SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                                  FORM 10-QSB/A
                                AMENDMENT NO. 2


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

               FOR THE QUARTERLY PERIOD ENDED: June 30, 2000

                                       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 June 30, 2000:   10,782,647
The number of class N shares outstanding at June 30, 2000:  67,991,569

<PAGE>

                        PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS




                   RECYCLENET CORPORATION AND SUBSIDIARIES

                        INDEX TO FINANCIAL STATEMENTS

                                                                        Page

      Condensed Consolidated Balance Sheets - June 30, 2000 and
        December 31, 1999 (Unaudited)                                    F-2

      Condensed Consolidated Statements of Operations for the Three
        and Six Months Ended June 30, 2000 and 1999 (Unaudited)          F-3

      Condensed Consolidated Statements of Cash Flows for the Six
        Months Ended June 30, 2000 and 1999 (Unaudited)                  F-4

      Notes to Condensed Consolidated Financial Statements               F-5


                                F-1
 <PAGE>


                   RECYCLENET CORPORATION AND SUBSIDIARIES
                    CONDENSED CONSOLIDATED BALANCE  SHEETS
                                 (Unaudited)


                                                       June 30,  December 31,
                                                         2000       1999
                                                      ----------  ----------
                                    ASSETS
Current Assets
       Cash                                           $   60,035  $   61,167
       Trade accounts receivable, net of $4,174 and
         $2,168 allowance for bad debt                    54,112      30,289
       Note receivable                                    22,500      15,000
                                                      ----------  ----------
        Total Current Assets                             136,647     106,456
                                                      ----------  ----------
Computer Equipment                                        13,693      13,693
       Less accumulated depreciation                      (6,638)     (3,520)
                                                      ----------  ----------
        Net Equipment                                      7,055      10,173
                                                      ----------  ----------
Total Assets                                          $  143,702  $  116,629
                                                      ==========  ==========

                     LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
     Trade accounts payable                           $    4,899  $   18,023
     Accrued liabilities                                  12,690       2,650
     Deferred revenue                                     49,913      43,328
                                                      ----------  ----------
       Total Current Liabilities                          67,502      64,001
                                                      ----------  ----------
Stockholders' Equity
     Class N common shares (and Class X shares
      of Amalco) -  $0.01 par value; 70,896,789
      shares authorized; 67,991,569 shares and
      68,130,269 shares outstanding, respectively        679,916     681,303
     Common shares - $0.01 par value; 79,103,211
      shares authorized; 10,782,647 shares and
      10,643,947 shares issued and outstanding,
      respectively                                       107,826     106,439
     Additional paid-in capital                          447,926     447,926
     Accumulated deficit                              (1,159,468) (1,183,040)
                                                      ----------  ----------
       Total Stockholders' Equity                         76,200      52,628
                                                      ----------  ----------
Total Liabilities and Stockholders' Equity            $  143,702  $  116,629
                                                      ==========  ==========

See the accompanying notes to condensed consolidated financial statements.

                                F-2
<PAGE>

                   RECYCLENET CORPORATION AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS  OF OPERATIONS
                                 (Unaudited)
<TABLE>
<CAPTION>

                                            For the Three Months        For the Six Months
                                               Ended June 30,              Ended June 30,
                                         --------------------------  --------------------------
                                            2000          1999          2000          1999
                                         ------------  ------------  ------------  ------------
<S>                                     <C>           <C>           <C>           <C>
Sales                                    $    607,734  $    85,220   $    902,339  $    117,454
Cost of Sales                                 472,767       21,008        646,335        21,008
                                         ------------  -----------  -------------  ------------
Gross Profit                                  134,967       64,212        256,004        96,446
                                         ------------  -----------  -------------  ------------
Operating Expenses
   General and administrative expenses        117,832       66,900        234,183       111,419
   Exchange gain                                  (76)      (4,523)        (1,751)       (4,628)
   Impairment of marketing rights                   -            -              -       196,932
   Professional fees (paid with stock)              -            -              -       423,917
                                         ------------  -----------  -------------  ------------
Total Operating Expenses                      117,756       62,377        232,432       727,640
                                         ------------  -----------  -------------  ------------
Net Income (Loss)                        $     17,211  $     1,835  $      23,572  $   (631,194)
                                         ============  ===========  =============  ============
Basic Income (Loss) Per
 Common Share                            $       0.00  $      0.00  $        0.00  $      (0.14)
                                         ============  ===========  =============  ============
Diluted Income (Loss) Per
 Common Share                            $       0.00  $      0.00  $        0.00  $      (0.14)
                                         ============  ===========  =============  ============
</TABLE>

See the accompanying notes to condensed consolidated financial statements.

