UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549



                                   FORM 10-QSB

(Mark One)

[x]  QUARTERLY  REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES  EXCHANGE ACT
     OF 1934  (reference  herein  to the  Securities  Exchange  Act of 1934,  as
     amended, shall be made as "Exchange Act")

                For the quarterly period ended November 30, 2001
               --------------------------------------------------

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

           For the transition period from ____________ to ____________


                         Commission file number:0-31269

                     PANTHER TELECOMMUNICATIONS CORPORATION
--------------------------------------------------------------------------------


FLORIDA                                                      65-0981179
--------------------------------                   -----------------------------
(State or other jurisdiction of                 (I.R.S. Employer Identification
incorporation or organization)                   Number)


             5255 N.W. 87th Avenue, Suite 101, Miami, Florida 33178
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


Issuer's telephone number (305) 718-4467; Issuer's fax number (305) 718-4179


     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.  10,250,000 shares of common
stock as of January 18, 2002


Transitional Small Business Disclosure Format (Check one): Yes        No    X
                                                              ----       -------

                                      -1-
<PAGE>
                        Part I - Financial Information

Item 1.  Financial Statements.

                     PANTHER TELECOMMUNICATIONS CORPORATION
                           CONSOLIDATED BALANCE SHEET

                                     ASSETS
<TABLE>
<CAPTION>

                                                                             November 30,          August 31,
                                                                                 2001                 2001
                                                                             --------------       --------------
                                                                              (Unaudited)
<S>                                                                                <C>                  <C>
Current assets:
     Cash                                                                 $         13,645     $            203
     Accounts receivable, net of allowance for doubtful accounts of $20,000
        each at August 31, 2001 and November 30, 2001                              144,973              120,242
     Unbilled revenue                                                              132,369              212,351
     Inventory                                                                      12,732                9,460
     Other                                                                           3,936                2,277
                                                                             --------------       --------------
        Total current assets                                                       307,655              344,533

Deposits                                                                            44,940               19,940
Property and equipment, net                                                         15,600               17,667
                                                                             --------------       --------------
                                                                          $        368,195     $        382,140
                                                                             ==============       ==============


                LIABILITIES AND STOCKHOLDERS' DEFICIENCY

Current liabilities:
     Accounts payable                                                     $        137,660     $        154,043
     Accrued liabilities                                                           253,627              230,210
     Deferred revenue                                                              121,950               49,099
     Notes payable                                                                  26,000               26,000
                                                                             --------------       --------------
        Total current liabilities                                                  539,237              459,352
                                                                             --------------       --------------

Stockholders' deficiency:
     Preferred stock, $0.001 par value, 5,000,000 shares
        authorized, none issued and outstanding                                          -                    -
     Common stock; $0.001 par value; 25,000,000 shares
        authorized, 10,000,000 issued and outstanding                               10,000               10,000
     Additional paid in capital                                                     76,875               73,875
     Deficit                                                                      (257,917)            (161,087)
                                                                             --------------       --------------
        Total stockholders' deficiency                                            (171,042)             (77,212)
                                                                             --------------       --------------
                                                                          $        368,195     $        382,140
                                                                             ==============       ==============
</TABLE>


                See notes to consolidated financial statements.

                                       2
<PAGE>


                     PANTHER TELECOMMUNICATIONS CORPORATION
                      CONSOLIDATED STATEMENT OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                        For the three months ended
                                                                                November 30,
                                                                    ------------------------------------
                                                                         2001                2000
                                                                    ---------------     ----------------
<S>                                                              <C>                  <C>
Revenues                                                         $       2,879,295    $         640,575
Cost of revenues                                                         2,512,397              613,643
                                                                    ---------------     ----------------
Gross margin                                                               366,898               26,932
Selling, general and administrative expenses                               443,728               43,670
                                                                    ---------------     ----------------
Loss from operations                                                       (76,830)             (16,738)
Other expenses                                                              20,000                    -
                                                                    ---------------     ----------------
Net loss                                                         $         (96,830)   $         (16,738)
                                                                    ===============     ================


Basic and diluted loss per common share                          $           (0.01)   $           (0.00)
                                                                    ===============     ================

Weighted average number of shares used in calculation
     of basic and diluted loss per common share                         10,000,000            7,500,000
                                                                    ===============     ================
</TABLE>


               See notes to consolidated financial statements.

