SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

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

                       FOR THE QUARTER ENDED JUNE 30, 2000
                         COMMISSION FILE NO. 2-70345-NY


                       SunGlobe Fiber Systems Corporation
             (Exact name of Registrant as specified in its Charter)


                 Nevada                       88-0182534
                 ------                       ----------
 (State or other jurisdiction of           (I.R.S. Employer
  Incorporation or Organization)          Identification  Number)

1550 Sawgrass Corporate Parkway, Suite 370
 Sunrise, Florida                                           33323
--------------------------------------------------------------------------
(Address of principal executive offices)                  (Zip Code)

        Registrant's telephone number, including area code:(954) 838-0527
                                 --------------

                                  TimeOne, Inc.
                                  (Former name)

631 N.  Stephanie Street, #378, Henderson, Nevada             89014
--------------------------------------------------        ------------
(Former Address of principal executive offices)             (Zip Code)



Indicate by check mark whether the Registrant (1) has filed all reports required
to be filled by Section 13 or 15(d) of the  Securities  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.

                           (1)      Yes:    X        No:

                           (2)      Yes:    X        No:

                Number of Shares Outstanding as of July 31, 2000
                        15,849,592 shares of common stock
         (Indicate Number of Shares Outstanding of Each Class of Common
                       Stock as of the end of the Quarter




                                        1

<PAGE>



                                     PART I

                              FINANCIAL INFORMATION

              ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-QSB

SunGlobe  Fiber  Systems  Corporation,  formerly  known as TimeOne,  Inc.,  (the
"Registrant"  or  "Company")  files  herewith an unaudited  balance sheet of the
Registrant  as of June 30,  2000 and the related  statements  of income and cash
flows for the three and six month periods ended June 30, 2000 and June 30, 1999.
The unaudited  financial  statements included in this report on Form 10-QSB have
been  prepared  by the  Company  and have not been the  subject  of  independent
review.  In  the  opinion  of  the  management  of the  Company,  the  financial
statements fairly present the financial condition of the Company.


                                        2

<PAGE>



                       SunGlobe Fiber Systems Corporation
                          (A Development Stage Company)
                                  Balance Sheet
                                  June 30, 2000
                                   (Unaudited)
<TABLE>
<CAPTION>

ASSETS
Current Assets
<S>                                                                                            <C>
   Cash                                                                                        $       1,550,148
   Receivables                                                                                           200,000
                                                                                               -----------------

                                                                                 TOTAL ASSETS  $       1,750,148
                                                                                               =================

LIABILITIES AND STOCKHOLDERS EQUITY
Current Liabilities
   Accounts Payable                                                                            $               0
                                                                                               -----------------
                                                                    Total Current Liabilities                  0

Stockholders Equity
   Capital Stock, Common, $.001 par value                                                                    826
   Additional paid-in capital                                                                          1,229,336
   Retained Earnings                                                                                     569,986
                                                                                               -----------------
                                                                    Total Stockholders Equity          1,800,148
                                                                                               -----------------

   Treasury stock, at cost, 500,000 shares                                                               (50,000)
                                                                                               -----------------

                                                    TOTAL LIABILITIES AND STOCKHOLDERS EQUITY  $       1,750,148
                                                                                               =================
</TABLE>


                                        3

<PAGE>



                       SunGlobe Fiber Systems Corporation
                          (A Development Stage Company)
                             Statement of Operations
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                            Three Months Ended              Six Months Ended
                                                                                 June 30,                       June 30,
                                                                           2000            1999           2000           1999
                                                                       -------------  -------------  --------------  -------------
Revenues
<S>                                                                    <C>            <C>            <C>             <C>
   Gain on Sale of Securities                                          $           0  $     240,626  $            0  $     501,293
   Interest and Dividends                                                     31,585         12,790          53,777         18,506
   Gain on Property Sale                                                      21,948              0          21,948            102
   Unrealized Gain on Securities                                              (1,614)        47,558               0        184,223
                                                                       -------------  -------------  --------------  -------------
                                                        Total Revenue         51,919        300,974          75,725        704,124

Costs and Expenses
   Interest                                                                        0            911               0          7,427
   Professional Fees                                                         126,175         46,587         157,681         80,387
   Legal and Accounting                                                       35,144            650          47,043          1,249
   Office and Travel                                                          35,192         28,062          66,007         40,446
                                                                       -------------  -------------  --------------  -------------
                                              Total Cost And Expenses        196,511         76,210         270,731        129,509
                                                                       -------------  -------------  --------------  -------------

                                       NET INCOME (LOSS) BEFORE TAXES       (144,592)       224,764        (195,006)       574,615

Income Taxes                                                                       0             15               0             15
                                                                       -------------  -------------  --------------  -------------

                                               NET INCOME (LOSS) FROM
                                                CONTINUING OPERATIONS       (144,592)       224,749        (195,006)       574,600

                                                NET GAIN (LOSS) FROM
                                              DISCONTINUED OPERATIONS              0              0               0      21,375 (1)
                                                                       -------------  -------------  --------------  ----------

                                                    NET INCOME (LOSS)  $    (144,592) $     224,749  $     (195,006) $     595,975
                                                                       =============  =============  ==============  =============

   (1) Adjustment to income taxes previously accrued.

