SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB


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

                  FOR THE QUARTERLY PERIOD ENDED: June 30, 2002
                                       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 1-15497

                             RecycleNet Corporation
              (Exact name of small business issuer in its charter)


               Utah                                                  87-0301924
         (State  or other jurisdiction of                         (IRS  Employer
Identification No.)
           incorporation or organization)

                   7 Darren Place, Guelph, ON N1H 6J2, CANADA
          (Address of principal executive offices, including Zip Code)

                                  519-767-2913
                        (Registrant's telephone number,)

Check whether the issuer (1) filed all reports required to be filed by Sections
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.

YES  [X]   NO [ ]

The number of common shares outstanding at July 31, 2002: 72,305,692
The number of class N shares outstanding at July 31, 2002: 66,291,781





                     RECYCLENET CORPORATION AND SUBSIDIARIES
                                   FORM 10-QSB
                           QUARTER ENDED JUNE 30, 2002

                                TABLE OF CONTENTS


PART I - FINANCIAL INFORMATION                                Page

Item 1. Financial Statements

 Condensed Consolidated Balance Sheets - June 30, 2002
   and December 31, 2001 (Unaudited)                            3

 Condensed Consolidated Statements of Operations for the
   Three and Six Months Ended June 30, 2002 and 2001
   (Unaudited)                                                  4

 Condensed Consolidated Statements of Cash Flows for the Six
   Months Ended June 30, 2002 and 2001 (Unaudited)              5

 Notes to Condensed Consolidated Financial Statements
   (Unaudited)                                                  6

Item 2.  Management's Discussion and Analysis of Financial
          Condition and Results of Operation                    8

Item 3.  Quantitive and Qualitative Disclosures About Market
           Risk                                                 11

PART II - OTHER INFORMATION

Item 2.  Changes in Securities                                  12

Item 6.  Exhibits and Reports on Form 8-K                       12

Signatures                                                      12





                         PART I - FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

                     RECYCLENET CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (Unaudited)

                                                 June 30,  December 31,
                                             -----------   -----------
                                                    2002          2001
                                             -----------   -----------
                                     ASSETS
Current Assets
  Cash                                       $   213,015   $  190,245
  Trade accounts receivable, net of $5,329
    and $5,314 allowance for bad debt,
    respectively                                  18,969       17,650
  Inventory                                       61,452       61,452
                                             -----------   ----------
      Total Current Assets                       293,436      269,347
                                             -----------   ----------
Computer Equipment                                21,372       21,372
   Less accumulated depreciation                 (21,372)     (17,665)
                                             -----------   ----------
      Net Computer Equipment                           -        3,707
                                             -----------   ----------
Advances to Related Party                         17,500       17,500
                                             -----------   ----------
Total Assets                                 $   310,936   $  290,554
                                             ===========   ==========

                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
   Accrued liabilities                       $    12,890    $  18,584
   Deferred revenue                               93,047       79,829
                                             -----------   ----------
      Total Current Liabilities                  105,937       98,413
                                             -----------   ----------

Stockholders' Equity
   Class N convertible shares (and Class
     X shares of Amalco) -  $0.01 par value;
     70,896,789 shares authorized; 66,291,781
     shares and shares issued and
     outstanding                                 662,918      662,918

   Common shares - $0.01 par value; 179,103,211
     shares authorized; 72,305,692 shares
     issued and outstanding                      723,057      723,057
   Additional paid-in deficit                    (21,435)     (21,435)
   Accumulated deficit                        (1,159,541)  (1,172,399)
                                             -----------   ----------
      Total Stockholders' Equity                 204,999      192,141
                                             -----------   ----------

Total Liabilities and Stockholders' Equity   $   310,936   $  290,554
                                             ===========   ==========

See the accompanying notes to condensed consolidated financial statements.

