SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

(Mark One)
[  X  ]        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
               SECURITIES EXCHANGE ACT OF 1934.

               For the quarterly period ended February 29, 2000.

                                       OR

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

For the transition period from                         to                     .
                               -----------------             -----------------

                          Commission file number 0-4465

                            eLEC Communications Corp.
--------------------------------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)


                New York                                   13-2511270
--------------------------------------------------------------------------------
  (State or Other Jurisdiction                        (I.R.S. Employer
    of Incorporation or Organization)                  Identification No.)


   509 Westport Avenue, Norwalk, Connecticut                      06851
--------------------------------------------------------------------------------
  (Address of Principal Executive Offices)                      (Zip Code)
--------------------------------------------------------------------------------


Registrant's Telephone Number, Including Area Code             203-750-1000
                                                               ------------


               (Former Name,  Former  Address and Former Fiscal Year, if Changed
Since Last Report)


               Indicate by check mark whether the  registrant  (1) has filed all
reports  required to be filed by Section 13 or 15(d) of the Securities  Exchange
Act of 1934 during the preceding 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 [  ].

               Indicate  the  number  of  shares  outstanding  of  each  of  the
registrant's  classes  of  common  stock,  as of the  latest  practicable  date:
13,324,525  shares of Common  Stock,  par value $.10 per  share,  as of April 1,
2000.
<PAGE>
                          PART 1. FINANCIAL INFORMATION
                          -----------------------------
Item 1.  Financial Statements
<TABLE>
<CAPTION>
                                 eLEC Communications Corp. and Subsidiaries
                                 Condensed Consolidated Balance Sheets

                                                                   Feb. 29, 2000    Nov. 30, 1999
                                                                   -------------    -------------
<S>                                                                <C>               <C>
Assets
Current assets:
  Cash and cash equivalents                                        $  2,424,453      $    591,299
   Accounts receivable                                                2,142,968         1,245,078
   Inventory                                                            551,989           876,460
   Prepaid expenses                                                     133,073            52,636
   Other current assets                                                 234,822           177,680
   Land and building held for sale                                      605,419           596,304
                                                                   ------------      ------------
Total current assets                                                  6,092,724         3,539,457
                                                                   ------------      ------------

Property and equipment at cost                                          486,846           322,734
Less accumulated depreciation                                           124,051           111,036
                                                                   ------------      ------------
Net property and equipment                                              362,795           211,698
                                                                   ------------      ------------

Other assets                                                            124,971            97,108
Investment in and advances to subsidiary                                410,021           424,575
Investments under the equity method                                   1,060,991                --
Investments under cost method                                           194,929         1,469,929
Goodwill                                                              3,473,938         1,554,370
                                                                   ------------      ------------
                                                                      5,264,850         3,545,982
                                                                   ------------      ------------
Total assets                                                       $ 11,720,369      $  7,297,137
                                                                   ============      ============

Liabilities and stockholders' equity Current liabilities:
  Loans payable to financial institutions  and current
   maturities of long-term debt                                    $    457,743      $    523,695
  Due to related parties                                                 22,725            34,725
  Accounts payable                                                    1,728,186         1,302,714
  Accrued expenses and taxes                                          1,808,271         1,779,704
                                                                   ------------      ------------
Total current liabilities                                             4,016,925         3,640,838
                                                                   ------------      ------------

Long-term debt, less current maturities                                 463,169           197,772
                                                                   ------------      ------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                                <C>               <C>
Stockholders' equity:
  Preferred stock, $.10 par value, 1,000,000 shares authorized
    Series B issued, 196 shares in 2000 and 1999                             20                20
  Common stock $.10 par value, 20,000,000 shares authorized,
    13,108,414 issued (2000), 11,287,164 issued (1999)                1,310,840         1,128,715
  Capital in excess of par value                                     23,171,070        18,808,397
  Retained earnings (deficit)                                       (17,018,988)      (16,370,088)
  Treasury stock at cost                                                (27,500)          (27,500)
  Treasury stock held by equity investee                               (136,688)               --
  Accumulated other comprehensive income (loss),
     accumulated foreign currency translation adjustment                (58,479)          (81,017)
                                                                   ------------      ------------
      Total stockholders' equity                                      7,240,275         3,458,527
                                                                   ------------      ------------
Total liabilities and stockholders' equity                         $ 11,720,369      $  7,297,137
                                                                   ============      ============
</TABLE>

See notes to the condensed financial statements

Note:  The balance  sheet at November  30, 1999 has been  derived  from  audited
financial  statements at that date but does not include all the  information and
footnotes required by generally accepted accounting principles.

