# 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 September 30, 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 October 1, 2000,
2,660,864 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 SEPTEMBER 30, 2000
TABLE OF CONTENTS

# PART I.
FINANCIAL INFORMATION

`Item 1.  Financial Statements                                                  Page No.

         Unaudited Condensed Balance Sheets as of September 30, 2000
            and December 31, 1999                                                 3

         Unaudited Condensed Statements of Operations for the three months
            ended September 30, 2000 and 1999                                     4

         Unaudited Condensed Statements of Operations for the nine months
            ended September 30, 2000 and 1999                                     5

         Unaudited Statements of Comprehensive Income (Loss) for the three
            and nine months ended September 30, 2000 and 1999                     6

         Unaudited Condensed Statements of Cash Flows for the nine months
            ended September 30, 2000 and 1999                                     7

         Notes to the Unaudited Condensed Financial Statements                    8

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                                        10

Signatures                                                                       11`

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# ASIA
SUPERNET CORPORATION

# PART I.
FINANCIAL INFORMATION

## ITEM 1.
FINANCIAL STATEMENTS

# UNAUDITED
CONDENSED BALANCE SHEETS

`As of September 30,  As of December 31,
ASSETS                                                               2000                 1999
------                                                        ------------------   ------------------

Current assets:
   Cash and cash equivalents ..................................   $    25,062    $     9,176
   Prepaid and other current assets ...........................          --           21,301
                                                                  -----------    -----------

Total current assets ..........................................        25,062         30,477

PROPERTY, PLANT AND EQUIPMENT, NET ............................         1,996          3,194
                                                                  -----------    -----------

Total assets ..................................................   $    27,058    $    33,671
                                                                  ===========    ===========

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

Current liabilities:
   Accounts payable ...........................................   $   161,382    $   123,821
   Convertible promissory note payable to a related party .....          --        2,472,722
   Accrued expenses and other liabilities .....................        63,699         82,182
   Amounts payable to related parties .........................        82,665         72,738
                                                                  -----------    -----------

Total current liabilities .....................................       307,746      2,751,463
                                                                  -----------    -----------

Shareholders' (deficit) equity:
   Preferred stock, $0.001 par value, 300,000,000 shares
     authorized, no shares issued .............................          --             --
   Common stock, $.001 par value, 900,000,000 shares
     authorized; issued and outstanding 2,660,864 and 1,189,005
     shares, respectively .....................................         2,661          1,189
   Paid in capital ............................................     9,010,952      6,539,702
   Accumulated deficit ........................................    (9,294,301)    (9,258,683)
                                                                  -----------    -----------

Total shareholders' deficit ...................................      (280,688)    (2,717,792)
                                                                  -----------    -----------

Total liabilities and shareholders' deficit ...................   $    27,058    $    33,671
                                                                  ===========    ===========`

See the accompanying notes
to the unaudited condensed financial statements.

---

# ASIA
SUPERNET CORPORATIONUNAUDITED CONDENSED STATEMENTS OF OPERATIONS

`Three months ended September 30,
                                                    2000             1999
                                                    ----             ----
Revenues:
   Rental income ............................   $      --      $      --
   Interest income ..........................          --               19
   Other income .............................          --             --
                                                -----------    -----------

Total revenues ..............................          --               19
                                                -----------    -----------

Expenses:
   Depreciation .............................           399          1,198
   Legal and professional fees ..............        20,402          4,250
   Other operating and administrative fees ..           367             72
                                                -----------    -----------

     Total expenses .........................        21,168          5,520
                                                -----------    -----------

Loss from continuing operations .............       (21,168)         5,501

Loss from discontinued operations, net ......          --         (163,925)
                                                -----------    -----------

Net loss ....................................   $   (21,168)   $  (169,426)
                                                ===========    ===========

Basic and diluted loss per common share:
   From continuing operations ...............   $     (0.01)   $     (0.01)
   From discontinued operations .............          --            (0.31)
                                                -----------    -----------

     Net loss per share .....................   $     (0.01)   $     (0.32)
                                                ===========    ===========

Weighted average number of shares of
   common stock outstanding .................     2,660,864        522,338
                                                ===========    ===========`

See the accompanying notes
to the unaudited condensed financial statements.

---

# ASIA SUPERNET
CORPORATIONUNAUDITED CONDENSED STATEMENTS OF OPERATIONS

`Nine months ended September 30,
                                                             2000            1999
                                                             ----            ----
Revenues:
   Rental income .....................................   $      --      $      --
   Interest income ...................................            21            394
   Other income ......................................          --             --
                                                         -----------    -----------

Total revenues .......................................            21            394
                                                         -----------    -----------

Expenses:
   Depreciation ......................................         1,198          3,593
   Legal and professional fees .......................        32,454         12,750
   Consulting fees paid to a related company .........          --             --
   Interest expense ..................................          --             --
   Unrealized gain on available-for-sale securities ..          --             --
   Land lease ........................................          --             --
   Rental real estate management fees ................          --             --
   Utilities .........................................          --             --
   Other operating and administrative fees ...........         1,987          4,048
                                                         -----------    -----------

     Total expenses ..................................        35,639         20,391
                                                         -----------    -----------

Loss from continuing operations ......................       (35,618)       (19,997)

Loss from discontinued operations, net ...............          --         (571,996)
                                                         -----------    -----------

Net loss .............................................   $   (35,618)   $  (591,993)
                                                         ===========    ===========

Weighted average number of shares of
  common stock outstanding ...........................     1,785,269        522,338
                                                         ===========    ===========

Basic and diluted loss per common share:
   From continuing operations ........................   $     (0.03)   $     (0.03)
   From discontinued operations ......................          --            (1.10)
                                                         -----------    -----------

     Net loss per share ..............................   $     (0.03)   $     (1.13)
                                                         ===========    ===========`

See the accompanying notes
to the unaudited condensed financial statements.

