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

                                   FORM  10-KSB

                  ANNUAL  REPORT  PURSUANT  TO  SECTION  13  OR  15(d)
                     OF  THE  SECURITIES  EXCHANGE  ACT  OF  1934
                   FOR  THE  FISCAL  YEAR  ENDED  September 30,  2002

                             Commission  file  number:

                              TELCO BLUE, INC.
                    (Formerly known as Wave Power.net, Inc.)
          -------------------------------------------------------------
        (Exact Name of Small Business Issuer as specified in its charter)


                  Delaware                              43-1798970
         --------------------                    --------------------------
         (State of Incorporation)                (IRS Employer File Number)

    388 Market Street, Suite 500, San Francisco, CA 94111, Tel. 604-628-5278
    ------------------------------------------------------------------------
                             Thomas F. Pierson, Esq.
                       -----------------------------------
                           (Name of agent for service)

                                 (303) 404-9904
    ------------------------------------------------------------
   (Telephone number, including area code, of agent for service)


                SECURITIES REGISTERED PURSUANT TO SECTION 12(B)
                    OF THE SECURITIES EXCHANGE ACT OF 1934:

  Title  of  Each  Class     Name  of  Each  Stock  Exchange on Which Registered
 -----------------------     ---------------------------------------------------
 Common  Stock,  Par                        Not  Applicable
 Value  $0.001  Per  Share

     Indicate by check mark if disclosure of delinquent  filers pursuant 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. [ ]

     Indicate  by check mark  whether  the  Registrant(1)has  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 [ ]

     The number of shares of Registrant's  Common Stock outstanding on September
30, 2002, was 30,000,400.

     The Registrant's  total revenues for the period from August 2, 2002 through
September 30, 2002 were $0.00.



<PAGE>


PART  I
--------

Item  1.  Description  of  Business.
------------------------------------

Nature of Business.  telcoBlue,  Inc.  ("telcoBlue")  formerly Better Call Home,
Inc.  ("BCH"),  a development  stage company,  was formed in Nevada on August 2,
2002  to  operate  an  Internet-based  long  distance  telephony  network  using
state-of-the-art Voice over Internet Protocol (VoIP). Its long distance services
will be  marketed  mainly by third  parties to end users in the form of pre-paid
phone cards or other media,  including direct personal  computer (PC) access and
Internet-based long distance telephony network using state-of-the-art Voice over
Internet Protocol. The name was changed to telcoBlue, Inc. on August 29, 2002.

On August 29, 2002, BCH entered into a reorganization with Wave Power.net,  Inc.
("Wave Power"),  an inactive public company,  whereby Wave Power acquired all of
the  issued and  outstanding  shares of BCH's  common  stock by issuing to BCH's
shareholders,  pro-rata,  16,000,000  shares of Wave Power common stock. At that
time, Wave Power had 14,000,000 shares outstanding.  The combined entity changed
its name to telcoBlue, Inc. on August 29, 2002.

Wave Power ("the Company") was originally  incorporated as Novus  Environmental,
Inc.  in the State of  Delaware  on  November  6,  1997,  to  develop or acquire
recycling  technologies.  On  January  20,  2000,  the  Company  entered  into a
reorganization agreement whereby the company was to merge with Wave Power, Inc.,
a privately  held company.  On March 3, 2000, the parties  therein  acknowledged
that the merger  contemplated had never been  consummated and they  subsequently
mutually  agreed  to  rescind  that  agreement  and  entered  into an  agreement
releasing the parties of their right,  title,  interest,  claims and obligations
that they might  otherwise have had or had been set forth in the  aforementioned
January  20,  2000  agreement.  The  Company  formally  changed  is name to Wave
Power.Net, Inc. on March 20, 2000.

Principal products or services and their markets
- ------------------------------------------------------

Equipped  with the latest in Voice over  Internet  Protocol  (VoIP)  technology,
telcoBlue products and services enable customers to make low-cost,  high quality
phone calls over the Internet  using their  personal  computers  or  traditional
telephones.  telcoBlue's  International  PC-Phone  Calling Cards are targeted at
specific ethnic markets  throughout  North America and offers amongst the lowest
long distance rates available today.

