<PAGE>

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


                                   FORM 10-QSB


(Mark One)
[x] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
    EXCHANGE ACT OF 1934

                  For the quarterly period ended March 31, 2001
                                                 --------------

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

        For the transition period from __________________ to ___________________


                        Commission file number 000-25735
                                               ---------


                           iQrom Communications, Inc.
--------------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


                Nevada                                    88-0370480
    -------------------------------            ---------------------------------
    (State or other jurisdiction of            (IRS Employer Identification No.)
     incorporation or organization)


            7652 Ashley Park Court, Suite 306, Orlando, Florida 32835
 -------------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (407) 299-2230
                           --------------------------
                           (Issuer's telephone number)

         _______________________________________________________________
              (Former name, former address and former fiscal year,
                         if changed since last report)


         Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes [x] No [  ]







<PAGE>

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant filed all documents and reports required to be
filed by Section l2, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court. Yes [ ] No [ ]


                      APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date 22,024,378
                                          ----------

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [x]





















                                        2



<PAGE>


                         PART I -- FINANCIAL INFORMATION

Item 1. Financial Statements.


IQROM COMMUNICATIONS, INC.
AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED BALANCE SHEETS
MARCH 31, 2001 AND DECEMBER 31, 2000 (UNAUDITED)
----------------------------------------------------------------------------------------------------------------------
                                                                                March 31,           December 31,
ASSETS                                                                             2001                 2000
<S>                                                                           <C>                   <C>
CURRENT ASSETS:
  Cash and cash equivalents                                                    $    72,658          $   740,516
  Accounts receivable - net of allowance for doubtful
    accounts of $36,459 in 2001 and $13,442 in 2000                                921,621              996,275
  Prepaid expenses                                                                 147,917              113,501
                                                                                ----------          -----------

           Total current assets                                                  1,142,196            1,850,292

PROPERTY AND EQUIPMENT - Net                                                       229,046              237,415

INTANGIBLE ASSETS - Net                                                            942,052            1,016,834
                                                                                ----------          -----------

TOTAL                                                                          $ 2,313,294          $ 3,104,541
                                                                               ===========          ===========

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)

CURRENT LIABILITIES:
  Accounts payable                                                             $ 1,175,482          $ 1,729,279
  Stockholders' convertible note payable                                         1,000,000                    -
  Accrued expenses and other                                                       635,644              762,493
                                                                               -----------          -----------

           Total current liabilities                                             2,811,126            2,491,772
                                                                               -----------          -----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIENCY):
  Common stock, authorized 50,000,000 shares, $.001 par value                       22,024               22,024
  Additional paid-in capital                                                    10,772,500           10,122,166
  Accumulated deficit                                                          (10,923,990)          (9,491,705)
  Deferred stock-based compensation                                               (663,908)            (119,994)
  Accumulated other comprehensive income -
    Cumulative foreign currency translation adjustment                             295,542               80,278
                                                                               -----------          -----------

           Total stockholders' equity (deficiency)                                (497,832)             612,769
                                                                               -----------          -----------

TOTAL                                                                          $ 2,313,294          $ 3,104,541
                                                                               ===========          ===========
</TABLE>

See notes to condensed consolidated financial statements.

                                        3

<PAGE>

IQROM COMMUNICATIONS, INC.
AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2001 AND 2000 (UNAUDITED)
----------------------------------------------------------------------------------------------------------------------
                                                                                 Three Months Ended
                                                                                       March 31,
                                                                                  2001          2000
<S>                                                                            <C>            <C>
REVENUES                                                                      $ 1,113,102  $   512,182

COST OF REVENUES                                                                  583,810      388,148
                                                                              -----------  -----------

           Gross profit                                                           529,292      124,034
                                                                              -----------  -----------

SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES:
  Advertising and selling                                                          96,548      149,288
  Professional fees (inclusive of noncash stock-based consulting
    fees of $93,920 and $0 in 2001 and 2000, respectively)                         97,224       46,832
  Salaries and benefits                                                           781,986      312,932
  Depreciation and amortization                                                    98,460       10,917
  Administrative and other (inclusive of noncash stock-based
    Board of Directors fees of $12,500 and $0 in 2001 and 2000,
    respectively)                                                                 690,029      152,430
                                                                              -----------  -----------

           Total selling, general, and administrative expenses                  1,764,247      672,399
                                                                              -----------  -----------