                                       3
<PAGE>


                     PANTHER TELECOMMUNICATIONS CORPORATION
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                                Three months ended
                                                                                     November 30,
                                                                       ------------------------------------
                                                                              2001               2000
                                                                       -----------------  -----------------

Cash flows from operating activities:
<S>                                                                     <C>                <C>
     Net loss                                                           $       (96,830)   $       (16,738)
     Adjustments to reconcile net loss to net cash provided
       by (used in) operating activities:
         Depreciation                                                             2,067                  -
         Services received for common stock                                       3,000                  -
     Changes in assets and liabilities:
             Accounts receivable                                                (24,731)           (21,056)
             Unbilled revenue                                                    79,982                  -
             Inventory                                                           (3,272)                 -
             Other current asset                                                 (1,659)                 -
             Accounts payable                                                   (16,383)             2,090
             Accrued liabilities                                                 23,417             17,304
             Deferred revenue                                                    72,851                  -
                                                                          --------------     --------------
Net cash provided by (used in) operating activities                              38,442            (18,400)
                                                                          --------------     --------------
Cash flows from investing activites:
     Deposits                                                                   (25,000)            (1,800)
     Purchase of property and equipment                                               -             (2,000)
                                                                          --------------     --------------
Net cash used in investing activities                                           (25,000)            (3,800)
                                                                          --------------     --------------

Cash flows from financing activities:
     Proceeds from issuance of short-term notes                                       -             52,000
                                                                          --------------     --------------
Net cash provided by financing activities                                             -             52,000
                                                                          --------------     --------------

Net increase in cash                                                             13,442             29,800
Cash at beinning of the period                                                      203                  -
                                                                          --------------     --------------
Cash at end of the period                                              $         13,645   $         29,800
                                                                          ==============     ==============

</TABLE>
                See notes to consolidated financial statements.

                                       4
<PAGE>

                     PANTHER TELECOMMUNICATIONS CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1 - BASIS OF PRESENTATION

     The accompanying  consolidated  unaudited  financial  statements of Panther
     Telecommunications   Corporation   ("the   Company")  and  its   subsidiary
     (collectively,  the "Company") have been prepared pursuant to the rules and
     regulations of the Securities and Exchange Commission ("SEC") for quarterly
     reports  on Form  10-QSB  and do not  include  all of the  information  and
     footnote disclosures  generally required by accounting principles generally
     accepted in the United  States and should be read in  conjunction  with our
     consolidated  financial  statements  and notes  thereto for the fiscal year
     ended August 31, 2001,  included in the Company's Form 10-KSB as filed with
     the SEC. The accompanying  consolidated unaudited financial statements have
     been prepared in accordance with accounting  principles  generally accepted
     in the United  States and reflect  all  adjustments  (consisting  of normal
     recurring accruals) which are, in the opinion of the management, considered
     necessary for a fair  presentation  of results for these  interim  periods.
     Operating  results for the three month periods ended  November 30, 2001 and
     2000 are not necessarily indicative of the results that may be expected for
     the fiscal year ending August 31, 2002.  Certain prior period  amounts have
     been reclassified to conform to the current period presentation.

NOTE 2 - NATURE OF BUSINESS

     The Company  sells  pre-paid long  distance  calling cards to  distributors
     nationwide  and to retail  stores in South  Florida for both  domestic  and
     international use.

NOTE 3 - NOTES PAYABLE

     Notes payable  consisting of unsecured  notes payable to two individuals is
     being retired as cash flows permit.