In 2002,  telcoBlue's  licensed  VoIP  technology  won several  industry  awards
including  TMC Labs "2001  Innovation  Award",  Internet  Telephony's  "Editor's
Choice Award" and both Consumer Inter@action Solution's and Internet Telephony's
"Product of the Year" Awards.

telcoBlue's pre-paid International PC-Phone Calling Cards will be delivered as a
CD business  card which can be used from any phone or Internet  connected  PC in
North America.  To ensure the lowest long distance rate  possible,  each calling


                                       2
<PAGE>

card is city  specific.  For example,  customers can purchase a card with a city
specific  dial-up number (such as to Manila or to Hong Kong) that guarantees the
lowest long  distance  rate  available for calling that  particular  city.  This
approach is very direct, very targeted and very specific - allowing telcoBlue to
deliver the lowest rates.

Using the pre-paid International PC-Phone Calling Card, telcoBlue customers will
`call home' over the Internet in three ways:

Phone-to-Phone:
Customers  first call a toll-free 800 number and then enter their unique user ID
(PIN). telcoBlue, as the VoIP provider, routes the call over the Internet to the
receiver's calling area where a local call is placed.

PC-to-Phone:
Customers  also call home using a multimedia PC with a headset or microphone and
Internet  connection.  This option  should be  attractive to the large number of
Asian  students  attending  North  American  universities  and colleges  with PC
access.

PC-to-PC:
PC-to-PC  calls work much in the same way as PC-to-Phone  calls,  except for the
main  difference  that the receiver is also  answering  using a  multimedia  PC,
headset/microphone and Internet connection.

Item 2.  Description of Property.
- ------------------------------------

The  Company  has no  physical  assets.  Operational  expenses  such as rent are
covered under the management agreement with Vocalscape.

Item  3.  Legal  Proceedings.
- -----------------------------

None that are pending that the Company is aware of at present.

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

On  August 7,  2002,  Wave  Power.net,  Inc.  ("the  Company"),  entered  into a
conditional Agreement and Plan of Reorganization  ("Agreement") with Better Call
Home, Inc. ("BCH"), a Nevada corporation.

As set forth in the  Agreement,  the  Company and BCH desired to effect a Type B
reorganization  under Section 368(a)(1)(B) of the Internal Revenue Code of 1986,
as amended,  on the terms and  conditions  set forth below,  whereby the Company
acquired  all of the  issued and  outstanding  shares of BCH's  common  stock by
issuing  solely in  exchange  therefore  to BCH's  shareholders,  pro-rata,  the
Sixteen Million Restricted Common Shares (16,000,000) (the "Shares") after a 1:5
reverse split of the shares. The Company changed it's name to telcoBlue, Inc.


                                       3
<PAGE>

PART  II - FINANCIAL INFORMATION
--------------------------------







                                TELCO BLUE, INC.
                    (formerly known as Wave Power.net, Inc.

                              FINANCIAL STATEMENTS
                               SEPTEMBER 30, 2002




















<PAGE>


                                C O N T E N T S
                                ---------------

Item                                                                       Page
----                                                                       ----

Independent Auditors Report                                                F-1

Consolidated Balance Sheets
        as of September 30, 2002                                           F-2

Consolidated Statement of Expenses
        for the Period from August 2, 2002 (Inception)
        through September 30, 2002                                         F-3

Consolidated Statement of Changes in Stockholders' Deficit
        for the Period from August 2, 2002 (Inception)
        through September 30, 2002                                         F-4

Consolidated Statement of Cash Flows
        for the Period from August 2, 2002 (Inception)                     F-5
        through September 30, 2002

Notes to Consolidated Financial Statements                                 F-6




                           INDEPENDENT AUDITORS REPORT


To the Board of Directors
  telcoBlue, Inc.
  (formerly Better Call Home, Inc.)
  (A Development Stage Company)
  Vancouver, British Columbia, Canada

We have audited the accompanying consolidated balance sheet of telcoBlue,  Inc.,
as of September 30, 2002 and the related  statements  of expenses,  stockholders
deficit,  and cash flows for the period from August 2, 2002 (Inception)  through
September  30,  2002.  These  financial  statements  are the  responsibility  of
telcoBlue's  management.  Our  responsibility  is to express an opinion on these
financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit 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  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of  telcoBlue,  Inc.,  as of
September 30, 2002, and the results of its operations and its cash flows for the
period described in conformity with accounting  principles generally accepted in
the United States of America.