                                       2
<PAGE>
<TABLE>
<CAPTION>
                   eLEC Communications Corp. and Subsidiaries
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

                                                         For the Three Months Ended
                                                       Feb. 29, 2000      Feb. 28, 1999
                                                       -------------      -------------
<S>                                                      <C>              <C>
Revenues:
  Telecommunications services                            $ 1,750,843      $   362,663
  Specialty retail products                                  475,390          352,247
                                                         -----------      -----------
           Total revenues                                  2,226,233          714,910

Costs and expenses:
   Costs of telecommunication services                     1,212,956          322,551
   Costs of specialty retail product sales                   271,500          203,772
   Selling and general and administrative                  1,264,358          371,807
   Depreciation and amortization                             105,365           88,427
   Equity in loss of investee                                 77,321          424,701
                                                         -----------      -----------
            Total costs and expenses                       2,931,500        1,411,258
                                                         -----------      -----------

Loss from operations                                        (705,267)        (696,348)
                                                         -----------      -----------

Other (income) expense:
Interest expense                                              19,163              680
Interest income                                               (8,251)             (33)
Miscellaneous income, net                                    (67,279)              --
                                                         -----------      -----------
                                                             (56,367)             647
                                                         -----------      -----------
Loss from continuing operations                             (648,900)        (696,995)
                                                         -----------      -----------

Loss from discontinued operations                                 --         (820,978)
                                                         -----------      -----------

Net loss                                                 ($  648,900)     ($1,517,973)
                                                         ===========      ===========

Basic and diluted loss per share
Continuing operations                                    ($     0.06)     ($     0.11)
Discontinued operations                                           --      ($     0.12)
                                                         -----------      -----------
Net loss
                                                         ($     0.06)     ($     0.23)
                                                         ===========      ===========
Weighted average number of common shares outstanding      11,739,156        6,537,492
                                                         ===========      ===========

</TABLE>

See notes to the condensed consolidated financial statements.
                                       3
<PAGE>
<TABLE>
<CAPTION>
                        eLEC Communications Corp. and Subsidiaries
                     Condensed Consolidated Statements of Cash Flows
                                       (Unaudited)


                                                              For the Three Months Ended
                                                           Feb. 29, 2000      Feb. 28, 1999
                                                           -------------      -------------

<S>                                                        <C>              <C>
Net loss                                                   ($  648,900)     ($1,517,973)
Adjustments to reconcile net loss
 to net cash used in operating activities:
     Depreciation and amortization                             105,365           88,427
     Provision for losses in accounts receivable               100,000           33,323
     Loss in equity of investee                                 77,321          424,701
       Changes in operating assets and liabilities:
      Accounts receivable                                     (997,890)         519,198
      Inventory                                                324,471         (204,266)
      Prepaid expenses                                         (80,437)         (40,071)
      Other current assets                                     (66,257)          49,443
      Other assets                                             (27,863)          19,943
      Accounts payable and accrued expenses                    454,039          425,660
                                                           -----------      -----------
Net cash used in operating activities:                        (760,151)        (201,615)
                                                           -----------      -----------

Cash flows from investing activities:
   Purchase of property and equipment                         (164,112)         (32,578)
   Acquisition of Telecarrier Services Inc.                     (7,718)              --
   Proceeds from agreement to sell subsidiary                   14,554               --
                                                           -----------      -----------
Net cash used in investing activities                         (157,276)         (32,578)
                                                           -----------      -----------

