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 0-28875

                              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.)

         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 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 MARCH 31, 2000                           2

             STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
             ENDED MARCH 31, 2000 AND FOR THE PERIOD FROM
             OCTOBER 27, 1998 (INCEPTION) TO MARCH 31, 2000               3

             STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS
             ENDED MARCH 31, 2000 AND FOR THE PERIOD FROM
             OCTOBER 27, 1998 (INCEPTION) TO MARCH 31, 2000                4

             NOTES TO FINANCIAL STATEMENTS                                 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

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

                                     ASSETS

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


                 LIABILITIES AND STOCKHOLDERS' DEFICIENCY

LIABILITIES
  Loan payable to stockholder             $            95     $       8,245
                                            ---------------     -------------

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                               (1,113)           (9,263)
                                            ---------------     -------------

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

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



                 See accompanying notes to financial statements

                                       2
<PAGE>


                              TRANSWAVE CORPORATION
                          (A DEVELOPMENT STAGE COMPANY)
                            STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


                                             October 27,
                                                1998              Three
                                            (Inception) to     Months Ended
                                            March 31, 2000     March 31, 2000
                                            --------------     -------------

REVENUES                                  $         -        $        -
                                            --------------     -------------

EXPENSES

  Accounting fees                                  2,500             2,000
  Bank charges                                        95              -
  Consulting fees                                     18              -
  Legal fees                                       3,500             3,000
  Office and postage expense                         750               750
  Rent                                             2,400             2,400
                                            --------------     -------------

NET LOSS                                  $       (9,263)    $      (8,150)
--------                                    ==============     =============


  Net loss per share - basic and
  diluted                                 $      (0.0131)    $     (0.0080)
                                            ==============     =============

  Weighted average number of
  shares outstanding  during the
  period - basic and diluted                     706,139         1,018,400
                                            ==============     =============







          See accompanying notes to financial statements

                                       3

<PAGE>


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


                                          October 27,
                                              1998
                                          (Inception)       Three Months
                                               to           Ended March
                                         March 31, 2000       31, 2000
                                         ---------------   ---------------
Cash flows from operating
activities
  Net loss                             $        (9,263)    $        (8,150)
  Adjustments to reconcile net
   loss to net cash
   used in operating
   activities:
  Common stock issued for services                  18                -
                                          ---------------   ---------------
  Net cash used in operating                    (9,245)             (8,150)
  activities
                                         ---------------   ---------------

Cash flows from financing
activities
  Proceeds from issuance of
   common stock                                  1,000                -
  Loan proceeds from stockholder                 8,245               8,150
                                         ---------------   ---------------

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

NET INCREASE IN CASH                              -                   -

CASH AND CASH EQUIVALENTS -
  BEGINNING                                       -                   -
                                         ---------------   ---------------

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






          See accompanying notes to financial statements

                                       4

<PAGE>


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


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 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 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 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 in the Company's form 10-KSB for the year ended
              December 31, 1999.

                                       5

<PAGE>

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

           (C) Use of Estimates

              In preparing  financial  statements in conformity  with  generally
              accepted  accounting  principles,  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 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 October 27, 1998  (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>

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

NOTE  2    LOAN PAYABLE TO STOCKHOLDER

           The  loan  payable  to  stockholder  is a  non-interest-bearing  loan
           payable to PageOne Business  Productions,  LLC. The amount is due and
           payable on demand.

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 March 31, 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 March 31, 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 had  accumulated  losses of  $9,263  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  being  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 March
31, 2000,  during the Company's  development  stage, the Company has a zero cash
balance and has generated a net loss of ($9,263).

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  has funded  these cash
requirements  by  offering  and selling  its Common  Stock,  in addition to cash
advances from a stockholder, and has issued 1,018,400 shares of Common Stock for
net proceeds of $1,018.00. 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.

                                        TRANSWAVE 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