           Operating loss                                                       1,234,955      548,365

INTEREST INCOME                                                                    (2,043)      (2,700)

INTEREST EXPENSE                                                                   10,424         -

LOSS ON FOREIGN EXCHANGE                                                          188,949         -
                                                                              -----------  -----------
NET LOSS                                                                      $ 1,432,285  $   545,665
                                                                              ===========  ===========

NET LOSS PER SHARE - Basic and diluted                                        $      0.07  $      0.05
                                                                              ===========  ===========
WEIGHTED AVERAGE SHARES USED IN CALCULATING BASIC AND
 DILUTED LOSS PER SHARE                                                        22,024,378   10,000,000
                                                                              ===========  ===========
</TABLE>






See notes to condensed consolidated financial statements.



                                        4
<PAGE>

IQROM COMMUNICATIONS, INC.
AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
FOR THE PERIOD ENDED MARCH 31, 2001 (UNAUDITED)
------------------------------------------------------------------------------------------------------------------------------------

                                                                       Common         Additional                     Deferred
                                                             ----------------------    Paid-in     Accumulated     Stock-Based
                                                                Shares       Amount    Capital       Deficit       Compensation
<S>                                                          <C>            <C>          <C>           <C>             <C>
BALANCE DECEMBER 31, 2000                                      22,024,378   $22,024  $10,122,166  $ (9,491,705)    $(119,994)

  Stock options for consulting services                            -           -         649,486        -           (649,486)
  Amortization of stock based consulting services                  -           -           -            -            93,920
  Forfeiture of stock options for consulting services                                    (11,652)                    11,652
  Stock granted for director compensation                          -           -          12,500        -              -
  Components of comprehensive loss:                                -           -           -            -              -
    Net loss                                                       -           -           -        (1,432,285)        -
    Translation adjustments                                        -           -           -            -              -
                                                               ----------   -------  -----------  ------------     ---------
           Comprehensive loss
BALANCE MARCH 31, 2001                                         22,024,378   $22,024  $10,772,500  $(10,923,990)    $(663,908)
                                                               ==========   =======  ===========  ============     =========
</TABLE>

                                [RESTUBBED TABLE]
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)
FOR THE PERIOD ENDED MARCH 31, 2001 (UNAUDITED)
------------------------------------------------------------------------------------------------------------------------------------
                                                                          Accumulated
                                                                             Other             Total
                                                                         Comprehensive      Stockholders'
                                                                         Income (Loss)       Deficiency
<S>                                                                             <C>                <C>
BALANCE DECEMBER 31, 2000                                                  $ 80,278         $   612,769

  Stock options for consulting services                                        -                   -
  Amortization of stock based consulting services                              -                 93,920
  Forfeiture of stock options for consulting services                                              -
  Stock granted for director compensation                                      -                 12,500
  Components of comprehensive loss:                                            -                   -
    Net loss                                                                   -             (1,432,285)
    Translation adjustments                                                 215,264             215,264
                                                                           --------         -----------
           Comprehensive loss                                                                (1,217,021)
                                                                                            -----------
BALANCE MARCH 31, 2001                                                     $295,542         $  (497,832)
                                                                           ========         ===========
</TABLE>




See notes to condensed consolidated financial statements.


                                        5



<PAGE>

IQROM COMMUNICATIONS, INC.
AND SUBSIDIARIES
<TABLE>
<CAPTION>
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000 (UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------
                                                                                                        UNAUDITED
                                                                                                  Three Months Ended
                                                                                                        March 31,
                                                                                                -----------------------------
                                                                                                    2001             2000
<S>                                                                                             <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                                                      $(1,432,285)       $(545,665)
  Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
      Provision for doubtful accounts                                                                38,663             -
      Noncash stock-based expenses - consulting                                                     106,420             -
      Depreciation and amortization                                                                  98,460           10,917
      Changes in operating assets and liabilities - net of acquisition:
        Accounts receivable                                                                          35,991         (157,026)
        Prepaid assets                                                                              (34,416)         (22,472)
        Accounts payable, accrued expenses and other                                               (680,646)         756,529
                                                                                                -----------        ---------

           Net cash (used in) provided by operating activities                                   (1,867,813)          42,283
                                                                                                -----------        ---------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Purchase of property and equipment                                                                (15,309)         (52,233)
  Acquisition of business net of cash acquired                                                           -          (572,810)
                                                                                                -----------        ---------