---

# ASIA
SUPERNET CORPORATION
UNAUDITED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

`Three months ended            Nine months ended
                                                  September 30,                 September 30,
                                               2000          1999           2000           1999
                                               ----          ----           ----           ----

NET INCOME (LOSS) ....................   $   (21,168)   $  (169,476)   $   (35,618)   $  (591,993)

Other comprehensive income (loss):
     Foreign currency translation ....          --           (4,030)          --           (3,063)
     Unrealized gain on
       available-for-sale securities .          --          969,920           --        1,312,660
                                         -----------    -----------    -----------    -----------

COMPREHENSIVE INCOME (LOSS) ..........   $   (21,168)   $   796,464    $   (35,618)   $   717,604
                                         ===========    ===========    ===========    ===========`

See the accompanying notes
to the unaudited condensed financial statements.

---

# ASIA SUPERNET
CORPORATIONUNAUDITED CONDENSED STATEMENTS OF CASH FLOWS

`Nine months ended September 30,
                                                                     2000           1999
                                                                     ----           ----

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss ....................................................   $   (35,618)   $  (591,993)
Adjustments to reconcile net loss to net cash
   used in operating activities:
   Depreciation .............................................         1,198         29,391
   Consulting fees ..........................................          --          250,000
Changes in working capital components:
   Accounts receivable ......................................          --           (1,341)
   Prepaid and other current assets .........................        21,301        (41,577)
   Amounts receivable from related parties ..................          --           (5,392)
   Accounts payable and accrued expenses ....................        19,078        (47,206)
   Amounts due to related parties ...........................         9,927       (443,372)
   Exchange difference ......................................          --            3,105
                                                                -----------    -----------

     Net cash provided by operating activities ..............        15,886         38,359
                                                                -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES:

   Repayment of margin loan payable .........................          --          (75,493)
   Increase in mortgage loan payable ........................          --           14,787
                                                                -----------    -----------

   Net cash used in financing activities ....................          --          (60,706)
                                                                -----------    -----------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ........        15,886        (22,347)

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

CASH AND CASH EQUIVALENTS AT END OF PERIOD ..................   $    25,062    $    22,602
                                                                ===========    ===========

SUPPLEMENTAL DISCLOSURES RELATED TO STATEMENTS OF CASH FLOWS:

Cash paid for interest ......................................   $      --      $   324,579
                                                                ===========    ===========

OTHER NONCASH INVESTING AND FINANCING ACTIVITIES:

Issuance of common tock for convertible promissory note
     payable to related party ...............................   $ 2,472,722    $      --
                                                                ===========    ===========`

See the accompanying notes
to the unaudited condensed financial statements.

---

# ASIA
SUPERNET CORPORATIONNOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER
30, 2000

NOTE 1.
BASIS OF PRESENTATION

The condensed financial statements
included herein have been prepared by Asia SuperNet Corporation (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 generally accepted
accounting principles 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 a normal recurring
nature. Certain amounts have been reclassified to conform to the current year
presentation.

The results of operations
for the three and nine month periods ended September 30, 2000 and September 30,
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.
SUPPLEMENTAL CASH FLOW INFORMATION FOR NONCASH TRANSACTIONS

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 4.
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

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 nine months ended
September 30, 2000, the Company had no operations.

RESULTS OF OPERATIONS

THREE MONTHS ENDED
SEPTEMBER 30, 2000 COMPARED TO THREE MONTHS ENDED SEPTEMBER 30, 1999

During the three months
ended September 30, 2000, revenues consisted of interest income on the cash and
cash equivalents and expenses primarily consisted of legal and accounting fees.
The loss from discontinued operations in the prior year related to the
operations existing at that time which included rental real estate and other
investments.

NINE MONTHS ENDED
SEPTEMBER 30, 2000 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 1999

During the nine months
ended September 30, 2000, revenues consisted of interest income on the cash and
cash equivalents and expenses primarily consisted of legal and accounting fees.
The loss from discontinued operations in the prior year related to the
operations existing at that time which included rental real estate and other
investments.

LIQUIDITY AND
CAPITAL RESOURCES

Net cash provided from
operating activities was $15,886. There was no cash provided by or used in
investing or financing activities.

The Company has no
operations, has negative working capital of $282,684 and a stockholders
deficit of $280,688. 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

(b) Reports on Form 8-K.

During the three months
ended June 30, 2000, the Company filed a Current Report on Form 8-K to report
Changes in Control under Item 1 and a Business Acquisition under Item 2, dated
June 13, 2000. On August 25, 2000, the Company filed a Current Report on Form
8-K to report the renegotiation of the contract for the Changes in Control under
Item 1 and the Business Acquisition under Item 2, as reported June 13, 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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