                                F-3
<PAGE>

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

                                                      For the Six Months
                                                        Ended June 30,
                                                     ---------------------
                                                       2000        1999
                                                     ----------  ---------
  Cash Flows From Operating Activities
    Net income (loss)                                $   23,572  $(631,194)
    Adjustments to reconcile net loss to net cash
     used by operating activities:
       Depreciation                                       3,118      1,414
       Impairment of marketing rights                        -     196,932
       Common stock issued for services                      -     423,917
       Exchange gain                                    (1,675)       (105)
    Changes in assets and liabilities:
       Accounts receivable                             (23,823)    (17,852)
       Receivable from supplier                         (7,500)         -
       Accounts payable                                (13,124)     (1,166)
       Accrued liabilities                              10,040          -
       Deferred revenue                                  6,585       3,861
                                                     ---------  ----------
      Net Cash Used in Operating Activities             (2,807)    (24,193)
                                                     ---------  ----------
  Cash Flows From Investing Activities
    Purchase of equipment                                   -       (6,210)
                                                     ---------  ----------
    Net Cash Used in Investing Activities                   -       (6,210)
                                                     ---------  ----------
  Cash Flows From Financing Activities
    Proceeds of issuance of common shares                   -      109,476
                                                     ---------  ----------
    Net Cash Provided by Financing Activities               -      109,476
                                                     ---------  ----------
  Effect of Exchange Rate Changes on Cash                1,675         105
                                                     ---------  ----------
  Increase (Decrease) in Cash                           (1,132)     79,178

  Cash at Beginning of Period                           61,167      55,257
                                                     ---------  ----------
  Cash at End of Period                              $  60,035  $  134,435
                                                     =========  ==========

      NON CASH INVESTING AND FINANCING ACTIVITIES -- During
      March 1999, the Company issued 833,717 common shares
      as compensation for services valued at $423,917. Also
      during March 1999, the Company issued 386,900 shares
      to acquire Andela Corporation and 7,877,421 shares to
      acquire Garbalizer Machinery Corporation.

See the accompanying notes to condensed consolidated financial statements.

                                F-4
<PAGE>


                     RECYCLENET CORPORATION
      NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                         (UNAUDITED)

NOTE 1-ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The  accompanying  financial statements  have  been  prepared  by
RecycleNet  Corporation  and are unaudited.  In  the  opinion  of
management,  the  accompanying  unaudited  financial   statements
contain  all  necessary  adjustments  for  fair  presentation  in
accordance with generally accepted accounting principles  in  the
United States.

The  accompanying  unaudited interim  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  financial
statements  have  been  condensed or  omitted.  These   financial
statements  should  be  read in conjunction  with  the  Company's
annual  financial  statements included in  the  Company's  annual
report  on Form 10-KSB  as of December 31, 1999, as amended.  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, 2000.

Basis  of Presentation - RecycleNet Corporation (RecycleNet)  was
incorporated on December 22, 1997 under the laws of the  Province
of Ontario, Canada. On March 19, 1999, RecycleNet was reorganized
into  Amalco, a newly-formed, wholly-owned Ontario subsidiary  of
Garbalizer   Machinery   Corporation   (Garbalizer),    a    Utah
corporation, under the terms of a stock exchange agreement  dated
February  25,  1999  (the  Agreement). Under  the  terms  of  the
Agreement,   the   shareholders  of  RecycleNet  exchanged   each
outstanding common share of RecycleNet for 3.869 Class  X  shares
(equity participating and non-voting) of Amalco and 3.869 Class N
(voting,  non-equity  participating) shares  of  Garbalizer.  The
RecycleNet shareholders were issued 70,896,789 Class N and  Class
X  shares.  The  Class N and Class X shares are convertible  into
common  shares on the basis of one Class N share and one Class  X
share  for  each common share, at the option of the Class  N  and
Class  X  shareholders.  Prior  to  closing  the  Agreement,  the
Garbalizer shareholders held 7,877,427 common shares, after a  2-
for-3  reverse stock split, which remained outstanding after  the
reorganization. The RecycleNet shareholders held  the  equivalent
of 90% of the common shares after the reorganization.

