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: March 31, 2001

                               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 May 10, 2001:
72,305,691
The number of class N shares outstanding at May 10, 2001:
66,291,781

<PAGE>


             RECYCLENET CORPORATION AND SUBSIDIARIES
                           FORM 10-QSB
                  QUARTER ENDED MARCH 31, 2001

                        TABLE OF CONTENTS

                                                                   Page
PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements

 Condensed Consolidated Balance Sheets - March 31, 2001 and
   December 31, 2000 (Unaudited)                                     3

 Condensed Consolidated Statements of Operations for the Three
   Months Ended March 31, 2001 and 2000 (Unaudited)                  4

 Condensed Consolidated Statements of Cash Flows for the Three
   Months Ended March 31, 2001 and 2000 (Unaudited)                  5

 Notes to Condensed Consolidated Financial Statements                6

Item 2.  Management's Discussion and Analysis of Financial
          Condition and Results of Operation                         9

Item 3.  Quantitive and Qualitative Disclosures About Market Risk   12

PART II - OTHER INFORMATION

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

Signatures                                                          13

<PAGE>

                 PART I - FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS

             RECYCLENET CORPORATION AND SUBSIDIARIES
             CONDENSED CONSOLIDATED BALANCE  SHEETS
                           (Unaudited)

                                                 March 31,  December 31,
                                                   2001         2000
                                                 -----------  -----------
                             ASSETS
Current Assets
  Cash                                           $   264,326  $   117,505
  Trade accounts receivable, net of
   $8,635 and $6,022 allowance
   for bad debt, respectively                         67,049       72,117
  Advances to related party                           17,500       17,500
                                                 -----------  -----------
      Total Current Assets                           348,875      207,122
                                                 -----------  -----------
Computer Equipment                                    21,372       21,372
   Less accumulated depreciation                     (11,562)      (9,490)
                                                 -----------  -----------
      Net Computer Equipment                           9,810       11,882
                                                 -----------  -----------
Total Assets                                     $   358,685  $   219,004
                                                 ===========  ===========

              LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
   Trade accounts payable                        $        -  $     1,569
   Accrued liabilities                               10,020       10,400
   Deferred revenue                                  49,058       59,239
                                                 ----------  ------------
      Total Current Liabilities                      59,078       71,208
                                                 ----------  ------------
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 66,441,781 shares issued and
    outstanding, respectively                       662,918      664,418
   Common shares - $0.01 par value; 79,103,211
    shares authorized; 72,305,691 shares and
    39,655,042 shares issued and outstanding,
    respectively                                    723,056      396,550
   Additional paid-in capital (deficit)             (21,435)     196,745
   Accumulated deficit                           (1,064,932)  (1,109,917)
                                                 ----------  -----------
      Total Stockholders' Equity                    299,607      147,796
                                                 ----------  -----------
Total Liabilities and Stockholders' Equity       $  358,685  $   219,004
                                                 ==========  ===========

See the accompanying notes to condensed consolidated
financial statements.

                                3


             RECYCLENET CORPORATION AND SUBSIDIARIES
             CONSOLIDATED STATEMENTS  OF OPERATIONS
                           (Unaudited)

                                             For the Three Months
                                                 Ended March 31,
                                             ----------------------
                                               2001         2000
                                             ----------  ----------
Sales                                        $  390,741  $  294,605
Cost of Sales                                   194,016     173,568
                                             ----------  ----------
Gross Profit                                    196,725     121,037
                                             ----------  ----------
Operating Expenses
   General and administrative expenses          145,861     116,351
   Exchange loss (gain)                           5,879     (1,675)
                                             ----------  ---------
Total Operating Expenses                        151,740    114,676
                                             ----------  ---------
Net Income                                   $   44,985  $   6,361
                                             ==========  =========
Basic Income Per Common Share                $     0.00  $    0.00
                                             ==========  =========
Diluted Income Per Common Share              $     0.00  $    0.00
                                             ==========  =========

See the accompanying notes to condensed consolidated
financial statements.

