FORM 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

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

                       For Quarter Ended December 31, 2000

                                       OR

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

                For the transition period from _______ to _______

                      Commission file number: 33-131110-NY

                               4networld.com, Inc.
                  --------------------------------------------
             (Exact Name of Registrant as Specified in its Charter)

           DELAWARE                                   22-1895668
 ------------------------------                   ------------------
 State or other jurisdiction of                    (I.R.S. Employer
 incorporation or organization                    Identification No.)

            10 South Street, Suite 202, Ridgefield, Connecticut 06877
          ---------------------------------------------------------
               (Address of Principal Executive Office) (Zip Code)

                                (203) 894 - 9755
               --------------------------------------------------
               (Registrant's telephone number including area code)

                900 Third Avenue, Suite 201, New York, NY 10022
          -------------------------------------------------------------
          (Former Name or Former Address, if Changed Since Last Report)

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 [ ]

As of February 14, 2001, there were issued and outstanding 8,046,018 shares of
the registrant's common stock, par value $.00001 per share.

<PAGE>

                               4networld.com, Inc

                                      INDEX

                                                                       Page No.
                                                                       --------
PART I - FINANCIAL INFORMATION:

Item 1.  Financial Statements

Balance Sheets............................................................  3

Statements of Operations..................................................  4

Statements of Cash Flows .................................................  5

Notes to Financial Statements.............................................  6

Item 2.  Management's Discussion And Analysis Of
             Financial Condition And Results Of Operations................  9

PART II - OTHER INFORMATION............................................... 12

Item 1.  Legal Proceedings................................................ 12

Item 2.  Changes in Securities............................................ 13

Item 5.  Other Information................................................ 13

Item 6.  Exhibits & Reports on Form 8-K................................... 15

SIGNATURES................................................................ 16


                                        2
<PAGE>

                         PART I - FINANCIAL INFORMATION

Item 1.        Financial Statements


<TABLE>
<CAPTION>
4networld.com, Inc. AND SUBSIDIARY
----------------------------------------------------------------------------------------------------------
CONDENSED CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2000 (UNAUDITED)

<S>                                                                                      <C>
ASSETS
----------------------------------------------------------------------------------------------------------

CURRENT ASSETS
  Cash and cash equivalents                                                             $      287,586
  Accounts receivable, net                                                                      45,721
----------------------------------------------------------------------------------------------------------
    Total current assets                                                                       333,307

PROPERTY AND EQUIPMENT, NET                                                                     45,695

GOODWILL, NET                                                                                  764,678
----------------------------------------------------------------------------------------------------------

    TOTAL ASSETS                                                                        $    1,143,680
----------------------------------------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------------------------------------------------

CURRENT LIABILITIES
  Accounts payable and accrued expenses                                                 $       66,105
  Deferred income                                                                                5,151
  Current portion of long-term debt                                                             23,151
----------------------------------------------------------------------------------------------------------
    Total current liabilities                                                                   94,407

LONG-TERM DEBT                                                                                  78,701
----------------------------------------------------------------------------------------------------------

    TOTAL LIABILITIES                                                                          173,108
----------------------------------------------------------------------------------------------------------

STOCKHOLDERS' EQUITY
  Common  stock,  $.00001  par  value;  100,000,000  shares
    authorized; 8,011,018 shares issued and outstanding                                             80
  Capital in excess of par value                                                             2,733,490
  Accumulated deficit                                                                 (      1,762,998)
----------------------------------------------------------------------------------------------------------
    Total stockholders' equity                                                                 970,572
----------------------------------------------------------------------------------------------------------

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                          $    1,143,680
----------------------------------------------------------------------------------------------------------
</TABLE>

                                       3
                             See accompanying notes.
<PAGE>

<TABLE>
<CAPTION>
4networld.com, Inc. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTH PERIODS ENDED DECEMBER 31, 2000 AND 1999 (UNAUDITED)
----------------------------------------------------------------------------------------------------------

