UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549


                           FORM 10-KSB

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

            or the fiscal year ended December 31, 2001

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

                Commission file number: 000-30529

                      Wings & Things, Inc.
                      ----------------------
      (Exact name of registrant as specified in its charter)

Nevada                                              87-0464667
-------------------------------                     ------------------
(State or other jurisdiction of                     (I.R.S. Employer
incorporation or organization)                      Identification No.)

#149, 369 East 900 South, Salt Lake City, Utah         84111
-----------------------------------------------     -------------
(Address of principal executive offices)            (Zip code)

Issuer's telephone number, including area code: (801) 323-2395

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act: Common Stock

Check whether the issuer (1) 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 [ ]

Check if disclosure of delinquent filers in response to item 405 of Regulation
S-B is not contained herein, and will not be contained, to the best of
registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-KSB or any amendment to
this Form 10-KSB. [ ]

State issuer's revenue for its most recent fiscal year: None.

The registrant does not have an active trading market and a market value of
the voting stock held by non-affiliates cannot be determined.

As of March 27, 2002, the registrant had 17,000,000 shares of common stock
outstanding.

Documents incorporated by reference: None.

Transitional Small Business Disclosure Format (check one): Yes [_]__ No [X ]

<PAGE>

                              PART I
Item 1.   Description of business...........................................3
Item 2.   Description of property...........................................6
Item 3.   Legal proceedings.................................................6
Item 4.   Submission of matters to a vote of security holders...............7

                             PART II

Item 5.   Market for common equity and related stockholder matters..........7
Item 6.   Plan of operations  ..............................................7
Item 7.   Financial statements..............................................8
Item 8.   Changes in and disagreements with accountants....................18

                             PART III

Item 9.   Directors and executive officers; compliance with Section 16(a)..18
Item 10.  Executive compensation...........................................18
Item 11.  Security ownership of certain beneficial owners and management...19
Item 12.  Certain relationships and related transactions...................19
Item 13.  Exhibits.........................................................20




                    FORWARD LOOKING STATEMENTS

     In this annual report references to "Wings & Things," "we," "us," and
"our" refer to Wings & Things, Inc.

     This annual report contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.  Without
limiting the foregoing, words such as "may," "will," "expect," "believe,"
"anticipate," "estimate" or "continue" or comparable terminology are intended
to identify forward-looking statements.  These statements by their nature
involve substantial risks and uncertainties, and actual results may differ
materially depending on a variety of factors, many of which are not within
Wings & Things's control.  These factors include but are not limited to
economic conditions generally and in the industries in which Wings & Things
may participate, competition within Wings & Things's chosen industry,
technological advances and failure by Wings & Things to successfully develop
business relationships.

                                2
<PAGE>



                              PART I

ITEM 1: DESCRIPTION OF BUSINESS

Business Development

     Wings & Things, Inc. was incorporated in the state of Nevada on December
9, 1997 as the wholly-owned subsidiary of Yellow Pines Corporation, a Utah
corporation.  On March 10, 2000 Wings & Things merged with Yellow Pines for
the sole purpose of changing Yellow Pines' domicile from Utah to Nevada.
Yellow Pines was originally incorporated in the state of Utah on March 11,
1986 as WorldNet, Inc. of Utah and was a wholly-owned subsidiary of Nautilus
Entertainment, Inc., a Nevada corporation.  WorldNet Utah was formed to lease,
sell and market the Hystar airship and the Burket Mill, a waste milling
device.  However, the venture was found to be cost prohibitive and it ceased
such activities in 1986.  Wings & Things does not have active business
operations and remains a subsidiary of Nautilus Entertainment, Inc., now
called VIP WorldNet, Inc.

Our Plan

     We are a "blank check" company and have had recurring operating losses
for the past two fiscal years.  Our independent auditors have expressed doubt
that we can continue as a going concern unless we obtain financing to continue
operations.

     Our business plan is to seek, investigate, and, if warranted, acquire an
interest in a business opportunity.  Our acquisition of a business opportunity
may be made by merger, exchange of stock, or otherwise.  We have very limited
sources of capital, and we probably will only be able to take advantage of one
business opportunity. At the present time we have not identified any business
opportunity that we plan to pursue, nor have we reached any preliminary or
definitive agreements or understandings with any person concerning an
acquisition or merger.