</TABLE>


                                        4

<PAGE>



                       SunGlobe Fiber Systems Corporation
                          (A Development Stage Company)
                        Statement of Stockholders' Equity
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                                Additional           Retained
                                                                  Common Stock                    Paid-in            Earnings
                                                           Shares              Amount             Capital            (Deficit)
                                                     ------------------  -----------------   -----------------  ------------------
<S>                                                  <C>                 <C>                 <C>                <C>
Balances at December 31, 1995                                 6,113,900  $             611   $       1,120,692  $          121,417

Stock issued for assets                                       2,000,000                200             124,800
Restricted stock issued to employees                            350,000                 35              32,776
   Net Income for year ended
     December 31, 1996                                                                                                     107,831
                                                     ------------------  -----------------   -----------------  ------------------
Balances at December 31, 1996                                 8,463,900                846           1,278,268             229,248

Cancel Treasury stock                                          (109,000)               (11)            (48,941)
   Net Income for year ended
     December 31, 1997                                                                                                      64,209
                                                     ------------------  -----------------   -----------------  ------------------
Balances at December 31, 1997                                 8,354,900                835           1,229,327             293,457

   Net Income for year ended
     December 31, 1998                                                                                                     274,691
                                                     ------------------  -----------------   -----------------  ------------------
Balances at December 31, 1998                                 8,354,900                835            1229,327             568,148

Cancel Company stock                                            (88,600)                (9)                  9
Net income for
   year ended 12/31/99                                                                                                     196,844
                                                     ------------------  -----------------   -----------------  ------------------

Balances 12/31/99                                             8,266,300                826           1,229,336             764,992
   Net Income (Loss) for six months ended
     June 30, 2000                                                                                                        (195,006)
                                                     ------------------  -----------------   -----------------  ------------------

Balances at June 30, 2000                                     8,266,300  $             826   $       1,229,336  $          569,986
                                                     ==================  =================   =================  ==================
</TABLE>




                                        5

<PAGE>



                       SunGlobe Fiber Systems Corporation
                          (A Development Stage Company)
                             Statement of Cashflows
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                            Three Months Ended              Six Months Ended
                                                                                 June 30,                       June 30,
                                                                           2000            1999           2000           1999
                                                                       -------------  -------------  --------------  -------------
OPERATING ACTIVITIES
<S>                                                                    <C>            <C>            <C>             <C>
   Net Income (Loss)                                                   $    (144,592) $     224,749  $     (195,006) $     595,975
   Adjustments to reconcile net income to net cash
     provided by operating activities:
       Non-Cash Proceeds from Land Sale                                      (50,000)             0         (50,000)             0
       Cost of Land Sold                                                      56,589              0          56,589              0
       Decrease in Deposits                                                    2,501              0           2,501              0
       Unrealized Gain on Government Securities                                1,614        (47,558)              0       (184,223)
       (Increase) Decrease in Receivables                                                         0        (199,611)       300,000
       (Increase) Decrease in Prepaid Expenses                                15,744              0          15,744              0
       Increase (Decrease) in Accounts Payroll & Payroll Tax                 (55,840)             0        (105,840)             0
                                                                       -------------  -------------  --------------  -------------

                            NET CASH PROVIDED BY OPERATING ACTIVITIES       (173,984)       177,191        (475,623)       711,752

INVESTING ACTIVITIES
   Cost of Government Securities Sold                                        597,636      1,244,381       4,407,418      2,612,660
   Purchase of Government Securities                                               0     (1,312,278)     (2,802,693)    (2,876,221)
                                                                       -------------  -------------  --------------  -------------

                                NET CASH USED BY INVESTING ACTIVITIES        597,636        (67,897)      1,604,725       (263,561)
                                                                       -------------  -------------  --------------  -------------

INCREASE IN CASH & CASH EQUIVALENTS                                          423,652        109,294       1,129,102        448,191

CASH AND CASH EQUIVALENTS AT
   BEGINNING OF PERIOD                                                     1,126,496        961,305         421,046        622,408
                                                                       -------------  -------------  --------------  -------------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                             $   1,550,148  $   1,070,559  $    1,550,148  $   1,070,599
                                                                       =============  =============  ==============  =============
</TABLE>



                                        6

<PAGE>



                       SunGlobe Fiber Systems Corporation
                          (A Development Stage Company)
                          NOTES TO FINANCIAL STATEMENTS
                                  June 30, 2000


NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These  financial  statements  present the financial  position of SunGlobe  Fiber
Systems  Corporation  (formerly  TimeOne,  Inc.)  as of June 30,  2000,  and the
results of its  operations  for the three and six month periods  ending June 30,
2000 and 1999.

Revenue Recognition
Interest income is accrued as earned.  Gains or losses on the sale of Government
securities are recorded as of the trade date.

Income Taxes
No federal  income  taxes  were due for the year ended  December  31,  1999.  At
December 31, 1999, the Company had prepaid income taxes of $15,744.

Cash and Cash Equivalents
For  financial  statement  purposes,  the Company  considers  all highly  liquid
investments with an original  maturity of three months or less when purchased to
be cash equivalents.

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,  liabilities,  revenues,  and  expenses
during the reporting period.  Estimates also affect the disclosure of contingent
assets and liabilities at the date of the financial  statements.  Actual results
could differ from these  estimates.  Such  estimates of  significant  accounting
sensitivity  are  allowance  for  doubtful  accounts  and  reserves for obsolete
inventory.