/S/ MALONE & BAILEY, PLLC
Houston, Texas
www.malone-bailey.com

November 29, 2002

                                      F-1
<PAGE>



                                 telcoBlue, Inc.
                        (formerly Better Call Home, Inc.)
                          (A Development Stage Company)
                           CONSOLIDATED BALANCE SHEET
                            As of September 30, 2002


         ASSETS

Current asset
    Cash                                                          $     46

Distribution Agreement                                                 587
                                                                  --------
                                                                  $    633
                                                                  ========

         LIABILITIES AND STOCKHOLDERS' DEFICIT

Current Liabilities
    Accounts payable                                              $ 11,888
    Accounts payable to shareholder                                 17,218
    Accrued expenses                                                    61
    Notes payable                                                    3,343
    Notes payable to related parties                                 9,662
                                                                  --------
    Total Current Liabilities                                       42,172
                                                                  --------


         STOCKHOLDERS' DEFICIT

Common stock, $.001 par value, 75,000,000 shares
    authorized, 30,000,400 issued and outstanding                   30,000
Additional paid in capital                                         (29,366)
Accumulated other comprehensive income                                 217
Deficit accumulated during the development stage                   (42,390)
                                                                  --------
       Total Stockholders' deficit                                 (41,539)
                                                                  --------
         TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT              $    633
                                                                  ========

                See accompanying summary of accounting policies
                       and notes to financial statements.


                                      F-2
<PAGE>


                                 telcoBlue, Inc.
                        (formerly Better Call Home, Inc.)
                          (A Development Stage Company)
                       CONSOLIDATED STATEMENT OF EXPENSES
                 For the Period from August 2, 2002 (Inception)
                           Through September 30, 2002



General and administrative                                         $ 42,329
Interest expense                                                         61
                                                                   --------
Net loss                                                           $(42,390)
                                                                   ========



                See accompanying summary of accounting policies
                       and notes to financial statements.

























                                      F-3

<PAGE>

<TABLE>
<CAPTION>

                                 telcoBlue, Inc.
                        (formerly Better Call Home, Inc.)
                          (A Development Stage Company)
           CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
                 For the Period from August 2, 2002 (Inception)
                           Through September 30, 2002

                                                                           Accumulated       Deficit
                                                                             Other          Accumulated
                                                                             Compre-         During
                                                  Common Stock               hensive        Development
                                               Shares       $                Income           Stage            Totals
                                             ----------     ----------      ----------       ----------      ----------
<S>                                              <C>          <C>                                              <C>
Stock issued for:
   - cash                                        74,000     $       47          --                 --        $       47
   - distribution agreement                     926,000            587          --                 --               587

Reverse Acquisition of WavePower.net
  - issuance of additional
    stock to existing
    shareholders                             15,000,000           --            --                 --              --
  - shares already held
    by shareholders of
    WavePower.net                            14,000,000           --            --                 --              --

Foreign currency
   translation adjustment                                                   $      217             --              217

Rounding                                            400           --            --                 --              --

Net loss                                                                                     $  (42,390)     $  (42,390)
                                             ----------     ----------      ----------       ----------      ----------
Balances at
   September 30, 2002                        30,000,400            634      $     217        $  (42,390)     $  (41,539)
                                             ==========     ==========      ==========       ==========      ==========
Less: par value                                                (30,000)
                                                            ----------
                                                            $  (29,366)
                                                            ==========
</TABLE>

                See accompanying summary of accounting policies
                       and notes to financial statements.