Cash flows from financing activities:
   Increase in loans payable to financial institutions
     and related parties                                       187,445                6
   Proceed from issuance of preferred stock                         --          196,000
   Proceeds from exercise of warrants                          929,375               --
   Proceeds from private placement of common stock           1,379,500               --
   Proceeds from exercise of stock options                     214,250            4,125
                                                           -----------      -----------
Net cash provided by financing activities                    2,710,570          200,131
                                                           -----------      -----------

Effect of exchange rate changes on cash                         40,011             (128)
                                                           -----------      -----------

Increase (decrease) in cash and cash equivalents             1,833,154          (34,190)
Cash and cash equivalents at beginning of period               591,299          352,489
                                                           -----------      -----------
Cash and cash equivalents at the end of period             $ 2,424,453      $   318,299
                                                           ===========      ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S>                                                        <C>              <C>
Supplemental disclosures of cash flow information
Cash paid during the period for:
      Interest
       Continuing operations                               $    27,200      $       680
                                                           -----------      -----------
       Discontinued operations                                      --      $    80,369
                                                           -----------      -----------
     Income taxes                                                   --               --
</TABLE>

See Part II, Item 2., Changes in Securities,  for non-cash financing  activities
    during the three-month period ending February 29, 2000.

See notes to the condensed consolidated financial statements.

                                       4
<PAGE>
                            eLEC COMMUNICATIONS CORP.
                            -------------------------

        Notes To Condensed Consolidated Financial Statements (Unaudited)
        ----------------------------------------------------------------


Note 1-Basis of Presentation
----------------------------

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-Q and Article 10 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management,  all adjustments (consisting
of normal recurring accruals)  considered necessary for a fair presentation have
been included.  Operating results for the three-month  period ended February 29,
2000 are not necessarily  indicative of the results that may be expected for the
year ended November 30, 2000. For further information, refer to the consolidated
financial  statements  and footnotes  thereto  included in the Company's  Annual
Report on Form 10-K for the year ended November 30, 1999.

For the  three-month  periods  ending  February  29, 2000 and February 28, 1999,
there were no significant non-owner sources of income or expense. Accordingly, a
separate statement of comprehensive income has not been presented herein.

Note 2-Financing Arrangements
-----------------------------

On March 3, 1999, our subsidiary, Essex Communications,  Inc. ("Essex"), entered
into a Receivable  Sale Agreement with  Receivables  Funding Corp.  ("RFC") that
provides for Essex to sell up to $500,000 of its eligible  receivables to RFC on
a  periodic  basis  and to grant  RFC a  security  interest  in the  receivables
purchased  by RFC.  In December  1999,  Essex  increased  the amount of eligible
receivables it can sell to RFC to $1,000,000.  The  Receivables  Sales Agreement
does not  transfer  the risk of loss to RFC,  and has  been  treated  by us as a
financing for financial statement  purposes.  As of February 29, 2000, Essex was
indebted  to RFC for the  principal  amount  of  approximately  $452,000.  Essex
borrows from RFC at approximately  five percentage  points above the prime rate,
which was 8.75% per annum at February 29, 2000.

The  Company's  subsidiary,  Telecarrier  Services Inc.  ("Telecarrier"),  has a
$150,000  line of credit with a bank.  Amounts  drawn on the line of credit bear
interest at the rate of 9.75% per annum.  The line is payable on demand  subject
to sixty (60) days written  notice.  At February  29, 2000,  the entire line was
utilized.

The Company's Canadian subsidiary, Sirco International (Canada) Ltd., has a real
property  mortgage  with its bank,  National  Bank of Canada.  The  mortgage  is
payable in monthly installments of approximately  $3,300,  including interest at
10.25% per annum,  with a balloon payment of approximately  $300,000 due in June
2000. At February 29, 2000, the mortgage was approximately $307,000.