                                4


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

                                                  For the Three Months
                                                    Ended March 31,
                                                 ----------------------
                                                   2001         2000
                                                 ----------  ----------
Cash Flows From Operating Activities
  Net income                                     $   44,985  $    6,361
  Adjustments to reconcile net loss to
   net cash used by operating activities:
     Depreciation                                     2,072       1,574
     Exchange loss (gain)                             5,879      (1,675)
  Changes in assets and liabilities:
     Accounts receivable                              5,068     (12,048)
     Advances to related party                            -      (7,500)
     Accounts payable                                (1,569)     (8,092)
     Accrued liabilities                               (380)       (556)
     Deferred revenue                               (10,181)      8,321
                                                 ----------  ----------
     Net Cash Provided By (Used in)
      Operating Activities                           45,874     (13,615)
                                                 ----------  ----------
Cash Flows From Investing Activities
  Cash from acquisition of fiberglass.com, inc.       2,059           -
                                                 ----------  ----------
     Net Cash Provided by Investing Activities        2,059           -
                                                 ----------  ----------
Cash Flows From Financing Activities
  Collection of receivable from shareholders
   acquired from fiberglass.com,inc.                104,767           -
                                                 ----------  ----------
     Net Cash Provided by Financing Activities      104,767           -
                                                 ----------  ----------
Effect of Exchange Rate Changes on Cash              (5,879)      1,675
                                                 ----------  ----------
Increase (Decrease) in Cash                         146,821     (11,940)

Cash at Beginning of Period                         117,505      61,167
                                                 ----------  ----------
Cash at End of Period                            $  264,326  $   49,227
                                                 ==========  ==========


Non Cash Investing and Financing Activities - None

See the accompanying notes to condensed consolidated
financial statements.

                                5

                      RECYCLENET CORPORATION
     NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                           (UNAUDITED)

NOTE 1-ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis  of  Presentation _ The accompanying condensed  financial
statements have been prepared by RecycleNet Corporation and are
unaudited.  In  the  opinion  of management,  the  accompanying
unaudited   financial   statements  contain   all   adjustments
(consisting of only normal recurring adjustments) necessary 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, 2000. 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, 2001.

Advances to Related Party _ At March 31, 2001, the Company  had
loaned a total of $17,500 to Andela Tool & Machine, from  which
the Company purchased Andela Products Ltd. Prior to acquisition
of  Andela  Products  Ltd., Andela  Tool  and  Machine  was  an
unrelated  third-party. The owners of  Andela  Tool  &  Machine
became   minor  shareholders  as  a  result  of  the  Company's
acquisition of Andela Products Ltd. The loan is unsecured.  The
loan  is  non_interest bearing and payment terms have not  been
established.

NOTE 2-BASIC AND DILUTED INCOME PER COMMON SHARE

Basic  income  per common share is calculated by  dividing  net
income   by  the  weighted-average  number  of  common   shares
outstanding.  Diluted income 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  income per share for the three months ended March
31, 2001 and 2000 and the effect on the weighted-average number
of shares of dilutive potential common stock:

                                6


                                                 For the Three Months Ended
                                                           March 31,
                                                 --------------------------
                                                     2001          2000
                                                 ------------  ------------
  Net income                                     $     44,985  $      6,361
                                                 ============  ============
  Weighted-average number of common
    shares used in basic income per
     common share calculation                      71,555,121    10,643,947

  Incremental potentially issuable common
     shares from assumed conversion of Class
     N common shares                               66,320,114    68,130,269
                                                 ------------  ------------
  Weighted-average number of common
    shares and dilutive potential common
    shares used in diluted income per
    common share calculation                      138,875,235    78,774,216
                                                 ============  ============

NOTE 3-ACQUISITION OF FIBERGLASS.COM,INC.

