================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10-QSB

                                QUARTERLY REPORT

                         PURSUANT TO SECTION 13 OR 15 (d)
                                     of the
                        SECURITIES AND EXCHANGE ACT OF 1934

                      For the quarter ended March 31, 2001


                             PLANET RESOURCES, INC.
              (Exact name of registrant as specified in its charter)

                                    DELAWARE
         (State or other jurisdiction of incorporation or organization)

              1-16381                                   76-0600966
      (Commission File Number)              (IRS Employer Identification Number)

                                   A. W. Dugan
                                    President
                             Planet Resources, Inc.
                           1415 Louisiana, Suite 3100
                              Houston, Texas 77002
                    (Address of principal executive offices)

                                 (713) 658-1142
             (Registrant's telephone number, including area code)



         Indicate by check mark whether the Registrant (1) has filed all
documents and reports required to be filed by Section 13 or 15(d) of the
Securities and 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.
                                        X     Yes               No
                                     -------           -------

         Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

                  Class                              Outstanding at May 2, 2001
                  -----                              --------------------------
      Common Stock, $.001 par value                           2,000,000

================================================================================


                                    FORM 10-Q

                             PLANET RESOURCES, INC.

                                INDEX and REPORT

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


Part 1.      Financial Information

         Planet  Resources,  Inc.  is a mining  company in the  development
stage and is not  required  to file Part I of Form  10-QSB (Financial
Information) under the terms of Rule 13(a) -13(b).


Part II.     Other Information and Signatures

         In March 1999, Planet Resources, Inc. (Planet) a wholly owned
subsidiary of Internet Law Library, Inc. (Internet Law) was incorporated in the
State of Delaware. Planet was formed in connection with the execution of an
Agreement and Plan of Distribution (the "Agreement") by and between Planet and
Internet Law dated March 25, 1999. Under terms of the Agreement, Internet Law
transferred certain of its assets including mineral interest and related
equipment to Planet and shares of common stock and options of Planet were
distributed to certain of the Internet Law stockholders.

         Planet became a public company on March 12, 2001 upon the effectiveness
of a registration statement on Form SB-2. Subsequent to the effective date of
Planet's registration statement, the 100,000 common shares outstanding and held
by Internet Law were distributed to certain of the Internet Law stockholders.
Those shares were then cancelled and 2,000,000 new common shares were issued to
Planet shareholders. Also distributed to these shareholders were 455,000 stock
options as part of Planet's stock option plan of which 405,000 options and
50,000 options may each be used to purchase one share of Planet's common stock
at $.15 and $.40, respectively. The mineral interests and related equipment were
transferred to Planet on March 19, 2001. At this time Planet has no ongoing
operations.

         Management has reviewed the reporting requirements of Part II of Form
10-QSB and does not believe that additional corporate or other activities have
occurred which requires disclosure.

         No exhibits are attached.

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

PLANET RESOURCES, INC.



By:  /s/A. W. Dugan
   ---------------------------------
      A. W. Dugan, President and CEO

Date:  May 2, 2001