                                       5
<PAGE>
Note 3-Investment in Subsidiary
-------------------------------

On January 20, 2000, the Company  acquired all the  outstanding  common stock of
Telecarrier in exchange for 500,000  shares of the Company's  common stock and a
cash payment of $44,200 in a  transaction  valued at  approximately  $1,669,000.
Additionally,  the Company issued 32,000 shares of the Company's common stock to
retire certain indebtedness of Telecarrier.  The purchase agreement provides for
additional  shares  of the  Company's  common  stock  to be  issued  if  certain
performance   objectives   are   achieved.   Telecarrier   is  a  full   service
telecommunications  provider for small and mid-sized companies.  The acquisition
has been accounted for as a purchase.

Note 4-Discontinued Operations
------------------------------

In August 1999, the Company sold certain assets and assigned certain licenses of
its former  domestic  luggage  division  to  Interbrand  L.L.C.,  a  non-related
accessory  company,  and subsequently  discontinued  operations of its wholesale
luggage segment.

The  operating  results  of the  former  wholesale  luggage  segment  have  been
accounted for as a  discontinued  operation  and the results of operations  have
been  excluded  from  continuing   operations  in  the  condensed   consolidated
statements of operations for all periods  presented,  including the prior period
financial  statements in which the Company has restated the operating results of
its former  wholesale  luggage  segment as a  discontinued  operation.  Interest
expense  relating  to  borrowings  by the former  wholesale  luggage  segment is
included as operating expenses of such discontinued  segment.  Operating results
of the  discontinued  operation for the three-month  periods ending February 29,
2000 and February 28, 1999 are as follows:
<TABLE>
<CAPTION>
                                                       Three Months Ended
                                          February 29, 2000       February 28, 1999
                                          -----------------       -----------------
<S>                                            <C>                   <C>
Net sales                                      $    --               $1,772,000
Cost of sales                                       --                1,542,000
Operating expenses                                  --                1,082,000
Other income                                        --                  (31,000)
                                               -------               ----------
Loss from discontinued operations              $    --               ($ 821,000)
                                               -------               ----------

</TABLE>
                                       6
<PAGE>
Item 2.  Management's Analysis and Discussion of Financial Condition and Result
-------------------------------------------------------------------------------
         of Operations
----------------------

The  statements  contained  in this  Report  that are not  historical  facts are
"forward-looking   statements"   which   can  be   identified   by  the  use  of
forward-looking   terminology,   such  as  "estimates,"   "projects,"   "plans,"
"believes,"  "expects,"  "anticipates,"  "intends,"  or the negative  thereof or
other variations  thereon,  or by discussions of strategy that involve risks and
uncertainties.  Management  wishes to caution the reader of the  forward-looking
statements,  that such statements,  which are contained in this Report,  reflect
management's current beliefs with respect to future events and involve known and
unknown risks,  uncertainties and other factors,  including, but not limited to,
economic,  competitive,  regulatory,  technological,  key employee,  and general
business factors affecting the Company's operations,  markets, growth, services,
products and other  factors  discussed in the  Company's  other filings with the
Securities and Exchange Commission, and that these statements are only estimates
or  predictions.  No assurances can be given regarding the achievement of future
results, as actual results may differ materially as a result of risks facing the
Company, and actual events may differ from the assumptions underlying statements
that have been made regarding anticipated events.  Factors that may cause actual
results,  performance or achievements of the Company,  or industry  results,  to
differ  materially from those  contemplated by such  forward-looking  statements
include,  without  limitation:  (1) the  availability  of  additional  funds  to
successfully  pursue the Company's  business plan; (2) the Company's  ability to
maintain,  attract and integrate internal management,  technical information and
management  information  systems;  (3) the time and  expense  to  construct  the
Company's planned network operating center and digital  subscriber line network;
(4) the cooperation of incumbent  carriers in implementing the unbundled network
elements platform  required by the Federal  Communications  Commission;  (5) the
Company's  ability to market its  services to current and new  customers  and to
generate customer demand for its products and services in the geographical areas
in  which  the  Company  can  operate;  (6) the  Company's  success  in  gaining
regulatory  approval  to  access  new  markets;  (7) the  Company's  ability  to
negotiate  and  maintain  suitable  interconnection  agreements  with  incumbent
carriers; (8) the availability and maintenance of suitable vendor relationships,
in  a  timely  manner,  at  reasonable  cost;  (9)  the  impact  of  changes  in
telecommunication laws and regulations;  (10) the intensity of competition;  and
(11)  general  economic   conditions.   All  written  and  oral  forward-looking
statements  made in  connection  with this Report that are  attributable  to the
Company  or  persons  acting on its  behalf  are  expressly  qualified  in their
entirety by these cautionary  statements.  Given the uncertainties that surround
such statements, prospective investors are cautioned not to place undue reliance
on such forward-looking statements.

