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



FORM 10-QSB



|[x]                                                                   | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|--------------------------------------------------------------------- | ---------------------------------------------------------------------------------
|For the quarterly period ended October 31, 2001                      
|                                                                     
|[ ]                                                                   | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT                  
|For the transition period from _________________ to _________________
|                                                                     
|Commission file number 000-27097                                     



|BUSINESSWAY INTERNATIONAL CORPORATION
(Exact name of small business issuer as specified in its charter)
|-------------------------------------------------------------------------------------------------------
|                                                                                                       
|FLORIDA
(State or other jurisdiction of incorporation or organization)                                 
|                                                                                                       
|117 GUN AVENUE, POINTE-CLAIRE, QUEBEC, CANADA, H9R3X2
(Address of principal executive offices)         
|                                                                                                       
|(514) 693-0877
(Issuer's telephone number)                                                             
|N/A                                                                                                    
|(Former name, former address and former fiscal year, if changed since last report)                     



Indicate by check mark whether the registrant (1) filed all reports required to be filed by section 13 or 15(d) of 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:

As of October 31, 2001, there are approximately 23,219,793 shares of common voting stock of the company held by non-affiliates.



BUSINESSWAY INTERNATIONAL CORPORATION

FORM 10-QSB

INDEX

PART I

Item 1. Financial Statements

- Consolidated Balance Sheets
- Consolidated Income Statements
- Consolidated Cash Flows Statement
- Consolidated Statement of Changes in Stockholders Equity
- Consolidated Comprehensive Statement of Income(Loss)
- Notes to Consolidated Financial Statements

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

PART II

Item 1. Legal Proceedings

Item 2. Changes in Securities and Use of Proceeds

Item 6. Exhibits and Reports on Form 8-K

Signatures

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PART I FINANCIAL INFORMATION

Item 1. Financial Statements.

BUSINESSWAY INTERNATIONAL CORPORATION

Consolidated Balance Sheet

As of October 31, 2001 (Unaudited) and 2001 (Audited)



|                                     |  |  | October 31, 2001 | July 31,   2001
|------------------------------------ |  |  | ---------------- | ---------------
|                                     |  |  |                  |                
|ASSETS                               |  |  |                  |                
|                                     |  |  |                  |                
|Current Assets                       |  |  |                  |                
|Accounts Receivable                  |  |  | $773,031         | $661,597       
|Inventory                            |  |  | 123,524          | 130,134        
|Prepaid Expenses                     |  |  | 3,269            | 3,386          
|                                     |  |  |                  |                
|Total Current Assets                 |  |  | $899,824         | $795,117       
|                                     |  |  |                  |                
|Deferred Income Taxes                |  |  | 202              | 209            
|                                     |  |  |                  |                
|Capital Assets                       |  |  | 509,909          | 552,564        
|                                     |  |  |                  |                
|                                     |  |  | $1,409,935       | $1,347,890     
|                                     |  |  |                  |                
|                                     |  |  |                  |                
|                                     |  |  |                  |                
|LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |                  |                
|                                     |  |  |                  |                
|Current Liabilities                  |  |  |                  |                
|Bank indebtedness                    |  |  | $225,032         | $251,447       
|Accounts Payable and accruals        |  |  | 514,110          | 422,979        
|Income Taxes Payable                 |  |  | 1,739            | 0              
|Advance from a director              |  |  | 38,760           | 55,307         
|Current Portion of Long Term Debt    |  |  | 0                | 1,863          
|Total Current Liabilities            |  |  | $779,641         | $731,596       
|                                     |  |  |                  |                
|Long Term debt                       |  |  | 0                | 0              
|                                     |  |  |                  |                
|Due to shareholder                   |  |  | 0                | 0              
|                                     |  |  |                  |                
|TOTAL LIABILITIES                    |  |  | $779,641         | $731,596       
|                                     |  |  |                  |                
|                                     |  |  |                  |                
|STOCKHOLDERS' EQUITY                 |  |  |                  |                
|Share Capital                        |  |  | $42,386          | $42,386        
|Additional paid-in capital           |  |  | 749,779          | 749,779        
|Comprehensive income                 |  |  | 20,835           | 7,450          
|Deficit                              |  |  | (182,706)        | (183,321)      
|TOTAL EQUITY                         |  |  | 630,294          | 616,294        
|                                     |  |  |                  |                
|                                     |  |  | $ 1,409,935      | $1,347,890     
|                                     |  |  | ==========       | ===========    

