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

# FORM 10-Q/A

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

For the
quarterly period ended March 31, 2000

| | [  ] | 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 0-7619

Asia
SuperNet Corporation
(Exact Name of Registrant as Specified in its Charter)

Colorado   
              
              
              
              
              
              
              
        98-0164238
              
              
              
    (State or other jurisdiction of    
              
              
              
              
             
   (I.R.S. Employer Identification No.)
              
              
              
     incorporation or organization)

1888
Sherman Street, Suite 500, Denver, CO 80203
(Address of Principal Executive Offices)   
   (Zip Code)

1700
Lincoln Street, Suite 3100, Denver, CO 80203
(Former address of principal executive offices)

Registrant's
telephone number, including area code:     (303)
894-7971

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 
[  ]     No  [X]

As of May 20, 2000,
1,185,209 shares of common stock, $.001 par value, were issued and outstanding.

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# ASIA
SUPERNET CORPORATION
FORM 10-Q/A
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000
TABLE OF CONTENTS

# PART I.
FINANCIAL INFORMATION

Pursuant to this Form 10-Q/A,
Asia SuperNet Corporation amends ITEM 1. Financial Statements and
ITEM 2. Managements Discussion and Analysis of Financial Condition
and Results of Operations of Part I of its Quarterly Report on Form 10-QSB
for the quarterly period ended March 31, 2000.

This amendment includes the
restatement of prior year amounts to conform to the presentation for
discontinued operations. The majority of the Companys operations were sold
during 1999. In addition, amounts due for professional services were
inadvertently recorded twice in the first quarter of the year ended December 31,
2000.

`Item 1.  Financial Statements                                                           Page No.

     Unaudited Condensed Balance Sheets as of March 31, 2000, as restated
       and December 31, 1999                                                               3

     Unaudited Condensed Statements of Operations for the three months ended
       March 31, 2000, as restated and 1999                                                4

     Unaudited Statements of Comprehensive Income (Loss) for the three months
       Ended March 31, 2000, as restated and 1999                                          5

     Unaudited Condensed Statements of Cash Flows for the three months ended
       March 31, 2000, as restated and 1999                                                6

     Notes to the Unaudited Condensed Financial Statements                                 7

Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations                                                             9

                           PART II. OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K                                                  9

Signatures                                                                                10`

---

# ASIA
SUPERNET CORPORATION

# PART I.
FINANCIAL INFORMATION

## ITEM 1.
FINANCIAL STATEMENTS

# UNAUDITED
CONDENSED BALANCE SHEETS
(United
States Dollars)

`As of March 31,   As of December 31,
ASSETS                                                          2000              1999
------                                                     --------------    -----------------
                                                            (As restated,
                                                             see Note 3)
Current assets:
   Cash and cash equivalents .............................   $     9,131    $     9,176

   Prepaid and other current assets ......................        21,301         21,301
                                                             -----------    -----------

Total current assets .....................................        30,432         30,477

PROPERTY, PLANT AND EQUIPMENT, NET .......................         2,795          3,194
                                                             -----------    -----------

Total assets .............................................   $    33,227    $    33,671
                                                             ===========    ===========

LIABILITIES AND SHAREHOLDERS' DEFICIT
-------------------------------------

Current liabilities:
   Accounts payable ......................................   $   121,289    $   123,821
   Convertible promissory notes payable to related party..     2,472,722      2,472,722
   Accrued expenses and other liabilities ................        83,577         82,182
   Amounts payable to related parties ....................        72,738         72,738
                                                             -----------    -----------

Total current liabilities ................................     2,750,326      2,751,463
                                                             -----------    -----------

Shareholders' (deficit) equity:
   Preferred stock, $0.001 par value, 300,000,000 shares
     authorized, no shares issued ........................          --             --
   Common stock, $0.001 par value, 900,000,000 shares
     authorized; 1,189,005 shares issued and outstanding..         1,189          1,189
   Additional paid in capital ............................     6,539,702      6,539,702
   Accumulated deficit ...................................    (9,257,990)    (9,258,683)
                                                             -----------    -----------

Total shareholders' deficit ..............................    (2,717,099)    (2,717,792)
                                                             -----------    -----------

Total liabilities and shareholders' deficit ..............   $    33,227    $    33,671
                                                             ===========    ===========`

See the accompanying notes
to the unaudited condensed financial statements.