                                       F-4
<PAGE>
















<PAGE>


                                 telcoBlue, Inc.
                        (formerly Better Call Home, Inc.)
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                 For the Period from August 2, 2002 (Inception)
                           Through September 30, 2002


CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                           $(42,390)
    Adjustments to reconcile net loss
        to net cash used by operating activities:
    Changes in:
        Accounts payable                                             11,888
        Accounts payable to shareholder                              17,218
        Accrued expenses                                                 61
                                                                   --------
NET CASH USED IN OPERATING ACTIVITIES                               (13,223)
                                                                   --------
CASH FLOWS FROM FINANCING ACTIVITIES
    Sale of stock                                                        47
    Proceeds from notes payable                                       3,343
    Proceeds from notes payable to related parties                    9,662
                                                                   --------
NET CASH PROVIDED BY FINANCING ACTIVITIES                            13,052
                                                                   --------
Effect of exchange rate changes on cash                                 217
                                                                   --------
NET CHANGE IN CASH                                                       46
    Cash balance, beginning
                                                                   --------
    Cash balance, ending                                           $     46
                                                                   ========

Non-Cash Disclosures:
    Stock issued to related party for distribution agreement       $    587



                See accompanying summary of accounting policies
                       and notes to financial statements.





                                      F-5


<PAGE>



                                 telcoBlue, Inc.
                        (formerly Better Call Home, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business.  telcoBlue,  Inc.  ("telcoBlue")  formerly Better Call Home,
Inc. ("BCH"),  a development  stage company,  was in Nevada on August 2, 2002 to
operate an Internet-based long distance telephony network using state-of-the-art
Voice over Internet Protocol. The name was changed to telcoBlue,  Inc. on August
29, 2002.

On August 29, 2002, BCH entered into a reorganization with Wave Power.net,  Inc.
("Wave Power"),  an inactive public company,  whereby Wave Power acquired all of
the  issued and  outstanding  shares of BCH's  common  stock by issuing to BCH's
shareholders, pro-rata, 16,000,000 million shares of Wave Power common stock. At
that time,  Wave Power had 14,000,000  shares  outstanding.  The combined entity
changed its name to telcoBlue,  Inc. on August 29, 2002. After a 1 for 5 reverse
split,  Wave Power had 4,013,000  shares issued and  outstanding,  and 9,987,000
post-reverse split common shares were issued in connection with the Agreement to
promoters and advisors. After payment of all reserved shares,  management shares
and shares issued  pursuant to this Agreement  there were  30,000,400  shares of
common stock issued and outstanding.

Principles of consolidation.  The consolidated  financial statements include the
accounts  of  telcoBlue  and  its  subsidiaries.  All  significant  intercompany
transactions and balances have been eliminated.

Cash and Cash  Equivalents.  telcoBlue  considers all highly liquid  investments
purchased  with  an  original  maturity  of  three  months  or  less  to be cash
equivalents.

Use of Estimates. In preparing financial statements,  management makes estimates
and  assumptions  that affect the reported  amounts of assets and liabilities in
the  balance  sheet and revenue and  expenses  in the income  statement.  Actual
results could differ from those estimates.

Impairment of Long-Lived  Assets.  telcoBlue  reviews the carrying  value of its
long-lived assets whenever events or changes in circumstances  indicate that the
historical  cost-carrying  value  of an  asset  may no  longer  be  appropriate.
telcoBlue  assesses  recoverability  of  the  carrying  value  of the  asset  by
estimating  the  future  net cash  flows  expected  to  result  from the  asset,
including eventual  disposition.  If the future net cash flows are less than the
carrying  value  of the  asset,  an  impairment  loss is  recorded  equal to the
difference between the asset's carrying value and fair value.

Revenue  recognition.  There is no revenue  recognition  policy due to telcoBlue
having no revenues as of September 30, 2002.

Basic and diluted loss per common share is  calculated  by dividing the net loss
by the weighted average shares outstanding. There are no dilutive securities.

Income taxes.  telcoBlue recognizes deferred tax assets and liabilities based on
differences  between  the  financial  reporting  and tax  bases  of  assets  and
liabilities  using the  enacted  tax rates and laws that are  expected  to be in
effect when the differences are expected to be recovered.  telcoBlue  provides a
valuation  allowance  for  deferred  tax assets  for which it does not  consider
realization of such assets to be more likely than not.