                                                                        2000                 1999
----------------------------------------------------------------------------------------------------------


<S>                                                                 <C>                  <C>
----------------------------------------------------------------------------------------------------------
REVENUE                                                             $      80,564        $        456
----------------------------------------------------------------------------------------------------------

EXPENSES
   Advertising                                                             25,240                   -
   Payroll                                                                 80,906                   -
   Professional fees                                                       37,025               2,891
   General and administrative                                              58,603               1,051
----------------------------------------------------------------------------------------------------------
      Total expenses                                                      201,774               3,942
----------------------------------------------------------------------------------------------------------

LOSS FROM OPERATIONS                                            (         121,210)   (          3,486)
----------------------------------------------------------------------------------------------------------

OTHER INCOME
   Bad debt recovery                                                       67,000                   -
   Other income, net                                                        1,702                   -
----------------------------------------------------------------------------------------------------------
      Total other income                                                   68,702                   -
----------------------------------------------------------------------------------------------------------

NET LOSS                                                        (   $      52,508)   (   $      3,486)
----------------------------------------------------------------------------------------------------------

WEIGHTED AVERAGE NUMBER OF   SHARES OUTSTANDING                         8,011,018         281,400,000
----------------------------------------------------------------------------------------------------------

NET LOSS PER COMMON SHARE
   Basic and diluted                                            (   $         .01)         Nil
----------------------------------------------------------------------------------------------------------
</TABLE>

                             See accompanying notes.
                                       4
<PAGE>

<TABLE>
<CAPTION>
4networld.com, Inc. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTH PERIODS ENDED DECEMBER 31, 2000 AND 1999 (UNAUDITED)
----------------------------------------------------------------------------------------------------------

                                                                             2000                1999
----------------------------------------------------------------------------------------------------------
<S>                                                                  <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                                          ( $      52,508)  ( $       3,486)
----------------------------------------------------------------------------------------------------------
   Adjustment to reconcile net loss to net cash used
   in operating activities:
      Depreciation and amortization                                           23,724                 -
      Changes in operating assets and liabilities:
         Accounts receivable                                         (        30,508)                -
         Accounts payable and accrued expenses                       (        45,022)  (        15,485)
         Deferred income                                                       5,151                 -
----------------------------------------------------------------------------------------------------------
           Total adjustments                                        (        46,655)   (        15,485)
----------------------------------------------------------------------------------------------------------
             Net cash used in operating activities                  (        99,163)   (        18,971)

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchases of property and equipment                              (         1,642)                 -

CASH FLOWS FROM FINANCING ACTIVITIES:
   Principal payments on long-term debt                             (         5,515)                 -
----------------------------------------------------------------------------------------------------------

NET DECREASE IN CASH AND CASH EQUIVALENTS                           (       106,320)   (        18,971)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD                             393,906             47,677
----------------------------------------------------------------------------------------------------------

CASH AND CASH EQUIVALENTS - END OF PERIOD                             $     287,586      $      28,706
----------------------------------------------------------------------------------------------------------
</TABLE>
                             See accompanying notes.
                                       5
<PAGE>

4networld.com, Inc. AND SUBSIDIARY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------
NOTE 1.    ORGANIZATION AND BASIS OF PRESENTATION
--------------------------------------------------------------------------------

               Consolidation

               The condensed consolidated financial statements include the
               accounts of 4networld.com, Inc. for the three month periods ended
               December 31, 2000 and 1999 and 4net Software, Inc. for the three
               month period ended December 31, 2000 (collectively "the
               Company"). All significant intercompany balances and transactions
               have been eliminated in consolidation.