Three Months Ended February 29, 2000 vs. February 28, 1999
----------------------------------------------------------

Continuing operations

Net  revenues  for the  three  months  ended  February  29,  2000  increased  by
approximately  $1,511,000, or approximately 211%, to approximately $2,226,000 as
compared to approximately  $715,000 reported for the three months ended February
28, 1999.

                                       7
<PAGE>
Net  revenues  of  the  Company's   telecommunications   division  increased  by
approximately $1,388,000, or approximately 382%, to approximately $1,751,000 for
the  three-month  period ending  February 29, 2000 from  approximately  $363,000
reported in the  three-month  period ending  February 28, 1999. The increase was
attributable  to the  rapid  growth  in the  number of  installed  access  lines
provisioned by the Company.  The Company is certified to resell local  telephone
services  and  value-added  products  in the  states  of  Connecticut,  Florida,
Massachusetts,  New Jersey, New York, Rhode Island and Virginia,  and is seeking
certification  in an  additional 23 states.  The Company also provides  dial-up,
dedicated and high-speed  Digital  Subscriber Line ("DSL") Internet access,  Web
design, hosting and E-commerce development to small and medium-sized businesses.

Net revenues of the Company's specialty retail sales division, consisting of the
operations of Airline  Ventures,  Inc.  ("AVI"),  increased for the  three-month
period ending February 29, 2000 by approximately $123,000, or approximately 35%,
to  approximately   $475,000  from   approximately   $352,000  reported  in  the
three-month period ending February 28, 1999. AVI operates three retail stores in
Texas for  professional  airline  flight crew members and sells pilot  uniforms,
study guides and travel products.  Its products are sold on the E-commerce site,
www.avishop.com, and on a Web site, www.tagintl.com.

The Company's gross profit for the  three-month  period ending February 29, 2000
increased by approximately $553,000 to approximately $742,000 from approximately
$189,000  reported in the  three-month  period ending February 28, 1999, and the
gross  profit  percentage  increased  to 33.3% from 26.4%  reported in the prior
fiscal period. The increase in gross profit percentage is primarily attributable
to  Company's  ability  to  utilize  the  unbundled  network  elements  platform
("UNE-P") for customers in New York and Massachusetts.  Approximately 70% of the
customers  were on the UNE-P  service  offering  as of  February  29,  2000,  as
compared  to no  customers  at February  28,  1999.  The Federal  Communications
Commission  has  mandated  this service  offering in all 50 states.  The Company
anticipates that the nationwide usage of UNE-P will enable it to expand into new
geographical  territories  and maintain  gross  margins of over 30%.  Management
expects  the gross  margin of its  specialty  retail  segment to continue at its
current level of over 40%.

Selling,  and general and  administrative  expenses  increased by  approximately
$892,000, or approximately 240%, to approximately $1,264,000 for the three-month
period ending February 29, 2000 from  approximately  $372,000  reported in prior
fiscal period.  A major portion of this increase was  attributable  to the labor
and facility  expenses  incurred by the Company's  telecommunications  division.
This  increase in expense is  directly  related to the  significant  increase in
telecommunications  revenues in the three-month  period ending February 29, 2000
as compared to the prior fiscal period in 1999.