           Net cash used in investing activities                                                    (15,309)        (625,043)
                                                                                                -----------        ---------

CASH FLOWS FROM FINANCING ACTIVITIES -
  Borrowings under notes payable                                                                  1,000,000        1,000,000
                                                                                                -----------        ---------
EFFECT OF EXCHANGE RATE CHANGES ON CASH                                                             215,264             -
                                                                                                -----------        ---------
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                               (667,858)         417,240

CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR                                                        740,516             -
                                                                                                -----------        ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                                          $  72,659        $ 417,240
                                                                                                  =========        =========
</TABLE>


See notes to condensed consolidated financial statements.

                                        6
<PAGE>




IQROM COMMUNICATIONS, INC.
AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

 1.    BUSINESS AND BASIS OF PRESENTATION

       iQrom Communications, Inc., formerly known as Hiking Adventures, Inc.
       (Hiking), and its wholly owned subsidiaries (collectively known as the
       Company or iQrom) design, develop and distribute digital communications
       technology based on its own and licensed intellectual property.

       The accompanying unaudited condensed consolidated financial statements of
       iQrom Communications, Inc., and its wholly owned subsidiaries have been
       prepared in accordance with accounting principles generally accepted in
       the United States of America for interim financial information as
       permitted by Article 10 of Regulation S-X and the instructions of Form
       10-QSB. Accordingly, they do not contain all of the information and
       footnotes required by accounting principles generally accepted in the
       United States of America. In the opinion of management, the unaudited
       accompanying condensed consolidated financial statements reflect all
       adjustments (consisting only of normal recurring adjustments) considered
       necessary for a fair presentation of the Company's financial position and
       the results of its operations and its cash flows for the interim periods
       presented. These financial statements should be read in conjunction with
       the Company's audited financial statements as of December 31, 2000 and
       1999, including the notes thereto, and the other information included in
       the Company's most recent filing on Form 10-KSB, which was filed with the
       Securities and Exchange Commission, "SEC", on April 17, 2001. The
       following discussion may contain forward looking statements which are
       subject to the risk factors set forth in "Risks and Uncertainties" as
       stated in Item 2 of this filing. Operating results for the interim
       periods presented are not necessarily indicative of the operating results
       that may be expected for the year ending December 31, 2001.

       Formation - DXP US, Inc. (DXP), the accounting acquirer in the reverse
       acquisition with iQrom Communications, Inc. described below, was formed
       on February 24, 2000, with the issuance of 10,000 shares of its common
       stock (par value of $.001 per share), 5,000 shares each to two groups of
       stockholders. iQrom Ltd. (iQrom UK), a United Kingdom corporation formed
       on March 10, 1999, was contributed to DXP in exchange for DXP's note
       payable in the amount of $1,572,854 on April 6, 2000. This transaction,
       in which iQrom UK became a wholly owned subsidiary of DXP, was accounted
       for at historical cost in a manner similar to a pooling of interests. The



                                        7

<PAGE>



       resulting condensed consolidated balance sheet as of April 6, 2000 was as
       follows:


Cash                                                             $   417,240
Accounts receivable                                                  157,026
Inventory                                                             22,442
Furniture                                                             47,572
Intangible assets                                                    572,810
                                                                 -----------

Total                                                            $ 1,217,090
                                                                 ===========

Accounts payable                                                 $ 1,265,575
Notes payable                                                      2,672,784
                                                                 -----------

Total liabilities                                                  3,938,359
                                                                 -----------

Common stock                                                              10
Accumulated deficit                                               (2,721,279)
                                                                 -----------

Total stockholders' equity (deficiency)                           (2,721,269)
                                                                 -----------

Total                                                            $ 1,217,090
                                                                 ===========

       Going Concern - The Company's condensed consolidated financial statements
       have been prepared assuming the Company will continue as a going concern.
       The Company has experienced net losses of $1,432,285 and $545,665 in the
       three months ended March 31, 2001 and March 31, 2000, respectively. Since
       inception of operations, net losses have resulted in an accumulated
       deficit of $10,923,990 as of March 31, 2001. The Company consumed cash in
       its operating activities of $1,867,813 during the three-months ended
       March 31, 2001 and has a working capital deficiency of $1,668,930 as of
       March 31, 2001. These factors, among others, raise substantial doubt
       about the Company's ability to continue as a going concern.