               Basis of Presentation

               The accompanying unaudited consolidated condensed financial
               statements have been prepared in accordance with accounting
               principles generally accepted in the United States for interim
               financial information and with the instructions to Form 10-QSB.
               Accordingly, they do not include all of the information and
               footnotes required by accounting principles generally accepted in
               the United States for complete financial statements. In the
               opinion of management, all adjustments considered necessary for a
               fair presentation have been included and such adjustments are of
               a normal recurring nature. Operating results for the three month
               period ended December 31, 2000 are not necessarily indicative of
               the results that may be expected for the year ending September
               30, 2001.

               The audited financial statements at September 30, 2000 which are
               included in the Company's Annual Report on Form 10-KSB should be
               read in conjunction with these condensed consolidated financial
               statements.

NOTE 2.    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
--------------------------------------------------------------------------------

               Use of Estimates

               The preparation of financial statements in conformity with
               accounting principles generally accepted in the United States
               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.

               Net Income (Loss) Per Share

               The Company applies Statement of Financial Accounting Standards
               No. 128, "Earnings Per Share" (FAS 128) which requires dual
               presentation of net income per share: basic and diluted. Basic
               earnings (loss) per share is computed using the weighted average
               number of common shares outstanding during the period. Diluted
               earnings (loss) per share is computed using the weighted average
               number of common shares outstanding during the period adjusted
               for incremental shares attributed to outstanding options to
               purchase shares of common stock. Outstanding stock equivalents
               were not considered in the calculation for periods in which the
               Company sustained a loss as their effect would have been
               anti-dilutive.

                                       6
<PAGE>

NOTE 3.    COMMITMENTS AND CONTINGENCIES
--------------------------------------------------------------------------------

               Abtech Industries, Inc. Settlement

               During the year ended September 30, 1999, the Company made two
               advances, evidenced by a loan receivable, totaling $170,000 to
               Abtech Industries, Inc. ("Abtech"), an intended merger target.
               The merger agreement was cancelled and Abtech defaulted under the
               loan agreement. Due to the Company's inability to estimate the
               amount ultimately recoverable from Abtech, the Company reduced
               the carrying value of the receivable to $1,000 as of September
               30, 1999.

               Pursuant to a final agreement in September 2000, the Company and
               Abtech agreed to a full settlement aggregating $170,000. As of
               December 31, 2000, the Company had received $140,000 in principal
               payments, $19,000 in interest payments and $15,000 in fees to
               extend payment dates. The Company received the remaining
               principal during January 2001.

NOTE 4.    MAJOR CUSTOMERS
--------------------------------------------------------------------------------

               Revenue from individual unaffiliated customers in excess of 10%
               of revenue during the three month period ended December 31, 2000
               was as follows:

                                               Amount         % of Revenue
               -------------------------- ----------------- -----------------

                       Customer A           $     24,590            31%
                       Customer B           $     16,325            20%

               Individual accounts receivable balances at December 31, 2000, in
               excess of 10% of total accounts receivable were as follows:

                                                             % of Accounts
                                               Amount          Receivable
               -------------------------- ----------------- -----------------

                       Customer A           $     29,740            60%
                       Customer B           $      7,450            15%

NOTE 5.    SUBSEQUENT EVENTS
--------------------------------------------------------------------------------

               Related Party - Office Rent

               Effective February 2001, the Company entered into a three-year
               sub-lease for office space with an entity controlled by the
               President of the Company. The lease provides for monthly rent of
               $2,000.

               Related Party - Employment Agreement

               Effective January 31, 2001, the President of the Company agreed
               to waive his annual salary under his employment agreement dated
               August 1, 2000. All other terms and conditions of that employment
               agreement remain in full force and effect, accordingly, the
               President continues to be eligible to receive bonus compensation
               and stock option grants at the discretion of the Board of
               Directors.

                                       7
<PAGE>

NOTE 5.    SUBSEQUENT EVENTS (continued)
--------------------------------------------------------------------------------

                  Related Party - Consulting Agreement

                  Effective February 1, 2001, the Company entered into a
                  one-year consulting agreement with an entity controlled by
                  the President of the Company which provides for, among other
                  things, the Company to pay the consultant $10,000 per month
                  for consulting and advisory services.