/3/

                     RECYCLENET CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)


                                 For the Three Months  For the Six Months Ended
                                     Ended June 30,               June 30,
                                ----------------------  ----------------------
                                      2002        2001        2002        2001
                                ----------   ---------  ----------   ---------
Sales                           $  491,195   $ 346,316  $  735,783   $ 737,057
Cost of Sales                      346,278     181,531     468,090     375,547
                                ----------   ---------  ----------   ---------

Gross Profit                       144,917     164,785     267,693     361,510

General and administrative
  expenses                        (132,059)   (170,149)   (245,778)   (316,010)
Marketing expense associated
  with Global Recycling Network    (16,500)          -     (16,500)          -
Exchange gain                        7,850       8,378       7,443       2,499
                                ----------   ---------  ----------   ---------

Net Income                      $    4,208   $   3,014  $   12,858   $  47,999
                                ==========   =========  ==========   =========
Basic and Diluted Earnings Per
   Common Share                 $        -   $       -  $        -   $       -
                                ==========   =========  ==========   =========

See the accompanying notes to condensed consolidated financial statements.

/4/


                     RECYCLENET CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)


                                                For the Six Months Ended
                                                         June 30,
                                                ------------------------
                                                    2002            2001
                                                --------        --------
Cash Flows From Operating Activities
  Net income                                    $ 12,858        $ 47,999
  Adjustments to reconcile net loss
     to net cash used by operating activities:
     Depreciation                                  3,707           4,125
     Marketing expense associated with Global
       Recycling Network                          16,500               -
     Exchange gain                                (7,443)         (2,499)
  Changes in assets and liabilities:
     Accounts receivable                          (1,319)         (2,859)
     Inventory                                         -         (61,452)
     Accounts payable                                  -          (1,569)
     Accrued liabilities                          (5,694)         (5,900)
     Deferred revenue                             13,218          65,019
                                                --------        --------

     Net Cash Provided By Operating Activities    31,827          42,864
                                                --------        --------

Cash Flows From Investing Activities
  Cash received in acquisition of
    fiberglass.com,inc.                                -           2,059
                                                --------        --------

  Acquisition of Global Recycling Network        (16,500)              -
                                                --------        --------


  Net Cash Provided by (Used In) Investing
   Activities
                                                 (16,500)          2,059
                                                --------        --------

Cash Flows From Financing Activities
  Collection of receivable from shareholders
    received in acquisition of
    fiberglass.com,inc.                               -          104,767
                                                --------        --------


        Net Cash Provided By Financing
          Activities                                   -         104,767
                                                --------        --------

Effect of Exchange Rate Changes on Cash            7,443           2,499
                                                --------        --------

Increase in Cash                                  22,770         152,189

Cash at Beginning of Period                      190,245         117,505
                                                --------        --------

Cash at End of Period                           $213,015        $269,694
                                                ========        ========


See the accompanying notes to condensed consolidated financial statements.

/5/

NOTE 1-ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis  of  Presentation  -  The  accompanying condensed  consolidated  financial
statements  have been prepared by RecycleNet Corporation and are  unaudited.  In
the  opinion  of management, the accompanying consolidated financial  statements
contain  all  adjustments  (consisting of  only  normal  recurring  adjustments)
necessary  for  fair  presentation  in  accordance  with  accounting  principles
generally accepted in the United States of America.

The  accompanying interim consolidated financial statements have been  condensed
pursuant to the rules and regulations of the Securities and Exchange Commission;
therefore,   certain   information  and  disclosures   generally   included   in
consolidated  financial  statements  have  been  condensed  or  omitted.   These
consolidated  financial  statements should  be  read  in  conjunction  with  the
Company's  annual  consolidated financial statements included in  the  Company's
annual report on Form 10-KSB as of December 31, 2001. The financial position and
results  of  operations  of the interim periods presented  are  not  necessarily
indicative of the results to be expected for the year ended December 31, 2002.

NOTE 2-BASIC AND DILUTED EARNINGS PER COMMON SHARE

Basic  earnings  per common share is calculated by dividing net  income  by  the
weighted-average  number  of  common shares outstanding.  Diluted  earnings  per
common share is calculated by dividing net income by the weighted-average number
of  Class N (and Class X) shares and common shares outstanding to give effect to
potentially  issuable  common  shares, except during  loss  periods  when  those
potentially issuable shares are anti-dilutive.