Foreign  currency  translation.  The  functional  currency of  telcoBlue  is the
Canadian Dollar (CDN$).  Assets and liabilities are translated at exchange rates


                                      F-6
<PAGE>


                                 telcoBlue, Inc.
                        (formerly Better Call Home, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

in effect on the balance sheet date and income and expenses are translated based
on the  average  exchange  rate for the year.  Translation  gains and losses are
accumulated as a component of Other Comprehensive Income.

Recently  issued  accounting  pronouncements.  telcoBlue  does  not  expect  the
adoption of recently  issued  accounting  pronouncements  to have a  significant
impact on telcoBlue results of operations, financial position or cash flow.


NOTE 2 - DISTRIBUTION AGREEMENT

On August 7, 2002, telcoBlue issued 926,000 shares of common stock to Vocalscape
Networks, Inc. ("Vocalscape") for the right to distribute Vocalscape's products.
At the August 29 merger,  this 926,000  shares  became  14,816,000  shares.  The
agreement is for three years.


NOTE 3 - ACCOUNTS PAYABLE TO SHAREHOLDER

On August 7, 2002,  telcoBlue entered into a one year management  agreement with
Vocalscape.  Vocalscape will manage telcoBlue for $15,000 per month or 5 percent
of gross revenues,  whichever is greater.  The $15,000 per month fee can be paid
in telcoBlue common stock at $.25 per share if cash is not available. Vocalscape
must be paid a minimum from  inception  of  2,000,000  shares or $500,000 if the
agreement is terminated.  As of September 30, 2002,  telcoBlue  owed  Vocalscape
$17,218 under this agreement.


NOTE 4 - NOTES PAYABLE / NOTES PAYABLE TO RELATED PARTIES

In August and September  2002,  telcoBlue  executed four notes payable  totaling
$13,005.  Two  notes  totaling  $3,343  are due to third  parties  and two notes
totaling  $9,662 are due to  shareholders.  All four notes  carry  interest of 6
percent,  with  interest due monthly.  The  principal is due ten months from the
funding  date.  Each note is  convertible  into common stock of telcoBlue at the
holder's  option.  The price for  conversion  is the lower of 80  percent of the
average  closing  price of  telcoBlue  stock  for the five  days  preceding  the
conversion request or $.10 per share.


NOTE 5 - COMMON STOCK

In August 2002,  74,000 shares of stock were sold for $47 in total proceeds.  At
the August 29 merger, these shares became 1,184,000 shares.

In  August  2002,  926,000  shares  of  stock  were  issued  in  exchange  for a
distribution  agreement (see note 2) with Vocalscape.  The shares were valued at
$587. At the August 29 merger, these shares became 14,816,000 shares.

On August 29,  2002,  14,000,000  shares of stock were  issued in a merger  with
WavePower.net, Inc.


NOTE 6 - INCOME TAXES

                  Deferred tax assets                        $ 6,400
                  Less: valuation allowance                   (6,400)
                                                             -------
                  Net deferred taxes                         $     0
                                                             =======

telcoBlue has a net operating loss of approximately  $42,000 as of September 30,
2002, which each can be carried forward 20 years.


                                      F-7
<PAGE>
                                 telcoBlue, Inc.
                        (formerly Better Call Home, Inc.)
                          (A Development Stage Company)
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 7 - COMMITMENTS

Operational  expenses  such as rent are covered under the  management  agreement
with Vocalscape (see note 3).


NOTE 8 - SUBSEQUENT EVENT

In October and November 2002,  telcoBlue sold 565,000 shares of telcoBlue common
stock for proceeds of $56,500, or $.10 per share.





















