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# UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

# Washington, D.C. 20549

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# FORM 10-Q

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

For the quarterly period ended September 30,
2000

OR

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

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Commission File Number 0-7619

# Asia SuperNet Corporation
(Exact name of Registrant as Specified in its charter)

# Colorado
(State or other jurisdiction of incorporation or organization)

# 93-0636333
(I.R.S. Employer Identification No.)

1700
Lincoln Street, Suite 3200        
                
                
Denver, Colorado 
                
         
                
             
          80203
            
                
        
    (Address of Principal Executive Offices)           
                
                
             
        (Zip Code)

(Registrant's telephone
number, including area code)        
        (303) 860-1700

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

# FOR THE
QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000

# TABLE OF
CONTENTS

# PART I.
FINANCIAL INFORMATION

Page No.



`Item 1.  Financial Statements

   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 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`

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# ASIA
SUPERNET CORPORATION

# PART I.
FINANCIAL INFORMATION

The interim financial statements
included in this Form 10-Q have not been reviewed by the Companys
independent auditors, nor any other independent accountants, using professional
standards and procedures for conducting such reviews, as established by
generally accepted auditing standards. Accordingly, the Companys
independent auditors have not expressed any opinion or any other form of
assurance on such financial statements, and assume no responsibility for, and
disclaim any association with, such financial statements.

## 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 ..............................           --                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, $5 par value, 25,000,000 shares
     authorized, unissued ...........................................           --                     --
   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) equity ................................       (280,688)            (2,717,792)
                                                                         -----------            -----------

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

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# ASIA
SUPERNET CORPORATION

# UNAUDITED
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
   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 .........................             367                 (4,334)
                                                                         -----------            -----------

     Total expenses ................................................          21,168                  1,114
                                                                         -----------            -----------

Loss from continuing operations ....................................         (21,168)                (1,095)

Loss on sale of discontinued operations, net .......................            --                     --
Loss from discontinued operations, net .............................            --                 (293,332)
                                                                         -----------            -----------

Net loss ...........................................................     $   (21,168)           $  (294,427)
                                                                         ===========            ===========

Basic and diluted loss per common share:
   Continuing operations ...........................................     $     (0.02)           $     (0.00)
   Discontinued operations:
         Sale of discontinued operations ...........................            --                     --
         Discontinued operations ...................................            --                    (0.30)
                                                                         -----------            -----------

         Total .....................................................     $     (0.02)           $     (0.30)
                                                                         ===========            ===========

Weighted average number of shares of common stock outstanding ......       1,248,062                975,318
                                                                         ===========            ===========`

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# ASIA
SUPERNET CORPORATION

# UNAUDITED
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 on sale of discontinued operations, net ..........................            --                     --
Loss from discontinued operations, net ................................            --                 (696,996)
                                                                            -----------            -----------

Net loss ..............................................................     $   (35,618)           $  (716,993)
                                                                            ===========            ===========

Basic and diluted loss per common share:
   Continuing operations ..............................................     $     (0.03)           $     (0.02)
   Discontinued operations:
         Sale of discontinued operations ..............................            --                     --
         Discontinued operations ......................................            --                    (0.79)
                                                                            -----------            -----------

         Total ........................................................     $     (0.03)           $     (0.81)
                                                                            ===========            ===========

Weighted average number of shares of common stock outstanding .........       1,218,534                884,490
                                                                            ===========            ===========`

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# 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)      $  (294,427)      $   (35,618)      $  (716,993)

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

COMPREHENSIVE INCOME (LOSS) ..............................  $   (21,168)      $   671,463       $   (35,618)      $   592,604
                                                            ===========       ===========       ===========       ===========`

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# ASIA
SUPERNET CORPORATION

# UNAUDITED
CONDENSED STATEMENTS OF CASH FLOWS

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

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss ...............................................................    $ (35,618)              $(716,993)
Adjustments to reconcile net loss to net cash
   used in operating activities:
   Depreciation and amortization .......................................        1,198                  29,391
Changes in working capital components:
   Accounts receivable .................................................         --                    (1,341)
   Prepaid and other current assets ....................................         --                   (20,277)
   Amounts receivable from related parties .............................         --                    (5,392)
   Accounts payable and accrued expenses ...............................       24,309                 (47,206)
   Amounts due to related parties ......................................        9,927                (818,372)
   Exchange difference .................................................         --                    (3,063)
                                                                            ---------               ---------

     Net cash provided by operating activities .........................         (184)                 53,491
                                                                            ---------               ---------

CASH FLOWS FROM INVESTING ACTIVITIES:

   Purchases of property, plant and equipment ..........................         --                   (36,432)
                                                                            ---------               ---------

   Net cash used in investing activities ...............................         --                   (36,432)
                                                                            ---------               ---------

CASH FLOWS FROM FINANCING ACTIVITIES:

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

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

NET DECREASE IN CASH AND CASH EQUIVALENTS ..............................         (184)                (43,647)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD .........................        9,176                  66,249
                                                                            ---------               ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD ...............................    $   8,992               $  22,602
                                                                            =========               =========`

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# ASIA
SUPERNET CORPORATION

# NOTES 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 with 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.

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## 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

The net cash used in
operating activities for the nine months ended September 30, 2000 amounted to
$184. This is primarily due to the payment of certain expenses, net of interest
income.

# PART II.
OTHER INFORMATION

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

(a) Exhibits.

Exhibit 27:      
 Financial Data Schedule.

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(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.

# SIGNATURES

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

## Date: November
28, 2000

Asia SuperNet Corporation
            
             
             
              
             
       A Colorado Corporation

By: /s/ Robert H. Trapp
             
             
             
              
             
             Robert
H. Trapp, Secretary and Treasurer

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