The  following  data  shows  the amounts used in  computing  basic  and  diluted
earnings per share for the three and six months ended June 30, 2002 and 2001.

<TABLE>
<CAPTION>

                                               For the Three Months Ended       For the Six Months Ended
                                                          June 30,                      June 30,
                                               ---------------------------     ---------------------------
                                                      2002            2001            2002            2001
                                               -----------     -----------     -----------     -----------
<S>                                            <C>             <C>             <C>             <C>
Net income                                     $     4,208     $     3,014     $    12,858     $    47,999
                                               ===========     ===========     ===========     ===========


Weighted-average number of common
  shares used in basic income per
   common  share calculation                    72,305,692       72,305,691      72,305,692     71,932,479
   Incremental potentially issuable common
   shares from assumed conversion of Class
   N common shares                              66,291,781      66,291,781      66,291,781      66,305,870
                                               -----------     -----------     -----------     -----------

Weighted-average number of common
  shares and dilutive potential common
  shares used in diluted income per
   common  share  calculation                  138,597,473     138,597,472     138,597,473     138,238,349
                                               ===========     ===========     ===========     ===========

Basic Income Per Common Share                  $         -     $         -     $         -     $         -
                                               ===========     ===========     ===========     ===========


Diluted Income Per Common Share                $         -     $        -      $         =     $         -
                                               ===========     ===========     ===========     ===========
</TABLE>


NOTE 3-SEGMENT INFORMATION

The  Company  has  operations in two segments of its Internet business,  namely:
Internet  Portal  Services  and Sales of Equipment.  Information  regarding  the
operations and assets of these reportable business segments follows:

                                                  Equipment
                                        Services    Sales     Total
For the Six Months Ended June 30, 2002  --------  ---------  ------
   Sales                                $267,693  $ 468,090 $735,783
   Net income (loss)                      13,400       (542)  12,858
   Assets                                224,331     86,605  310,936
For the Six Months Ended June 30, 2001
   Sales                                $362,223   $374,834 $737,057
   Net income (loss)                      48,389       (390)  47,999
   Assets                                356,309     75,070  431,379

NOTE 4-BUSINESS PURCHASE

On  April  2, 2002, the Company acquired the assets of Global Recycling Network,
Inc.  (GRN),  an unrelated third-party, for $16,500 in cash. The assets  of  GRN
included  the domain names of grn.com and recyclenet.com and all rights  to  the
name  "Global Recycling Network", including all attendant intellectual  property
rights. All of the purchase price was allocated to the website of GRN, which was
accounted for as marketing and advertising costs in accordance with Statement of
Position  No. 98-2. Accordingly, the advertising costs were immediately expensed
at the date of acquisition.

NOTE 5 -EQUITY

In  June  2002,  the  shareholders approved an increase  in  the  common  shares
authorized from 150,000,000 to 250,000,000 shares.

/7/


ITEM  2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION

Cautionary Statement Regarding Forward Looking Statements

Certain  statements contained in this Section and elsewhere in this Form  10-QSB
regarding  matters that are not historical facts are forward-looking  statements
(as  such  term  is defined in the Private Securities Litigation Reform  Act  of
1995).  Because such forward-looking statements include risks and uncertainties,
actual  results  may differ materially from those expressed or implied  by  such
forward-looking  statements. All statements that address operating  performance,
events or developments that  management  expects  or anticipates to incur in the
future,  including  statements  relating  to  sales  and  earnings   growth   or
statements   expressing  general optimism about  future operating  results,  are
forward-looking  statements.  The  forward-looking  statements  are   based   on
management's current views and assumptions regarding future events and operating
performance.  Many factors could cause actual results to differ materially  from
estimates contained in management's forward-looking statements.  The differences
may  be  caused  by a variety of factors, including but not limited  to  adverse
economic  conditions,  competitive  pressures,  inadequate  capital,  unexpected
costs,  lower revenues, net income and forecasts, the possibility of fluctuation
and  volatility of our operating results and financial condition,  inability  to
carry  out  marketing  and sales plans and loss of key executives,  among  other
things.