NOTE 4 - INCOME TAXES

     The deferred tax assets resulting from the allowance for doubtful  accounts
     and the net  operating  losses that may be carried  forward have been fully
     offset by a valuation allowance resulting from the uncertainty  surrounding
     their future realization.

NOTE 5 - SERVICES RECEIVED FOR COMMON STOCK

     In  September   2001,  the  Company's  CEO  and   controlling   stockholder
     transferred to the Company 20,000 shares of the Company's common stock held
     by him, and the Company issued to two individuals 10,000 shares each of the
     Company's  common  stock  as a  financial  inducement  to them to join  the
     Company's Board of Directors. At the time the shares were issued, there was
     no market for the company's stock. The Company has determined that the fair
     value of such inducements to be $3,000. Susch amount has been  recorded  as
     an expense in the accompanying financial statements.

NOTE 6 - IMPACT OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

     In July 2001,  the Financial   Accounting   Standards  Board ("FASB")
     issued SFAS No. 141,  "Business  Combinations" and SFAS No. 142,  "Goodwill
     and Other  Intangible  Assets".  SFAS No. 141  requires  that all  business
     combinations  initiated  after June 30, 2001,  be  accounted  for under the
     purchase  method  only and that  certain  acquired  intangible  assets in a
     business combination be recognized as assets apart from goodwill.  SFAS No.
     142 requires  that the  amortization  of goodwill be replaced with periodic
     tests of the goodwill's  impairment and that  intangible  assets other than

                                      5
<PAGE>
                     PANTHER TELECOMMUNICATIONS CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

     goodwill be  amortized  over their useful  lives.  The  provisions  of SFAS
     No.142 will be effective  for fiscal  years  beginning  after  December 15,
     2001.  The  Company  will adopt SFAS No. 141 and No. 142  immediately  with
     regard to business combinations initiated after June 30, 2001.

     In August 2001, the FASB issued Statement of Financial Accounting Standards
     No. 144  ("SFAS  144"),  "Accounting  for the  Impairment  or  Disposal  of
     Long-lived Assets".  SFAS 144 supercedes  Statement of Financial Accounting
     Standards No. 121,  "Accounting for the Impairment of Long-lived Assets and
     Assets to be Disposed of" and the  accounting  and reporting  provisions of
     Accounting  Principles  Board  Opinion  No. 30,  "Reporting  the Results of
     Operations - Reporting  the Effects of Disposal of a Segment of a Business,
     and   Extraordinary,   Unusual  and   Infrequently   Occurring  Events  and
     Transactions."  SFAS 144 also amends  Accounting  Research Bulletin No. 51,
     "Consolidated   Financial   Statements,"  to  eliminate  the  exception  to
     consolidation for a subsidiary for which control is likely to be temporary.
     The  provision  of SFAS 144 will be effective  for fiscal  years  beginning
     after December 15, 2001. The most significant changes made by SFAS 144 are:
     (1)  removes  goodwill  from  its  scope  and,  therefore,  eliminates  the
     requirements  of SFAS 121 to allocate  goodwill to long-lived  assets to be
     tested for impairment,  and (2) describes a probability-weighted  cash flow
     estimation  approach to deal with situations in which alternative course of
     action to recover  the  carrying  amount of a  long-lived  assets are under
     consideration  or a range is  estimated  for the amount of possible  future
     cash flows.  The Company  believes  that the  adoption of SFAS 144 will not
     have a material effect on its consolidated financial position or results of
     operations.

NOTE 7 - BUSINESS SEGMENT INFORMATION

     The Company's  reportable  segments are primarily  based on methods used to
     distribute its product.  The wholesale and retail segments through sales to
     distributors and retail stores, respectively, derive revenues from sales of
     generic and branded pre-paid phone cards.