At February 29, 2000, the Company owned  approximately  27% of the capital stock
of RiderPoint, Inc. ("RiderPoint"). RiderPoint specializes in the development of
comparative rating insurance  software and sells motorcycle  insurance through a
wholly-owned subsidiary.  As the Company's investment in RiderPoint is accounted
for under the equity of  accounting,  the  Company is  required  to include  its
portion of RiderPoint's net loss in the Company's results of operations. For the
three-month  period ending February 29, 2000, the Company has recorded a loss of
approximately $77,000 relating to its investment in RiderPoint.  The Company had
no investment in  RiderPoint in the prior fiscal  period.  At February 28, 1999,
the Company was the largest shareholder of Access One Communications Inc.

                                       8
<PAGE>
("Access One"), owning approximately 30.6% of Access One's capital stock. As the
Company's  investment in Access One was accounted for under the equity method of
accounting,  the Company was required to include its portion of Access One's net
loss in the Company's results of operations.  For the three-month  period ending
February  28,  1999,  the  Company  recorded  a loss of  approximately  $425,000
relating to its investment in Access One. The Company  recorded losses in fiscal
1999  equal  to its  investment  in  Access  One.  As a  result,  the  Company's
investment in Access One has been reduced to zero.

Interest  expense for the three-month  period ending February 29, 2000 increased
by  approximately  $18,000 from the amount  reported in the  three-month  period
ending February 28, 1999 primarily due to increased average borrowings.

Miscellaneous  income for the  three-month  period  ending  February 29, 2000 of
$67,000 resulted primarily from the sale of Access One shares.

Discontinued operations

In August 1999, the Company sold certain assets and assigned certain licenses of
its former  domestic  luggage  division  to  Interbrand  L.L.C.,  a  non-related
accessory  company,  and subsequently  discontinued  operations of its wholesale
luggage segment.

The  operating  results  of the  former  wholesale  luggage  segment  have  been
accounted for as a  discontinued  operation  and the results of operations  have
been  excluded  from  continuing   operations  in  the  condensed   consolidated
statements of operations for all periods  presented,  including the prior period
financial  statements in which the Company has restated the operating results of
its former  wholesale  luggage  segment as a  discontinued  operation.  Interest
expense  relating  to  borrowings  by the former  wholesale  luggage  segment is
included  as  operating  expenses  of such  discontinued  segment.  The  Company
reported no results from  discontinued  operations  for the  three-month  period
ending February 29, 2000 as compared to a loss of approximately $821,000 for the
three-month period ending February 28, 1999.

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

At February 29,  2000,  the Company had cash and cash  equivalents  available of
approximately  $2,424,000,  and working capital of  approximately  $2,076,000 as
compared to cash and cash  equivalents  available of  approximately of $318,000,
and working capital of approximately $321,000 in the prior fiscal period.

Net cash used in operating activities (including  discontinued operations in the
first fiscal period of 1999) aggregated  approximately  $760,000 and $202,000 in
fiscal quarters ended February 29, 2000 and February 28, 1999, respectively. The
increase in net cash used in operating  activities of approximately  $558,000 is
primarily  the result of an  increase  of  approximately  $998,000  in  accounts
receivable,  due  to  the  significant  increase  in  revenues  recorded  by the
Company's  telecommunications  division, as compared to the comparable quarterly
period  in  1999,  for  which  accounts  receivable  was a  source  of  cash  of
approximately  $519,000.  This impact of this change in accounts  receivable was
partially  offset by the decrease in the net loss in the first fiscal quarter of
fiscal  2000 as  compared  to the  prior  year  period.  On March 3,  1999,  the
Company's  subsidiary,  Essex  Communications,  Inc.  ("Essex"),  entered into a
Receivable Sale Agreement with Receivables  Funding Corp.  ("RFC") that provides


                                       9
<PAGE>
for  Essex  to sell  up to  $500,000  of its  eligible  receivables  to RFC on a
periodic basis and to grant RFC a security interest in the receivables purchased
by RFC. In December 1999, Essex increased the amount of eligible  receivables it
can sell to RFC to $1,000,000. The Receivables Sales Agreement does not transfer
the risk of loss to RFC, and has been treated by the Company as a financing  for
financial statement purposes. As of February 29, 2000, Essex was indebted to RFC
for the principal  amount of approximately  $452,000.  Essex borrows from RFC at
approximately  five percentage  points above the prime rate, which was 8.75% per
annum at February 29, 2000.