                                      F-8



<PAGE>





Item  5.  Market  for  Common  Equity  and  Related  Stockholder  Matters.
- --------------------------------------------------------------------------

a. Market  Information.  The Company's shares are traded on the Over The Counter
Bulletin Board stock exchange ("OTCBB") under the symbol,  "TLCB". The following
table shows the high and low bid information for the period of inception through
September  30 2002  reported  to the  Company by the OTC  Bulletin  Board.  Such
quotations reflect  inter-dealer  prices,  without retail mark-up,  mark-down or
commission and may not represent actual transactions.

     2002                                    High  Bid              Low  Bid
     ----                                    ---------              --------
     Inception to September 30               $.60                   $.15

b.   The Company has 198 shareholders of record as of September 30, 2002.

c.

     The Company  has never declared or paid any dividends,  and although  there
are no  restrictions  limiting its ability to do so, it is unlikely  to pay  any
any dividends in the foreseeable future.

Item 6.  Management's Discussion and Analysis or Plan of Operation.
- ---------------------------------------------------------------------------

The following  discussion and analysis  should be read in  conjunction  with the
Company financial  statements and notes thereto included  elsewhere in this Form
10-KSB.  Except for the historical  information contained herein, the discussion
in this Form 10-KSB contains  certain  forward  looking  statements that involve
risks and  uncertainties,  such as statements of the Company plans,  objectives,
expectations and intentions.  The cautionary statements made in this Form 10-KSB
should be read as being  applicable to all related forward  statements  wherever
they  appear in this Form  10-KSB.  The  Company  actual  results  could  differ
materially from those discussed here.

Nature of Business.  telcoBlue,  Inc.  ("telcoBlue")  formerly Better Call Home,
Inc. ("BCH"),  a development  stage company,  was in Nevada on August 2, 2002 to
operate an Internet-based long distance telephony network using state-of-the-art
Voice over Internet Protocol. The name was changed to telcoBlue,  Inc. on August
29, 2002.

On August 29, 2002, BCH entered into a reorganization with Wave Power.net,  Inc.
("Wave Power"),  an inactive public company,  whereby Wave Power acquired all of
the  issued and  outstanding  shares of BCH's  common  stock by issuing to BCH's
shareholders, pro-rata, 16,000,000 million shares of Wave Power common stock. At
that time,  Wave Power had 14,000,000  shares  outstanding.  The combined entity
changed its name to telcoBlue,  Inc. on August 29, 2002. After a 1 for 5 reverse
split,  Wave Power had 4,013,000  shares issued and  outstanding,  and 9,987,000
post-reverse split common shares were issued in connection with the Agreement to
promoters and advisors. After payment of all reserved shares,  management shares
and shares issued  pursuant to this Agreement  there were  30,000,400  shares of
common stock issued and outstanding.

                                       4
<PAGE>

The  Company  is not aware of any  circumstances  or trends  which  would have a
negative  impact  upon  future  sales or  earnings.  There have been no material
fluctuations in the standard seasonal  variations of the Company  business.  The
accompanying financial statements include all adjustments,  which in the opinion
of  management  are  necessary  in order to make the  financial  statements  not
misleading.

For the period from August 2, 2002 ("inception") through September 30, 2002, the
Company sustained a net loss of $42,390.

The Company has been devoting its efforts to activities such as raising capital,
establishing  sources of  information,  and  developing  markets for its planned
operations.  The Company has not yet  generated any revenues and, as such, it is
considered a development stage company.

During the next twelve months, the Company will continue studying such things as
the  hardware and  software  requirements  of its  operations,  identifying  and
evaluating acquisitions and related technology  acquisitions.  This will include
analyzing the many  products that are available to satisfy the Company's  future
technical  support needs,  with a focus on software and services that allow easy
expansion  and/or upgrades as the customer base  increases.  All of the research
and findings  prepared during this period will be compiled and used to set forth
future  operating  budgets  for the  Company  that  will  include  new  customer
projections  coupled  with the  capital  and  operating  cash flow  requirements
necessary to meet those projections.

Results  of  Operations
- -----------------------

The Company's  "Total  Liabilities  and  Stockholder's  Equity  (Deficit)" as of
September 30, 2002 was, $633.