See accompanying notes to financial statements

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BUSINESSWAY INTERNATIONAL CORPORATION

Consolidated Income Statement

For the three months ended October 31, 2001 and 2000

(Unaudited)



|                                              |  |  | For the three months ended October 31, 2001 | For the three months ended October 31, 2000
|--------------------------------------------- |  |  | ------------------------------------------- | -------------------------------------------
|                                              |  |  |                                             |                                            
|Sales                                         |  |  | $187,701                                    | $608,161                                   
|                                              |  |  |                                             |                                            
|Cost of Sales                                 |  |  | 72,966                                      | 519,292                                    
|                                              |  |  |                                             |                                            
|Gross Profit                                  |  |  | 114,734                                     | 88,869                                     
|                                              |  |  |                                             |                                            
|Operating expenses                            |  |  |                                             |                                            
|Communication                                 |  |  | 0                                           | 3,751                                      
|Rent                                          |  |  | 6,936                                       | 6,956                                      
|Transport and delivery                        |  |  | 553                                         | 435                                        
|Advertising and business promotion            |  |  | 1,928                                       | 4,082                                      
|Store expenses                                |  |  | 658                                         | 143                                        
|Automobile and travel                         |  |  | 517                                         | 1,798                                      
|Salaries, commissions and benefits            |  |  | 50,909                                      | 60,326                                     
|Amortization                                  |  |  | 24,713                                      | 8,490                                      
|Interest and bank charges                     |  |  | 6,155                                       | 2,265                                      
|Office expenses and general                   |  |  | 1,991                                       | 6,129                                      
|Professional                                  |  |  | 12,592                                      | 133,501                                    
|Travel expenses                               |  |  | 0                                           | 80                                         
|Utilities                                     |  |  | 3,181                                       | 6,125                                      
|Taxes , licenses and insurance                |  |  | 3,987                                       | 0                                          
|                                              |  |  |                                             |                                            
|                                              |  |  |                                             |                                            
|Total Expenses                                |  |  | 114,120                                     | 234,081                                    
|                                              |  |  |                                             |                                            
|Net Income(Loss) Before Taxes                 |  |  | 615                                         | ($145,212)                                 
|                                              |  |  |                                             |                                            
|Provision for Taxes                           |  |  |                                             |                                            
|Current                                       |  |  | 0                                           | 0                                          
|Deferred                                      |  |  | 0                                           | 0                                          
|                                              |  |  | 0                                           | 0                                          
|                                              |  |  |                                             |                                            
|Net Income(Loss)                              |  |  | $615                                        | ($145,212)                                 
|                                              |  |  |                                             |                                            
|                                              |  |  |                                             |                                            
|                                              |  |  |                                             |                                            
|                                              |  |  |                                             |                                            
|Net loss per share basic and diluted          |  |  | $0.000                                      | $0.003                                     
|                                              |  |  |                                             |                                            
|Weighted average number of shares outstanding |  |  | 58,655,667                                  | 55,853,128                                 
|                                              |  |  |                                             |                                            



See accompanying notes to financial statements

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

BUSINESSWAY INTERNATIONAL CORPORATION

Consolidated Cash Flows Statement

For the three months ended October 31, 2001 and 2000

(Unaudited)

