U.S. SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549

                           Form 10-QSB


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

     For the quarterly period ended September 30, 1999

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

     For the transition period from __________ to _______________

     Commission file number: 0-25511

                       Source One, Incorporated
              (Exact name of small business issuer as
                       specified in its charter)

                             Nevada
 (State or other jurisdiction of incorporation or organization)

                          88-0379078
               (IRS Employer Identification No.)

    236 S. Rainbow Blvd., Suite 486, Las Vegas, NV 89128
            (Address of principal executive offices)

                           (702) 363-0066
                     (Issuer's telephone number)


     Check whether the issuer (1) filed all reports required to
be filed by Section 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   [ ]

     State the number of shares outstanding of each of the
issuer's classes of common equity, as of the latest practicable
date: 11,292,000

     Transitional Small Business Disclosure Format:
                           Yes [ ]   No [x]

<PAGE> 1
                  PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

The unaudited condensed financial statements presented herein
have been prepared by the Company in accordance with the
instructions to Form 10-QSB and do not include all of the
information and note disclosures required by generally accepted
accounting principles. These condensed financial statements
should be read in conjunction with the audited financial
statements and notes thereto for the period ended December 31,
1998 included in the Company's Form 10-SB12G. The accompanying
financial statements have not been examined by independent
accountants in accordance with generally accepted auditing
standards, but in the opinion of management such financial
statements include all adjustments (consisting only of normal
recurring adjustments) necessary to present fairly the Company's
financial position and results of operations. The results of
operations for the nine months ended September 30, 1999 may not
be indicative of the results that may be expected for the year
ending December 31, 1999.

<PAGE> 2
                    SOURCE ONE, INCORPORATED
                  (A DEVELOPMENT STAGE COMPANY)
                      FINANCIAL STATEMENTS
                          (Unaudited)
            SEPTEMBER 30, 1999 AND SEPTEMBER 30, 1998

<PAGE> 3

TABLE OF CONTENTS


                                                    Page Number
                                                    -----------

ACCOUNTANT'S REPORT .....................................    1

FINANCIAL STATEMENT:

Balance Sheet ...........................................    2

Statement of Operations and Deficit
 Accumulated During the Development Stage ...............    3

Statement of Changes in Stockholders' Equity ............    4

Statement of Cash Flows .................................    5

Notes to the Financial Statements .......................    6

<PAGE> 4
DAVID E. COFFEY
3561 Lindell Rd, Suite A Las Vegas, NV  89103
CERTIFIED PUBLIC ACCOUNTANT
(702) 871-3979

To the Board of Directors and Stockholders
of Source One Incorporated
Las Vegas, Nevada

The accompanying balance sheet of Source One Incorporated
(a development stage company) as of September 30, 1999 and the
related statements of operations, stockholders' equity and cash
flows for the three months and nine months ended September 30,
1999 and 1998 and from inception on November 18, 1997 through
September 30, 1999 were not audited by me and, accordingly, I do
not express an opinion on them. The accompanying balance sheet as
of December 31, 1998 was audited by me and I expressed an
unqualified opinion on it in my report dated February 3, 1999.

/s/ DAVID COFFEY
David Coffey C.P.A.
October 22, 1999

<PAGE> 5

SOURCE ONE, INCORPORATED
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
(Unaudited)

                                                 September 30,    December 31,
                                                       1999             1998
                                                 ------------    ------------
                                                   Unaudited

ASSETS

Cash                                             $     3,548    $     9,953
Organizational costs less accumulated
 amortization                                          2,642          3,270
Deposits                                                 670            420
Accounts Receivable                                        0          3,357
Inventory                                              5,607          3,886
                                                 -----------    -----------

 Total Assets                                    $    12,467    $    20,886
                                                 ===========    ===========


LIABILITIES & STOCKHOLDERS' EQUITY

Accounts payable:
    Trade                                        $         0    $     1,261
                                                 -----------    -----------
    Total Liabilities                                      0          1,261


Stockholders' Equity
 Common stock, authorized 20,000,000 shares
 at $.001 par value, issued and outstanding
 11,292,000 shares                                    11,292         11,292
 Preferred stock, 5,000,000 shares
 at $.001 per value, no shares issued
 or outstanding                                            0              0
 Additional paid-in capital                           12,628         12,628
 Deficit accumulated during
 the development stage                               (11,453)       ( 4,295)
                                                 -----------    -----------

 Total Stockholders' Equity                           12,467         19,625


Total Liabilities and Stockholders'
Equity                                           $    12,467    $    20,886
                                                 ===========    ===========

The accompanying notes are an integral part of these financial statements.