For  financial reporting purposes, RecycleNet was considered  the
accounting  acquirer.  These  financial  statements   have   been
restated for all periods presented for the effects of the  3.869-
for-1 stock split and for the conversion of the RecycleNet common
shares  into Class N and Class X shares. In connection  with  the
Agreement, Garbalizer transferred all of its existing assets  and
operations  to  a corporation under the control of its  principal
shareholder in exchange for the assumption by that corporation of
all of the liabilities of Garbalizer. Garbalizer thereby became a
shell  corporation with no operations and no assets prior to  the
transaction.  The  common  shares of  Garbalizer  which  remained
outstanding  were  accounted for as having  been  issued  in  the
transaction and were valued at zero which was the fair  value  of
the  net assets of Garbalizer. The acquisition of Garbalizer  was
accounted for under the purchase method of accounting.


Consolidation - On March 19, 1999, Garbalizer changed its name to
RecycleNet  Corporation. The accompanying consolidated  financial
statements  include the accounts of RecycleNet  Corporation  (the
Utah  corporation) from the date of its acquisition, the accounts
of  RecycleNet (the Ontario corporation renamed Amalco)  and  the
accounts  of  Andela Products Corporation, from the date  of  its
acquisition. The consolidated entity is referred to hereafter  as
the  Company. Inter-company accounts and transactions  have  been
eliminated in consolidation.

Business  Condition  - The Company has experienced  an  operating
profit  of  $23,572   for  the six months  ended  June  30,  2000
compared  to  an  operating loss of $631,194 for the  six  months
ended  June 30, 1999. Cash flows from operating activities during
the  six  months  ended  June 30, 2000 used  $2,807.  During  the
similar period in 1999, cash flows from operating activities used
$24,193.

Note  Receivable  - At June 30, 2000, the Company  had  loaned  a
total of $22,500 to Andela Tool & Machine as a loan towards their
immediate  working  capital  needs.  Repayment  is  expected   by
December  31,  2000.  The loan is unsecured.  The  loan  is  non-
interest bearing and payment terms have not been established.

Revenue Recognition - Revenue from services are recognized as the
services are performed. Web site advertising services are charged
on  a  monthly basis without guarantee of the number of customers
viewing  the web site. Revenues from the Internet Portal Services
business are derived from individual custom packages that include
any  combination  of  the following services: subscription  fees,
HTML  linking  services, advertising, and web page  construction.
Each package is unique and distinctions between services are  not
made  for  accounting purposes. The portal service  revenues  are
derived   from  a  combination  of  fees,  which  are  negotiated
individually with each customer. The customer buys a  combination
of services specific to his needs, upon which the fees are based.
The  Company  charges a per-client, per-month repetitive  service
fee,  regardless of the services provided. With  respect  to  the
Internet  portal  sites that facilitate e-commerce  trading,  the
Company only charges a monthly fee for services that are provided
to  customers.  The Company does not charge sellers or  buyers  a
percentage  of  the  value  of their transactions  nor  does  the
Company  charge  a  back-end fee. Customer payments  received  in
advance  of  providing services are recorded as deferred  revenue
and   are   then  recognized  proportionately  as  services   are
performed.

Sales  of equipment over the Internet are recognized on the  date
payment  is received and any right of return by the customer  has
expired.