     Based on current economic and regulatory conditions, management believes
that it is possible, if not probable, for a company like ours, without many
assets or liabilities, to negotiate a merger or acquisition with a viable
private company.  The opportunity arises principally because of the high legal
and accounting fees and the length of time associated with the registration
process of "going public."  However, should any of these conditions change, it
is very possible that there would be little or no economic value for anyone
taking over control of Wings & Things.

     Our search for a business opportunity will not be limited to any
particular geographical area or industry and includes both U.S. and
international companies.  Our management has unrestricted discretion in
seeking and participating in a business opportunity, subject to the
availability of such opportunities, economic conditions and other factors.
Our management believes that companies who desire a public market to enhance
liquidity for current stockholders, or plan to acquire additional assets
through issuance of securities rather than for cash will be potential merger
or acquisition candidates.

     The selection of a business opportunity in which to participate is
complex and extremely risky and will be made by management in the exercise of
its business judgement.  There is no assurance that we will be able to
identify and acquire any business opportunity which will ultimately prove to
be beneficial to us and our stockholders.  Should a merger or acquisition
prove unsuccessful, it is possible management may decide not to pursue further
acquisition activities and management may abandon its activities and we may
become dormant or be dissolved.

     Our activities are subject to several significant risks which arise
primarily as a result of the fact that we have no specific business and may
acquire or participate in a business opportunity based on the decision of
management which will, in all probability, act without consent, vote, or
approval of our stockholders.

                                3
<PAGE>

     It is possible that the range of business opportunities that might be
available for consideration by us could be limited by impact of the SEC
regulations regarding purchase and sale of "penny stock."  Our common stock is
not publicly traded at this time and we cannot assure that a market will
develop or that a stockholder ever will be able to liquidate his investments
without considerable delay, if at all.  If a market develops, our shares will
likely be subject to the rules of the Penny Stock Suitability Reform Act of
1990. The liquidity of penny stock is affected by specific disclosure
procedures required by this Act to be followed by all broker-dealers,
including but not limited to, determining the suitability of the stock for a
particular customer, and obtaining a written agreement from the customer to
purchase the stock.  This rule may affect the ability of broker-dealers to
sell our securities and may affect the ability of purchasers to sell our
securities in any market.

Investigation and Selection of Business Opportunities

     We anticipate that business opportunities will come to our attention from
various sources, including our officers and directors, our stockholders,
professional advisors such as attorneys and accountants, securities
broker-dealers, investment banking firms, venture capitalists, members of the
financial community and others who may present unsolicited proposals.
Management expects that prior personal and business relationships may lead to
contacts with these various sources.

     Our management will analyze the business opportunities, however, none of
our management are professional business analysts.  (See, Part III, Item 9:
"Directors and Executive Officers . . .") Our management has had limited
experience with mergers and acquisitions of business opportunities and has not
been involved with an initial public offering.  In January 2002, Mrs. Ball was
involved with an acquisition between Bennion Corporation, a blank check
company, and idiglobal.com, Inc., a company that designs, develops and markets
user-friendly, Internet-based software applications and development tools on
an integrated service platform.  The    transaction was structured as
stock-for-stock exchange and upon consummation of the transactions, Mrs. Ball
resigned as an officer and director of that company.  Due to our management's
inexperience with acquisitions and mergers, they may rely on promoters or
their affiliates, principal stockholders or associates to assist in the
investigation and selection of business opportunities.

     Certain conflicts of interest exist or may develop between us and our
officers and directors.  Our management has other business interests to which
they currently devote attention, which include their primary employment and
management of other blank check reporting companies.  They may be expected to
continue to devote their attention to these other business interests although
management time should be devoted to our business.  As a result, conflicts of
interest may arise that can be resolved only through their exercise of
judgement in a manner which is consistent with their fiduciary duties to us.
In particular, our officers and directors are directors of other blank check
companies with a structure and a business plan which is identical to ours and
they may be involved with other blank check companies in the future.  In the
process of negotiations for an acquisition or merger or determination of
consulting fees related to investigation of a business opportunity, our
principal stockholders and management may consider their own personal
pecuniary benefit or the interests of other blank check companies they are
affiliated with rather than the best interests of our other stockholders.