---

# ASIA
SUPERNET CORPORATION
UNAUDITED
CONDENSED STATEMENTS OF OPERATIONS
(United
States Dollars)

`Three months ended March 31,
                                                         2000          1999
                                                         ----          ----
                                                      (As restated,
                                                       see Note 3)
Revenues:
   Rental income .................................   $     --     $     --
   Interest income ...............................           15          351
   Other income ..................................        5,403         --
                                                     ----------   ----------

Total revenues ...................................        5,418          351
                                                     ----------   ----------

Expenses:
   Depreciation ..................................          399        1,198
   Legal and professional fees ...................        4,266        4,250
   Other operating and administrative fees .......           60          698
                                                     ----------   ----------

     Total expenses ..............................        4,725        6,146
                                                     ----------   ----------

Income (loss) from continuing operations .........          693       (5,795)

Loss from discontinued operations, net ...........         --       (235,946)
                                                     ----------   ----------

Net income (loss) ................................   $      693   $ (241,741)
                                                     ==========   ==========

Weighted average number of shares of
   common stock outstanding ......................    1,189,005      522,338
                                                     ==========   ==========

Basic and diluted earnings (loss) per share:
     From continuing operations ..................   $     0.00   $    (0.01)
     From discontinued operations ................         --          (0.45)
                                                     ----------   ----------

     Net income (loss) per share .................   $     0.00   $    (0.46)
                                                     ==========   ==========`

See the accompanying notes
to the unaudited condensed financial statements.

---

# ASIA
SUPERNET CORPORATION

# UNAUDITED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

`Three months ended
                                                                March 31,
                                                             2000       1999
                                                             ----       ----
                                                        (As restated,
                                                          See Note 3)

NET INCOME (LOSS) ....................................   $     693   $(241,741)

Other comprehensive income (loss):
  Unrealized gain on available-for-sale securities ...        --        18,827
                                                         ---------   ---------

COMPREHENSIVE INCOME (LOSS) ..........................   $     693   $(222,914)
                                                         =========   =========`

See the accompanying notes
to the unaudited condensed financial statements.

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# ASIA
SUPERNET CORPORATION
UNAUDITED
CONDENSED STATEMENTS OF CASH FLOWS
(United
States Dollars)

`Three months ended March 31,
                                                               2000         1999
                                                               ----         ----
                                                           (As restated,
                                                            see Note 3)
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss) ......................................   $     693    $(241,741)
Adjustments to reconcile net income (loss) to net cash
   used in operating activities:
   Depreciation ........................................         399        8,797
   Consulting fees .....................................        --        125,000
Changes in working capital components:
   Accounts receivable .................................        --           (896)
   Prepaid and other current assets ....................        --        (41,520)
   Amounts receivable form related parties .............        --         (4,273)
   Accounts payable and accrued expenses ...............      (1,137)     (40,685)
   Amounts due to related parties ......................        --        124,530
   Exchange difference .................................        --         10,769
                                                           ---------    ---------

   Net cash used in operating activities ...............         (45)     (60,019)
                                                           ---------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES

   Increase in margin loan payable .....................        --         32,811
   Increase in mortgage loan payable ...................        --         12,465
                                                           ---------    ---------

   Net cash provided by financing activities ...........        --         45,276
                                                           ---------    ---------

NET DECREASE IN CASH AND CASH EQUIVALENTS ..............         (45)     (14,743)

CASH AND CASH EQUIVALENTS AT BEGINNING OF
   PERIOD ..............................................       9,176       44,949
                                                           ---------    ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD .............   $   9,131    $  30,206
                                                           =========    =========

SUPPLEMENTARY DISCLOSURE:

Cash paid for interest .................................   $    --      $ 111,939
                                                           =========    =========`

See the accompanying notes
to the unaudited condensed financial statements.

---

# ASIA
SUPERNET CORPORATION
NOTES TO
UNAUDITED CONDENSED FINANCIAL STATEMENTS
MARCH 31,
2000

NOTE 1.
BASIS OF PRESENTATION

The condensed financial statements
included herein have been prepared by the Company, without audit, pursuant to
the rules and regulations of the Securities and Exchange Commission. Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with accounting principles generally accepted in the
United States of America have been condensed or omitted pursuant to such rules
and regulations, although the Company believes that the disclosures are adequate
to make the information presented not misleading. The condensed financial
statements and the notes thereto should be read in conjunction with the
financial statements included in the Companys Annual Report on Form 10-K
for the year ended December 31, 1999. In the opinion of the management of the
Company, the accompanying condensed financial statements contain all necessary
adjustments to present fairly the financial position, the results of operations
and cash flows for the periods reported. All adjustments are of a normal
recurring nature.