NOTE 2--BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE

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

The  following table shows the weighted-average number of  common
shares used in the calculation of basic and diluted income (loss)
per common share:

<TABLE>
<CAPTION>

                                             For the Three Months Ended   For the Six Months Ended
                                                       June 30,                   June 30,
                                               ------------------------   ------------------------
                                                  2000        1999          2000          1999
  					         -----------  -----------   -----------  -----------
<S> 						         <C>          <C>           <C>          <C>

  Net income (loss )                          $    17,211  $     1,835   $    23,572  $  (631,194)
					        ===========  ===========   ===========  ===========
  Weighted-average number of common
    shares used in basic income (loss) per
     common share calculation                  10,753,228    7,877,427    10,698,588    4,482,735
  Incremental potentially issuable common
     shares from assumed conversion of
     Class N common shares                     68,020,988   70,896,789    68,075,628            -
				      	        -----------  -----------   -----------  -----------
  Weighted-average number of common
    shares and dilutive potential common
    shares used in diluted income (loss)
    per common share calculation               78,774,216   78,774,216    78,774,216    4,482,735
						 ===========  ===========  ============  ===========
</TABLE>

At  June  30, 1999, there were 70,896,789 Class N (and  Class  X)
shares  outstanding  that were excluded from the  calculation  of
diluted loss per share for the six months ended June 30, 1999.

NOTE 3--STOCKHOLDERS' EQUITY

The  Company has 70,896,789 common shares authorized as  Class  N
common  shares. The Class N common shares have voting  rights  of
one  vote per share and are non-equity participating. Amalco, the
Ontario subsidiary, is authorized to issue an unlimited number of
Class  X  common shares. The Class X common shares of Amalco  are
non-voting  but equity participating. The Class  N  and  Class  X
shares  are  convertible into common shares on the basis  of  one
Class  N  share and one Class X share of Amalco for  each  common
share of the Company solely at the option of the shareholders.

During  February through March 1999, the Company  issued  213,570
shares  of common stock for cash. The proceeds from the  issuance
were  $109,476 or $0.51 per share. During March 1999, the Company
issued  833,717 shares of common stock for services.  The  shares
were  recorded  at  their fair value of $423,917,  or  $0.51  per
share,  based upon the price shares were issued for  cash  during
that same time.

On  March 11, 1999 the Company issued 386,900 shares of  Class  N
and  Class  X common stock to acquire Andela Products  Ltd.   The
value  assigned  to the shares was$196,932, or $0.51  per  share,
based upon the price shares were issued for cash during that same
time.  The  purchase  price was allocated entirely  to  marketing
rights held by Andela. Upon acquiring Andela, management assessed
the  investment for impairment, based on estimated discounted net
future  cash  flows  and  determined  that  the  investment   was
impaired.  Accordingly, the Company recognized an impairment loss
of $196,932 during the three months ended March 31, 1999.

In conjunction with the reorganization of RecycleNet, a principal
shareholder converted 2,000,000 Class N and Class X common shares
into  2,000,000 common shares on August 19, 1999. The shareholder
contributed  the  common shares to the Company. The  shares  were
then reissued to an individual for his services and assistance in
the  merger  and  reorganization. The common shares  issued  were
recorded at their fair value of $400,000 or $0.20 per share based
upon  the market value at which the Company's common shares  were
trading at the time of issuance. The cost of the related services
was charged to expense.

During  the  six  months ended June 30, 2000, 138,700  shares  of
Class  N  common  shares  and (Class X  shares  of  Amalco)  were
exchanged for 138,700 common shares of the Company.

NOTE 4 -- SEGMENT INFORMATION

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

                                           Portal    Equipment
                                          Services     Sales       Total
					           ----------  ----------  ----------
For the Six Months Ended June 30, 2000
  Sales                                  $  256,004  $  646,335  $  905,339
  Net income (loss)                          24,132        (560)     23,572
  Assets                                    143,702           -     143,702
For the Six Months Ended June 30, 1999
  Sales                                  $   96,483  $   20,971  $  117,454

  Segment profit (loss)                     (10,308)        (37) $  (10,345)
  Corporate expenses                                               (620,849)

  Net loss                                                         (631,194)
  Assets                                    188,177           -     188,177

During  the  quarter ended June 30, 2000, the Company  internally
changed  the  basis of segmentation from operating  in  only  one
segment  to  the  two segments presented above. As  can  be  seen
above,  prior-period  segment information has  been  restated  to
conform to the 2000 presentation.