     We presently do not foresee entering into a merger or acquisition
transaction with any business with which our officers or directors are
currently affiliated. We may acquire or merge with companies of which our
management's  affiliates or associates have a direct or indirect ownership
interest.  If we determine in the future that a transaction with an affiliate
would be in our best interest we are permitted by Nevada law to enter into
such a transaction if:

     (1)     The material facts regarding the relationship or interest of the
affiliate in the contract or transaction are disclosed or are known to the
board of directors.  The board authorizes the contract or transaction by the
affirmative vote of a majority of the disinterested directors, even though the
disinterested directors constitute less than a quorum; or

                                4
<PAGE>

     (2)     The material facts regarding the relationship or interest of the
affiliate in the contract transaction are disclosed or are known to the
stockholders entitled to vote on the transaction, and the contract or
transaction is specifically approved by vote of the stockholders; or

     (3) The contract or transaction is fair to us at the time it is
authorized, approved or ratified by the board of directors or the
stockholders.

     A decision to participate in a specific business opportunity may be made
upon our management's analysis of the quality of the business opportunity's
management and personnel, the anticipated acceptability of its new products or
marketing concept, the merit of its technological changes, the perceived
benefit that it will derive from becoming a publicly held entity, and numerous
other factors which are difficult, if not impossible, to analyze through the
application of any objective criteria.  In many instances, we anticipate that
the historical operations of a specific business opportunity may not
necessarily be indicative of the potential for the future because of the
possible need to substantially shift marketing approaches, significantly
expand operations, change product emphasis, change or substantially augment
management, or make other changes.  We will be dependent upon the owners of a
business opportunity to identify any such problems which may exist and to
implement, or be primarily responsible for, the implementation of required
changes.

     In our analysis of a business opportunity we anticipate that we will
consider, among other things, the following factors:

     (1)   Potential for growth and profitability, indicated by new
technology, anticipated market expansion, or new products;

     (2)   Our perception of how any particular business opportunity will be
received by the investment community and by our stockholders;

     (3)   Whether, following the business combination, the financial
condition of the business opportunity would be, or would have a significant
prospect in the foreseeable future of becoming sufficient to enable our
securities to qualify for listing on a exchange or on a national automated
securities quotation system, such as NASDAQ.

     (4)   Capital requirements and anticipated availability of required
funds, to be provided by us or from operations, through the sale of additional
securities, through joint ventures or similar arrangements, or from other
sources;

     (5)   The extent to which the business opportunity can be advanced;

     (6)   Competitive position as compared to other companies of similar size
and experience within the industry segment as well as within the industry as a
whole;

     (7)   Strength and diversity of existing management, or management
prospect that are scheduled for recruitment;

     (8)   The cost of our participation as compared to the perceived tangible
and intangible values and potential; and

     (9)   The accessibility of required management expertise, personnel, raw
materials, services, professional assistance, and other required items.

     No one of the factors described above will be controlling in the
selection of a business opportunity.  Management will attempt to analyze all
factors appropriate to each opportunity and make a determination based

                                5
<PAGE>

upon reasonable investigative measures and available data. Potential business
opportunities may occur in many different industries and at various stages of
development.  Thus, the task of comparative investigation and analysis of such
business opportunities will be extremely difficult and complex. Potential
investors must recognize that because of our limited capital available for
investigation and management's limited experience in business analysis, we may
not discover or adequately evaluate adverse facts about the opportunity to be
acquired.

Form of Acquisition

     We cannot predict the manner in which we may participate in a business
opportunity. Specific business opportunities will be reviewed as well as our
needs and desires and those of the promoters of the opportunity.  The legal
structure or method deemed by management to be suitable will be selected based
upon our review and our relative negotiating strength. Such methods may
include, but are not limited to, leases, purchase and sale agreements,
licenses, joint ventures and other contractual arrangements. We may act
directly or indirectly through an interest in a partnership, corporation or
other forms of organization.  We may be required to merge, consolidate or
reorganize with other corporations or forms of business organization. In
addition, our present management and stockholders most likely will not have
control of a majority of our voting shares following a merger or
reorganization transaction. As part of such a transaction, our existing
directors may resign and new directors may be appointed without any vote by
our stockholders.

     We likely will acquire our participation in a business opportunity
through the issuance of common stock or other securities.  Although the terms
of any such transaction cannot be predicted, it should be noted that issuance
of additional shares also may be done simultaneously with a sale or transfer
of shares representing a controlling interest by current principal
stockholders.