Net cash used in  investing  activities  aggregated  approximately  $157,000 and
$33,000 in fiscal  quarters  ended  February  29, 2000 and  February  28,  1999,
respectively.  Cash  from  investing  activities  was used in the  first  fiscal
quarter  of 2000  for the  purchase  of  fixed  assets  and the  acquisition  of
Telecarrier.  The source of cash provided from investing activities in the first
fiscal  quarter 2000 was the proceeds from the 1992 sale of a  subsidiary.  Cash
from  investing  activities was used in the first fiscal quarter of 1999 for the
purchase of fixed assets.

Net cash provided by financing activities  aggregated  approximately  $2,711,000
and $200,000 in fiscal  quarters  ended February 29, 2000 and February 28, 1999,
respectively.  In the  first  quarter  of  fiscal  2000,  net cash  provided  by
financing  activities  resulted  primarily from the proceeds of borrowings  from
financial institutions of approximately $188,000; the proceeds from the exercise
of warrants of approximately  $929,000; the proceeds from a private placement of
common stock of  approximately  $1,380,000;  and the proceeds of the exercise of
stock options of  approximately  $214,000.  In the first quarter of fiscal 1999,
net cash  provided by  financing  activities  resulted  from the proceeds of the
issuance of preferred stock of approximately  $196,000 and the proceeds from the
exercise of stock options of approximately $4,000.

The  Company's  subsidiary,  Telecarrier,  has a $150,000  line of credit with a
bank. Amounts drawn on the line of credit bear interest at the rate of 9.75% per
annum.  The line is payable on demand subject to sixty (60) days written notice.
At February 29, 2000, the entire line was utilized.

The Company's Canadian subsidiary, Sirco International (Canada) Ltd., has a real
property  mortgage  with its bank,  National  Bank of Canada.  The  mortgage  is
payable in monthly installments of approximately  $3,300,  including interest at
10.25% per annum, with a balloon payment of approximately $300,000 in June 2000.
At February 29, 2000, the mortgage was approximately $307,000.

For the quarter  ended  February 29, 2000,  the Company  incurred  approximately
$164,000  in  capital  expenditures.  The  Company  plans to make an  additional
$300,000  in  capital  expenditures  in  fiscal  2000 in  conjunction  with  the
establishment of a network  operations  center in Norwalk,  Connecticut and with
the planned expansion to become a nationwide  Competitive Local Exchange Carrier
("CLEC"). The Company anticipates financing these expenditures through equipment
leases and by using its existing working capital.

As of February 29, 2000, the Company owned  approximately  18% of Access One. On
March  24,  2000,  Talk.com  Inc.,  a  Delaware  corporation  ("Talk"),  Aladdin
Acquisition Corp., a Delaware corporation and a wholly-owned  subsidiary of Talk
("Merger  Sub"),  and Access One,  entered into an Agreement  and Plan of Merger
(the "Merger Agreement"), which provides, among other things, for the merger
                                       10
<PAGE>
(the "Merger") of Merger Sub with and into Access One. Upon  consummation of the
Merger,  Access One will become a wholly  owned  subsidiary  of Talk.  Under the
terms of the Merger  Agreement,  Access One  stockholders  will receive 0.571428
shares of Talk's  common  stock in exchange  for each share of Access One common
stock held by such  stockholders  at the  effective  time of the  Merger.  It is
expected  that,  as a result of the  Merger,  shareholders  of  Access  One will
receive an  aggregate of  approximately  14.3  million  shares of Talk's  common
stock, of which the Company will receive  approximately 2.5 million shares.  The
transaction  has been  approved by the Boards of  Directors  of each of Talk and
Access One, but is contingent upon, among other things, approvals of both Talk's
and Access One's stockholders,  certain regulatory approvals (including approval
under  the  Hart-Scott-Rodino  Antitrust  Improvements  Act of 1976 and  certain
telecommunications  regulatory approvals), and other customary conditions. Under
a Voting Agreement  entered into on March 24, 2000, the holders of approximately
67.8% of Access One's  outstanding  common stock have agreed to vote in favor of
the Merger.  In connection  with the Merger,  Access One has also entered into a
five-year agreement to provide certain  telecommunications  services to Talk and
its  subsidiaries.  Access One has the right to terminate  that agreement if the
merger with  Talk.com is not  consummated.  Access One  shareholders  anticipate
receiving Talk common stock that has been  registered for resale,  subject to an
agreement  to not sell the stock  until  three  months  after  the  registration
statement is declared  effective,  or until October 31, 2000,  whichever  occurs
sooner.