|                                                  |  |  | October 31, 2001 | October 31, 2000
|------------------------------------------------- |  |  | ---------------- | ----------------
|                                                  |  |  |                  |                 
|Cash provided by ( used in ) operating activities |  |  |                  |                 
|Net income ( loss)                                |  |  | $615             | ($145,212)      
|Items not requiring cash outlay                   |  |  |                  |                 
|Amortization                                      |  |  | 24,713           | 8,490           
|                                                  |  |  |                  |                 
|sub-total                                         |  |  | 25,328           | 130,868         
|                                                  |  |  |                  |                 
|Changes in non-cash working capital items         |  |  |                  |                 
|Accounts receivable                               |  |  | (109,695)        | (186,199)       
|Inventory                                         |  |  | 6,610            | 13,562          
|Prepaid Expenses                                  |  |  | 117              | 2,520           
|Accounts Payable and accruals                     |  |  | 91,131           | (10,765)        
|Income Taxes Payable                              |  |  | 1,739            | 1,336           
|Exchange on translation                           |  |  | 9,790            | 2,927           
|Funds generated from operations                   |  |  | (25,020)         | (313,341)       
|                                                  |  |  |                  |                 
|Cash provided by ( used in ) financing            |  |  |                  |                 
|                                                  |  |  |                  |                 
|Advance from a director                           |  |  | (16,547)         | 0               
|Share capital                                     |  |  | 0                | 668,896         
|Increase( decrease) long term debt                |  |  | 0                | (1,975)         
|Due to shareholders                               |  |  | 0                | (116,492)       
|                                                  |  |  |                  |                 
|Funds generated from financing                    |  |  | (16,547)         | 550,429         
|                                                  |  |  |                  |                 
|Cash provided by ( used in ) investments          |  |  |                  |                 
|                                                  |  |  |                  |                 
|Acquisition of capital assets                     |  |  | 17,942           | (70,466)        
|                                                  |  |  |                  |                 
|Funds (used in)generated from investments         |  |  | 17,942           | (70,466)        
|                                                  |  |  |                  |                 
|Net change for the year                           |  |  | $26,415          | $166,622        
|                                                  |  |  |                  |                 
|Cash (deficiency) beginning of year               |  |  | ($251,447)       | ($49,725)       
|                                                  |  |  |                  |                 
|Cash end of year                                  |  |  | ($225,032)       | $116,897        
|                                                  |  |  |                  |                 



See accompanying notes to financial statements

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

BUSINESSWAY INTERNATIONAL CORPORATION

Consolidated Statement of Changes in Stockholders Equity

For the three months ended October 31, 2001 and 2000

(Unaudited)



|                           |        |  |  | COMMON STOCK | ADDITIONAL PAID IN CAPITAL | COMPRE-HENSIVE OTHER INCOME | RETAINED EARNINGS (DEFICIT) | TOTAL STOCKHOLDERS' EQUITY
|-------------------------- | ------ |  |  | ------------ | -------------------------- | --------------------------- | --------------------------- | --------------------------
|SHARES                     | AMOUNT
|                           |        |  |  |              |                            |                             |                             |                           
|                           |        |  |  |              |                            |                             |                             |                           
|Balance , July 31, 2001    |        |  |  | 58,655,667   | $42,386                    | $749,779                    | $7,450                      | ($183,321)                
|                           |        |  |  |              |                            |                             |                             |                           
|                           |        |  |  |              |                            |                             |                             |                           
|Translation adjustment     |        |  |  |              |                            |                             | 13,385                      |                           
|                           |        |  |  |              |                            |                             |                             |                           
|                           |        |  |  |              |                            |                             |                             |                           
|Net Income for the period  |        |  |  |              |                            |                             |                             | 615                       
|                           |        |  |  |              |                            |                             |                             |                           
|                           |        |  |  |              |                            |                             |                             |                           
|Balance , October 31, 2001 |        |  |  | 58,655,667   | $42,386                    | $749,779                    | $20,835                     | ($182,706)                
|                           |        |  |  |              |                            |                             |                             |                           



See accompanying notes to financial statements

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

BUSINESSWAY INTERNATIONAL CORPORATION

Consolidated Statement of Comprehensive (Loss) Income

For the three months ended October 31, 2001 and 2000

(Unaudited)



|                                              |  |  | For the three months ended October 31, 2001 | For the three months ended October 31, 2000
|--------------------------------------------- |  |  | ------------------------------------------- | -------------------------------------------
|                                              |  |  |                                             |                                            
|Net Income(Loss)                              |  |  | $615                                        | ($145,212)                                 
|                                              |  |  |                                             |                                            
|Translation adjustment                        |  |  | 13,385                                      | (14)                                       
|                                              |  |  |                                             |                                            
|                                              |  |  |                                             |                                            
|                                              |  |  |                                             |                                            
|Comprehensive income(loss)                    |  |  | $14,000                                     | ($145.226)                                 
|                                              |  |  |                                             |                                            
|Net loss per share - basic and diluted        |  |  | $0.000                                      | ($0.003)                                   
|                                              |  |  |                                             |                                            
|Weighted average number of shares outstanding |  |  | 58,655,667                                  | 55,853,128                                 
|                                              |  |  |                                             |                                            



See accompanying notes to financial statements

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

BUSINESSWAY INTERNATIONAL CORPORATION

Notes to Consolidated Financial Statements
Three-month period ended October 31, 2001



1.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States. The significant accounting principles are as follows:

(a) Consolidated financial statements and basis of presentation: The consolidated

financial statements include the accounts of BusinessWay International Corp. and the

accounts of Cor-bit Peripherals Inc. ,Le Groupe BusinessWay Inc. , BusinessWay

Computer Center Inc. , 3739007 Canada Ltd. and 3423336 Canada Ltd.(inactive).