                                      -2-
<PAGE> 6
SOURCE ONE, INCORPORATED
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF OPERATIONS AND DEFICIT
ACCUMULATED DURING THE DEVELOPMENT STAGE
(With Cumulative Figures From Inception)
(Unaudited)

<TABLE>
<CAPTION>
                 For the Three  For the Three  For the Nine   For the Nine    Inception
                 Months Ended   Months Ended   Months Ended   Months Ended    Nov. 18, 1997
                 Sept. 30, 1999 Sept. 30, 1998 Sept. 30, 1999 Sept. 30, 1998  To Sept. 30, 1999
                 -------------  -------------  -------------  -------------   -------------
<S>                  <C>          <C>              <C>            <C>           <C>
Sales                $  4,069     $     3,435      $  11,971      $   9,219     $    32,063
Cost of sales           2,601           3,316         10,302          6,264          24,390
                     --------     -----------      ---------      ---------     -----------
Gross margin            1,468             119          1,669          2,955           7,673

Expenses
 Amortization             210             210            628            628           1,543
 Advertising                0               0            395              0             945
 Consulting                50             300            900          1,695           4,895
 Licencing and fees       459               0            694            328           1,408
 Office expenses          369             354            755          1,320           2,692
 Professional fees      1,100               0          5,275              0           5,275
 Rent                       0               0            180              0             390
 Travel                     0             822              0          1,692           1,692
 Uncollectible Accounts     0               0              0            286             286
                     --------     -----------      ---------      ---------     -----------

Total expenses          2,188           1,686          8,827          5,949          19,126

Net Income (loss)      (  720)         (1,567)        (7,158)        (2,994)     $  (11,453)
                                                                                 ==========

Deficit accumulated,
beginning of period   (10,733)         (3,420)        (4,295)        (1,993)
                     --------     -----------      ---------      ---------

Deficit accumulated
during the
development stage    $(11,453)    $    (4,987)     $ (11,453)     $  (4,987)
                     ========     ===========      =========      =========

Earnings (loss) per share
  Assuming Dilution: $   (.00)    $      (.00)     $    (.00)     $    (.00)    $      (.00)
                     ========     ===========      =========      =========     ===========

</TABLE>

The accompanying notes are an integral part of these financial statements.

                                       -3-
<PAGE> 7

SOURCE ONE, INCORPORATED
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
PERIOD FROM November 18, 1997 (Date of Inception)
To September 30, 1999


                                                       Additional
                                    Common Stock       Paid-in
                                 Shares      Amount    Capital     Total
                                 ----------  --------  --------   ---------

Balance,
November 18, 1997                         0  $      0  $      0   $       0

Issuance of common
stock for services                8,000,000     8,000         0       8,000

Issuance of common
stock for cash                    3,292,000     3,292    20,628      23,920

Less net loss                             0         0         0      (1,993)

Less offering costs                       0         0    (4,100)     (4,100)
                                 ----------  --------  --------   ---------
Balance,
December 31, 1997                11,292,000    11,292    16,528      25,827

Less net loss                             0         0         0      (2,302)

Less offering costs                       0         0    (3,900)     (3,900)
                                 ----------  --------  --------   ---------
Balance,
December 31, 1998                11,292,000    11,292    12,628      19,625

Less net loss                             0         0         0      (3,925)
                                 ----------  --------  --------   ---------
Balance,
March 31, 1999                   11,292,000    11,292    12,628      15,700

Less net loss                             0         0         0      (2,513)
                                 ----------  --------  --------   ---------
Balance,
June 30, 1999                    11,292,000    11,292    12,628      13,187

Less net loss                             0         0         0        (720)
                                 ----------  --------  --------   ---------
Balance,
September 30, 1999               11,292,000  $ 11,292  $ 12,628   $  12,467
                                 ==========  ========  ========   =========

The accompanying notes are an integral part of these financial statements.