       Management has been able, thus far, to finance the losses, as well as the
       growth of the business, through a series of private placements and
       private loans. The Company is in active discussions with a number of
       clients either with regard to potential large-volume orders and/or
       high-margin sales. In addition, the Company is actively seeking
       additional sources of financing to provide longer-term financing. The
       Company has retained Gleacher & Co., a U.S. investment bank, to assist in
       arranging an equity placement of up to $5 million, which is currently in
       process. Additionally, the Company is in active discussions with two
       potential working capital financiers. There are no assurances that the
       Company will be successful in achieving its goals of positive cash flows
       and profitability or be successful in arranging additional financing.

       In view of these conditions, the Company's ability to continue as a going
       concern is dependent upon its ability to secure substantial and
       profitable sales and/or to obtain additional financing or capital sources
       to meet its financing requirements. Management believes that its current
       and future strategic, infrastructural and operational plans provide the
       opportunity to continue as a going concern. The accompanying condensed
       consolidated financial statements do not include any adjustments relating
       to the recoverability and classification of recorded assets, or the
       amounts and classification of liabilities that may be necessary in the
       event the Company cannot continue as a going concern.

       Reverse Acquisition - On April 20, 2000, Hiking acquired DXP (the Merger)
       with the issuance of an additional 20,333,078 common shares. Hiking had
       been incorporated in Nevada on October 7, 1996. The transaction was
       accounted for in a manner similar to a reverse acquisition, as if DXP
       acquired Hiking, due to the fact that the former stockholders of DXP
       owned approximately 59% of the common stock of Hiking after the Merger.
       Management has determined that the transaction is equivalent to common
       stock issued by a private company for the net monetary assets of a
       publicly traded shell corporation accompanied by a recapitalization,
       rather than equivalent to a business combination. The accounting is


                                        8

<PAGE>

       identical to that resulting from a reverse acquisition, except that no
       goodwill or other intangible assets were recorded. In connection with the
       acquisition, the name of Hiking was changed to iQrom Communications, Inc.
       Under the accounting treatment for the reverse acquisition, DXP is
       considered the acquiring entity for accounting purposes and Hiking is the
       acquired entity even though Hiking is the surviving legal entity. As a
       result of this reverse acquisition accounting treatment, (i) the
       historical financial statements of the Company for periods prior to the
       date of the Merger are no longer the historical financial statements of
       Hiking and, therefore, are no longer presented; (ii) the historical
       financial statements of the Company for periods prior to the date of the
       Merger are those of DXP; (iii) all references to the financial statements
       of the Company apply to the historical financial statements of DXP prior
       to the Merger and to the consolidated financial statements of the Company
       subsequent to the Merger.

       Acquisition - On February 24, 2000, iQrom Limited, a subsidiary of iQrom
       Communications, Inc., acquired all of the assets and business operations
       and assumed all of the outstanding liabilities of 2 Step Productions
       Limited (2 Step) for approximately $639,000. 2 Step is engaged in the
       business of providing video conferencing and multi-media content
       development and design. The purchase price was allocated to the assets
       acquired (including cash of $148,510) based upon their estimated fair
       values at the date of acquisition. The excess of the purchase price over
       the fair value of the net assets acquired was approximately $535,000 and
       is being amortized on a straight-line basis over three years.

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

       The accompanying condensed consolidated financial statements have been
       prepared in accordance with accounting principles generally accepted in
       the United States of America. The following is a summary of significant
       accounting policies:

       Principles of Consolidation - The condensed consolidated financial
       statements include iQrom Communications, Inc. and its wholly owned
       subsidiaries, iQrom Solutions, Inc., and iQrom Limited. Prior to
       September 7, 2000, iQrom Solutions, Inc. was known as iQrom
       Communications Acquisitions, Inc. All significant intercompany accounts
       and transactions have been eliminated in the condensed consolidated
       financial statements.

       Cash and Cash Equivalents - The Company considers all highly liquid
       financial instruments with a maturity at time of purchase of ninety days
       or less to be cash equivalents.

       Concentrations of Credit Risk - Cash and cash equivalents in excess of
       federally insured levels and accounts receivable potentially subject the
       Company to a concentration of credit risk. The Company currently derives
       its revenues from a wide variety of companies in many industries.