Competition

     We expect to encounter substantial competition in our effort to locate
attractive opportunities.  Business development companies, venture capital
partnerships and corporations, venture capital affiliates of large industrial
and financial companies, small investment companies, and wealthy individuals
will be our primary competition. Many of these entities will have
significantly greater experience, resources and managerial capabilities than
we do and will be in a better position than we are to obtain access to
attractive business opportunities.  We also will experience competition from
other public "blank check" companies, many of which may have more funds
available for these type of transactions.

Employees

     We currently have no employees.  Our management expects to confer with
consultants, attorneys and accountants as necessary.  We do not anticipate a
need to engage any full-time employees so long as we are seeking and
evaluating business opportunities.  We will determine the need for employees
based upon the specific business opportunity.


                ITEM 2: DESCRIPTION OF PROPERTIES

     We do not currently own or lease any property.  Until we pursue a viable
business opportunity and recognize income, we will not seek independent office
space.

                    ITEM 3: LEGAL PROCEEDINGS

     We are not a party to any proceedings or threatened proceedings as of the
date of this filing.

                                6
<PAGE>


    ITEM 4: SUBMISSION OF MATTES TO A VOTE OF SECURITY HOLDERS

     We have not submitted a matter to a vote of our shareholders during the
fourth quarter of the 2001 fiscal year.


                             PART II

ITEM 5: MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

     We do not have a public trading market.  As of March 27, 2002, we have
approximately 77 stockholders of record holding 15,060,850 restricted shares,
as that term is defined in Rule 144, and 1,938,150 unrestricted shares.  We
have not granted options or warrants.  We have not declared dividends on our
common stock and do not anticipate paying dividends on our common stock in the
foreseeable future.

Recent Sales of Unregistered Securities

     We have not sold any unregistered securities within the last three years.


                    ITEM 6: PLAN OF OPERATIONS

     We have no assets and have experienced losses from inception.  For the
fiscal year ended December 31, 2001 we had no cash on hand and total current
liabilities of $40,000.  The $40,000 account payable is owed to  Mutual
Ventures Corporation for professional fees incurred during 1999 which Mutual
Ventures paid on our behalf.  Management expects to satisfy this account with
cash once we establish revenues or we may convert the debt into common shares.

     We have no commitments for capital expenditures for the next twelve
months.  During the next twelve months we believe that our current cash needs
can be met by loans from our directors, officers and stockholders based on
informal understandings we have with these individuals.  These understandings
are not written agreements and therefore these persons are not obligated to
provide funds.  We may repay these loans and advancements with cash, if
available, or we may convert them into common stock.

      Our management intends to actively seek business opportunities during
the next twelve months.      If we obtain a business opportunity, then it may
be necessary to raise additional capital through the sale of our common stock.
We intend to issue such stock pursuant to exemptions provided by federal and
state securities laws.  The purchasers and manner of issuance will be
determined according to our financial needs and the available exemptions.  We
do not currently intend to make a public offering of our stock.  We also note
that if we issue more shares of our common stock our shareholders may
experience dilution in the value per share of their common stock.


                   ITEM 7: FINANCIAL STATEMENTS



                                7
<PAGE>







                       Wings & Things, Inc.

                       Financial Statements

                    December 31, 2001 and 2000







<PAGE> 8


                             CONTENTS


Independent Auditor's Report ...............................................3

Balance Sheets..............................................................4

Statements of Operations ...................................................5

Statements of Stockholders' Equity..........................................6

Statements of Cash Flows....................................................7

Notes to the Financial Statements...........................................8





<PAGE> 9




                      CHISHOLM & ASSOCIATES
A Professional           Certified Public Accountants    Office (801)292-8756
Corporation                    P.O. Box 540216              Fax (801)292-8809
                   North Salt Lake, Utah 84054
_____________________________________________________________________________


                   INDEPENDENT AUDITOR'S REPORT



To the Board of Directors and Stockholders
of Wings & Things, Inc.:

We have audited the accompanying consolidated balance sheets of Wings &
Things, Inc. (a development stage company) as of December 31, 2001 and 2000
and the related consolidated statements of operations, stockholders' equity
and cash flows for the years ended December 31, 2001 and 2000 and from
inception March 11, 1986 through December 31, 2001.  These consolidated
financial statements are the responsibility of the Company's management.  Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with generally accepted auditing
standards in the United States of America.  Those standards require that we
plan and perform the audits to obtain reasonable assurance about whether the
financial statements are free of material misstatement.  An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above
present fairly, in all material respects, the financial position of Wings &
Things, Inc. (a development stage company) as of December 31, 2001 and 2000
and the results of its operations and cash flows for the years ended December
31, 2001 and 2000 and from inception March 11, 1986 through December 31, 2001
in conformity with generally accepted accounting principles in the United
States of America.