                                       8
<PAGE>

                  FORWARD LOOKING STATEMENTS DISCLOSURE

                           This report on Form 10-QSB contains, in addition to
                  historical information, forward-looking statements within the
                  meaning of Section 27A of the Securities Act of 1933 and
                  Section 21E of the Securities Exchange Act of 1934. You can
                  identify these forward-looking statements when you see words
                  such as "expect," "anticipate," "estimate," "may," "believe,"
                  and other similar expressions. These statements are not
                  guarantees of future performance and are subject to certain
                  risks, uncertainties and assumptions that are difficult to
                  predict. Actual results could differ materially from those
                  projected in the forward-looking statements. Factors that
                  could cause such a difference include, but are not limited to,
                  those discussed in the section entitled "Factors Affecting
                  Operating Results and Market Price of Stock," contained in the
                  Company's Annual Report on Form 10-KSB for the year ended
                  September 30, 2000, which is incorporated herein by reference.
                  Readers are cautioned not to place undo reliance on these
                  forward-looking statements, which speak only as of the date
                  hereof. We undertake no obligation to update any
                  forward-looking statements.



                  Item 2. Management's Discussion and Analysis or Plan Of
                          Operations

                          The following discussion and analysis provides
                  information which the management of 4networld.com, Inc. (the
                  "Company" or "4networld") believes to be relevant to an
                  assessment and understanding of the Company's results of
                  operations and financial condition. This discussion should be
                  read together with the Company's financial statements and the
                  notes to financial statements, which are included in this
                  report as well as the Company's Annual Report on Form 10-KSB
                  for the year ended September 30, 2000, which is incorporated
                  herein by reference.

                       In 1991, the Company suspended all operations except for
                  necessary administrative matters and ceased to be an operating
                  company. Thereafter, the Company utilized its resources to
                  remain in compliance with the periodic reporting requirements
                  of the federal securities laws while management attempted to
                  seek to arrange for a merger, acquisition or other arrangement
                  by and between the Company and a viable operating entity.

                       In March of 2000, the Company adopted a new business
                  strategy and plan of operation, which included among other
                  things, changing the Company's name from MedTech Diagnostics,
                  Inc. to 4networld.com, Inc. and seeking to make acquisitions
                  and/or strategic investments in companies that have developed
                  proven business solutions or unique proprietary technology
                  intended to assist the business community in creating and
                  maintaining a robust Internet presence. In connection with the
                  Company's new business strategy the Company called and held a
                  Special Meeting of Stockholders to vote for, among other
                  things, a 50 for 1 reverse split of the Company's common
                  stock. See Part II, Item 4. Submission of Matters to a Vote of
                  Security Holders contained in the Company's Form 10-QSB for
                  the quarter ended June 30, 2000, which is incorporated herein
                  by reference.

                       Pursuant to its business plan, on April 28, 2000,
                  4networld acquired all of the issued and outstanding capital
                  stock of DelOtto Systems, Inc., a Pennsylvania corporation
                  ("DelOtto Systems"), pursuant to the terms and conditions of a
                  Stock Purchase Agreement dated April 24, 2000. Subsequent to
                  the acquisition, DelOtto Systems changed its name to 4net
                  Software, Inc. ("4net Software"). In December 2000, the
                  Company restructured 4net Software from a Pennsylvania
                  corporation to a Delaware corporation.

                                        9
<PAGE>

                           4net Software is a full service provider of content
                  management and content syndication software and is a developer
                  of business-critical web sites. 4net Software develops
                  web-based software applications, focusing on content
                  management and information exchange. 4net Software's flagship
                  product, 4netManager(TM) bridges the gap between content
                  creation and content delivery by giving non-technical users
                  the ability to update and maintain their own web site. This
                  functionality reduces the cost of web site maintenance, and
                  improves the process of sustaining a dynamic online presence.