       Fair Value of Financial Instruments - The Company's financial
       instruments, including cash and cash equivalents, accounts receivable,
       accounts payable and notes payable are carried at cost, which
       approximates fair value based on the short-term maturity of these
       instruments.

       Property and Equipment - Property and equipment are stated at cost.
       Depreciation is calculated on the various asset classes over their
       estimated useful lives, which range from three to seven years.

       Intangible Assets - Intangible assets consist of trademarks, licensing
       agreements, and goodwill. Intangibles are amortized on a straight-line
       basis over twenty, fifteen and three years, respectively.

       Long-Lived Assets -All long-lived assets and certain identifiable
       intangibles held and used are reviewed for impairment whenever events or
       changes in circumstances indicate that the carrying amount of such assets

                                        9


<PAGE>

       may not be recoverable. The Company compares the carrying value of its
       long-lived assets to projected undiscounted cash flows to determine
       whether such assets are impaired and to evaluate the reasonableness of
       the depreciation and depreciation periods.

       Revenue Recognition - The Company designs, develops and distributes
       digital communications technology based on its own and licensed
       intellectual property. Revenues are recognized at the time products are
       shipped or services are provided to the customer. The Company recognizes
       revenues from conferencing and content development as activities are
       performed or as development milestones are completed under the respective
       agreements. Costs incurred in connection with the performance of
       conferencing and content development are expensed as incurred. The
       Company believes its revenue recognition policies conform to Staff
       Accounting Bulletin No. 101 of the Securities and Exchange Commission.

       Income Taxes - The Company accounts for income taxes under the liability
       method. Under such method, deferred taxes are computed based on the tax
       liability or benefit in future years of the reversal of temporary
       differences in the recognition of income or deduction of expenses between
       financial and tax reporting purposes. Deferred tax assets and liabilities
       are classified as current or noncurrent based on the classification of
       the related asset or liability for financial reporting purposes, or on
       the expected reversal date for deferred taxes that are not related to an
       asset or liability. A valuation allowance is provided to reduce deferred
       tax assets to the amount considered more likely than not to be
       realizable.

       Stock-Based Compensation - The Company has elected to follow Accounting
       Principles Board (APB) Opinion No. 25, Accounting for Stock Issued to
       Employees, and related interpretations, in accounting for its employee
       (and nonemployee members of the Board of Directors) stock options, and
       complies with the disclosure requirements of Statement of Financial
       Accounting Standards (SFAS) No. 123, Accounting for Stock Based
       Compensation (SFAS No. 123). APB No. 25 provides that the compensation
       expense relative to the Company's employee stock options is measured
       based on the intrinsic value of the stock option. SFAS No. 123 requires
       companies that continue to follow APB No. 25 to provide a pro forma
       disclosure of the impact of applying the fair value method of SFAS No.
       123 (see Note 3). All stock-based awards to nonemployees, other than
       members of the Board of Directors, are accounted for at their fair value
       in accordance with SFAS No. 123.

       The Company's nonemployee stock-based compensation is determined using
       the Company's quoted closing market price as quoted on the
       Over-The-Counter Bulletin Board or the Black-Scholes option pricing
       model.

       Use of Estimates - The preparation of the condensed consolidated
       financial statements in conformity with accounting principles generally
       accepted in the United States of America requires management to make
       estimates and assumptions that affect the reported amounts of assets and
       liabilities, the disclosure of contingent assets and liabilities at the
       date of the financial statements, and the reported amounts of revenues
       and expenses during the reporting period. Actual results could differ
       from those estimates.

       New Accounting Pronouncement - SFAS No. 133, Accounting for Derivative
       Instruments and Hedging Activities (SFAS No. 133), is effective for all
       fiscal years beginning after June 15, 2000. SFAS No. 133, as amended and
       interpreted, established accounting and reporting standards for
       derivative instruments, including certain derivative instruments embedded
       in other contracts, and for hedging activities. All derivatives, whether
       designated in hedging relationships or not, will be required to be
       recorded on the balance sheet at fair value. If the derivative is
       designated as a fair-value hedge, the changes in the fair value of the
       derivative and the hedged item will be recognized in earnings. If the
       derivative is designated as a cash-flow hedge, changes in the fair value
       of the derivative will be recorded in other comprehensive income and will


                                       10

<PAGE>

       be recognized in the consolidated statements of income when the hedged
       item affects earnings. SFAS No. 133 defines new requirements for
       designation and documentation of hedging relationships, as well as
       ongoing effectiveness assessments in order to use hedge accounting. For a
       derivative that does not qualify as a hedge, changes in fair value will
       be recognized in earnings.