NOTE B - DEVELOPMENT STAGE COMPANY

The Company  re-entered the development stage on January 1, 1999, after the sale
of its sole operating activity "Buffs-N-Puffs" carwash

NOTE C - MONTANA LAND

In September,  1994, Daniel Pentelute,  the Majority stockholder of the Company,
purchased 21 acres of land in Montana. Three days later, the Company purchased a
50%  interest in the land from Mr.  Pentelute  at his cost (50%).  The other 50%
interest was  purchased by Desert Land  Enterprises  whose sole  stockholder  is
Daniel Pentelute.  The cost of the 50% interest was $56,589. A parcel consisting
of 1/3 of the land was sold  during  the  quarter  ended  June 30,  2000 for the
amount of $28,537.  The Company's 50% interest in remaining  parcels was sold to
Mr.  Pentelute on June 30, 2000 in exchange for 500,000  shares of common stock,
with an agreed-upon value of $50,000.

NOTE D - FAIR VALUE OF FINANCIAL INSTRUMENTS

The carrying amount of cash and cash equivalents,  accounts payable, and accrued
expenses  approximate  fair  value due to the short  maturity  periods  of these
instruments.

NOTE E - SUBSEQUENT EVENTS

On July 3, 2000 the Company  completed a merger with SG FiberCo.,  acquiring all
of its  outstanding  capital stock in exchange for 8,083,292 newly issued shares
of the Company's common stock. The name of TimeOne, Inc. was changed to SunGlobe
Fiber Systems Corporation effective on July 6, 2000.

NOTE F - NOTE RECEIVABLE

Note  receivable  from a private  corporation  represents  an unsecured  loan of
$200,000 dated March 16, 2000 with interest accruing at the published prime rate
in the Wall Street Journal.  The due date of the note was May 31, 2000. The note
was cancelled as part of the transaction on July 3, 2000 described in Note E.

NOTE G - RELATED PARTY TRANSACTIONS

During 1994, Daniel Pentelute,  the major shareholder of the Company,  purchased
21 acres of land in Montana and three (3) days later sold a one-half interest to
the  Company at his cost.  The other  one-half  interest is owned by Desert Land
Enterprises,  whose sole shareholder is Daniel  Pentelute.  See Note C regarding
disposition of the land.



                                        7

<PAGE>



                                     PART I

                              FINANCIAL INFORMATION

ITEM 2.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
               OPERATING RESULTS

         All  references  to "we",  "us",  the  "company"  and  "SunGlobe"  mean
SunGlobe Fiber Systems  Corporation,  including  subsidiaries and  predecessors,
except  where it is clear that the term refers only to  SunGlobe  Fiber  Systems
Corporation.

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS

         Statements  contained in the  following  "Management's  Discussion  and
Analysis or Plan of Operations" and elsewhere  herein that are not statements or
descriptions of historical facts are forward-looking statements that are subject
to risks and  uncertainties.  Words  such as  "expect,"  "intends,"  "believes,"
"plans,"  "anticipates" and "likely" also identify  forward-looking  statements.
All forward-looking  statements are based on current facts and analyses.  Actual
results may differ  materially from those currently  anticipated due to a number
of factors including, but not limited to, future capital needs, competition, the
need for market acceptance,  dependence upon third parties,  disruption of vital
infrastructure,  government regulation and other risks. See the section entitled
"MANAGEMENT  DISCUSSION  AND ANALYSIS OR PLAN OF OPERATION - Risk Factors" for a
discussion of some of those risks.  Additional  information  on factors that may
affect our business and  financial  results can be found in our filings with the
Securities and Exchange  Commission.  All forward-  looking  statements are made
pursuant to the Private Securities  Litigation Reform Act of 1995. The following
discussion  and  analysis  should  be read in  conjunction  with  the  financial
statements and notes thereto appearing elsewhere in this report.

OVERVIEW

         Subsequent to the sale of our carwash  business on October 20, 1998 and
prior to the Merger (as defined below) which was consummated on July 3, 2000, we
have had no operating business.  Comparing operating results from previous years
is not meaningful.

         On June 29,  2000,  we entered  into a Merger  Agreement  (the  "Merger
Agreement"), among ourselves, SunGlobe Acquisition, Inc., a Delaware corporation
and our wholly-owned  subsidiary (the "Subsidiary"),  and SG Fiber Co. (formerly
known as SunGlobe Fiber Systems Corporation),  a Delaware corporation,  pursuant
to which the Subsidiary  would merge with and into SG Fiber Co. (the  "Merger"),
with SG Fiber Co. as the surviving  corporation.  Prior to the Merger,  SG Fiber
Co.  was  a  wholly-owned  subsidiary  of  SunGlobe  Telecom,  Inc.,  a  Florida
corporation ("Telecom"),  71% of the capital stock of which is owned by Barry H.
Pasternak.  Pursuant to the terms of the Merger Agreement,  we issued to Telecom
8,083,292  newly  issued  shares of our common  stock in exchange for all of the
capital stock of SG Fiber Co. The transaction  resulted in SG Fiber Co. owning a
majority of our outstanding  capital stock and thereby gaining voting control of
the company.

         On June 30, 2000, as a condition to the closing of, the Merger, we sold
our interest in a parcel of real property located in Montana to Daniel Pentelute
("Pentelute"),  the majority  stockholder  and co-owner of the Montana  property
through his wholly-owned  company,  in exchange for 500,000 shares of our common
stock owned by Pentelute, which shares became treasury stock. The purchase price
for the property was negotiated at arms-length between the parties.

         SG Fiber Co. has recently  entered  into an  agreement  with the Maya-1
Cable  System  ("Maya-1")  pursuant  to which it has agreed to  purchase a 0.67%
ownership  interest in the Maya-1  fiber cable system and to  contribute  to the
development  costs of the system  based on its  ownership  interest  percentage.
Maya-1 is a  development-stage  fiber optic  submarine  cable system designed to
provide  telecommunications  capacity in the Caribbean region. The Maya-1 system
is currently in its final stages of construction. When completed, it is expected
to provide fiber optic cable links among the United  States,  Mexico,  Honduras,
Costa Rica,  Panama,  Colombia and the Cayman  Islands.  The system is currently
scheduled to become operational in the third quarter of 2000.