All inter-company transactions and balances have been eliminated.

1. Cash and cash equivalents: The Corporation considers all investments that are highly
2. Research and development expenditures: Research and development expenditures, if

any, are expensed as incurred.

(e) Foreign exchange: Foreign denominated assets and liabilities of the foreign

subsidiary are translated at the rate of exchange prevailing at the balance sheet date

whereas its revenues and expenses are translated at the monthly average exchange

rate prevailing during the period. Translation adjustments that result from translating

foreign currency financial statements are included in a separate component of

stockholders' equity. Other foreign exchange gains and losses are included in the

determination of net earnings.

1. Income taxes: The Corporation uses the asset and liability method of accounting for
2. Comprehensive income: Effective January 1, 1998, the Corporation adopted

Statement of Financial Accounting Standards No. 130, Reporting

Comprehensive Income, which establishes new rules for the reporting and display of

comprehensive income and its components.

(h) Stock issued to employees: The Corporation applies the intrinsic

value-based method of accounting prescribed by Accounting Principles Board

("APB") Opinion no. 25, Accounting for Stock Issued to Employees, and

related interpretations, in accounting for stock option agreements. As

such, compensation expense would be recorded on the date of grant only if

the then current market price of the underlying stock exceeded the exercise

price.

(i) Impairment of long-lived assets and long-lived assets to be disposed of:

The Corporation accounts for long-lived assets in accordance with the

provisions of SFAS No. 121, Accounting for the Impairment of long-lived

Assets and for long-lived Assets to Be Disposed Of. This statement requires

that long-lived assets and certain identifiable intangibles be reviewed for

impairment whenever events or changes in circumstances indicate that the

carrying amount of an asset may not be recoverable. Recoverability of

assets to be held and used is measured by a comparison of the carrying

amount of an asset to future net cash flows expected to be generated by the

asset. If such assets are considered to be impaired, the impairment to be

recognized is measured by the amount by which the carrying amount of the

assets exceed the fair value of the assets. Assets to be disposed of are

reported at the lower of the carrying amount or fair value less costs to

sell.

(j) Net loss per share: Net loss per share is computed using the weighted

average number of shares outstanding during the period. The fully diluted

loss per share has not been disclosed because the effect of common shares

issue-able upon the exercise of options and warrants is anti-dilative.

(k) Dividends: The Corporation has not yet adopted any policy regarding payment

of dividends. No dividends have been paid since inception.

(l) Use of estimates: The preparation of financial statements in conformity

with generally accepted accounting principles requires management to make

estimates and assumptions that affect the reported amounts of assets and

liabilities and disclosure of contingent liabilities at the date of the

financial statements and the reported amounts of revenues and expenses

during the reporting periods. Actual results could differ from those

estimates.

(m) Warranty repair expenses are immaterial and no reserve for warranty repairs

has been established.

(n) BusinessWay also increased its authorized capital from 100,000,00 shares of

$0.001 par value common stock and 40,000,000 Class A Special Voting shares,

without par value, to 300,000,000 shares of $0.001 par value common stock and

120,000,000 Class A Special Voting Shares, without par value, (the "Capital

Increase"). See the Form DEF 14C which have been previously filed with the

Securities and Exchange Commission on February 14, 2001.

(o) The Company has obtained a line of credit facility with a banking institution

in Canada enabling it to borrow up to $231,000 based on accounts receivable and

inventory provided as security to the bank.

(p) On September 13, 2000, the directors of the Company adopted the Company's

Non-Qualified Stock Option Plan, pursuant to which the Plan Administrator is

authorized to grant up to a total of 2,500,000 common shares.