                                   -4-

<PAGE> 8

SOURCE ONE INCORPORATED
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF CASH FLOWS
(With Cumulative Figures From Inception)
(Unaudited)

<TABLE>
<CAPTION>
                                           For the Three  For the Three  For the Nine    For the Nine    Inception
                                           Months Ended   Months Ended   Months Ended   Months Ended   Nov. 18, 1997
                                           Sept. 30, 1999 Sept. 30, 1998 Sept. 30, 1999 Sept. 30, 1998 To Sept. 30, 1999
                                            -------------  -------------  -------------  -------------  -------------
<S>                                            <C>            <C>           <C>           <C>             <C>
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net Income (loss)                              $  (  720)     $  (1,567)    $   (7,158)   $    (2,994)    $   (11,453)
Noncash expenses included in net loss
     Amortization                                    210            210            628            628           1,543
(Decrease)Increase in accounts payable                 0            300         (1,261)        (5,161)              0
Increase in deposits                                   0              0           (250)             0            (670)
Decrease(Increase) in prepaid expenses              (100)         2,309              0              0               0
(Increase)Decrease in Inventory                        0              0         (1,721)        (3,594)         (5,607)
(Increase)Decrease in accounts receivables             0              0          3,357            378               0
                                               ---------      ---------     ----------    -----------     -----------
      NET CASH PROVIDED BY
      OPERATING ACTIVITIES                          (610)         1,252         (6,405)       (10,743)        (16,187)

CASH FLOWS USED BY INVESTING ACTIVITIES
    Organizational costs                               0              0              0              0           4,185
                                               ---------      ---------     ----------    -----------     -----------
    NET CASH USED BY
    INVESTING ACTIVITIES                               0              0              0              0           4,185

CASH FLOWS FROM FINANCING ACTIVITIES
   Sale of common stock                                0              0              0              0          11,292
   Additional paid-in capital                          0              0              0              0          20,628
   Less offering costs                                 0          1,800              0         (3,900)         (8,000)
                                               ---------      ---------     ----------    -----------     -----------
   NET CASH PROVIDED BY
   FINANCING ACTIVITIES                                0          1,800              0          3,900          23,920
                                               ---------      ---------     ----------    -----------     -----------
   NET INCREASE(DECREASE)                         (  610)         ( 548)        (6,405)       (14,643)    $     3,548
                                                                                                          ===========
CASH AT BEGINNING OF PERIOD                        4,158         12,288          9,953         26,383
                                               ---------      ---------     ----------    -----------

CASH AT END OF PERIOD                          $   3,548      $  11,740     $    3,548    $    11,740
                                               =========      =========     ==========    ===========


Supplemental disclosure of cash flow information:
 Issuance of common stock in exchange
 for services                                                                                             $     8,000
                                                                                                          ===========

</TABLE>
The accompanying notes are an integral part of these financial statements.

                                -5-

<PAGE> 9

SOURCE ONE, INCORPORATED
(A DEVELOPMENT STAGE COMPANY)
September 30, 1999 and September 30, 1998


NOTES TO THE FINANCIAL STATEMENTS


Source One, Incorporated, (the Company) has elected to omit
substantially all footnotes to the financial statements for the
nine months ended September 30, 1999, since there have been no
material changes (other than indicated in other footnotes) to the
information previously reported by the Company in the audited
financial statements for the fiscal year ended December 31, 1998
as filed in the Registration Statement filed on Form 10-SB.

UNAUDITED INFORMATION

The information furnished herein was taken from books and records
of the Company without audit. However, such information reflects
all adjustments which are, in the opinion of management,
necessary to properly reflect the results of the period
presented. The information presented is not necessarily
indicative of the results from operations expected for the full
fiscal year.



                               -6-
<PAGE> 10

Item 2.  Management's Discussion and Analysis or Plan of
Operation

     This Form 10-QSB includes, without limitation, certain
statements containing the words "believes", "anticipates",
"estimates", and words of a similar nature, which constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. This Act provides a
"safe harbor" for forward-looking statements to encourage
companies to provide prospective information about themselves so
long as they identify these statements as forward looking and
provide meaningful, cautionary statements identifying important
factors that could cause actual results to differ from the
projected results. All statements other than statements of
historical fact made in this Form 10-QSB are forward-looking. In
particular, the statements herein regarding the world wide web's
role in the Company's future expansion, future cash requirements,
future profitablity and year 2000 issues are forward-looking
statements. Forward-looking statements reflect management's
current expectations and are inherently uncertain. The Company's
actual results may differ significantly from management's
expectations.