                       Currently, the Company is engaged in managing and
                  developing the business of 4net Software, its wholly owned
                  subsidiary, and searching for and evaluating acquisition
                  candidates that have developed proven software solutions or
                  unique proprietary technology intended to assist the business
                  community. The Company plans to achieve its objective by
                  expanding 4net Software's products and services through the
                  acquisition of companies with proven performance in web-based
                  technology. We believe that our focus will allow us to rapidly
                  capitalize on new opportunities and quickly expand our product
                  and service line. In addition, we believe that through the
                  acquisition of companies with proven products and/or services
                  we will increase our revenues and earnings.

                  Business of 4net Software
                  -------------------------

                       To date, 4net Software has operated primarily as a web
                  site development company with a proprietary content management
                  application. Over the past year, 4net Software has designed
                  and deployed web sites for over 100 small businesses. Each web
                  site developed by 4net Software is integrated with its content
                  management system, 4netManager(TM), which allows individuals
                  to update web site content in real time regardless of their
                  technical background. Additionally, 4net Software has marketed
                  its content management system to companies to enhance their
                  Intranet systems.

                       4net Software continues to sell its services along with
                  its proprietary technology through relationships and customer
                  referrals. Additionally, 4net Software is seeking strategic
                  relationships with companies to develop and market business
                  portals, similar to the co-marketing relationship with
                  KYW-TV3 (a CBS Owned and Operated Station and a Viacom
                  subsidiary) to develop, implement, and support a Web-based
                  business directory for the Philadelphia market place. Finally,
                  4net Software has earned significant recurring revenue from
                  its larger clients such as ITT Industries.

                       4net Software is in the process of pursuing pricing and
                  marketing strategies to increase the sales of 4netManager(TM)
                  to companies that have a static web site, without a content
                  management system. 4net Software is also in the process of
                  enhancing its proprietary content management solution into a
                  robust enterprise application to be marketed to large
                  businesses in various industries. Additionally, 4net Software
                  is aggressively pursuing strategic relationships with
                  companies that will permit 4net Software to utilize such
                  company's existing distribution channels. The Company is
                  interested in seeking additional capital to fund a
                  comprehensive sales and marketing effort to promote the
                  products of 4net Software.

                                        10
<PAGE>

                  RESULTS OF OPERATIONS

                          For the three month periods ended December 31, 2000
                  and 1999, the Company had revenue of $80,564 and $456,
                  respectively. The increase in revenue for the three month
                  period ended December 31, 2000 is attributable to the income
                  earned by 4net Software, the Company's wholly owned
                  subsidiary. Other than interest income the Company did not
                  earn any revenue for the corresponding period last year given
                  the virtual suspension of the Company's operations during that
                  period.

                          General and administrative expenses for the three
                  month periods ended December 31, 2000 and 1999 were $58,603
                  and $1,051, respectively. The increase in general and
                  administrative expenses for the three months ended December
                  31, 2000 was due primarily to increased legal, accounting and
                  administrative expenses associated with the operations of 4net
                  Software as well as Company's efforts to locate suitable
                  merger targets and negotiate acquisitions.

                           For the three month periods ended December 31, 2000
                  and 1999, the Company had operating losses of $121,210 and
                  $3,486, respectively. The losses incurred by the Company in
                  the three month period ended December 31, 2000 were due
                  primarily to expenses associated with the operation and
                  marketing of 4net Software as well as the Company's efforts to
                  locate suitable merger targets and negotiate acquisitions, in
                  accordance with the Company's business plan.