NOTE 5 - SUBSEQUENT EVENTS

On  July  14,  2000, the Company acquired all of the  outstanding
common  stock of metalworld.com, Inc. ("metalworld")  by  issuing
27,322,608  shares of common stock primarily to Inter-Continental
Recycling  Inc.  and  Paul Roszel.  Inter-Continental  Recycling,
Inc.  is  beneficially owned by Paul Roszel, who is the president
and is beneficially the majority shareholder of the Company.  Due
to  the  fact that the Company and metalworld are entities  under
common  ownership, the purchase of metalworld was  accounted  for
under the purchase method of accounting at historical cost  in  a
manner  similar to pooling of interests on July  14,  2000.   The
only  asset  held  by metalworld at the date of  acquisition  was
$22,0435  in  cash  and  metalworld  had  no  liabilities.    The
operations  of  metalworld will be included in  the  consolidated
financial statements of the Company from July 14, 2000.

At  December  31, 2000, fiberglass.com, inc., a Utah corporation,
met  certain  criteria for acquisition and on  January  2,  2001,
RecycleNet  Corporation acquired all of the  outstanding  capital
stock  of fiberglass.com, inc., . The fiberglass.com shares  were
acquired primarily from current holders of Class N shares of  the
Company.  The  consideration for the acquisition  was  32,500,650
shares of common stock. The acquisition will be accounted for  as
a reorganization of entities under common control and recorded at
the  historical  cost of the assets of fiberglass.com,  inc.  The
assets  of  fiberglass.com, inc. included $108,798 in  cash,  the
Internet portal, "Fiberglass World," the Internet portal,  "House
of   Glass,"   as   well  as  the  domain  names  fiberglass.com,
glasschange.com, and glasschange.net  and other intangible assets
relating  to  customers' access to these Internet portals.  There
were no outstanding liabilities or debts in fiberglass.com, inc.


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.  The  Company's web  sites  are  described  in
"Description of Business" above.

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.   RecycleNet   Corporation
(Ontario),  since  its inception, has provided Internet  services
and has received all of its sales revenue from these activities.

On  March 19, 1999, RecycleNet Corporation (Ontario) completed  a
reverse   share   acquisition  with  the   Garbalizer   Machinery
Corporation,  a  Utah corporation. None of the previous  business
activities of Garbalizer Machinery Corporation were continued  on
in  the  new  parent.  Consequently, none of  the  operations  of
Garbalizer  Machinery Corporation are discussed in the  following
financial analysis.

Revenues  from the Internet Portal Services business are  derived
from  individual custom packages that include any combination  of
the following services: subscription fees, HTML linking services,
advertising,  and web page construction. Each package  is  unique
and  distinctions  between services are not made  for  accounting
purposes.  The  portal  service  revenues  are  derived  from   a
combination of fees, which are negotiated individually with  each
customer. The customer buys a combination of services specific to
his  needs, upon which the fees are based. The fees are  recorded
in  total dollar amounts, as the Company has no reasonable method
available  to  subdivide the revenues on its  books.  We  believe
there  is no material difference in fees from the various aspects
of  its web site services segment and therefore the web site fees
from  the individual services are not separately identified.  The
business   model  requires  a  per-client,  per-month  repetitive
service fee, regardless of the services provided. With respect to
the Internet portal sites that facilitate e-commerce trading, the
Company only charges a monthly fee for services that are provided
to  customers.  The Company does not charge sellers or  buyers  a
percentage  of  the  value  of their transactions  nor  does  the
Company charge a back-end fee.

The  two  other business segments, Application Services  Provider
services (formerly known as "proprietary exchange software")  and
E-commerce Services are still in development, except for  selling
equipment  over  the  Internet.  See  "Business  Segment  2"  and
"Business Segment 3" in "Description of Business" above.

Throughout  the reporting periods shown hereafter,  common  stock
was  issued for various items (i.e. business and start-up  costs,
merger  costs  and  professional fees). United  States  generally
accepted  accounting  principles requires  that  we  value  these
shares at reasonable current values when issued. The consolidated
statements  of operations reflect these expenses paid with  stock
as   well  as  services  and  office  facilities  contributed  by
principal  stockholders. To assist the readers of these financial
statements,  we  have  reported  normal  operational  sales   and
expenses  and also itemized expenses paid with stock and services
and   facilities  contributed  by  principal  stockholders.   The
expenses resulting from the issuance of common stock and from the
contributed  services  and facilities did  not  reduce  our  cash
balances throughout the reporting periods.