The results of operations
for the three month periods ended March 31, 2000 and March 31, 1999 are not
necessarily indicative of the results to be expected for the full year.

NOTE 2.
CONTINUING OPERATIONS

These condensed financial
statements have been prepared on the going concern basis of accounting which
assumes the Company will realize its assets and discharge its liabilities in the
normal course of business. The Company is currently operating at a loss, has
negative working capital and stockholders deficit. Should the Company be
unable to continue as a going concern it may be required to realize its assets
and settle its liabilities at amounts substantially different from the current
carrying values.

The Companys ability
to continue as a going concern is dependent on continued financial support from
its principal shareholder, Mr. Fai H. Chan, who has signed a letter of financial
support to the Company.

NOTE 3.  RESTATEMENT

Subsequent to the issuance
of the Companys financial statements for the three months ended March 31,
2000, management determined that amounts due for professional services were
inadvertently recorded twice in the first quarter.

---

# ASIA
SUPERNET CORPORATION
NOTES TO
UNAUDITED CONDENSED FINANCIAL STATEMENTS
MARCH 31,
2000
(CONTINUED)

NOTE 3.
RESTATEMENT (CONTINUED)

The  effects  of  the
restatement are as follows:

`March 31, 2000
                                                        --------------------------
                                                           As        As previously
                                                        Restated       Reported
                                                        --------     -------------

Accounts payable                                     $   121,289    $   144,560
Accumulated deficit                                    2,750,326      2,773,597
Accumulated deficit                                   (9,257,990)    (9,281,261)
Total shareholders' deficit                           (2,717,099)    (2,740,370)

                                                           Three months ended
                                                             March 31, 2000
                                                        --------------------------
                                                           As        As previously
                                                        Restated       Reported
                                                        --------     -------------

Other income                                               5,403           --
Legal and professional fees                                4,266         22,134
Net income (loss)                                            693        (22,578)
Basic and diluted earnings (loss) per common share          0.00          (0.02)`

NOTE 4.
CONVERTIBLE PROMISSORY NOTES PAYABLE TO RELATED PARTY

In June 2000, the
convertible promissory notes payable to SAR Trading Ltd. in the amount of
$2,472,722 were converted into 1,471,859 shares of common stock of the
Company.

NOTE 5.
DISCONTINUED OPERATIONS

During 1999, the Company
sold all of its interests in all of its subsidiaries. As such, amounts for the
prior period have been conformed to the presentation for discontinued
operations.

---

# ITEM 2.
MANAGEMENTS  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

Item 2.
Managements Discussion and Analysis of Financial Condition and Results of
Operations is hereby amended and restated to read as follows:

The following discussion
should be read in conjunction with the Annual Report on Form 10-K for the year
ended December 31, 1999, the Condensed Financial Statements of the Company and
the related notes thereto, and other financial information that is included
elsewhere herein or incorporated by reference.

Introduction

During 1999, the Company
sold all of its interests in all of its subsidiaries. For the three months ended
March 31, 2000, the Company had no operations.

RESULTS OF
OPERATIONS

THE THREE MONTHS ENDED
MARCH 31, 2000 COMPARED TO THE THREE MONTHS ENDED MARCH 31, 1999

During the three months
ended March 31, 2000, revenues consisted of interest income on the cash and cash
equivalents and expenses primarily consisted of legal and accounting fees. The
prior year revenues and expenses related to the discontinued operations that
existed at that time that included rental real estate and other
investments.

LIQUIDITY AND CAPITAL
RESOURCES

The net cash used in
operating activities for the three months ended March 31, 2000 amounted to $45.
This is primarily due to the payment of bank fees, net of interest income. There
was no cash provided by or used in investing or financing activities.

The Company has no
operations, has negative working capital of $2,719,894 and a stockholders
deficit of $2,717,099. The Companys ability to continue as a going concern
is dependent on continued financial support from its principal shareholder, Mr.
Fai H. Chan, who has signed a letter of financial support to the
Company.

## PART II.
OTHER INFORMATION

## ITEM 6.
EXHIBITS AND REPORTS ON FORM 8-K

There  were no Current
Reports on Form 8-K filed during the quarter ended March 31, 2000.

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# 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.

Dated: September 14, 2001 
 
            
        
            
            
           
         
Asia SuperNet Corporation
          
        
            
            
            
        
            
            
            
            
A Colorado Corporation
            
            
            
                
            
            
            
                  
      By: /s/ Robert H. Trapp
             
            
            
            
            
            
            
            
            
            Robert
H. Trapp
             
            
                  
            
     
            
            
            
            
            
Secretary and Treasurer

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