On  January 2, 2001, RecycleNet Corporation acquired all of the
outstanding  capital  stock  of fiberglass.com,  inc.,  a  Utah
Corporation.  The  fiberglass.com, inc.  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. Due to the fact that the Company  and
fiberglass.com,inc.  are entities under common  ownership,  the
purchase  of fiberglass.com,inc. has been accounted  for  under
the  purchase  method  of accounting at historical  cost  in  a
method  similar  to  a  pooling of  interests.  The  assets  of
fiberglass.com,  inc.  included $2,059  in  cash,  $104,767  in
receivables from shareholders (which were collected  subsequent
to  the  acquisition), 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  following  unaudited  pro forma financial  statement  data
presents  the results of operations of the Company  as  if  the
acquisition of fiberglass.com, inc. had occurred on August  26,
1999,  the  date  of  inception of   fiberglass.com,  inc.  The
unaudited pro forma results have been prepared for illustrative
purposes  only  and  do  not  purport  to  represent  what  the
Company's  results of operations actually would have  been  had
the acquisition been made when assumed, nor is it indicative of
actual or future operating results that may occur.

                                7


                                                 For the Three Months
                                                    Ended March 31,
                                                 ----------------------
                                                    2001        2000
                                                 ----------  ----------
                                                      (Unaudited)
 Sales                                           $  390,741  $  295,321
 Net income (loss)                                   44,985      (1,492)
  Basic income (loss) per common share                 0.00       (0.00)
  Diluted income (loss) per common share               0.00       (0.00)

NOTE 4-STOCKHOLDERS' EQUITY

On  January 17, 2001, a shareholder converted 150,000  Class  N
common  shares  (and  Class X shares of  Amalco)  into  150,000
common shares.

As  discussed in Note 3 above, on January 2, 2001, the  Company
acquired  fiberglass.com,inc. in exchange for the  issuance  of
32,500,650 shares of common stock.

NOTE 5-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 Three Months Ended March 31, 2001
   Sales                                   $  196,504  $  194,237  $  390,741
   Net income (loss)                           45,315        (330)     44,985
   Assets                                     358,685           -     358,685
For the Three Months Ended March 31, 2000
   Sales                                   $  121,038  $  173,567  $  294,605
   Net income (loss)                            7,855      (1,494)      6,361
   Assets                                     122,663           -     122,663

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.   Segment
information for the three months ended March 31, 2000 has  been
restated to conform to the 2001  presentation.

                                8


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.

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.

                                9

 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). United
States  generally accepted accounting principles requires  that
we value these shares at reasonable current values when issued.
Consequently,  the paid-in-capital of the Company  recorded  as
received  a  substantial paid-in capital and  the  consolidated
statement  of  Accumulated Deficit recorded  a  correspondingly
large deficit.

Sales Revenues

                          Jan 1 to Mar 31, 2001   Jan 1 to Mar 31, 2000

    Sales Revenues USD           $390,700                $294,600

Sales revenues recorded for the three months ended   March  31,
2001  of  $390,700 have increased $96,100 from $294,600  during
the similar period of 2000. Revenues from our web site services
of  $196,500 were $75,500 over the $121,000 recorded  in  2000,
which  shows  the favorable increase in our web  site  business
during the year.  Our continuing efforts to offer our customers
value  for the services we provide to them is reflected in  our
increased sales revenues. In March of 2001, Recyclenet  sold  a
license to use our Rhodium Webweaver ASP business package.  The
license  fee was for $35,000 US, a one time fee and  was  taken
into income as $35,000. The licensee will pay a monthly hosting
fee of $750 US

Sales  of  Andela  Products Corporation of $194,200  were  also
higher than the $173,600 recorded in 2000. As the first part of
the  calendar year generally reflects a lower level of business
activity, we are encouraged by the higher sales volumes in  the
first quarter of 2001.

Gross Profit

                          Jan 1 to Mar 31, 2001   Jan 1 to Mar 31, 2000

    Gross Profit USD             $196,700                $121,000

Gross  Profit  of  $196,700 in the first quarter  of  2001  was
substantially higher than the $121,000 recorded in the  similar
period of 2000.  Gross Profit is a direct result of our revenue
associated  with our web site activities.  In  regards  to  the
Rhodium  Webweaver license, there are no cost of sales expenses
and  the  $35,000 US sale contributed directly   to  a  $35,000
increase  in  gross profit. 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

                          Jan 1 to Mar 31, 2001   Jan 1 to Mar 31, 2000
    General and Administrative
      Expenses USD               $145,900                $116,400

General and Administrative Expenses increased from $116,400  in
2000  to  $145,400 for the first quarter of 2001. ISP expenses,
commission,  and  royalties account for the  majority  of  this
increase.