     The accounting  policies of the segments are the same as those described in
     the summary of  significant  accounting  policies.  The  Company  evaluates
     performance  based on operating income after  depreciation and amortization
     but prior to interest expense and provision for income taxes; all corporate
     overhead is  allocated  to the business  segments  based on their  pro-rata
     share  of  revenues.   The  following  is  information  for  the  Company's
     reportable  segments for the three months ended  November 30, 2001 and 2000
     are as follows:
<TABLE>
<CAPTION>

      Three months
        2001                                             Wholesale               Retail         Consolidated
--------------------------------------------------------------------------------------------------------------
<S>                                                    <C>                   <C>                  <C>
      Revenues                                         $ $1,676,472          $1,202,823           $$2,879,295

      Loss from operations                                  (44,734)            (32,096)              (76,830)

      Total assets                                          214,832             153,813               368,195



      Three months
        2000                                             Wholesale               Retail         Consolidated
--------------------------------------------------------------------------------------------------------------
      Revenues                                         $   $442,060           $ 198,515          $   $640,575


      Loss from operations                                  (11,151)             (5,187)              (16,738)

      Total assets                                           37,718              16,938                54,656

</TABLE>


                                        6
<PAGE>

                     PANTHER TELECOMMUNICATIONS CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS



     Revenue is generated all from within the United States for the three months
     ended November 30, 2001 and 2000.

NOTE 8 - OTHER EXPENSES

     Other expenses  include  professional  fees incurred in connection with the
     reverse acquisition and the preparation of the related public filings.

NOTE 9 - SUBSEQUENT EVENTS

     In December 2001,  the Company issued to an individual,  who is a marketing
     agent for the  Company,  250,000  shares of the  Company's  common stock in
     exchange for $50,000. The Company agreed to include 100,000 shares acquired
     by the  individual in an amendment to the  registration  statement that the
     Company had filed with the  Securities  & Exchange  Commission  and that is
     currently under review.

     In December  2001,  we became  aware that certain  phone  cards,  which had
     already  being billed in full by one of our  carriers,  were cards that had
     malfunctioned and were  deactivated.  We had credited our customers for the
     unused time on these  deactivated  cards serviced by this carrier.  We also
     became aware that certain cards  serviced by this carrier were billed to us
     more than once and that we were  billed for some cards for which we had not
     authorized  their  purchase.  We have  informed  such  carrier  that we are
     seeking to recover in the form of a credit an amount estimated at this time
     to be between  $150,000 and  $200,000 for the cards that had  malfunctioned
     and were  deactivated,  and we are  currently  reviewing  all of our  usage
     reports with this carrier to determine the amount relating to over billings
     and unauthorized  purchases. At this time, however, no determination can be
     made of the amount of ultimate  recovery  or the timing of the  recovery on
     the cards  that  malfunctioned  and were  deactivated  or of the  amount of
     recovery that may result from overbillings and unauthorized purchases.

                                       7
<PAGE>

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

     The  following   discussion   should  be  read  in  conjunction   with  the
consolidated  financial statements and notes thereto set forth in Item 1 of this
Quarterly  Report.  In addition to historical  information,  this discussion and
analysis contains forward-looking  statements that involve risks,  uncertainties
and  assumptions,  which could cause actual  results to differ  materially  from
Management's expectations. Factors that could cause differences include, but are
not limited to, expected market demand for our products, fluctuations in pricing
for products we  distribute  and  products  offered by  competitors,  as well as
general conditions of the telecommunications marketplace.

Overview

     To date,  our  principal  source  of  revenue  has been the  marketing  and
distribution  of our own branded  prepaid long  distance  calling cards for both
domestic and  international  use. We distribute our prepaid cards utilizing card
numbers and PINs provided by the  telecommunications  carrier providing the long
distance service for the card. We incur up-front  expenses of printing the phone
cards.  We purchase the long  distance  phone  service  from  various  telephone
companies  who agree to provide usage time to the  cardholder  after we sell and
activate the phone cards.  Prepaid  phone cards are  distributed  through a vast
network of retail outlets,  including  convenient  stores,  newsstands,  grocery
stores and  discount  stores.  The retail  outlets are  serviced by  independent
distributors  nationwide,  except in South  Florida  where  retail  outlets  are
serviced through our commission salespersons.