         The only  other  asset of SG Fiber Co. is all of the  capital  stock of
Island Sun Communications  Corp., a corporation  organized under the laws of the
Commonwealth  of Puerto  Rico  ("Island  Sun").  Island  Sun=s  only asset was a
ten-year lease and option agreement for a largely  undeveloped  tract of land in
Puerto Rico.  The lease permits  Island Sun to use the property for office space
and for the proposed installation and operation of  telecommunications  antennas
and  related  facilities.  Island  Sun has an option to extend the lease for two
five-year  renewal  terms and also has an option to purchase  the  property  for
$250,000.

CHANGES IN FINANCIAL CONDITION

As of June 30, 2000, we had current assets of $1,750,148  compared to $2,041,904
as of December 31, 1999. Cash increased  $1,129,102 from $421,046 as of December
31,  1999 to  $1,550,148  as of June 30,  2000.  The  increase is due to sale of
Government  securities  and  collection  of  receivables.   Current  liabilities
decreased  $105,840  as of  December  31,  1999 to $0 as of June 30,  2000.  The
decrease is due to payment of income taxes and accounts payable.

CHANGES IN THE RESULTS OF OPERATIONS

We are no longer in the carwash  business,  so comparing  operating results from
previous quarters is not meaningful.  We currently derive all revenue from sales
of assets, interest, and dividends earned. Our revenues for the six months ended
June 30, 2000 were $75,725.


                                        8

<PAGE>



We incurred  costs and  expenses of $270,731  for the six months  ended June 30,
2000. The majority of these expenses  consisted of office expenses,  travel, and
consulting fees.

We had a net loss of $(195,006) for the six months ended June 30, 2000. Net loss
per share was $(.02) for the period.

LIQUIDITY AND CAPITAL RESOURCES

         At June 30, 2000, we had cash and government  securities of $1,550,148.
It is anticipated  that,  subsequent to the closing of the Merger, we will incur
significant  expenses  in the  areas of  contributions  to the  Maya-1  project,
operations and website  development  geared  towards  expanding our business and
increasing  revenues.  These  efforts  will  require  us  to  secure  additional
financing  sources.  Additionally,  we  cannot  be sure  that  we will  generate
sufficient revenues to ever achieve or sustain profitability.

RISK FACTORS

Early Stage Company; Risk of Unsuccessful Business Development

         We have no business other than SG Fiber Co. SG Fiber Co., was formed in
February 2000, and has no significant  operating history to review in evaluating
its  business.  We have no  assets  other  than  the  minimum  investment  units
purchased in connection  with Maya-1 and,  through  Island Sun, the lease of the
Puerto  Rico  site.  We may  not  succeed  in the  development  of the  business
opportunities described above due to many factors including, but not limited to,
the  inability  to market  bandwidth  and  capacity,  the  inability to properly
develop  the Puerto  Rico site,  the  failure to obtain the proper  permits  and
regulatory  licenses and approvals,  the inability to raise  additional  capital
required to support  development  of  facilities,  the  inability  to attract an
adequate management team and the other factors mentioned below.

Uncertainty of Future Profitability

         We have no  revenues  to date  from the  Maya-1  project.  We expect to
continue to incur significant  development,  construction,  sales and marketing,
and administrative expenses before any significant revenues are achieved.  There
can be no assurance  that our business  strategy  will be  successful or that it
will ever achieve  significant  revenues or  profitability.  In the event we can
achieve significant revenues or profitability, there can be no assurance that it
will be able to consistently sustain or increase such revenues on a quarterly or
annual basis in the future.

Need for Future Capital; Uncertainty of Additional Funding

         The development of our business  opportunities will require substantial
capital  expenditures,  in  particular a required  capital  contribution  to the
Maya-1 project with respect to our purchase of an ownership percentage in Maya-1
and further construction  expenditures.  In addition,  we may incur expenses for
the  construction  of a  teleport  in Puerto  Rico,  obtaining  the  appropriate
licenses and permits,  and  marketing  services to  customers.  Finally,  we may
consider the acquisition of other  telecommunications  assets or companies,  and
any such acquisition would increase our capital requirements. We expect to incur
negative cash flow from  operations for the  foreseeable  future.  We may not be
able to obtain adequate  financing to fund our  development and operations,  and
any  additional  financing it obtains may be on terms that are not  favorable to
us. If adequate funds are not available,  we may be required to delay, reduce or
eliminate  one or  more  of  our  development  opportunities  or to  enter  into
collaborative  arrangements  on terms that are not favorable to us. Any of these
events would adversely affect our business.

Dependence upon Network Infrastructure; Risk of System Failure; Security Risks

         Our success in marketing  our services to other users  requires that we
provide superior reliability, capacity and security via our transmission assets.
Our transmission assets will be subject to physical damage, power loss, capacity
limitations,   software  defects,  breaches  of  security  (by  computer  virus,
break-ins  or  otherwise)  and  other  factors,   certain  of  which  may  cause
interruptions in service or reduced capacity for the customers. Interruptions in
service, capacity limitations or security breaches could have a material adverse
effect on our business.