GENERAL

     The Company currently operates at 236 S. Rainbow Bl., Suite 486, Las
Vegas, Nevada 89128. The Company's principal business is providing
promotional/incentive types of jewelry through the Internet and mail order.

Results of Operations for the Nine Month Period Ending September 30, 1999
-------------------------------------------------------------------------

     The following is a discussion of the results of operations for the nine
month period ended September 30, 1999, compared to the nine months ended
September 30, 1998.

     Total revenues for the nine months ended September 30, 1999 were $11,971,
compared to $9,219 during the same period of 1998, which represents an
increase of $2,752. The increase is due to the sales of 14 karat gold products
and new vermeil products introduced in 1999. However, the cost of sales for
the nine months ended September 30, 1998 were 68% of the sales, or $2,955,
versus 86%, or $1,669, for the nine months ended September 30, 1999.

     The net income for the nine months ended September 30, 1999 was $(7,158)
compared to $(2,994) for the same period of 1998. Management attributes this
decrease in net income to the increase in cost of goods sold for the Company
and general expenses. Total expenses for the nine months ended September 30,
1999 were $8,827, compared to $5,949, for the same period in 1998. Management
attributes this increase in expenditures due to the costs associated with
accounting and preparation of the Form 10-QSB to meet SEC reporting
requirements.

<PAGE> 11

Liquidity and Capital Resources
-------------------------------

     Cash as of September 30, 1999 was $3,548, as compared to $9,953, as of
September 30, 1998.

PLAN OF OPERATION

     During the next twelve months the Company's plan of operation is to look
to further expansion on the World Wide Web(WWW), where some 50 million
potential customers are looking to find the products and services they need.
The Company believes the World Wide Web could become the greatest resource for
the Company's future growth and expansion. The Company's plans include
modifying its web site. Management looks to include an on-line ordering
service and to offer a secured site to increase the Company's on-line e-
commerce. During the next twelve months, the Company's cash requirements will
include its lease payments on the Company's office space in Las Vegas, Nevada,
as well as miscellaneous overhead. Management believes that the Company's
existing cash resources and cash generated from operations will be sufficient
to fund the Company's ongoing operations through the remainder of 1999, but
will not be sufficient to fund the Company's ongoing operations and foregoing
cash requirements for day to day operations in the next twelve months.

     If the Company does not succeed in seeing limited revenues or, at
minimum, the potential of limited revenues, in the next twelve months, it may
be forced to discontinue operations unless it is able to raise sufficient
capital to continue pursuing its business plan. Management is not experienced
in developmental companies and may not have estimated its needs for
advertising and associated expenses in acquiring a client base accurately. The
Company may require additional funds and time to achieve these goals. Even if
the Company begins generating revenues, it could require additional funding
for expansion. It may be difficult for the Company to succeed in securing
additional financing. The Company may be able to attract some private
investors, or officers and directors may be willing to make additional cash
contributions, advancements or loans. Or, in the alternative, the Company
could attempt some form of debt or equity financing. However, there is no
guarantee that any of the foregoing methods of financing would be successful.
If the Company fails to achieve at least a portion of its business goals in
the next twelve months with the funds available to it, there is substantial
uncertainty as to whether it will continue operations.

YEAR 2000 ISSUES

     Management believes that the Company's accounting and operational systems
are year 2000 compliant. The Company is not dependent on computers other than
for its internal bookkeeping which is done on a system that is Year 2000
compliant. The Company has no relationship with any third parties which are
dependent on computers other than its bank. The Company's bank has reported
that it is Year 2000 compliant.

<PAGE> 12
                   PART II - OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits

     Item #       Description
     ------       ------------

     27           Financial Data Schedule



(b)  Reports on Form 8-K

     No Reports on Form 8-K have been filed for the quarter ended
     September 30, 1999.

Items 1, 2, 3, 4 and 5 of Part II have been omitted as inapplicable.


     In accordance with the requirements of the Exchange Act, the
registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                         SOURCE ONE, INCORPORATED


November 8, 1999         By: /s/ MIGNON CARDENAS
                         Mignon Cardenas
                         President, Chief Financial Officer
                         and Duly Authorized Officer

<PAGE> 13