Overview

The following discussion of the financial condition and results of operations of
the  Company  should  be read in conjunction with the financial  statements  and
notes related thereto, included elsewhere in this report.

RecycleNet  Corporation  provides "Global Access to  Recycling  Markets"  (GARM)
through Internet portals that facilitate e-commerce trading.

Results of Operations

RecycleNet  Corporation  (an Ontario Private Corporation)  was  incorporated  on
December 22, 1997 and purchased the ongoing business proprietorship of Mr.  Paul
Roszel. The Company operated its business activities and continued to expand its
operations throughout the following period.

On  March  19,  1999,  RecycleNet Corporation (an Ontario  Private  Corporation)
completed a reverse share acquisition with the Garbalizer Machinery Corporation,
a  Utah  Corporation.  RecycleNet Corporation (Ontario) since its inception  has
provided Internet services and has received all of its sales revenue from  these
activities.   All  of  the previous business activities of Garbalizer  Machinery
Corporation have not continued on in the new parent. Consequently,  all  of  the
following  financial  data  being  discussed will  not  compare  any  Garbalizer
Machinery Corporation figures with its relevant comparisons.

Throughout  the reporting periods shown hereafter, common stock was  issued  for
various  items  (ie. business & start-up costs; merger costs; professional  fees
and  marketing expenses). Accounting principles generally accepted in the United
States  of  America  require that we value these shares  at  reasonable  current
values  when  issued. Consequently, the paid-in-capital of the Company  recorded
has  received  a substantial paid-in capital and the consolidated  statement  of
Accumulated Deficit recorded a correspondingly large deficit.

/8/

Sales Revenues
                        For the Three Months Ended     For the Six Months Ended
                                  June 30,                      June 30,
                        -------------------------      ------------------------
                            2002             2001          2002            2001
                        --------   --------------      --------  --------------
     Sales Revenues     $491,200   $      346,300      $735,800  $      737,100


Sales revenues recorded for the three months ended June 30, 2002 of $491,200 has
increased  $144,900 from $346,300 during the similar period  of  2001.  Revenues
from  our  web  site services of $144,000 were $21,800 lower than  the  $165,800
recorded  in  2001, which shows a decrease in our web site business  during  the
last  quarter. However, when comparing our first quarter shortfall  of  $73,900,
our second quarter sales revenues have improved relative to last year. Sales  in
Andela  Products of $347,200 were $166,700 higher than the $180,500 recorded  in
2001  which reflects a positive increase in the business conditions in 2002  for
capital equipment commitments from our customers.

Sales revenue of $735,800 for the first six months of 2002 was $1,300 less  than
the  same  period  of  2001.   Revenues in our Portal  business  decreased  from
$362,200 in 2001 to $267,700 in 2002 reflecting a $94,500 or 26% decrease  while
sales  in  our Andela Products company essentially offset this decrease  with  a
favorable  sales improvement of $93,300 over the same period last year.   During
this  period  in  2001, RecycleNet sold a license in March to  use  our  Rhodium
WebWeaver  ASP  Business Package for a one-time fee of $35,000  which  increased
this  period's  revenue  with  a one- time large  sale.  The  remaining  $59,500
reflects the continuing lower level of sales we have experienced since the third
quarter  of  2001.  However,  the  Company is starting  to  see  improvement  in
themonthly sales levels and hopes this trend will continue into the future.

Revenue  in Andela Products increased from $374,800 in 2001 to $468,100 in  2002
reflecting  a  $93,300  or  a  25% improvement in business  activity.   Business
conditions  in  the  North American economy for capital equipment  purchases  is
proving to be difficult but Andela Products has experienced an increased  volume
in higher quality inquiries which to date have turned into increased sales.