Dependence on Rights-of-Way and Other Third Party Agreements

         In order to market telecommunication services, we must obtain rights to
utilize  underground conduit and aerial pole space and other  rights-of-way,  as
well as,  fiber and  satellite  capacity  from other  entities.  There can be no
assurance  that  we  will  be  able  to  obtain  such  rights  and   contractual
arrangements  with  third  parties  needed to  implement  our  business  plan on
acceptable  terms.  The  inability to obtain such  rights-of-way  or secure such
third party arrangements would have a material adverse effect our business.

Effect of Regulation

         To develop our telecommunications  business  opportunities,  we will be
subject to  substantial  federal,  state and local  regulation  in the U.S.  and
abroad.  There can be no  assurance  that we will be able to obtain  the  proper
permits,  authorizations,   licenses  and  consents  required  for  our  planned
operations.



                                        9

<PAGE>



Competition

         We intend to operate in a highly competitive  environment.  Most of our
actual  and  potential   competitors  have   substantially   greater  financial,
technical, marketing and other resources (including brand name recognition) than
we  possess.  Also,  the  continuing  trend  toward  business  alliances  in the
telecommunications  industry and the absence of substantial barriers to entry in
the data and  Internet  service  markets  could  give  rise to  significant  new
competition.  There can be no assurance that we will either  identify or be able
to  consummate  the  right   strategic   alliances   with  other   participants,
particularly those with greater resources and longer operating histories, in the
competitive market.

Impact of Technological Change

         The  telecommunications  industry  is subject to rapid and  significant
technological  change that could  materially  affect the  continued use of fiber
optic cable,  satellites or the  electronics  that we intend to utilize.  Future
technological  changes,  including  changes related to the emerging wireline and
wireless transmission and switching  technologies and Internet-related  services
and technologies, could have a material adverse effect on our business.

         The market for telecommunications  services is characterized by rapidly
changing  technology,  evolving  industry  standards,  emerging  competition and
frequent new product and service  introductions.  There can be no assurance that
we will  successfully  identify new service  opportunities and develop and bring
new  services to market.  Our pursuit of  necessary  technological  advances may
require substantial time and expense, and there can be no assurance that we will
succeed in adapting  our  business to  alternate  access  devices,  conduits and
protocols.

Management of Growth

         Subject to the sufficiency of our cash  resources,  we intend to expand
our business  rapidly.  Our future  performance will depend, in large part, upon
our ability to implement and manage our growth effectively. Our growth may place
a significant strain on our administrative, operational and financial resources.
We anticipate that, if successful in expanding our business, we will be required
to  recruit  and hire  successfully  a  substantial  number  of new  managerial,
finance,  accounting and support personnel and to integrate our new managers and
staff.  Failure to retain and attract  additional  management  personnel who can
manage  our growth  effectively  would  have a  material  adverse  effect on our
growth.  To manage our  growth  successfully,  we will also have to improve  and
upgrade operational, financial, accounting and information systems, controls and
infrastructure  as well as expand,  train and manage our employee  base.  In the
event  we are  unable  to do so,  our  business  could be  materially  adversely
affected.

                                    PART II.

                               OTHER INFORMATION

ITEM 5.           OTHER MATTERS

         On July 3, 2000, we completed the Merger,  and  subsequently  relocated
our principal place of business from Henderson,  Nevada to Sunrise, Florida, the
principal  place of business of SG Fiber Co. On the same date,  we also  entered
into an employment  agreement with Barry H.  Pasternak,  the president and chief
executive  officer  of SG Fiber  Co.,  to serve  in the same  capacity  with our
company.

          On July 6, 2000 we  changed  our  legal  name from  TimeOne,  Inc.  to
SunGlobe Fiber Systems Corporation.

ITEM 6.           EXHIBIT AND REPORTS ON FORM 8-K

         (a)      Exhibits

                    10.1      Employment  Agreement,  dated July 3, 2000 between
                              TimeOne, Inc. and Barry H. Pasternak.

         (b)      Reports on Form 8-K
                  The  Company  did not file any  reports on Form 8-K during the
quarter for which this report is filed.



                                       10
<PAGE>


                                  Exhibit Index

                    10.1      Employment  Agreement,  dated July 3, 2000 between
                              TimeOne, Inc. and Barry H. Pasternak.



                                       11

<PAGE>




                                    SIGNATURE

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 thereunto duly authorized.

                                  SunGlobe Fiber Systems Corporation
                                  (A Development Stage Company)


Date: August 14, 1999             By:
                                     --------------------------
                                  Barry H. Pasternak
                                  President and CEO
                                  (Acting Chief Financial Officer)



                                       11



<PAGE>

EXHIBIT 10.1

                                                                  Execution Copy

                              EMPLOYMENT AGREEMENT

                  EMPLOYMENT  AGREEMENT (this  "Agreement") dated as of July 3,
2000,  between TimeOne,  Inc., a Delaware  corporation with its principal office
located as of the date hereof at 631 North Stephanie  Street,  #378,  Henderson,
Nevada 89014 (the "Company"),  and Barry H. Pasternak, an individual resident of
the State of Florida, (the "Executive").

                 WHEREAS, the Company pursuant to the Merger Agreement, dated as
of  June  29,  2000  (the   "Merger   Agreement"),   has   acquired,   effective
simultaneously  with the  execution  hereof,  all of the issued and  outstanding
shares of capital stock of SunGlobe Fiber Systems Corporation (the "Target"),  a
Delaware  corporation,  of which Executive was, prior to such  acquisition,  the
President and Chief Executive Officer; and

                  WHEREAS,  the  Company  desires to retain the  services of the
Executive  as its Chief  Executive  Officer,  and the  Executive  desires  to be
employed by the Company, on the terms and subject to the conditions set forth in
this Agreement.