                  LIQUIDITY AND CAPITAL RESOURCES

                          During the three month period ended December 31, 2000,
                  the Company satisfied its working capital needs from cash on
                  hand at the beginning of the period, cash generated from
                  interest income during the year, and payments received from
                  Abtech Industries, Inc. in connection with a litigation. See
                  Part II. Item 1. (Legal Proceedings), below. As of December
                  31, 2000, the Company had cash on hand in the amount of
                  $287,586. The Company will need additional funds in order to
                  effectuate its business strategy. There is no assurance that
                  the Company will be able to obtain such additional funds, when
                  needed. Even if the Company is able to obtain additional funds
                  there is no assurance that the Company will be able to
                  effectuate its new business strategy.


                                       11
<PAGE>


                           PART II - OTHER INFORMATION

                  Item 1. Legal Proceedings

                       On or about August 3, 1999, in connection with an
                  agreement with a third party who was a potential merger
                  candidate, the Company made unsecured loans to the third party
                  totaling $170,000, which accrued interest at the rate of 10%
                  per annum. The merger negotiations between the Company and the
                  third-party ended without a merger agreement and the third
                  party failed to repay the loans as required by the loan
                  agreements between the parties. On or about November 22, 1999,
                  the Company commenced a lawsuit to recover the $170,000 loaned
                  to the third party. The action is entitled: MedTech
                  Diagnostics, Inc. v. Abtech Industries, Inc. and is pending in
                  the New York State Supreme Court, New York County and has been
                  assigned Index No. 99-605288. The Company entered into a
                  settlement agreement whereby Abtech Industries, Inc.
                  ("Abtech") agreed to pay the Company $170,000, plus interest
                  at a rate of 10% on that sum from August 3, 1999, on or before
                  May 15, 2000. The settlement agreement was secured by a
                  confession of judgment executed by Abtech.


                       On May 15, 2000, the Company entered into a forbearance
                  agreement with Abtech, whereby the Company agreed not to file
                  the judgment against Abtech for a period of two weeks in
                  exchange for a payment of $15,000 representing the interest on
                  the principal amount of the loan through June 15, 2000. On
                  June 1, the Company entered into a second forbearance
                  agreement with Abtech, whereby the Company agreed not to file
                  the judgment against Abtech for a period of two weeks in
                  exchange for a payment of $15,000 towards the principal amount
                  of the loan.

                       On June 15, 2000 the Company entered into a third
                  forbearance agreement with Abtech whereby the Company agreed
                  not to file the judgment against Abtech for a period of 45
                  days in exchange for a payment of $10,000 towards the
                  principal amount of the loan on or before June 16, 2000, a
                  payment of $10,000 towards the principal amount of the loan on
                  or before July 5, 2000, a payment of $6,000 representing
                  interest on the remaining principal balance of the loan from
                  June 15, 2000 through July 31, 2000, and a bonus payment for
                  the forbearance agreement on or before July 20, 2000.

                       On August 1, 2000, the Company entered into a further
                  agreement with Abtech whereby Abtech agreed to payoff the
                  remaining principal with interest on the loan on or before
                  December 1, 2000 (the "August 1st Agreement"). Pursuant to the
                  August 1st Agreement, Abtech agreed to make the following
                  payments of principal and interest: (1) a payment of $10,000
                  by August 5, 2000 representing principal; (2) a payment of
                  $10,000 by August 15, 2000 representing $5,000 of principal
                  with the remaining $5,000 for interest and a bonus payment for
                  the extension; (3) a payment of $31,000 by September 1, 2000
                  representing principal and interest; (4) a payment of $30,750
                  by October 1, 2000 representing principal and interest; (5) a
                  payment of $30,500 by November 1, 2000 representing principal
                  and interest; and (6) a final payment of $30,250 by December
                  1, 2000 representing principal

                                        12
<PAGE>

                  and interest. On September 27, 2000, the Company agreed to
                  extend the payment terms of the August 1st Agreement by one
                  month in exchange for an interest payment of $750 for the
                  month of September 2000, and an extension payment of $5,000.
                  Pursuant to the September 27, 2000 amendment to the August 1st
                  Agreement the remaining payments from Abtech were due as
                  follows: (a) a payment of $30,750 by November 1, 2000
                  representing principal and interest; (b) a payment of $30,500
                  by December 1, 2000 representing principal and interest; and
                  (6) a final payment of $30,250 by January 1, 2001 representing
                  principal and interest.

