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 MARCH 31, 2000

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

                         COMMISSION FILE NUMBER 0-28877

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

                    DELAWARE                             95-4737509
                    --------                             ----------
         (STATE OR OTHER JURISDICTION OF              (I.R.S. EMPLOYER
          INCORPORATION OR ORGANIZATION)             IDENTIFICATION NO.)

          22147 PACIFIC COAST HIGHWAY, SUITE 4, MALIBU CALIFORNIA 90265
        ----------------------------------------------------------------
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (310) 317-6939
                                 --------------
                           (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 May 8, 2000,  there were 750,000  shares of Common Stock,  $0.001 par
value, of the issuer outstanding.

            Transitional Small Business Disclosure Format (check one)

                         YES       NO  X
                             ---      ---

<PAGE>


                          SUTRA MANAGEMENT CORPORATION
                         (A DEVELOPMENT STAGE COMPANY)

                                      INDEX

         PART I. FINANCIAL INFORMATION                            PAGE NUMBER

           Item 1. Financial Statements

           BALANCE SHEET AS OF MARCH 31, 2000                            2

           STATEMENTS OF OPERATIONS FOR THE THREE MONTHS                 3
           ENDED MARCH 31, 2000 AND FOR THE PERIOD FROM
           MAY 9, 1997 (INCEPTION) TO MARCH 31, 2000                     4

           STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS                 5-7
           ENDED MARCH 31, 2000 AND FOR THE PERIOD FROM
           MAY 9, 1997 (INCEPTION) TO MARCH 31, 2000

           NOTES TO FINANCIAL STATEMENTS

          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            9

                        Signatures                                       9

                                       1

<PAGE>
PART I.         FINANCIAL INFORMATION

Item 1.         Financial Statements


                          SUTRA MANAGEMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                                  BALANCE SHEET

                              ASSETS

                                                              March 31,
                                        December 31,            2000
                                            1999            (Unaudited)
                                       ----------------    ---------------

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


                LIABILITIES AND STOCKHOLDERS' DEFICIENCY

LIABILITIES
  Loan payable - related party       $             95    $         8,245
                                       ----------------    ---------------

   TOTAL LIABILITIES                               95              8,245
                                       ----------------    ---------------

STOCKHOLDERS' DEFICIENCY

  Preferred stock, $.001 par value,
   8,000,000 shares authorized, none
   issued and outstanding                          -                  -
  Common stock, $.001 par value,
   100,000,000 shares authorized,
   750,000 isssued and outstanding                750                750
  Additional paid in capital                      260                260
  Accumulated deficit during
  development stage                            (1,105)            (9,255)
                                       ----------------    ---------------

   TOTAL STOCKHOLDERS' DEFICIENCY                 (95)            (8,245)
                                       ----------------    ---------------

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



          See accompanying notes to financial statements.

                                       2
<PAGE>


                          SUTRA MANAGEMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


                                          May 9, 1997       For the
                                          (Inception)        Three
                                              to            Months
                                           March 31,         Ended
                                             2000          March 31,
                                                             2000
                                         --------------   ------------

INCOME                                 $         -      $       -
                                         --------------   ------------

EXPENSES

  Accounting fees                               2,500          2,000
  Bank service charge                              95           -
  Consulting fees                                  10           -
  Legal fees                                    3,500          3,000
  Office and postage                              750            750
  Rent                                          2,400          2,400
                                         --------------   ------------

NET LOSS                               $       (9,255)  $     (8,150)
--------
                                         ==============   ============

NET LOSS PER SHARE - BASIC AND
  DILUTED                              $      (0.0409)  $    (0.0109)
                                         ==============   ============

WEIGHTED AVERAGE NUMBER OF
  SHARES OUTSTANDING DURING
  THE PERIOD - BASIC AND DILUTED              226,319        750,000
                                         ==============   ============









          See accompanying notes to financial statements.