Reference is made to the information under the heading "SHARE EXCHANGE

AGREEMENT - BUSINESSWAY COMPUTER CENTRE, INC. AND COR-BIT

PERIPHERALS, INC. "appearing under "Item 2. MANAGEMENT'S DISCUSSION

AND ANALYSIS OR PLAN OF OPERATION" appearing in the Form 10-QSB

of GlobalNetCare for the period ended June 30, 2000, as filed with the Securities and Exchange Commission

(the "Acquisition Information"), and the Acquisition Information is hereby incorporated by

reference. Under the terms of the Acquisition, GlobalNetCare has agreed to issue

options to Faris Heddo to purchase 600,000 Common Shares of GlobalNetCare

("Shares") at $.50 per share and to purchase 500,000 Shares at $1.00 per share

(collectively, the "Heddo Option Rights") as consideration for his agreement to

serve as President, Chief Executive Officer, and a Director of GlobalNetCare.

Pursuant to the Heddo Option Rights, on September 12, 2000, GlobalNetCare

authorized the issuance of options to Mr. Heddo to purchase 100,000 Shares at

$.50 per share. Under the terms of the Acquisition, GlobalNetCare has agreed to

issue options to Michele Scott to purchase 600,000 Common Shares of

GlobalNetCare ("Shares") at $.50 per share and 500,000 Shares at $1.00 per share

(collectively, the "Scott Option Rights") as consideration for her agreement to

serve as Chief Financial Officer, Vice President, Secretary and a Director of

GlobalNetCare. Pursuant to the Scott Option Rights, on September 12, 2000,

GlobalNetCare authorized the issuance of options to Ms. Scott to purchase

150,0000 Shares at $.50 per share

There were no exercises of stock options or freestanding Stock Appreciation

Rights during the quarter ended October 31, 2001 by any of the Company's

officers or directors.



2.	ORGANIZATION AND BUSINESS ACTIVITIES:

The Company was organized on October 30, 1980, under the laws of the State of Florida as C.N.W. Corp. On February 1, 1981, the Company issued 1,000 shares of its $1 par value common stock for services of $1,000. The Company did not have any activity before 1998 and, accordingly, commencement of its development stage is considered to be at the beginning of 1998.

On July 21, 1998, the Company increased its capitalization from 1,000 common shares to 50,000,000 common shares. The par value was changed from $1 to $0.001.

On July 21, 1998, the Company changed its name to C.N.W of Orlando Inc., and on December 28, 1998 it changed its name to GlobalNetCare, Inc.

On February 3, 1998, the Company incorporated its wholly-owned subsidiary, 3423336 Canada Ltd., a Canadian company, to develop a medical Website. However, the anticipated plans and operations of the Company for its medical Website have not and will not be achieved or pursued further. Due to its inability to generate sufficient revenues from these operations, the Company has decided to pursue a different line of business. The Corporation continues to operate the medical Website on a scaled down basis.

With the completion of the acquisition of Cor-bit Peripherals Inc. and BusinessWay Computer Center Inc. on September 12, 2000 (the "Acquisition"), the Company will no longer be considered a development stage enterprise since Cor-Bit Peripherals Inc. has a income stream that has been established for many years.

As a result of the Share Exchange Agreement signed September 12,2000 (the "Exchange Agreement"), the Company incorporated another wholly-owned subsidiary, 3739007 Canada Ltd., for the purpose of acquiring Cor-Bit Peripherals Inc. and BusinessWay Computer Center Inc. Under the Exchange Agreement, the Company acquired the shares of Cor-Bit Peripherals Inc. and BusinessWay Computer Center Inc. in exchange of 40,000,000 exchangeable Preferred Shares (the "Preferred Shares" ) of 3739007 Canada Ltd. (which are exchangeable for the same number of shares of the Company's common stock), and 37,923,891 Class A Special Voting Shares in the capital of the Company (the "Special Voting Shares"). The Special Voting Shares, which have no right to dividends and will be outstanding only until the Preferred Shares are exchanged, were issued to the principal owners of the acquired companies.

The Company's financial statements are prepared using United States G.A.A.P. (generally accepted accounting principles) applicable to a going concern, which contemplate the realization of assets and liquidation of liabilities in the normal course of business. It is management's plan to seek additional capital in connection with appropriate business opportunities including business combinations. The Company and its management is entertaining offers of potential acquisitions. The industry sector for these potential acquisitions and or mergers may or may not be of the company's present industry sector. These new acquisitions could be made in the way of a share exchange , stock options ,institutional borrowings or by means of a new private placement . Should any of these potential acquisitions be realized by the company, there would be a definite impact on the company resulting in a major re-structuring and re-organization of the company's present operations. However, there can be no assurance that any of the merger and acquisition proposals will be acceptable to the Company, its management or shareholders. Also the additional capital of institutional lending will be available when needed or available on terms that will be favorable to the Company its management and its shareholders.