Sales  Revenues - Sales revenues recorded for the second  quarter
of 2000 of $607,700 were $522,500 over the same period in 1999 of
$85,200.  Sales revenues for the six months  to June 30, 2000  of
$902,300  was  a substantial increase of $784,800 over  the  same
period of 1999 of $117,500.

Revenue from our portal business continues to increase at a  very
favorable  rate  reaching $225,400 for the six  months  of  2000,
compared  to $96,500 for the similar period of 1999. The increase
was  attributable to increased interest in our web site and  from
increased  selling efforts by our personnel. Sales  of  equipment
over  the Internet through our Andela Products Ltd. business were
$646,900  during the six months ended June 30, 2000  compared  to
$21,000 during the same period of 1999. This increase is also due
to  our  increased sales efforts and activities of our personnel;
however, as explained below, these sales did not generate a gross
profit.  We  are currently experiencing orders for  large  custom
equipment  in  this  business but do not know whether  the  sales
activity will be sustained in future periods.

Gross  Profit - Gross profit of $256,000 for the six months ended
June 30, 2000 was $159,500 over the similar period in 1999, while
the  three months gross profit from April 1 to June 30,  2000  of
$135,000 was $70,800 or 210% over the same period of 1999.   This
gross   profit   improvement  is   a   direct   result   of   our
correspondingly higher sales revenues in each of  the  comparable
periods   and  is  being  generated  from  our  portal  business.
Although  we  are recording increased revenues in  our  sales  of
equipment over the Internet through our Andela Products business,
we  are not receiving any gross profit from these activities  and
do  not believe these sales will generate any gross profit in the
future.  We  continue  to  focus  our  activities  at  generating
revenues  associated  with  our web  site  services  and  graphic
advertising due to their gross profit potential.

Operating   Expenses   -  General  and  administrative   expenses
increased from $111,400 for the six months ended June 30, 1999 to
$234,200 for the similar period of 2000.  The largest expenditure
in  this category is salaries and related benefits and represents
$159,300 of the $234,200 total.  Starting in January of  1999  we
commenced  hiring  four contract sales personnel.  The  increased
cost   of   these  personnel,  along  with  increased   telephone
expenditures, resulted in achieving correspondingly strong  sales
revenue  increases as explained above. Traveling expenditures  in
the year 2000 were slightly higher as we continue our efforts  to
attend   trade  shows,  web-related  conventions  and   continued
promotional  activities regarding RecycleNet's  progress  in  the
business  community. Management is monitoring its  costs  closely
and will increase expenditures only when we can see some benefits
from doing so.

Non-recurring expenses during the six months ended June 30,  1999
resulted  from recognition of $196,932 of impairment of marketing
rights  acquired  in  the Andela Products Ltd.  acquisition,  and
$423,917  of  professional  fees  paid  with  common  stock.   No
comparable expenses were incurred in 2000.

The  Company  acquired Andela Products Ltd.  by  issuing  386,900
shares of Class N and Class X common stock on March 11, 1999. The
common  shares  issued  were recorded  at  their  fair  value  of
$196,932.  The acquisition was accounted for using  the  purchase
method  of  accounting. The acquisition was for  the  purpose  of
obtaining marketing rights to glass recycling equipment  produced
by  Andela  T  & M which had been transferred to Andela  Products
Ltd.  Accordingly, the purchase price was allocated  entirely  to
the  marketing rights. Based upon an assessment of the  estimated
net future cash flows from the marketing rights, as evidenced  by
the  lack  of  gross  profit from the  sale  of  glass  recycling
equipment  after  the  purchase, management determined  that  the
marketing rights were impaired and were written off during 1999.