Capital  Resources  and  Liquidity
- ----------------------------------

At September 30, 2002,  tecloBlue had working capital deficit of $42,126,  total
stockholders'  deficit of $41,539 and a net loss for the period  from  inception
through September 31, 2002 of $42,390,  arising primarily from expenses incurred
to meet The Company's reporting  requirements.  During the period from inception
through September 31, 2002, the operations were completely funded by stockholder
loans. telcoBlue is dependent upon its ability to raise capital and funding from
stockholders to fund expenses of operations.

There  can be no  assurance  that the  Company  will be  successful  in  raising
additional capital in the future, or that the stockholders will continue to lend
funds to the Company.

The Company  anticipates  that its current  cash and cash  equivalents  and cash
generated  from  operations,  if any,  will not be  sufficient  to  satisfy  its
liquidity requirements for at least the next 12 months. The Company will require
additional  funds prior to such time and will seek to sell additional  equity or
debt  securities or seek  alternative  sources of  financing.  If the Company is
unable to obtain  this  additional  financing,  it may be required to reduce the
scope of its planned sales and marketing and product development efforts,  which


                                       5
<PAGE>

could harm its business, financial condition and operating results. In addition,
the Company may require  additional funds in order to fund more rapid expansion,
to develop  new or enhanced  services or products or to invest in  complementary
businesses,  technologies,  services or products.  Additional funding may not be
available on favorable terms, if at all.


Events Subsequent to September 30, 2002
- --------------------------------------------

In October and November 2002,  telcoBlue sold 565,000 shares of telcoBlue common
stock for proceeds of $56,500, or $.10 per share.

Item  7.  Financial  Statements.
-------------------------------

The Financial Statements for the period from inception through September 30 2002
are attached hereto and incorporate herein as an Exhibit.

PART  III
----------

Item 9. Directors, Executive Officers, Promoters and Control Persons;
Compliance with Section 16(a) of the Exchange Act.
----------------------------------------------------------

Officers and Directors
-------------------------

The following chart sets forth information on our officers and directors:

     Name              Age                  Title
-------------         ---                  -----------------------
Ron McIntyre           54                   CEO, Chairman
Daniel Motsinger       51                   Director
Dominic Martinez       31                   Director, Secretary

Our Bylaws require that we have a minimum of one director. Directors are elected
at our annual meeting to be held on the 6th of November.  Directors  shall serve
until their successors are duly elected or appointed.  A vacancy on the Board of
Directors may be filled by a majority vote of the remaining directors.

Biography of Directors:

Ron McIntyre, CEO and Chairman

Ron McIntyre has extensive  management  experience with technology companies and
start-ups in the United States and Canada.  Included in his experience are three
corporate  mergers/acquisitions.  On March 19,  1998,  as President of Visionary
Solutions  (VSI:ASE),  Mr.  McIntyre  signed  merger  documents  for an  Agresso
(UNI:Oslo)  take over bid.  In 1992,  Mr.  McIntyre  also served on the Board of
Directors of Richmond  Software (The Maximizer)  until the company's merger with
Modatech  (NASDAQ).  In 1989, he joined  Consumers  Software Inc. as Director of
Sales & Marketing and was instrumental in increasing software sales by more than
500% until the company was acquired by Microsoft on April 8, 1991.

                                       6
<PAGE>

Dominic Martinez, Director, Secretary

Dominic T.  Martinez,  age 31, is a resident of Florence,  CO. After  graduating
from high school, Mr. Martinez attended the University of Southern Colorado as a
full time student,  working summers. Upon graduation from the university (1994),
he worked at the Dayton-Hudson Corp. in the assets protection  department.  This
work experience  influenced his choice to accept his next position as a Clinical
Therapist at a local hospital. Taking advantage of a business opportunity in the
year 2000,  he  assumed a business  consulting  position  for Starr  Consulting.
Working  full time,  and under the  direction  of other  consultants,  he gained
valuable experience. This experience,  coupled with his education led him to the
position of Secretary and Director of telcoBlue, Inc.