                       Abtech did not make the final payment of $30,250 on
                  January 1, 2001, in accordance with the August 1st
                  Agreement, as amended, however on January 16, 2001, Abtech
                  did make the final payment of $30,250 for principal and
                  interest plus an additional payment of $200 to cover the
                  interest for the period January 1, 2001 through January 16,
                  2001. Accordingly, the Company will discontinue the lawsuit
                  entitled: MedTech Diagnostics, Inc. v. Abtech Industries,
                  Inc., which is pending in the New York State Supreme Court,
                  New York County and has been assigned Index No. 99-605288.

                       The Company is not a party to any other material legal
                  proceedings.


                  Item 2. Changes in Securities

                        On January 16, 2001, the Company authorized the
                  issuance of 35,000 shares of common stock to James A.
                  Prestiano, Esq. as consideration for legal services rendered
                  to the Company. The shares issued to Mr. Prestiano are
                  restricted shares and were issued pursuant to Section 4 (2)
                  of the Securities Act of 1933.


                  Item 5. Other Information

                        In December 2000, the Company restructured its wholly
                  owned subsidiary, 4net Software, from a Pennsylvania
                  corporation to a Delaware corporation. In connection with the
                  restructuring of 4net Software ("4net Software (PA)"), the
                  Company formed a Delaware corporation named 4net Software,
                  Inc. ("4net Software (DE)") as a wholly owned subsidiary and
                  merged 4net Software (PA) with and into 4net Software (DE).
                  The board of directors of 4net Software (DE) are Steven N.
                  Bronson, Leonard Hagan and Alan Rosenberg. Mr. Bronson is the
                  President of 4net Software (DE). Upon completion of the
                  merger, 4net Software (PA) will be dissolved.

                       Effective November 30, 2000, Robert Park resigned as the
                  Vice President of the Company. Mr. Park remains as a member
                  of the Board of Directors of the Company. Effective December
                  1, 2000, Mr. Park became employed by Catalyst Financial LLC,
                  a company controlled by Steven N. Bronson, the Chairman, CEO
                  and President of the Company.

                       Effective February 1, 2001, the Company relocated its
                  principal offices from 900 Third Avenue, Suite 201, New York,
                  New York 10022 to 10 South Street, Suite 202, Ridgefield,
                  Connecticut 06877. The Company executed a three (3) year
                  sublease with Catalyst Operations, Inc., a corporation wholly
                  owned by Steven N. Bronson, the Chairman, President and Chief
                  Executive Officer of the Company. Pursuant to the sublease,
                  the Company will pay rent of $2,000 per month. A copy of the
                  sublease between Catalyst Operations, Inc. and the Company is
                  attached hereto as an Exhibit and is incorporated herein by
                  reference.

                                        13
<PAGE>

                       Effective January 31, 2001 Steven N. Bronson agreed
                  to waive his annual salary, as described in the Employment
                  Agreement, dated as of August 1, 2000 by and between the
                  Company and Steven N. Bronson. All other terms and conditions
                  of that employment agreement remain in full force and effect,
                  accordingly, Mr. Bronson continues to be eligible to receive
                  bonus compensation and stock option grants under the Company's
                  2000 Stock Incentive Plan, each at the discretion of the Board
                  of Directors.

                           The Company entered into a management consulting
                  agreement, effective February 1, 2001 with Catalyst Financial
                  LLC ("Catalyst"), a limited liability company, owned and
                  controlled by Steven N. Bronson. Catalyst is a full service
                  securities brokerage, investment banking and consulting firm.
                  Pursuant to the management agreement, Catalyst will provide
                  management consulting services, strategic business planning
                  and certain other advisory services to the Company in exchange
                  for a monthly fee of ten thousand dollars ($10,000). A copy of
                  the management agreement between Catalyst and the Company is
                  attached hereto as an Exhibit and is incorporated herein by
                  reference.