During March 1999, the Company issued 833,717 Class N shares  for
managerial, legal, accounting and operating services. The  shares
were  recorded at their fair value of $423,917 or $0.51 per share
based upon the price shares were issued for cash during that same
time.  The  shares  were issued to individuals who  consisted  of
employees of the Company's ISP service provider, the president of
the  Company,  an  employee  of Inter-Continental,  which  is  an
affiliate  of the Company, a lawyer, and the internal  accountant
for the Company, as follows:

     Name                               Number of Shares
     Keith Winter                           10,832
     Mike Tansca                            10,832
     Mikael Prydz                          181,940
     John Robb                             386,900
     Gregory Hertzberger                    30,952
     Richard Ivanovick                     210,667
     Other rounding differences              1,594
                                           833,717

In  conjunction with the reorganization of RecycleNet,  Mr.  Paul
Roszel converted 2,000,000 Class N and Class X common shares into
2,000,000  common  shares  on August 19,  1999.  The  shareholder
contributed the common shares to the Company and the shares  were
then  reissued to Mr. John C. Brewer, formerly the  President  of
Garbalizer Machinery Corporation, for his services and assistance
in  the merger and reorganization. The common shares issued  were
recorded at their fair value of $400,000 or $0.20 per share based
upon  the market value at which the Company's common shares  were
trading at the time of issuance. The cost of the related services
was charged to expense.

The profession fees and the merger and acquisitions expenses paid
with  common stock were one-time costs and will not continue  and
were  not incurred in 2000. These expenses were not paid  out  in
cash  and  did not reduce our bank and cash balances nor  did  it
affect our liquidity position.

Net  Income (Loss) - RecycleNet recorded a $23,600 profit for the
first  six  months of the year 2000; $6,400 in the first  quarter
and  $17,200  in the second quarter.  This $10,800 increase  over
the  first  quarter  is  primarily a result  of  increased  sales
revenues  and  gross profit with a lesser increase  in  operating
expenses.  Basic and diluted income per common share  were  $0.00
for both the three and the six month periods ended June 30, 2000.

The  large losses recorded in 1999 were primarily related to  the
lack  of  significant  gross profit and  from  the  non-recurring
expenses  discussed above, and resulted in a very  slight  income
during  the quarter ended June 30, 1999 of $1,800 compared  to  a
loss of $631,194 during the six months ended June 30, 1999. Basic
and  diluted loss per common share for the six months ended  June
30, 1999 were both $0.14 per common share.

Liquidity and Capital Resources
At  June  30, 2000, the Company's cash position decreased  $1,132
from   $61,167  at  December  31,  1999  to  $60,035.   Operating
activities  used $2,807 of cash during the six months ended  June
30,  2000  compared to the use of $24,193 in operating activities
during  the same period of 1999. The Company had no investing  or
activities during the six months ended June 30, 2000.

Our balance sheet records no bank indebtedness, nor any long-term
debt.   Our working capital was $69,145 at June 30, 2000 compared
to  $42,455 at December 31, 1999. The increase in working capital
consisted  of an increase in accounts receivable of  $23,823,  an
increase in the note receivable from Andela Tool and Machinery of
$7,500  and  a  decrease in trade accounts  payable  of  $13,124,
offset  by an increase in accrued liabilities of $10,040  and  an
increase in deferred revenue of $6,585. These changes are all the
result  of  increased  sales  revenue  and  related  selling  and
operating costs.

RecycleNet  advanced  $22,500 to Andela  Tool  and  Machinery  to
assist  in their short-term working capital requirements.  Andela
Tool  and  Machinery  is  the supplier  of  the  glass  recycling
equipment the Company sells over the Internet and the entity from
whom  Andela Products Ltd. was acquired. Sales of glass recycling
equipment  have increased the business activity for  Andela  Tool
and  Machinery as well as its working capital requirements. As  a
result,  the Company assisted in funding those requirements.  Jim
and  Cindy  Andela, who are also minor shareholders of RecycleNet
Corporation, own Andela Tool and Machinery. Repayment of the loan
is  expected by December 31, 2000 and a $5,000 payment  has  been
received during the third quarter of 2000. The loan is unsecured.
The  loan is non-interest bearing and payment terms have not been
established.

Deferred  revenue at June 30, 2000 of $49,900 was slightly  lower
than  the  $51,700 recorded at March 31, 2000.  Deferred  revenue
results  from RecycleNet customers who pay for their services  or
advertising  in  advance,  either  quarterly,  half   yearly   or
annually.   The Company records deferred revenue as payments  are
received. The revenues are recognized proportionately each  month
as the services are performed.