Historical Results of Operations

THREE MONTHS ENDED NOVEMBER 30, 2001 COMPARED TO THREE MONTHS ENDED NOVEMBER 30,
2000

     Revenues  increased  $2,238,720  to  $2,879,295  for the three months ended
November 30, 2001,  up 349% from revenues of $640,575 for the three months ended
November  30,  2000.  The  increase  in net sales was  primarily  due to: (a) an
increase in  commission  salespersons  and retail  outlets we  service,  (b) the
addition of distributors  and (c)  introduction  of new products.  The number of
commission  salespersons  increased  from five in  November  2000 to fourteen in
November 2001. The number of outlets we service increased from approximately 150
in November  2000 to  approximately  1,100 in November  2001.  The number of our
distributors  increased from six in November 2000 to 23 in November 2001. In the
last  quarter of our initial year ended August 31,  2001,  we  introduced  phone
cards specifically branded to Peru, Nicaragua, Haiti, Argentina and Colombia.


                                        8
<PAGE>

     Revenues  in our  initial  year  ended  August  31,  2001 were  $5,862,582,
including  $2,090,771 in the last quarter.  The monthly average  revenues in the
initial nine months ended May 31, 2001 were $419,090. We grew to monthly average
revenues of $696,924  for the last  quarter of last year and to $959,765 for the
first  quarter of this  fiscal.  The  monthly  revenue  increase in our last two
quarters was due to the addition of distributors,  as well as an increase in the
number of phone cards we distribute as explained above.

     Wholesale revenues increased  $1,234,412 to $1,676,472 for the three months
ended  November 30, 2001, up 279% from revenues of $442,060 for the three months
ended November 30, 2000.  The increase was due to the addition of  distributors,
as well as an increase in the number of phone cards we  distribute  as explained
above.

     Retail  revenues  increased  $1,004,308 to $1,202,823  for the three months
ended  November 30, 2001, up 506% from revenues of $198,515 for the three months
ended November 30, 2000. The increase was due to the addition of retail outlets,
as well as an increase in the number of phone cards we  distribute  as explained
above.

     Our gross margin increased from $26,932 for the three months ended November
30, 2000 to $366,898 for the three months ended November 30, 2001 as a result of
higher usage.  As a percentage of revenues,  our gross margin  increased from 4%
for the three months  ended  November 30, 2000 to 13% for the three months ended
November 30,  2001.  Our gross margin  increase was  primarily  due to favorable
pricing terms with our telecommunication carriers based on higher usage volume.

     Selling,  general and administrative  expenses amounted to $443,728 for the
three  months  ended  November  30,  2001 when  compared to $43,670 for the same
period last year. The increase in selling,  general and administrative  expenses
mainly reflects the normal  escalation of overhead required to support our rapid
growth.  As a  percentage  of  revenues,  selling,  general  and  administrative
expenses increased from 11% for our initial year ended August 31, 2001 to 15% in
the three months ended  November  30, 2001.  This is due to the fact that,  as a
percentage of sales,  salaries and  commissions  increased from 6.6% to 8.4%, or
$51,827 and  professional  fees increased from 2.3% to 3.8%, or $43,189.  During
the last quarter of our initial  year ended  August 31, 2001,  we started to pay
only  commissions  to our  salespersons.  The  increase in  commissions  paid to
salespersons  is  in  line  with  our  increase  in  revenues.  Previously,  our
salespersons were paid a salary plus  commissions.  In August 2001, we engaged a
financial and  management  consultant  and for his full time work for us we paid
him  approximately  $32,000 in the three months ended November 30, 2001. We have
extended an offer to him for  employment,  but no agreement  has been made as of
the date of this Quarterly Report. We also paid  approximately  $10,000 in legal
and licensing fees in connection  with  application  telecommunication  licenses
from State Public Service Commissions in four states in which we operate.