       The Company adopted SFAS No. 133 effective January 1, 2001. The adoption
       of SFAS No. 133 had no impact on the financial position, results of
       operations or cash flows of the Company.

       Comprehensive Income (Loss) - SFAS No. 130 establishes standards for
       reporting comprehensive income (loss) and its components in the financial
       statements. Comprehensive income (loss), as defined, includes all changes
       in equity during a period from nonowner sources. The only item of other
       comprehensive income (loss) that the Company currently reports is gains
       and losses in foreign currency translation.

       Foreign Currency Translation - Foreign assets and liabilities are
       translated into U.S. dollars using the end of period exchange rates. The
       effect of this translation is reported in accumulated other comprehensive
       income (loss) in the accompanying condensed consolidated financial
       statements. Income statement elements of the non-U.S. subsidiary are
       translated to U.S. dollars using the weighted average exchange rate
       during the period.

       Net Loss Per Share Information - Basic and diluted loss per share is
       computed based on the weighted average shares outstanding during the
       period. Diluted net income per share includes the dilutive effect of
       potential common stock issuances using the treasury stock method. Common
       equivalent shares are excluded from the computation if their effect is
       anti-dilutive.

       The following table sets forth the calculation of net loss per share for
       the three-month period ended March 31, 2001 and 2000:

                                                      2001              2000

Net loss                                           $ 1,432,285       $  545,665
                                                   ===========       ==========

Weighted average shares outstanding                 22,024,378       10,000,000
                                                   ===========       ==========

Net loss per share - basic and diluted             $      0.07       $     0.05
                                                   ===========       ==========

       For the period ended March 31, 2001, the Company had common equivalent
       shares outstanding that could potentially dilute earnings per share in
       the future. The potential number of common shares into which these
       outstanding securities are convertible are as follows as of March 31,
       2001:

       Employee stock options granted and exercisable in 2000          1,031,676
       Warrants issued with private placement of common stock            660,000
       Warrants granted to settle patient litigation                   1,000,000
       Warrants granted for financial consulting services              1,000,000
                                                                       ---------
                                                                       3,691,676
                                                                       =========



                                       11


<PAGE>

 3.    STOCKHOLDERS' EQUITY

       Common Stock Issued for a Distribution and Licensing Agreement - On June
       22, 2000, the Company acquired an exclusive distribution and licensing
       agreement from a supplier for consideration consisting of 40,000
       unregistered shares of $.001 par value common stock, cash of
       approximately $392,000, and future royalty payments. The distribution and
       licensing agreement is for a five-year term commencing on July 1, 2000
       (Commencement Date). Within eighteen months of the Commencement Date, the
       Company is required to register the shares so such shares can be freely
       traded. If the Company fails to register the shares within eighteen
       months of the Commencement Date, the Company is obligated to find a
       purchaser of the shares at a price of $10 per share upon written request
       from the supplier.

       The Company issued these shares under this agreement on August 18, 2000
       when the fair market value, based on quoted market prices, of the
       Company's common stock was $4.50 per share. The Company recorded $180,000
       to distribution and licensing rights and additional paid-in capital. At
       March 31, 2001 and December 31, 2000, the Company had a remaining
       obligation under this agreement of approximately $187,000, which has been
       accrued and is included in accounts payable in the accompanying
       condensed consolidated balance sheets.

       Common Stock Options Granted to Employees and Directors - Through March
       31, 2001, the Company granted 11,764 shares of common stock to members of
       its Board of Directors as consideration for services provided to the
       Company. The amount of the fair value of the shares granted, which totals
       $12,500, was recorded as stock-based compensation expense in the
       accompanying condensed consolidated statements of operations. The fair
       market value of the shares was based on the Company's stock closing price
       on the date of grant. As of March 31, 2001, stock granted remained
       unissued.