                  NOW, THEREFORE,  in consideration of the premises,  the mutual
agreements  set forth  herein and other  good and  valuable  consideration,  the
receipt and  adequacy  of which are hereby  acknowledged,  the parties  agree as
follows:


             1.   Employment.  The Company hereby employs the Executive, and the
Executive  accepts  such  employment  and  agrees to  perform  services  for the
Company,  for the period and upon the other  terms and  conditions  set forth in
this Agreement.


             2.   Term.  Unless terminated at an earlier date in accordance with
Section 5 of this Agreement,  the term of the Executive's  employment  hereunder
shall  be for a  period  of  three  years,  commencing  as of the  date  hereof.
Thereafter,  the term of this  Agreement  shall be  automatically  extended  for
successive  one-year periods unless either party elects by written notice to the
other party given at least 30 days prior to the  expiration of the  then-current
initial or extension term, not to extend the term of this Agreement.


             3.   Position and Duties. During Executive's  employment under this
Agreement,  Executive  (i) shall serve as an  Executive  of the Company with the
title and position of President and Chief  Executive  Officer,  reporting to the
Board  of  Directors  of  the  Company,  (ii)  shall  have  general  supervisory
responsibility in such capacity over the business and affairs of the Company, as
well as such other responsibilities as may be specified from time to time by the
Board of Directors of the Company,  consistent with the Executive's position and
general area of experience  and skills,  provided,  that in all cases  Executive
shall be subject to the oversight and  supervision  of the Board of Directors of
the  Company in the  performance  of his  duties,  (iii) upon the request of the
Board of Directors of the company,  shall serve as an officer and/or director of
any of the Company's subsidiaries, and (iv) shall render all services reasonably
incident to the foregoing.  Executive hereby accepts such employment,  agrees to
serve the Company in the  capacities  indicated,  and agrees to use  Executive's
best  efforts  in,  shall  devote  Executive's  full skill and  energies  to the
advancement  of the  interests  of the  Company  and  its  subsidiaries  and the
performance  of Executive's  duties and  responsibilities  hereunder,  and shall
devote such of Executive's  working time and attention to the performance of the
foregoing as Executive may determine to be  reasonable  from time to time.  Such
duties will be performed  from,  and the Company  agrees that it shall  promptly
relocate  its  executive  offices  to,  the  executive  offices  of  the  Target
(currently located at 1550 Sawgrass Corporate  Parkway,  Suite 370, Sunrise,  FL
33323).  The Company  acknowledges  that Executive is currently,  and intends to
remain as, the President and Chief Executive Officer of SunGlobe  Telecom,  Inc.
("Telecom"), that the performance of Executive's duties to Telecom shall require
a substantial  amount of his working time and attention on an ongoing basis, and
that Telecom  engages in and may in the future  engage in  activities  which are
substantially  similar to the proposed business  activities of the Company;  and
the  Company  agrees that  Executive  shall be required to devote to the Company
only such of his working time and  attention to the interests of the Company and
the  performance of his duties and  responsibilities  hereunder as he reasonably
believes  from  time to time is  consistent  with the  interests  of each of the
Company  and Target and his duties and  responsibilities  to each of the Company
and Target.  Nothing  herein  shall be construed as  preventing  Executive  from
engaging in religious,  charitable or other  community or non-profit  activities
that do not  impair  Executive's  ability  to  fulfill  Executive's  duties  and
responsibilities under this Agreement.


              4.  Compensation.



              (a) Base Salary.  As  compensation  in full for all services to be
rendered by the  Executive  under this  Agreement,  the Company shall pay to the
Executive a base salary of $150,000,  less  deductions and  withholdings,  which
salary  shall be paid on a  monthly  basis in  arrears  in  accordance  with the
Company's normal payroll  procedures and policies.  The compensation  payable to
the  Executive  during  each  year  after  the  first  year  of the  Executive's
employment shall be established by the Company's Board of Directors following an
annual  performance  review, but in no event shall the salary for any subsequent
year be less than the  salary  in effect  for the  prior  year as  adjusted  for
increases based on a cost of living factor to be calculated by


<PAGE>



the  Company.  The  cost-of-living  factor  shall  consist  of a  fraction,  the
numerator of which shall be the most recently  determined  cost-of-living  index
when the  calculation  is made,  and the  denominator of which shall be the most
recently  determined   cost-of-living  index  prior  to  the  date  hereof.  The
cost-of-living  indices required for this calculation shall be obtained from the
Consumer Price Index  published by the Bureau of Labor  Statistics of the United
States  Department of Labor.  In any year in which such index is not  available,
the parties shall mutually agree on some similar  criterion  consistent with the
intent of this provision.



              (b) Incentive  Compensation.  In addition to the base salary,  the
Executive   shall  be  eligible  to   participate  in  any  bonus  or  incentive
compensation  plans that may be  established  by the Board of  Directors  of the
Company from time to time applicable to the Executive.



             (c)  Stock Options. As soon as practicable after the closing of the
Merger,   the  Company  shall  grant  to  the   Executive,   for  no  additional
consideration,  an option to  purchase  a number of shares  equal to 2.5% of the
Company's  issued  and  outstanding  common  stock  on  a  fully-diluted  basis,
immediately  after the  effective  date of the Merger,  at an exercise  price of
$[5.00] per share.  Such options shall vest,  subject to Section 5(e) hereof, in
equal  proportions over the three-year  period commencing as of the date hereof.
All vested options shall be exercisable,  subject to Section 5(e) hereof, at any
time prior to the expiration of 10 years hereof,  and shall otherwise be subject
to such terms and conditions as shall be reasonably  acceptable to the Executive
and consistent with the provisions hereof.