The accompanying consolidated financial statements have been prepared assuming
that the Company will continue as a going concern.  The Company has suffered
recurring losses from operations which raises substantial doubt about its
ability to continue as a going concern.  Management's plans in regard to these
matters are described in Note 2.  The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.

/s/ Chisholm & Associates

Chisholm & Associates
North Salt Lake, Utah
January 2, 2002

<PAGE> 10


                       Wings & Things, Inc.
                  (A Development Stage Company)
                   Consolidated Balance Sheets


                              ASSETS

                                                           December 31
                                                       2001          2000
                                                   ------------- -------------
CURRENT ASSETS

Cash (Note 1)                                      $          -  $          -
                                                   ------------- -------------

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


               LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Accounts Payable - Related party                   $     40,000  $     40,000
                                                   ------------- -------------

  Total Liabilities                                      40,000        40,000
                                                   ------------- -------------

STOCKHOLDERS' EQUITY

Common Stock, $.001 par value; 20,000,000
  shares authorized; 17,000,000 shares
  issued and outstanding                                 17,000        17,000

Deficit Accumulated during the
 development stage                                      (57,000)      (57,000)
                                                   ------------- -------------

  Total Stockholders' Equity (deficit)                  (40,000)      (40,000)
                                                   ------------- -------------

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












The accompanying notes are an integral part of these financial statements


                               -4-
<PAGE> 11

                       Wings & Things, Inc.
                  (A Development Stage Company)
               Consolidated Statement of Operations


                                                                From
                                       For the Years Ended      Inception on
                                            December 31         March 11, 1986
                                    --------------------------- to December 31
                                         2001          2000     2001
                                    ------------- ------------- -------------

REVENUES                            $          -  $          -  $          -
                                    ------------- ------------- -------------
EXPENSES

  General & Administrative                     -             -        57,000
                                    ------------- ------------- -------------

    TOTAL EXPENSES                             -             -        57,000
                                    ------------- ------------- -------------

NET INCOME (LOSS)                   $          -  $          -       (57,000)
                                    ============= ============= =============

NET LOSS PER SHARE                  $          -  $          -  $          -
                                    ============= ============= =============

WEIGHTED AVERAGE SHARES OUTSTANDING   17,000,000    17,000,000    17,000,000
                                    ============= ============= =============

















The accompanying notes are an integral part of these financial statements

                                -5-



<PAGE> 12


                       Wings & Things, Inc.
                  (A Development Stage Company)
         Consolidated Statements of Stockholders' Equity
    From Inception on March 11, 1986 through December 31, 2001



                                                                 Deficit
                                                                 Accumulated
                                                     Additional  During the
                                Common Stock         Paid in     Development
                             Shares       Amount     Capital     Stage
                           ------------- ----------- ----------- -------------
Issuance of shares for
 marketing rights            17,000,000  $   17,000  $        -  $          -

Net (loss) for the year
 ended December 31, 1986              -           -           -       (17,000)

Net (loss) for the year
 ended December 31, 1987              -           -           -             -

Net (loss) for the year
 ended December 31, 1988              -           -           -             -

Net (loss) for the year
 ended December 31, 1989              -           -           -             -

Net (loss) for the year
 ended December 31, 1990              -           -           -             -

Net (loss) for the year
 ended December 31, 1991              -           -           -             -

Net (loss) for the year
 ended December 31, 1992              -           -           -             -

Net (loss) for the year
 ended December 31, 1993              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1993  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1994              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1994  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1995              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1995  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1996              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1996  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1997              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1997  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1998              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 1998  17,000,000      17,000           -       (17,000)

Net (loss) for the year
 ended December 31, 1999              -           -           -       (40,000)
                           ------------- ----------- ----------- -------------