The  Company  experienced  operating  losses  of  $1,129,679  and
$11,082  during  the  years ended December  31,  1999  and  1998,
respectively,  and had income of $23,572 during  the  six  months
ended  June  30, 2000.  The Company had negative cash flows  from
operating  activities  of $94,513 and $11,082  during  the  years
ended  December 31, 1999 and 1998, respectively and $2,807 during
the  six  months  ended  June 30, 2000.  These  conditions  raise
substantial  doubt about the Company's ability to continue  as  a
going  concern.  The  accompanying financial  statements  do  not
include  any  adjustments  relative  to  the  recoverability  and
classification  of the asset carrying amounts or the  amount  and
classification of liabilities that might result from the  outcome
of  this  uncertainty.  Management' plans  consist  primarily  of
becoming profitable and maintaining profitability. However, there
is no assurance of maintaining profitable operations.

Since  we have no bank indebtedness or any long-term debt,  all
cash generated from operations will be used to improve and expand
our  business. Actual cash needs in the short-term and the  long-
term  should be provided by operations. The Company does not have
any  plans  to  raise  additional external  capital.  Should  the
Company  experience  losses, as it has in the  past,  it  may  be
unable to pay its obligations when due.

Acquisition   of   fiberglass.com  -  At   December   31,   2000,
fiberglass.com,  inc., a Utah corporation, met  certain  criteria
for  acquisition  and on January 2, 2001, RecycleNet  Corporation
acquired  all of the outstanding capital stock of fiberglass.com,
inc.,  .  The fiberglass.com shares were acquired primarily  from
current   holders  of  Class  N  shares  of  the   Company.   The
consideration for the acquisition was 32,500,650 shares of common
stock.  The acquisition will be accounted for as a reorganization
of  entities under common control and recorded at the  historical
cost  of  the  assets  of  fiberglass.com,  inc.  The  assets  of
fiberglass.com,  inc.  included $1,480 in  cash,  the  Internet
portal,  "Fiberglass  World,"  the  Internet  portal,  "House  of
Glass,"   as   well   as   the   domain   names   fiberglass.com,
glasschange.com, and glasschange.net  and other intangible assets
relating  to  customers' access to these Internet portals.  There
were no outstanding liabilities or debts in fiberglass.com, inc.

The  fiberglass.com shares were acquired primarily  from  current
holders of Class N shares of the registrant.  The class N  shares
are convertible into common shares of the registrant on a one-for-
one  basis at the discretion of the holders thereof.  The largest
shareholder   of   fiberglass.com,  inc.  was   Inter-Continental
Recycling  Inc., which received 15,637,852 common shares  of  the
registrant,  or  48%  of  the  shares  issued  by  it,   in   the
acquisition.  Inter-Continental Recycling, Inc., owns  58,033,269
Class  N  shares  of  the  registrant, which  is  87.34%  of  the
currently  outstanding  Class N shares of  the  Company.   Inter-
Continental  is beneficially owned by Paul Roszel, the  President
and  a director of the registrant.  In addition, Mr. Roszel  owns
of  record  5,526,312 Class N shares, or 8.3% of the  outstanding
class N shares of  the registrant and he and his wife received an
aggregate of 1,785,750 common shares of the Company, directly and
indirectly, in exchange for their shares in fiberglass.com, inc.

Richard Ivanovick, an officer and director of the Company,  holds
directly and indirectly an aggregate of 636,422 Class N shares of
the  registrant and received 2,857,200 common shares in  exchange
for shares in fiberglass.com, inc. owned by him. Keith A. Deck, a
director  of  the  Company  received  200,004  common  shares  in
exchange for shares on fiberglass.com, inc. owned by him.


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.
It  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.


                   PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

A report on form 8-K was filed on July 7, 2000.  The Company
reported Item 5: The Appointment of Keith A. Deck as a new
Officer and Director of the company.



                           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


March 6, 2001
		  /s/ Paul Roszel
    ---------------------------------------------------
    Paul Roszel, President and Chairman of the Board of
        Directors


March 6, 2001
	        /s/ Richard Ivanovick
     --------------------------------------------------
     Richard Ivanovick, C.A., Chief Financial and
        Accounting Officer