             (d)  Participation  in  Benefit  Plans.   While  the  Executive  is
employed by the Company,  the Executive shall also be eligible to participate in
all  employee  benefit  plans or  programs of the Company to the extent that the
Executive meets the  requirements for each individual plan. The Company provides
no  assurance  as to the  adoption or  continuance  of any  particular  employee
benefit plan or program,  and the Executive's  participation in any such plan or
program shall be subject to the  provisions,  rules and  regulations  applicable
thereto.  Notwithstanding  any  provisions  of the  Company's  benefit  plans or
programs to the contrary,  the Executive  shall be entitled to a vacation period
of four  weeks and two weeks per year as sick  leave,  during  which  period all
salary,  compensation  and  benefits,  and other  rights to which  Executive  is
entitled hereunder, shall be provided in full.



              (e) Expenses.  The Company will pay or reimburse the Executive for
all  reasonable  and  necessary  out-of-pocket  expenses  incurred by him in the
performance of his duties under this Agreement,  subject to the Company's normal
policies for expense verification.


               5. Termination of Employment.
                  -------------------------



             (a) Grounds for  Termination.  The  Executive's  employment  shall
terminate  prior to the expiration of the initial term set forth in Section 2 or
any extension thereof in the event that at any time:

                  (i)               The Executive dies,

                  (ii)              The Executive becomes "disabled," so that he
                                    cannot  perform the  essential  functions of
                                    his  position  with  or  without  reasonable
                                    accommodation,

                  (iii)             The Board of Directors of the Company elects
                                    to terminate  this Agreement for "cause" and
                                    notifies  the  Executive  in writing of such
                                    election,

                  (iv)              The Board of Directors of the Company elects
                                    to terminate this Agreement  without "cause"
                                    and  notifies  the  Executive  in writing of
                                    such election, or

                  (v)               The  Executive   elects  to  terminate  this
                                    Agreement   and   notifies  the  Company  in
                                    writing of such election.

If this  Agreement is  terminated  pursuant to clause (i), (ii) or (iii) of this
Section 5(a), such termination shall be effective immediately. If this Agreement
is  terminated  pursuant  to  clause  (iv) or (v) of  this  Section  5(a),  such
termination  shall  be  effective  30  days  after  delivery  of the  notice  of
termination.



<PAGE>



                  (b)      "Cause" Defined.  "Cause" means:

                  (i)               The  Executive  has  engaged in willful  and
                                    material  misconduct,  including willful and
                                    material  failure to perform the Executive's
                                    duties  as an  officer  or  employee  of the
                                    Company and has failed to cure such  default
                                    within  30 days  after  receipt  of  written
                                    notice of default from the Company,

                  (ii)              The   Executive    has   committed    fraud,
                                    misappropriation    or    embezzlement    in
                                    connection with the Company's business, or

                  (iii)             The  Executive  has  been  convicted  or has
                                    pleaded   nolo    contendere   to   criminal
                                    misconduct  (except for  parking  violations
                                    and occasional minor traffic violations).

                  (c)  "Disabled"  Defined.   "Disabled"  means  any  mental  or
physical  condition  that renders the Executive  unable to perform the essential
functions  of his  position,  with or without  reasonable  accommodation,  for a
period in excess of six months.

                  (d) Salary Continuation.  If the Executive's employment by the
Company is terminated by the Company  pursuant to clause (ii) or (iv) of Section
5(a),  the Company shall  continue to pay to the Executive his base salary (less
any payments  received by the Executive  from any  disability  income  insurance
policy  provided to him by the  Company)  and shall  continue to provide  health
insurance  benefits for the  Executive  through the earlier of (a) the date that
the Executive has obtained other full-time employment, or (b) twelve months from
the date of termination of employment.  If this Agreement is terminated pursuant
to clauses (i),  (iii) or (v) of Section  5(a),  the  Executive's  right to base
salary and benefits  shall  immediately  terminate,  except as may  otherwise be
required by applicable law. In either event,  if the  Executive's  employment by
the  Company  terminates  within six months of the end of any fiscal year of the
Company,  the  Executive  shall also be entitled  to receive a pro rata  portion
(based on the number of days of employment during that fiscal year) of any bonus
payment  that would have been  payable to him for that fiscal  year  pursuant to
Section 4(b) if the Executive had been in the employ of the Company for the full
fiscal  year.  No bonus  will be payable to the  Executive  with  respect to any
fiscal year in which the Executive was employed by the Company for less than six
months or with  respect  to any fiscal  year after the fiscal  year in which the
Executive's employment terminated.

                  (e) Exercise of Stock Options.  If the Executive's  employment
by the Company is terminated by the Company pursuant to clause (i), (ii) or (iv)
of Section 5(a), all options granted to the Executive shall vest  immediately on
such date of termination. In the event the Executive's employment by the Company
is  terminated  pursuant  to clause  (iii) or (v) of Section  5(a),  all options
granted to the Executive  which have vested as of the date of termination  shall
terminate one year after the date of such termination.

         6.       Miscellaneous.

                  (a) Indemnification.  The Company shall indemnify,  defend and
hold harmless the Executive from and against all claims, losses,  expenses, fees
(including  attorneys' and expert witnesses' fees), costs and judgments,  to the
extent  such  costs are not  covered by the  Company's  directors  and  officers
insurance  policy,  that may be asserted  against the  Executive (a) that result
from any acts or omissions of the Company or the Executive solely in his role as
president  and  chief  executive  officer  of the  Company  and (b) that are not
related  to any  act of  gross  negligence  or  malfeasance  on the  part of the
Executive.