Balance - December 31, 1999  17,000,000      17,000           -       (57,000)

Net (loss) for the year
 ended December 31, 2000              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 2000  17,000,000      17,000           -       (57,000)

Net (loss) for the year
 ended December 31, 2001              -           -           -             -
                           ------------- ----------- ----------- -------------

Balance - December 31, 2001  17,000,000  $   17,000  $        -  $    (57,000)
                           ============= =========== =========== =============










The accompanying notes are an integral part of these financial statements

                               -6-


<PAGE> 13

                       Wings & Things, Inc.
                  (A Development Stage Company)
               Consolidated Statement of Cash Flows


                                                                From
                                       For the Years Ended      Inception on
                                            December 31         March 11, 1986
                                    --------------------------- Through
                                         2001          2000     Dec. 31, 2001
                                    ------------- ------------- -------------
Cash Flows from Operating Activities

  Net Loss                          $          -  $          -  $    (57,000)
  Less  Non-cash Items:
  Depreciation & Amortization                  -             -        17,000
  Increase  in Accounts Payable                -             -        40,000
                                    ------------- ------------- -------------

  Net Cash Provided (Used) by
   Operating Activities                        -             -             -
                                    ------------- ------------- -------------

Cash Flows from Investing Activities           -             -             -
                                    ------------- ------------- -------------

  Net Cash Provided (Used) by
   Investing Activities                        -             -             -
                                    ------------- ------------- -------------

Cash Flows from Financing Activities

  Net Cash Provided (Used) by
   Financing Activities                        -             -             -
                                    ------------- ------------- -------------

Increase (Decrease) in Cash                    -             -             -

Cash and Cash Equivalents at
  Beginning of Period                          -             -             -
                                    ------------- ------------- -------------

Cash and Cash Equivalents at
  End of Period                     $          -  $          -  $          -
                                    ============= ============= =============

Supplemental Cash Flow Information:

  Stock issued for marketing rights $          -  $          -  $     17,000

  Cash Paid For:
    Interest                        $          -  $          -  $          -
    Income Taxes                    $          -  $          -  $          -













The accompanying notes are an integral part of these financial statements

                               -7-

<PAGE> 14





                       Wings & Things, Inc.
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                    December 31, 2001 and 2000

NOTE 1 - Summary of Significant Accounting Policies

         a.  Organization & Consolidation Policy

             Wings & Things, Inc. (the Company), a Nevada corporation, was
incorporated December 9, 1997.  On March 10, 2000 the Company merged with
Yellow Pines Corporation, a Utah corporation.

             Yellow Pines, formerly known as WorldNet, Inc. was incorporated
March 11, 1986 to lease, sell, and market airships, which rights were acquire
from VIP Worldnet, Inc. initially the only shareholder.  The technology to
further develop the airship by the parent company proved to be prohibitive,
and shortly after the acquisition of the marketing rights further activity
ceased.  Yellow Pines has been inactive since that date.

             The merger was recorded under the pooling of interest method of
accounting.  Each share of the Company remained outstanding as one fully paid
and non-assessable share of capital stock of the surviving corporation, and
each share of Yellow Pines was converted into one fully paid and
non-assessable share of capital stock of the surviving corporation.

             The Company incurred no revenue, expenses and had neither assets
nor liabilities on its balance sheet from the date of its inception to the
date of the merger.  Therefore, the accompanying financial statements present
the financial condition and results of operations of Yellow Pines from its
inception through the merger date and of the surviving entity, the Company, as
of the merger date.

         b.  Recognition of Revenue

             The Company recognizes income and expense on the accrual basis of
accounting.

         c.  Earnings (Loss) Per Share

             The computation of earnings per share of common stock is based on
the weighted average number of shares outstanding at the date of the financial
statements.