Management  believes that the specialty retail sales division's  working capital
and cash flow from  operations  will be  sufficient to meet the cash and capital
requirements  for the  Company's  specialty  retail sales  division for the next
twelve  months.  This  division  operated  profitably  in the first  quarter and
anticipates  being  able to  continue  its  current  rate of growth for the next
several quarters. Management anticipates that the Company has sufficient capital
on hand to meet the operating needs of its telecommunications  division over the
next 12 months.  In addition to the cash on hand and the shares of Talk that the
Company may receive in conjunction  with the Merger between Talk and Access One,
the Company has sent  redemption  notices  requiring the exercise of warrants to
purchase approximately 622,000 shares of eLEC common stock from the Company at a
price of $4.00 per share.




                                       11
<PAGE>
                            eLEC COMMUNICATIONS CORP.
                            -------------------------
                            PART II-OTHER INFORMATION
                            -------------------------

Item 2.        Changes in Securities
-------        ---------------------

               On January 19, 2000,  the Company  issued to the former member of
               WebQuill  Internet  Services LLC  ("WebQuill")  150,000 shares of
               common stock of the Company in conjunction  with the satisfaction
               of certain  performance  criteria  established in connection with
               the  acquisition  of  WebQuill.  Such  transaction  was  effected
               pursuant  to  Sections  4(2) of the  Securities  Act of 1933,  as
               amended.

               On  January  20,   2000,   the  Company   issued  to  the  former
               shareholders  of  Telecarrier  Services  Inc.  500,000  shares of
               common stock of the Company in  conjunction  with the purchase of
               Telecarrier.  Such transaction was effected  pursuant to Sections
               4(2) of the Securities Act of 1933, as amended.

               On January 20, 2000,  the Company  issued 32,000 shares of common
               stock  of the  Company  in  conjunction  with the  retirement  of
               certain   indebtedness  of  Telecarrier.   Such  transaction  was
               effected pursuant to Sections 4(2) of the Securities Act of 1933,
               as amended

               On  February 3 and  February  29,  2000,  the  Company  issued an
               aggregate  of 391,750  shares of common  stock of the  Company in
               conjunction  with the exercise of warrants.  Such transaction was
               effected pursuant to Sections 4(2) of the Securities Act of 1933,
               as amended.

               On December 28, 1999 and February 29, 2000, the Company issued an
               aggregate  of 602,000  shares of common  stock of the  Company in
               conjunction with a private  placement of stock.  Such transaction
               was effected  pursuant to Sections 4(2) of the  Securities Act of
               1933, as amended.


                                       12
<PAGE>




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

(a)            Exhibits.
               None

27--           Financial Data Schedule.

(b)            Reports on Form 8-K
               None.




                                       13
<PAGE>


Signatures
----------

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                      eLEC Communications Corp.



        April 13, 2000                           By: /s/ Paul H. Riss
--------------------------------------------         ----------------------
Date                                                 Paul H. Riss
                                                     Chief Executive Officer
                                                     (Principal Financial and
                                                      Accounting Officer)


                                       14
<PAGE>


                                  EXHIBIT INDEX

No.                                Description                       Page No.
---                                -----------                       --------

27                           Financial Data Schedule.                   16


                                       15