                                10

ISP  expenses  have increased by $6,000 as the company  is  now
paying costs to support Metalworld and Fiberglass website.

Commissions  paid of $8,500 and royalties of $1,000  associated
with  the sale of our first Rhodium Webweaver license in  March
of  2001  increased our costs this year. No similar costs  were
paid in 2000.

Expenses associated with RecycleNet attending industry specific
trade  shows amounted to over $10,000 in the first  quarter  of
2001.   Our  intention is to increase our  company  profile  by
attending  trade  shows  throughout the  year  to  exhibit  our
products.  We  participated  in  the  Secondary  Materials  and
Recycled  Textile Association (SMART)in Florida,  the Institute
of  Scrap Recycling Industries (ISRI) trade show  in Texas, and
the  Carolina Recyclers Association (CRA) trade show  in Myrtle
Beach,  South Carolina.  We feel we received good value and  an
improved perception from many people attending these events  as
to our successful progress in our business.

Net Income

                          Jan 1 to Mar 31, 2001   Jan 1 to Mar 31, 2000

    Net Income                   $45,000                 $6,400

Net income of $45,000 reported in the first quarter of 2001 was
a  significant improvement over the $6,400 profit  recorded  in
the  similar  period  of   2000. In  March  2001,  Recyclenet's
licence fee sale of the Rhodium Webweaver less commissions  and
royalties  amounted  to $25,500 of the net profit  during  this
quarter  of  2001.   The  remaining  profitability  of  $19,500
reflects  our   higher business activity level  of  our  portal
business  over the first quarter of 2000 as shown in our  sales
revenues less our commitment to increase the marketing  profile
of  our  business by attending selected trade shows. Management
expects  our profits will continue to improve in the year  2001
as  we  will closely control our expenses and use our resources
to increase  revenues.

Liquidity and Capital Resources

The  Company's  cash position recorded at  March  31,  2001  of
$264,300 has increased $146,800 from the December 31, 2000 cash
position   of   $117,500.  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.  Cash generated
from  operations in the first quarter of 2001 of $45,900 was  a
significant improvement over the cash loss of  $13,600  in  the
same  period  of 2000.  Accounts receivable declined  in  2001,
generating  $5,100  of  cash,  while  our  current  liabilities
consumed $12,100 of our cash as we reduced our liabilities.

The  Company's  financial  position has  strengthened  and  the
Company  is  now  providing positive cash flows from  operating
activities. Management will continue to focus on improving this
operating  performance  and also to look  at  opportunities  to
invest  our  cash, either internally or externally  to  improve
shareholder value.

                                11


Deferred Revenue

Deferred revenue results from RecycleNet customers who pay  for
their  service  purchases in advance, such as  quarterly,  half
year,  or  annually. RecycleNet records the initial payment  in
deferred  revenue and then recognizes in each subsequent  month
that proportion which is provided in services. As at March  31,
2001,  deferred revenue of $49,100 decreased $10,200  over  the
December 31, 2000 balance  of $59,200.  Although sales revenues
have  increased   in the quarter we have tightened  our  credit
policies  resulting in some customers being suspended from  our
sites  for  non-payment.  Correspondingly, these same customers
were deleted from our deferred revenue schedule, amounting to a
reduction of $7,300 in this balance at March 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.
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

None. Not applicable.


                                12


                          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


May 10, 2001                     /s/  Paul Roszel
                                 ----------------------------------
                                 Paul Roszel, President and
                                 Chairman of the Board of Directors


May 10, 2001                    /s/  Richard Ivanovick
                                -----------------------------------
                                Richard Ivanovick, C.A., Chief
                                Financial and Accounting Officer


                                13