                                      Income (loss)  Shares       Per Share
                                       (Numerator) (Denominator)    Amount
                                       ------------ ------------ ------------

For the year ended December 31, 2001:

Basic EPS
 Income (loss) to common stockholders  $         -   17,000,000  $         -
                                       ============ ============ ============
For the year ended December 31, 2000:

Basic EPS
 Income (loss) to common stockholders  $         -   17,000,000  $         -
                                       ============ ============ ============


                               -8-

<PAGE> 15

                       Wings & Things, Inc.
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                    December 31, 2001 and 2000

NOTE 1 - Summary of Significant Accounting Policies (continued)

         d.  Earnings (loss) per share (continued)

From inception on March 11, 1986 to
December 31, 2001:

Basic EPS
 Income (loss) to common stockholders  $   (57,000)  17,000,000  $          -
                                       ============ ============ =============

         e.  Cash and Cash Equivalents

             The Company considers all highly liquid investments with
maturities of three months or less to be cash equivalents.

         f.  Provision for Income Taxes

             No provision for income taxes have been recorded due to net
operating loss carryforwards totaling approximately $57,000 that will be
offset against future taxable income.  These NOL carryforwards began to expire
in the year 2001.  No tax benefit has been reported in the financial
statements because the Company believes there is a 50% or greater chance the
carryforward will expire unused.

             Deferred tax asset and the valuation account is as follows at
December 31, 2001 and 2000:

                                                     December 31,
                                                 2001           2000
                                              ------------- -------------
Deferred tax asset:
     NOL carryforward                        $      19,000  $     19,000

     Valuation allowance                          ( 19,000)     ( 19,000)
                                             -------------- -------------
                                             $           -  $          -
                                             ============== =============

         g.  Use of estimates

             The preparation of 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.



                               -9-

<PAGE> 16

                       Wings & Things, Inc.
                  (A Development Stage Company)
          Notes to the Consolidated Financial Statements
                    December 31, 2001 and 2000


NOTE 2 - Going Concern

         The accompanying financial statements have been prepared assuming
that the Company will continue as a going concern.  The Company has no assets
and has had recurring operating losses for the past several years and is
dependent upon financing to continue operations.  The financial statements do
not include any adjustments that might result from the outcome of this
uncertainty.  It is management's plan to find an operating company to merge
with, thus creating necessary operating revenue.

NOTE 3 - Capitalization

         In 1986, the Company issued 17,000,000 shares of common stock for the
marketing rights to an airship.  The value of this issuance was $17,000.

         During 1997, the Company issued 100 shares of stock in the formation
of Wings & Things, Inc., and subsequently canceled these shares.

NOTE 4 - Related Party Transactions

         During the year ended December 31, 1999, the Company incurred $40,000
of professional fees payable to professionals affiliated with Mutual Ventures
Corp.  An officer of the Company is an employee of Mutual Ventures Corp.

NOTE 5 - Development Stage Company

         The Company is a development stage company as defined in Financial
Accounting Standards Board Statement No. 7.  It is concentrating substantially
all of its efforts in raising capital and searching for a business operation
with which to merge, or assets to acquire, in order to generate significant
operations.














                               -10-


<PAGE> 17

      ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS

     As previously reported, on August 4, 2000, Crouch, Bierwolf & Chisholm,
C.P.A.s, located in Salt Lake City, Utah, was replaced by Chisholm &
Associates as our independent auditor.

                             PART III

ITEM 9: DIRECTORS AND EXECUTIVE OFFICERS; COMPLIANCE WITH SECTION 16(a)

     Our executive officers and directors and their respective ages, positions
and term of office are set forth below.  Biographical information for each of
those persons is also presented below.  Our bylaws require one or more
directors who serve for terms of one year or until they are replaced by a
qualified director.  Our executive officers are chosen by our Board of
Directors and serve at its discretion.  There are no existing family
relationships between or among any of our executive officers or directors.

                                                            Director or
Name               Age     Position Held                    Officer Since
------             ----    --------------                   -------------

Linda L. Perry      57     President, Director              July 13, 2001
M. Jeanne Ball      44     Secretary/Treasurer, Director    February 9, 1998

     Linda L. Perry  Mrs. Perry serves as President of Business Builders,
Inc., a privately held business consulting firm which she co-founded in 1997.
She also serves as a Director of Globalwise Investments, Inc., a reporting
company.  She attended Weber State College, located in Ogden, Utah.

     M. Jeanne Ball.  Ms Ball was appointed a director and officer shortly
after our incorporation.  For the past five years, Ms Ball, has worked as an
independent contractor performing duties of a legal secretary for an attorney.
She is a Director of Galaxy Specialties, Inc. and Skinovation Pharmaceutical,
Inc., which are blank check reporting companies.