     Other  expenses  of $20,000 in the three  months  ended  November  30, 2001
consisted  of  professional  fees in  connection  with the May 31, 2001  reverse
acquisition and the preparation of the related public filings.

     In December  2001,  we became  aware that certain  phone  cards,  which had
already  being  billed  in full by one of our  carriers,  were  cards  that  had
malfunctioned and were deactivated. We had credited our customers for the unused
time on these deactivated  cards serviced by this carrier.  We also became aware
that certain cards serviced by this carrier were billed to us more than once and
that we were  billed  for  some  cards  for  which we had not  authorized  their

                                       9
<PAGE>


purchase.  We have  informed  such carrier that we are seeking to recover in the
form of a credit an amount  estimated  at this time to be between  $150,000  and
$200,000 for the cards that had malfunctioned  and were deactivated,  and we are
currently  reviewing all of our usage reports with this carrier to determine the
amount  relating to over  billings  and  unauthorized  purchases.  At this time,
however,  no determination can be made of the amount of ultimate recovery or the
timing of the recovery on the cards that  malfunctioned  and were deactivated or
of the amount of recovery  that may result from  overbillings  and  unauthorized
purchases.

     As a result of the factors  discussed  above,  we had a net loss of $96,830
for the three  months  ended  November  30, 2001 when  compared to a net loss of
$16,738 for the three months ended November 30, 2000.

Liquidity and Capital Resources

     We generated  $38,442 in cash from  operating  activities  during the three
months ended November 30, 2001 as a result of a decrease in unbilled  revenue of
$79,982 and an increase in deferred revenue of $72,851,  offset by a net loss of
$96,830.

     Cash used in  investing  activities  amounted  to $25,000  during the three
months  ended  November  30,  2001,  utilized to make a required  deposit with a
telephone carrier.

     Net cash flows provided by financing activities amounted to $52,000 for the
three months ended November 30, 2000 and mostly  represented a $50,000 loan from
two third party  individuals.  The loan is a demand note that bears  interest at
approximately  14% per annum. As of November 30, 2001, we have repaid $24,000 of
principal on the note. The debt is being retired as cash flow permits.

     As of November 30, 2001, we had current assets of  approximately  $308,000,
current liabilities of approximately $539,000 and net working capital deficiency
of  approximately  $231,000.  The  independent  auditors'  report on our audited
financial  statements  as of and for our  initial  year ended  August  31,  2001
included an  explanatory  paragraph  stating  that our  deficiencies  in working
capital and  stockholders'  equity raise  substantial doubt about our ability to
continue as a going concern.

     We have retained the services of Venture Fund Management LLC of Palm Beach,
Florida to act as a nonexclusive  placement  agent to assist us in securing debt
or equity  financing to provide us with liquidity to meet our current and future
needs. Venture Fund Management LLC is entitled to a finder's fee of up to 10% of
funding. There can be no assurance that we will be able to obtain such financing
on  reasonably  commercial  terms,  or  otherwise,  or  that  we will be able to
otherwise satisfy our short-term needs from other sources in the future.

     In December  2001, the Company issued 250,000 shares of the common stock to
an individual  in exchange for $50,000.  For the year ending August 31, 2002, we
anticipate  raising an  additional  $500,000 to cover:  (1) our current  working
capital deficiency, (2) anticipated sales and accounts receivable growth and (3)
hiring four additional employees, including one executive and a controller.

                                       10
<PAGE>

                          PART II -- OTHER INFORMATION


Item 1.           Legal Proceedings.

         The company is not a party to any legal proceedings at this time.