                  (b)   Disability   Insurance.   The  Company  shall  obtain  a
disability  insurance policy.  The Executive shall be covered by this disability
insurance policy.

                  (c) Directors and Officer Insurance.  The Company shall obtain
a director and officer insurance  policy.  The Executive shall be covered by the
director and insurance policy.

                  (d) Entire Agreement.  This Agreement (including the exhibits,
schedules  and  other  documents   referred  to  herein)   contains  the  entire
understanding  between the parties  hereto  with  respect to the subject  matter
hereof and supersedes any prior  understandings,  agreements or representations,
written or oral, relating to the subject matter hereof.

                  (e)  Counterparts.  This Agreement may be executed in separate
counterparts,  each of which will be an original and all of which taken together
shall  constitute one and the same  agreement,  and any party hereto may execute
this Agreement by signing any such counterpart.

                  (f) Severability.  Whenever  possible,  each provision of this
Agreement  shall be  interpreted  in such a manner as to be effective  and valid
under  applicable  law  but if any  provision  of this  Agreement  is held to be
invalid,  illegal  or  unenforceable  under  any  applicable  law or  rule,  the
validity,  legality and  enforceability of the other provision of this Agreement
will not be affected or impaired  thereby.  In furtherance and not in limitation
of the  foregoing,  should the duration or  geographical  extent of, or business
activities  covered by, any  provision  of this  Agreement  be in excess of that
which is valid and enforceable  under  applicable law, then such provision shall
be construed to cover only that duration, extent or activities which may validly
and enforceably be covered.  The Executive  acknowledges  the uncertainty of the
law in this respect and


<PAGE>


expressly stipulates that this Agreement be given the construction which renders
its provision  valid and  enforceable  to the maximum  extent (not exceeding its
express terms) possible under applicable law.

                  (g)  Successors and Assigns.  This Agreement  shall be binding
upon and inure to the benefit of the parties hereto and their respective  heirs,
personal  representatives  and,  to the  extent  permitted  by  subsection  (e),
successors and assigns.


                  (h)  Assignability.  Neither  this  Agreement  nor any  right,
remedy,  obligation or liability  arising hereunder or by reason hereof shall be
assignable  (including  by operation  of law) by either party  without the prior
written  consent of the other party to this  Agreement,  except that the Company
may,  without the consent of the  Executive,  assign its rights and  obligations
under this Agreement to any  corporation,  firm or other business entity with or
into which the  Company  may merge or  consolidate,  or to which the Company may
sell or transfer all or substantially all of its assets, or of which 50% or more
of the  equity  investment  and of the  voting  control  is owned,  directly  or
indirectly,  by, or is under common ownership with, the Company.  After any such
assignment  by the Company,  the Company  shall be  discharged  from all further
liability  hereunder  and such  assignee  shall  thereafter  be deemed to be the
Company for the purposes of all  provisions  of this  Agreement  including  this
Section 11.

                  (i)  Modification,   Amendment,   Waiver  or  Termination.  No
provision of this  Agreement  may be  modified,  amended,  waived or  terminated
except by an instrument in writing signed by the parties to this  Agreement.  No
course of dealing between the parties will modify, amend, waive or terminate any
provision of this  Agreement or any rights or  obligations of any party under or
by reason of this  Agreement.  No delay on the part of the Company in exercising
any right hereunder shall operate as a waiver of such right. No waiver,  express
or  implied,  by the Company of any right or any breach by the  Executive  shall
constitute a waiver of any other right or breach by the Executive.

                  (j) Notices. All notices,  consents,  requests,  instructions,
approvals  or other  communications  provided for herein shall be in writing and
delivered by personal delivery, overnight courier, mail, electronic facsimile or
e-mail  addressed to the receiving  party at the address set forth  herein.  All
such communications shall be effective when received.

    TimeOne, Inc.                         Barry H. Pasternak
    631 North Stephanie Street, #378      c/o SunGlobe Fiber Systems Corporation
    Henderson, Nevada 89014               1550 Sawgrass Corporate Parkway
    Attention: Chairman of the            Suite 370
    Board of Directors                    Sunrise, FL 33323

         Any party may  change  the  address  set forth  above by notice to each
other party given as provided herein.

                  (k) Headings. The headings and any table of contents contained
in this  Agreement  are for  reference  purposes  only and  shall not in any way
affect the meaning or interpretation of this Agreement.

                  (l) Governing Law. ALL MATTERS RELATING TO THE INTERPRETATION,
CONSTRUCTION,  VALIDITY AND  ENFORCEMENT OF THIS AGREEMENT  SHALL BE GOVERNED BY
THE INTERNAL LAWS OF THE STATE OF DELAWARE,  WITHOUT GIVING EFFECT TO ANY CHOICE
OF LAW PROVISIONS THEREOF.

                  (m) Third-Party Benefit. Nothing in this Agreement, express or
implied,  is  intended to confer  upon any other  person any  rights,  remedies,
obligations or liabilities of any nature whatsoever.

         IN WITNESS WHEREOF,  the parties hereto have executed this Agreement as
of the date set forth in the first paragraph.

                                         TIMEONE, INC.


                                         By:_____________________________
                                              Roy Molina, President


                                         ----------------------------------
                                         BARRY H. PASTERNAK