                                       14
<PAGE>

                  Item 6. Exhibits And Reports On Form 8-K

                           a. Exhibits

                           The following exhibits are hereby filed as part of
                  this Quarterly Report on Form 10-QSB or incorporated by
                  reference.

<TABLE>
<CAPTION>
                  Exhibit
                  Number         Description of Document
                  -------------------------------------------------------------------------------
<S>               <C>            <C>
                  2.1#           Stock Purchase Agreement by and between Michael Park, Andrew
                                 Patros and Robert Park and MedTech Diagnostics, Inc. dated April
                                 24, 2000. (Incorporated by reference to Exhibit 2.1 to the
                                 Current Report on Form 8-K filed by the Company on May 3, 2000.)

                  3.1#           Certificate of Incorporation of the Company. (Incorporated by
                                 reference to Exhibit 3.1 to the Annual Report
                                     on Form 10KSB filed by the Company on
                                     January 20, 2000.)

                  3.2#           By-Laws of the Company. (Incorporated by reference to Exhibit
                                 3.2 to the Annual Report on Form 10KSB filed by the Company on
                                 January 20, 2000.)

                  3.3#           Certificate of Amendment to the Certificate of Incorporation of
                                 the Company. (Incorporated by reference to Exhibit 3.3 to the
                                 Quarterly Report on Form 10QSB filed by the Company on August 14,
                                 2000.)

                  3.4#           Amended and Restated By-Laws of the Company. (Incorporated by
                                 reference to Exhibit 3.4 to the Quarterly Report on Form 10QSB
                                 filed by the Company on August 14, 2000.)

                  10.3#@         Employment Agreement dated as of August 1, 2000 by and between
                                 the Company and Steven N. Bronson. (Incorporated by reference to
                                 Exhibit 10.3 to the Quarterly Report on Form 10QSB filed by the
                                 Company on August 14, 2000.)

                  10.4#@         Employment Agreement dated as of August 1, 2000 by and between
                                 the Company and Robert Park. (Incorporated by reference to
                                 Exhibit 10.4 to the Quarterly Report on Form 10QSB filed by the
                                 Company on August 14, 2000.)

                  10.5*          Sublease dated as of February 1, 2001 by and between the
                                 Company and Catalyst Operations, Inc.

                  10.6*          Management Consulting Agreement, dated as of February 1, 2001
                                 by and between the Company and Catalyst Financial LLC.
                  --------------------------------
                  *    Filed herewith
                  #    Incorporated herein by reference
                  @    Represents a management contract
</TABLE>

                           b. Reports on Form 8-K.

                           No reports on Form 8-K were filed by the Company in
                  the quarter ended December 31, 2000.


                                       15
<PAGE>

                                   SIGNATURES

                  Pursuant to the requirements of the Securities Exchange Act of
                  1934, the Registrant has duly caused this report to be signed
                  on its behalf by the undersigned thereunto duly authorized.

                  February 20, 2001

                                                    4networld.com, Inc.

                                                    By: /s/ Steven N. Bronson
                                                    ----------------------------
                                                    Steven N. Bronson, President
                                                    Principle Executive Officer
                                                    as Registrant's duly
                                                    authorized officer





                                       16
<PAGE>

                                  EXHIBIT INDEX

Exhibit
Number    Description of Document
----------------------------------------------------------------------------

10.5       Sublease dated as of February 1, 2001 by and between the
           Company and Catalyst Operations, Inc.

10.6       Management Consulting Agreement, dated as of February 1, 2001 by
             and between the Company and Catalyst Financial LLC.

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


                                       17