3.        SHARE CAPITAL:

During the three-month period ended October 31, 2001, there were no significant changes in the Company's share capital structure.



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

Forward-Looking Statements

Statements included in this Managements Discussion and Analysis and elsewhere in this document that do not relate to present or historical conditions are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21W of the Securities Exchange Act of 1934. Additional oral or written forward-looking statements may be made by the Company from time to time, and such statements may be included in documents that are filed with the Securities and Exchange Commission. The accuracy of such forward-looking statements are subject to risks and uncertainties that could cause results or outcomes to differ materially from those expressed in the forward-looking statements. Forward-looking statements may include, without limitation, statements relating to the Company's plans, strategies, objectives, expectations, and intentions and are intended to be made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "believes", "forecasts", "intends", "possible", "expects", "estimates", "anticipates", or "plans" and similar expressions are intended to identify forward-looking statements. Among the important factors which such statements are based are assumptions concerning the anticipated growth of the information technology industry, the market for and availability of components for the Company's computers, the availability of institutional lending or capital financing, and the success of the Company in maintaining and increasing the number of franchised retail outlets that carry its products.

Results of Operations

Revenues.

Sales in the first quarter for the three month period ended October 31, 2001 were lower than for the corresponding period in the prior year due to an overall reduced demand for computers and inability to finance all the orders. Revenues resulted from sales of computers and accessories to retail outlets that carry the BusinessWay franchise. In addition, the Company charges the franchises royalty revenue based on a percentage of sales. Included in revenues are $78,554 of royalty revenue.

Cost of Sales.

Cost of sales as a percentage of sales decreased from 85.3% to 67.3% for the corresponding quarter in the prior year without consideration of royalty revenues. Cost of sales are primarily dependent on the market conditions and availability of components for the computers and accessories sold by the Company. The Company was able to improve its gross margin by maximizing purchasing with same quality but lower priced components.

Operating Expenses.

Operating expenses were impacted by a number of significant changes in expense items. Salaries and commissions decreased from $60,326 in the first quarter of 2000 to $50,909 in the present period primarily as a result of a decrease in the number of paid employees from fifteen to eight. Amortization expense increased to $24,713 as a result of the amortization of franchiser rights capitalized in the fourth quarter of year 2001. Professional expenses, decreased to $12,592 during the first quarter of 2002 as a result of less legal and accounting incurred.

Net income.

Primarily as result of the foregoing factors, the Company recorded a net income of $615 during the first three months of fiscal year 2001.



Liquidity and Capital Resources

The Company has substantially increased its accounts receivable since the beginning of the fiscal year from $661,597 to $773,031, and decreased its bank indebtedness of $251,447 to $225,032 with the result that its total current assets have increased from $795,117 to $899,824 and the ratio of its current assets to current liabilities has increased from 1.08 to 1 to 1.21 to 1.

In order to meet its business plan for expanding its BusinessWay franchise operations, the Company anticipates that it will need to raise approximately $500,000 of additional capital during the next twelve month period, which it will seek to do through private sales of its stock or through institutional borrowing. However, there can be no assurance that additional capital of institutional lending will be available when needed or available on terms that will be favorable to the Company.

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



PART II OTHER INFORMATION

Item 1. Legal Proceedings.

NONE



Item 5. Other Information.

The FONDACTION (CSN POUR LA COOPÉRATION ET L EMPLOI) has replaced Mr. Yoland Dumas with Mr. Stéphane Morency as their representative to the Board of Directors of BusinessWay International Corporation ("BusinessWay"), effective November 12, 2001.



The replacement was due to Mr. Yoland Dumas departure from FONDACTION (CSN POUR LA COOPÉRATION ET L EMPLOI).

Item 6. Exhibits and Reports on Form 8-K

1. Exhibits
2. Reports on Form 8-K.

None



SIGNATURES

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.



|                        | BUSINESSWAY INTERNATIONAL CORPORATION                                                           
|----------------------- | ------------------------------------------------------------------------------------------------
|Date: December 21, 2001 | By: /s/ Michele Scott
-------------------------------------
Michele Scott
CFO and Vice-President
|                        |