Gross Profit

                        For the Three Months Ended     For the Six Months Ended
                                  June 30,                      June 30,
                        -------------------------      ------------------------
                            2002             2001          2002            2001
                        --------   --------------      --------  --------------

        Gross Profit    $144,900   $      164,800      $267,700  $      361,500

Gross  profit of $144,900 in the second quarter of 2002 was $19,900  lower  than
the  $164,800 recorded in the similar period of 2001. The company's gross profit
is a direct result of our revenue associated with our web site activities.  From
the  sales  revenue  discussion  above, our portal  sales  have  decreased  this
quarter, and correspondingly our gross profit has also decreased.

Gross  profit  of $267,700 for the first six months of 2002 was $93,800  or  26%
below the $361,500 level in the same period of 2001.  The six months results  in
2001  included  the  Rhodium WebWeaver license sale of $35,000,  which  led  the
company off to a strong start. The 2002 sales revenue does not reflect a similar
sale as well as the total sales activity in 2002 is progressing at a lower level
than 2001.


/9/

In regards to the Rhodium WebWeaver license, sold in 2001, there were no cost of
sales  and the $35,000 sale contributed directly to a $35,000 increase in  gross
profit.  However, the Company incurred sales commission of $8,500 and  royalties
of  $1,000  associated with this sale. Our gross profit related  to  the  Andela
business  has not matured and this business as yet, is not contributing  to  our
gross profit.

Operating Expenses

                        For the Three Months Ended     For the Six Months Ended
                                  June 30,                      June 30,
                        -------------------------      ------------------------
                            2002             2001          2002            2001
                        --------   --------------      --------  --------------

  General and Adminis-
    trative Expenses    $148,600   $      170,100      $262,300  $      316,000

General and administrative expenses of $148,600 in the second quarter ended June
30,  2002  were  $21,500 lower than the same period of 2001. Increased  expenses
were  attributed to commission expense of $10,900, and miscellaneous expense  of
$16,500.  In  relation  to commission expenses, we have  altered  the  basis  of
remuneration  of one of our employees from a salaried position to a commissioned
position  resulting  in a reduction in labor expenses by  $10,700.   We  have  a
savings  in office and administration expenses of $5,100. In the second  quarter
of  2002,  Recyclenet  purchased the assets of GLOBAL  RECYCLING  NETWORK  which
consisted  of  their website and domain name (www.grn.com),  which  the  Company
feels  will  enhance  business over the long term. This  purchase  was  expensed
during the quarter.

Offsetting  the  above  increased  expenditures  was  a  $27,600  reduction   in
professional  fees.  In  2001,  Recyclenet was  presented  with  the  legal  and
accounting  fees  associated with the extensive work  completed  in  the  second
quarter complying with the SEC filings.  These expenses have not continued  into
the  expenses of 2002. In addition, other expenses that were lower in 2002  were
bad  debts  by $2,800, advertising and promotional expense by $5,800,  telephone
expense by $2,400 and salary expense by $10,700.

General and administrative expenses recorded for six months ended June 30,  2002
of  $262,300 were lower by $53,700 than the $316,000 recorded in the same period
of  2001.  Other  than sales commissions increasing by $15,700  and  the  Global
Recycling  Network expense of $16,500, as discussed in the quarterly discussions
above,  the other expense categories more than offset this increase contributing
to the total $53,700 savings in 2002. The management of Recyclenet has taken the
appropriate steps since the third quarter of 2001 to match our company  expenses
to  the sales revenues being realized and management will continue to be prudent
in conserving the resources of this company.

Net Income

                        For the Three Months Ended     For the Six Months Ended
                                  June 30,                      June 30,
                        -------------------------      ------------------------
                            2002             2001          2002            2001
                        --------   --------------      --------  --------------

          Net Income    $  4,200   $        3,000      $ 12,900  $       48,000

Net  income of $4,200 reported in the second quarter of 2002 reflects  a  slight
increase  of $1,200 profit compared to the similar period of 2001. Gross  profit
has  declined by $19,900, but this decrease was more than offset by the decrease
in  expenses  of   $25,000  reflecting our increased commitment  to  our  portal
business.  Business revenues for Recyclenet in 2002 appear to  be  improving  as
reflected in our improved sales revenues in the second quarter but management is
still monitoring expenses accordingly.

