SEPTEMBER 30, 2001     5

             NOTES TO FINANCIAL STATEMENTS                               6-8


           Item 2. Management's Discussion and Analysis of
                    Financial Condition and Results of Operations         9

         PART II. OTHER INFORMATION

         Item 1. Legal Proceedings                                        9

         Item 2. Change in Securities and Use of Proceeds                 9

         Item 3. Defaults Upon Senior Securities                          9

         Item 4. Submission of Matters to a Vote of Security Holders     10

         Item 5. Other Information                                       10

         Item 6. Exhibits and Reports filed on Form 8-K                  10

                        Signatures                                       11


                                       1


<PAGE>

PART I.   FINANCIAL INFORMATION

Item 1.   Financial Statements


                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                                  BALANCE SHEET

                                                                September 30,
                                                                    2001
                                                                (Unaudited)
                                                               -------------

                                     ASSETS

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


                      LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES                                                   $        -

                                                               -------------

STOCKHOLDERS' EQUITY

  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, 2,400,000 issued
   and outstanding                                                   2,400
  Additional paid-in capital                                        47,013
  Accumulated deficit during
   development stage                                               (49,413)
                                                               -------------

TOTAL STOCKHOLDERS' EQUITY                                           -
                                                               -------------

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



                 See accompanying notes to financial statements

                                       2
<PAGE>

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



                                          For the Three Months Ended
                                                 September 30,
                                              2001             2000
                                        --------------     --------------

<S>                                     <C>                <C>
REVENUES                                $         -        $      -
                                        --------------     --------------

EXPENSES

  Accounting fees                       $     1,400        $       1,400
  Bank charges                                  -                    -
  Consulting fees                               -                    -
  Legal fees                                  2,300                2,300
  Office and postage expense                    700                  700
  Rent                                        2,000                2,000
                                        --------------     --------------

NET LOSS                                $    (6,400)       $      (6,400)
--------                                ============       ==============


  Net loss per share - basic and
  diluted                               $     (0.00)       $       (0.00)
                                        ============       ==============

  Weighted average number of
  shares outstanding  during the
  period - basic and diluted              2,400,000            2,400,000
                                        ============       ==============
</TABLE>







          See accompanying notes to financial statements

                                       3

<PAGE>

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


                                                                            October 27, 1998
                                          For the Nine Months Ended          (Inception) to
                                                 September 30,                September 30,
                                             2001             2000               2001
                                        -------------     -------------      --------------

<S>                                     <C>                <C>               <C>
REVENUES                                $         -        $      -          $       -
                                        --------------     --------------    --------------

EXPENSES

  Accounting fees                       $     4,200        $       5,400     $      11,500
  Bank charges                                  -                    -                  95
  Consulting fees                               -                    -                  18
  Legal fees                                  6,900                8,300            18,000
  Office and postage expense                  2,100                2,200             5,000
  Rent                                        6,000                6,800            14,800
                                        --------------     --------------    --------------

NET LOSS                                $   (19,200)       $     (22,700)    $     (49,413)
--------                                ============       ==============    ==============


  Net loss per share - basic and
  diluted                               $     (0.01)       $       (0.01)    $       (0.02)
                                        ============       ==============    ==============

  Weighted average number of
  shares outstanding  during the
  period - basic and diluted              2,400,000            2,400,000         2,041,004
                                        ============       ==============    ==============
</TABLE>







          See accompanying notes to financial statements

                                       4

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

                                                                            October 27, 1998
                                          For the Nine Months Ended          (Inception) to
                                                 September 30,                September 30,
                                             2001             2000               2001
                                        -------------     -------------      --------------
<S>                                     <C>                <C>               <C>
Cash flows from operating
activities
  Net loss                              $   (19,200)       $     (22,700)    $     (49,413)
  Adjustments to reconcile net
   loss to net cash used in
   operating activities:
  Common stock issued for services              -                 -                     18
  Contribution of expenses by a
    Stockholder                              19,200               -                 19,200
                                        --------------     --------------    --------------
  Net cash provided by (used in)
   operating activities                         -                (22,700)          (30,195)

                                        --------------     --------------    --------------
Cash flows from financing
activities
  Proceeds from issuance of
   common stock                                 -                 -                  1,000
  Loan payable - stockholder                    -                 22,700            29,195
                                        --------------     --------------    --------------

  Net cash provided by
  financing activities                          -                 22,700            30,195
                                        --------------     --------------    --------------
NET INCREASE IN CASH                            -                 -                  -