Daniel Motsinger, Director

Mr.  Motsinger is a resident of Winston Salem,  NC. After  graduating  from high
school,  Mr. Motsinger attended the Bob Jones University as a full time student,
Studying Business and Accounting.  Following  university  (1971),  Mr. Motsinger
joined Cahill and Swain in the men's apparel  industry.  After  graduation  from
sales to management,  in 1985 Mr. Motsinger became a Partner of Cahill and Swain
and holds the position of Vice President and Secretary.

Identify  Significant  Employees
---------------------------------

As of the date of this registration  statement,  The Company has no persons, not
mentioned  above,  who are expected to make a  significant  contribution  to the
business.

Family  Relationships
---------------------

As of the date of this registration statement, there are no family relationships
between our promoters, executive officers, control persons, directors or persons
nominated for such positions.

Involvement in Certain Legal Proceedings
----------------------------------------

As of the date of this registration statement, the Company has had no events, to
the best of our knowledge,  that occurred during the past five years,  including
bankruptcies,  criminal  convictions or proceedings,  court orders or judgments,
that are material to an  evaluation of the ability or integrity of any director,
executive  officer,  promoter,  control person or any person  nominated for such
position.

Compliance with Section 16(a) of the Exchange Act
-------------------------------------------------

Based solely upon a review of Forms 3 and 4 and amendments  thereto furnished to
the Company under Rule 16a-3(d) during its most recent two fiscal years (for the
period from  inception  through  September 30 2002),  and Forms 5 and amendments


                                       7
<PAGE>

thereto  furnished  to the  Company  with  respect to its most recent two fiscal
years (for the period from inception through September 30 2002), and any written
representations  received by the  Company,  the Company has not  identified  any
person who, at any time during the two  preceding  fiscal  years (for the period
from inception through September 30 2002), was a director,  officer,  beneficial
owner of more than ten percent of the  Company's  outstanding  common stock that
failed to file on a timely  basis any reports  required by Section  16(a) during
the most  recent  two  fiscal  years  (for the  period  from  inception  through
September 30 2002) or any prior years.

Item 10.  Executive Compensation.
------------------------------------

Ron McIntyre                      CEO                               $5,000

Except as identified in this section,  none of the Company's  executive officers
and directors  received any  compensation,  cash or non-cash,  during the period
from inception through September 30, 2002.

Item  11.  Security  Ownership  of  Certain  Beneficial  Owners  and Management.
--------------------------------------------------------------------------------

The following table sets forth  information as of September 30, 2002,  regarding
the ownership of the  Company's  common stock by each  shareholder  known to the
Company to be the beneficial  owner of more than five percent of its outstanding
shares of common stock,  each director and all executive  officers and directors
as a group.  Except as otherwise  indicated,  each of the  shareholders has sole
voting  and  investment  power  with  respect  to the  shares  of  common  stock
beneficially owned.

NAME                   AMOUNT OF COMMON STOCK          PERCENT OF COMMON STOCK
                        BENEFICIALLY OWNED(1)             BENEFICIALLY OWNED
--------------------------------------------------------------------------------
1. Vocalscape
   Networks, Inc.(2)         4,800,000                           16%
2. Brian Fisher(3)           1,816,000                            6%

(1) Out of 30,000,400 common stock shares.
(2) Vocalscape Networks, Inc., a British Columbia corporation.
(3) Brian Fisher was the President and Director of Wave Power.net,  Inc. He vol-
    untarily resigned on September 10, 2002.


Item  12.  Certain  Relationship  and  Related  Transactions.
---------------------------------------------------------------
None.

                                       8
<PAGE>

Item  13.  Exhibits and Reports on Form 10-KSB
-----------------------------------------------

                                  EXHIBITS


EXHIBIT 2.1            Agreement and Plan of Reorganization

EXHIBIT 99.2           Certification


                                   SIGNATURES
                                   ----------

     Pursuant to the  requirements of Section 12 of the Securities  Exchange Act
of 1934, the registrant has duly caused this registration statement to be signed
on its behalf by the  undersigned,  hereunto  duly  authorized  this 13th day of
January 2003.

                              TelcoBlue,  Inc.

                              /s/ Ron McIntyre
                              -------------------------
                              By: Ron McIntyre, CEO


                                       9