Section 16(a) Beneficial Ownership Reporting Compliance

     Section 16(a) of the Securities Exchange Act of 1934 requires our
directors, executive officers and persons who own more than five percent of a
registered class of our equity securities, to file with the Securities and
Exchange Commission initial reports of ownership and reports of changes in
ownership of common stock and our other equity securities.  Officers,
directors and greater than ten-percent beneficial owners are required by SEC
regulations to furnish us with copies of all Section 16(a) reports they file.
Based solely upon review of the copies of such forms furnished to us during
the fiscal year ended December 31, 2001, Linda L. Perry filed late a Form 3
disclosing initial beneficial ownership.


                 ITEM 10: EXECUTIVE COMPENSATION

     None of our named executive officers received any cash compensation,
bonuses, stock appreciation rights, long term compensation, stock awards or
long-term incentive rights from us during the past three fiscal years.  No
person acting in a capacity similar to Chief Executive Officer received
compensation during the 2001 fiscal year.  We have not entered into employment
contracts with our executive officers and their compensation, if any, will be
determined at the discretion of our Board of Directors.

Compensation of Directors

     We do not have any standard arrangement for compensation of our directors
for any services provided as director, including services for committee
participation or for special assignments.

                                18
<PAGE>


ITEM 11: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     The following table sets forth the beneficial ownership of our
outstanding common stock of our management and each person or group known by
us to own beneficially more than 5% of our outstanding common stock.
Beneficial ownership is determined in accordance with the rules of the SEC and
generally includes voting or investment power with respect to securities.
Except as indicated by footnote, the persons named in the table below have
sole voting power and investment power with respect to all shares of common
stock shown as beneficially owned by them.  The percentage of beneficial
ownership is based on 17,000,000 shares of common stock outstanding as of
March 7, 2002.


                    CERTAIN BENEFICIAL OWNERS

                                            Common Stock Beneficially Owned
                                            ----------------------------------
Name and Address of                    Number of Shares of
Beneficial Owners                      Common Stock        Percentage of Class
-----------------------------------    ------------------- -------------------

VIP WorldNet, Inc.                       15,060,450 (1)         88.6%
154 E.  Ford Avenue
Salt Lake City, Utah 84124

     (1) VIP WorldNet, Inc. holds 15,000,000 shares and its President, Joanne
     Clinger, beneficially owns 60,450 shares of our common stock.


                            MANAGEMENT

                                            Common Stock Beneficially Owned
                                            ---------------------------------
Name and Address of                    Number of shares of
Beneficial Owners                      Common stock        Percentage of Class
-----------------------------------    ------------------- -------------------

M. Jeanne Ball                              200                    *
938 Bloomsbury Cove
Murray, Utah 84123

Linda L. Perry                              200                    *
2157 S. Lincoln Street
Salt Lake City, Utah 84106

All executive officers and
 directors as a group                       400                    *


     * Less than 1%


     ITEM 12: CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     We have not engaged in any transactions in excess of $60,000 during the
past two years involving our executive officers, directors, 5% stockholders or
immediate family members of such persons.

Parent Company

     VIP WorldNet, Inc. is our parent company and beneficially owns 15,060,450
shares of our common stock.  These shares represent 88.6% of our issued and
outstanding shares.

                                19
<PAGE>


ITEM 13: EXHIBITS AND REPORTS ON FORM 8-K

Exhibits

Exhibit
Number       Description
---------    ------------
3.1          Articles of Incorporation , dated March 11, 1986 (Incorporated by
             reference to exhibit 2.1 of the Form 10-SB, File No. 000-30529,
             filed November 1, 2000)

3.2          Bylaws of Wings & Things, Inc. (Incorporated by reference to
             exhibit 2.3 of the Form 10-SB, File No. 000-30529, filed November
             1, 2000)


Reports on Form 8-K

     None


                            SIGNATURES

     In accordance with Section 13 or 15(d) of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                  Wings & Things, Inc.



                                    /s/ Linda L. Perry
Date: 4/01/2002                 By:_________________________________________
                                 Linda L. Perry, President and Director




     Pursuant to the requirements of the Securities Exchange Act of 1934.
This report has been signed below by the following persons on behalf of the
Registrant and in the capacities and on the dates indicated.



                                    /s/ M. Jeanne Ball
Date: 4/01/2002                 By:________________________________________
                                  M. Jeanne Ball, Secretary/Treasurer and
                                  Director


                                20