/10/

Net income for the first six months ended June 30, 2002 decreased by $35,100  to
$12,900  over  the same period of 2001.  As discussed above, the sale  in  March
2001  of  our  first Rhodium WebWeaver license less our commissions and  royalty
contributed  $25,500  of  the net profit last year. The  Company  also  had  the
$16,500  expense associated with the GRN purchase.  Management will continue  to
assess  expenditure commitments compared to sales revenues  and  will  take  the
necessary steps to protect the business position.

Liquidity and Capital Resources

The  Company's cash position recorded at June 30, 2002 of $213,000 has increased
$22,800  from  the December 31, 2001 cash position of $190,300  while  the  cash
position improvement in the same period of 2001 was $152,200. In January of 2001
RecycleNet Corporation purchased Fiberglass.com, inc by the issuance  of  common
shares  capturing  the  cash balance of $106,800 in this  acquisition  as  noted
previously  in this report. In addition, the company recorded the sale  of  it's
first  Rhodium Webweaver valued at  $35,000 , accounting for most of the  profit
contribution in 2001.

In  2002, there were no similar significant events, consequently our modest cash
increase was generated  from normal business operations.

The  Company's  financial  position has strengthened further  in  spite  of  the
business climate and the Company hopes it can continue to generate positive cash
flows  as it moves forward. Management will continue to focus on improving  this
operating  performance and also to look at opportunities to invest cash,  either
internally or externally to improve shareholder value.

Deferred Revenue

Deferred revenue results from RecycleNet customers who pay for their services in
advance,  such  as quarterly, half yearly, or annually. RecycleNet  records  the
initial payment in deferred revenue and then recognizes in each subsequent month
that  proportion which is provided in services. Since the second quarter of 2002
recorded  higher  sales  revenues than the last quarter of  the  year,  deferred
revenues  have  increased to $93,000 from the $79,800 recorded at  December  31,
2001.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Competition  for Internet products and services, advertising and  e-commerce  is
intense.   The  Company  expects that competition will  continue  to  intensify.
Barriers  to entry are minimal, and competitors can launch new Web  sites  at  a
relatively  low  cost.  The  Company  competes  for  a  share  of  a  customer's
advertising/promotional  budget with online services  and  traditional  off-line
media, such as print and trade associations.

Competitors  may develop Internet products or services that are superior  to  or
have greater market acceptance than the Company's solutions.  If it is unable to
compete  successfully  against  its competitors, business  condition,  financial
condition, and operating results will be adversely affected.

Many  of  the  Company's  competitors have much greater  brand  recognition  and
greater  financial,  marketing and other resources.  This  may  place  it  at  a
disadvantage in responding to its competitors' pricing strategies, technological
advances, advertising campaigns, strategic partnerships and other initiatives.

/11/

                           PART II - OTHER INFORMATION

ITEM 2. CHANGES IN SECURITIES

In June 2002, the shareholders approved an increase in the common shares
authorized from 150,000,000 to 250,000,000 shares.

ITEM 6. Exhibits and Reports on Form 8-K

        (a)     Exhibit 99      Certification Pursuant to 18 U.S.C. Section
                                1350, As Adopted Pursuant To Section 906
                                of the Sabanes - Oxley Act of 2002


                                   SIGNATURES


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


                                     RecycleNet Corporation


August 6, 2002          By: /s/ Paul Roszel
                        ------------------------------------------------
                        Paul Roszel
                        President and Chairman of the Board of Directors


August 6, 2002          By: /s/ Richard Ivanovick, C.A.,
                        ------------------------------------------------
                        Richard Ivanovick
                        Chief Financial and Accounting Officer


/12/