     To the knowledge of  management,  no federal,  state or local  governmental
agency is  presently  contemplating  any  proceedings  against us. No  director,
executive  officer  or other  person who may be deemed to be an  "affiliate"  of
Panther  or owner of record or  beneficially  of more than five  percent  of the
common stock is a party adverse to us or has a material  interest  adverse to us
in any proceeding.

Item 2.           Changes in Securities and Use of Proceeds

     In December 2001, we issued to an individual,  who functions as a marketing
agent for Panther,  250,000  shares of our common stock in exchange for $50,000.
We agreed to include  100,000 shares  acquired by the individual in an amendment
to the  registration  statement  that we filed with the  Securities and Exchange
Commission and that registration statement is currently under review.

     In each instance of issuance of shares of stock of Panther, Panther and the
shareholder have relied on the exemption from  registration  afforded by Section
4(2) of the  Securities  Act,  namely  that the  transactions  did not involve a
public  offering.  No one has  made  any  public  solicitation  for the  sale or
distribution of shares.  Each shareholder is a person known to the principals of
Panther at the time the shares were issued.  Each person  receiving  shares as a
form of  compensation  had intimate  knowledge  of our  business  and  financial
condition when they received the shares.  No investor  currently  holding shares
made any investment that each could not lose if our shares never have any value.
Each  certificate  for the shares  received a  restrictive  legend  advising the
holder  of the  limitations  on  further  transfer  without  registration  or an
exemption.

Item 3.           Defaults Upon Senior Securities.

         None. Not Applicable


Item 4.           Submission or Matters to a Vote of Security Holders.

     The  company  did not submit any  matters to a vote of  securities  holders
during  the first  quarter  of the year  ending  August  31,  2002.  Any  action
requiring the vote of shareholders  may be taken by consent,  and the consent of
Manuel  Sanchez,  who holds  more than 60% of the  outstanding  shares of common
stock, is the only approval that is required for shareholder  consent. The board
of directors  elected Efrain  Rodriguez,  Guillermo Acosta and Alvaro Ramirez as
directors  on  September  28,  2001.  Mr.  Sanchez  ratified the election of the
directors,  and he ratified the selection of Feldman  Sherb & Co.,  P.C., as our
independent auditors.

Item 5.           Other Information.

         None.


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<PAGE>

Item 6.           Exhibits and Reports on Form 8-K

Reports on Form 8-K

     On October 10, 2001, we filed a Current Report on Form 8-K:

     Under Item 5, Other Events,  we reported the election of Efrain  Rodriguez,
Guillermo Acosta, and Alvaro Ramirez as directors of Panther.

     Under Item 7, Financial Statements, we included the financial statements of
Panther Com as required by Regulation S-X, Rule 3-05.


     On December  28, 2001,  we filed an  amendment to a Current  Report on Form
8-K.  Under  Item  4,  we  disclosed  matters  relating  to  the  change  of our
independent auditors as of June 2001.


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<PAGE>




                                   SIGNATURES

     In accordance  with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed by the undersigned, who are duly authorized.

PANTHER TELECOMMUNICATIONS CORPORATION
(formerly New Century Capital & Consulting Corp.)

By   /s/Manuel Sanchez
  -----------------------------------------------------------------
          Manuel Sanchez, President, CEO, and Director

Date: January 22,2002

     In  accordance  with the Exchange  Act,  this report has been signed by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.


By    /s/Lynne Perlmutter
  ------------------------------------------------------------------
          Lynne Perlmutter, Secretary and Director

Date:  January 22,2002


By     /s/Efrain Rodriguez
  ------------------------------------------------------------------
            Efrain Rodriguez, Director

Date:  January 22,2002


By    /s/Guillermo Acosta
   -----------------------------------------------------------------
           Guillermo Acosta, Director

Date:  January 22,2002


By    /s/ Alvaro Ramirez
   ------------------------------------------------------------------
           Alvaro Ramirez, Director

 Date:  January 22,2002




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