CASH AND CASH EQUIVALENTS -
  BEGINNING                                     -                 -                  -
                                        --------------     --------------    --------------
CASH AND CASH EQUIVALENTS -
----------------------------
  ENDING                                $       -          $       -         $       -
  ------                                ==============     ==============    ==============

NON-CASH FINANCING ACTIVITIES:
------------------------------
Conversion of loan payable - stockholder
     into additional paid-in capital                                         $      29,195
                                                                             ==============
</TABLE>


          See accompanying notes to financial statements

                                       5
<PAGE>


                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF SEPTEMBER 30, 2001


NOTE  1   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

          (A) Organization and Description of Business

          Transwave  Corporation (a development  stage company) (the  "Company")
          was  incorporated  in the State of  Delaware  on October  27,  1998 to
          engage in an  internet-based  business.  At September  30,  2001,  the
          Company had not yet commenced any revenue-generating  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 additional  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 accounting principles generally accepted in the United
          States of America and the rules and  regulations 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  statements  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, 2000.


                                       6

<PAGE>

                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF SEPTEMBER 30, 2001

          (C) Use of Estimates

          In  preparing  financial  statements  in  conformity  with  accounting
          principles  generally  accepted  in  the  United  States  of  America,
          management is required to make estimates and  assumptions  that affect
          the reported  amounts of assets and  liabilities and the disclosure of
          contingent  assets  and  liabilities  at the  date  of  the  financial
          statements  and  revenues and  expenses  during the  reported  period.
          Actual results could differ from those estimates.


          (D) Cash and Cash Equivalents

          For purposes of the cash flow  statements,  the Company  considers all
          highly liquid investments with original  maturities of three months or
          less at time of purchase 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  No.109").  Under Statement
          No. 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 was no current or deferred income tax expense or benefits due to
          the Company not having any  material  operations  for the period ended
          September 30, 2001.

          (F) Loss Per Share

          Net loss per common share for the six months ended  September 30, 2001
          and for the period from October 27, 1998  (inception) to September 30,
          2001 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, 2001.

                                       7

<PAGE>

                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF SEPTEMBER 30, 2001

NOTE  2   STOCKHOLDERS' EQUITY

          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  2,142,660 and 257,340 shares to AppleTree
          Investment  Company,  Ltd.  and  PageOne  Business  Productions,  LLC,
          respectively.  No  preferred  shares were issued as of  September  30,
          2001.

          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, 2001 give effect to common
          and preferred stock amounts and par values  enumerated in the restated
          certificate of incorporation.

          The  Company's  Board of  Directors  authorized  the  conversion  of a
          $29,195   non-interest   bearing  loan  payable  to  PageOne  Business
          Productions, LLC, which arose from funds advanced to the Company, into
          additional paid-in capital.

          On  September  28,  2001,  by action of the  board of  directors,  the
          Company  effected  a  2.35664:1  stock  split,  making  the issued and
          outstanding  shares total  2,400,000.  The share and per share amounts
          contained in these financial  statements and notes give effect to this
          stock split.

NOTE  3   GOING CONCERN

          As reflected in the accompanying financial statements, the Company has
          had  accumulated  losses  of  $49,413  since  inception  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 being
          taken provide the  opportunity  for the Company to continue as a going
          concern.

                                       8
<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, 2001,  during the Company's  development  stage, the Company has a
zero cash balance and has generated a net loss of $49,413.


FINANCIAL CONDITION AND LIQUIDITY

     The Company has limited  liquidity  and has an ongoing  need to finance its
activities. To date, the Company currently has funded these cash requirements by
offering and selling 2,356,640 shares of Common Stock for net proceeds of $1,000
and the contribution to additional  paid-in capital of a loan payable of $29,195
from a  stockholder.  Operating  costs for the quarter ended  September 30, 2001
were paid by a stockholder and treated as a contribution  to additional  paid-in
capital.

     The Company expects to fund its immediate needs through private  placements
of its securities and is seeking a suitable business combination.



PART II   OTHER INFORMATION


Item 1. Legal Proceedings

                  None


Item 2. Change in Securities and Use of Proceeds

                  None


Item 3. Defaults Upon Senior Securities

                  None

                                       9

<PAGE>


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

                  Not applicable


Item 5. Other Information

                  None


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

       (a)      Exhibits

                  None

       (b)      Reports on Form 8-K

                  None.





                                       10




<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


January 31, 2002                      By:  /s/ James P. Walters
----------------                        --------------------------------
                                           James P. Walters
                                           Chief Financial Officer
                                           (Principal Financial Officer)





                                        11