                                       3

<PAGE>


                          SUTRA MANAGEMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)



                                       May 9, 1997      For the Three
                                     (Inception) to     Months Ended
                                      March 31, 2000    March 31, 2000
                                     ---------------   ---------------

CASH FLOWS FROM OPERATING
ACTIVITIES:
  Net loss                         $        (9,255)  $        (8,150)
  Adjustments to reconcile net
   loss to net cash used by
   operating activities:
  Stock issued for services                     10              -
                                     ---------------   ---------------

  Net cash used in operating
  activities                                (9,245)           (8,150)
                                     ---------------   ---------------

CASH FLOWS FROM INVESTING
  ACTIVITIES:                                 -                 -
                                     ---------------   ---------------

CASH FLOWS FROM FINANCING
  ACTIVITIES:
  Loan payable - related party               8,245             8,150
  Proceeds from issuance of
   common stock                              1,000              -
                                     ---------------   ---------------

  Net cash provided by financing
   activities                                9,245             8,150
                                     ---------------   ---------------

INCREASE IN CASH AND CASH
  EQUIVALENTS                                 -                 -

CASH AND CASH EQUIVALENTS -
  BEGINNING OF PERIOD                         -                 -
                                     ---------------   ---------------

CASH AND CASH EQUIVALENTS -
---------------------------
  END OF PERIOD                    $          -      $          -
  -------------                      ===============   ===============



          See accompanying notes to financial statements.

                                       4

<PAGE>


                          SUTRA MANAGEMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2000

NOTE 1     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

           (A) Organization and Business Operations

           Sutra  Management  Corporation  (a  development  stage company) ("the
           Company") was incorporated in Delaware on May 9, 1997 to engage in an
           internet-based  business.  At March 31, 2000, 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  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  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.

           In addition, the accompanying financial statements do not include the
           statement  of  operations  or cash flows for the three  months  ended
           March 31, 1999 since the Company was inactive during this period.

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

                                       5

<PAGE>

                          SUTRA MANAGEMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2000


           (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.

           (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 three months 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 expenses or benefits due
           to the  Company  not having  any  material  operations  for the three
           months ended March 31, 2000.

           (F) Loss Per Share

           Net loss per common  share for the three  months ended March 31, 2000
           and for the period from May 9, 1997  (inception) to March 31, 2000 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 March
           31, 2000.

                                       6

<PAGE>

                          SUTRA MANAGEMENT CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2000


NOTE 2     LOAN PAYABLE - RELATED PARTY

           The loan  payable  -  related  party 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.

NOTE 3     STOCKHOLDERS' DEFICIENCY

           The Company was originally authorized to issue 2,000 shares of common
           stock at no par value. The Company issued 900 and 1,100 common shares
           to Appletree Investment Company Ltd. and PageOne Business
           Productions, LLC respectively.

           Management  filed a restated  certificate of  incorporation  with the
           State of Delaware  which  increased the number of  authorized  common
           shares  to  100,000,000,  effected  a 375 to 1  split  of  the  2,000
           previously  issued common shares,  and created  8,000,000  authorized
           shares of preferred  stock. In addition,  the par value of the common
           stock  was  changed  to $.001  per share and the par value of the new
           preferred stock was set at $.001 per share.

           The financial  statements at March 31, 2000 give effect to common and
           preferred  stock  amounts and par values  enumerated  in the restated
           certificate of incorporation. No preferred shares have been issued as
           of March 31, 2000.

NOTE 4     GOING CONCERN

           As reflected in the accompanying  financial  statements,  the Company
           has accumulated  losses of $9,255 since inception,  a working capital
           deficiency of $8,245, 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 (May 9, 1997) through March 31,
2000,  during the  Company's  development  stage,  the  Company  has a zero cash
balance and has generated a net loss of ($9,255).

FINANCIAL CONDITION AND LIQUIDITY

     The Company has a working  capital  deficiency of $8,245 and has an ongoing
need to finance its activities.  To date, the Company currently has funded these
cash  requirements by offering and selling its Common Stock, in addition to cash
advances from a  stockholder,  and has issued 750,000 shares of Common Stock for
net proceeds of $1,010.00. Operating costs for the current period were funded by
a loan from a stockholder.

PLAN OF OPERATION

         The  Company  has  registered a dot.com 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.

                                        SUTRA MANAGEMENT CORPORATION
                                        --------------------------------------
                                        Registrant


 May 15, 2000                      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