       Common Stock Options Granted to Consultants - On December 21, 2000, the
       Company granted options to purchase 22,500 shares of common stock under
       the Company's 2000 Stock Option Plan to two employees of a subsidiary of
       an entity that is directly or indirectly owned by six stockholders who
       are also board members of the Company. The Company recorded $19,635 in
       deferred stock-based compensation in connection with these options as of
       December 31, 2000. During the three-month period ended March 31, 2001,
       one of these employees employment was terminated and the remaining value
       of forfeited options granted were reversed against additional paid-in
       capital. For the three-month period ended March 31, 2001, total
       amortization of $13,846 was expensed as stock-based consulting expense in
       the accompanying condensed consolidated statement of operations.
       Forfeitures related to termination of stock-based consulting for the
       three-month period ended March 31, 2001 was approximately $11,700. The
       remaining option vests over three years commencing in 2001. As of March
       31, 2001, the remaining option has not been exercised.

       On December 21, 2000, the Company granted options to purchase 180,000
       shares of common stock under the Company's 2000 Stock Option Plan to five
       consultants or independent contractors that provide various services to
       the Company. The Company recorded $157,084 in deferred stock based
       compensation in connection with these options as of December 31, 2000.
       The options vest over six months to three years from the date these
       consultants began providing services. For the three month period ended
       March 31, 2001 and for the year-ended December 31, 2000, the Company
       amortized $7,863 and $56,725 as stock-based consulting fees relating to
       these options, respectively. As of March 31, 2001, none of the options
       had been exercised.

       Warrants to Settle Litigation - Diskxpress, an entity owned directly or
       indirectly by six Company stockholders, who are also members of the
       Company's Board of Directors, brought an action in 2000 against SpaceMark
       International Corporation (SpaceMark) seeking damages in connection with
       patent infringement by SpaceMark. SpaceMark filed a counterclaim against
       Diskxpress, the Company, and an officer alleging disclosures of
       confidential information. All parties agreed to mediation and as a result
       of mediation, all parties have agreed to settle all outstanding claims
       against one another and have executed a confidential settlement agreement
       on March 6, 2001 dismissing all claims with prejudice. Under the terms of
       the license agreement between Diskxpress and the Company (see Note 4),
       the Company is required to pay Diskxpress' legal costs with respect to
       litigation. Settlement of this suit relieves the Company of any further
       litigation costs relating to this matter. The terms of the settlement
       agreement give Diskxpress certain rights in patent applications held by
       SpaceMark and provide a warrant to SpaceMark to purchase 1,000,000 shares
       of common stock at a price of $1 per share. This warrant vests
       immediately and expires at the end of a three-year period or six months
       after the registration of the Company's common stock. In connection with
       this agreement, the Company recorded stock-based settlement fees on
       December 31, 2000 of $720,255, based on their fair value on the date of
       settlement. As of March 31, 2001 the warrant has not been issued.
       Additionally, the Company has accrued approximately $235,000 in the
       accompanying condensed consolidated balance sheet as of December 31, 2000
       in legal fees that were incurred subsequent to December 31, 2000 relating
       to this settlement.

       Consulting Agreement - The Company retained the service of Gleacher & Co.
       a U.S. investment bank, on February 14, 2001 to provide services over a
       one-year term. As consideration for the services of the financial
       consultant, the Company granted a warrant to purchase 1,000,000 shares of
       the Company's common stock, exercisable over five years at a price of
       $1.00. The warrant vests over a one-year period commencing on February
       14, 2001 and is nonforfeitable. In connection with the granting of the
       warrant, the Company recorded deferred stock-based consulting fees of
       $649,486, based on the fair value of the warrant on the date of the
       grant, and amortized $80,074 to stock-based consulting expense through
       March 31, 2001.


                                       12
<PAGE>

4.    RELATED PARTY TRANSACTIONS

       In April 2000, the Company entered into a patent licensing agreement with
       Diskxpress, an entity owned directly or indirectly by six Company
       stockholders who are also members of the Company's Board of Directors,
       that permits the Company to market, sell, and import compact disks (CDs)
       business cards. The Company is to pay certain royalties and fixed fees
       over the term of the agreement in consideration for the right to use the
       patent owned by Diskxpress. As of March 31, 2001 and December 31, 2000,
       the Company has accrued approximately $20,800 and $70,000 in royalties
       under this agreement and such royalties are included in accrued expenses
       and other in the accompanying condensed consolidated balance sheets,
       respectively.

       The Company entered into a ten-year supply agreement with Ingman,
       Limited, a wholly owned subsidiary of Diskxpress, to provide the Company
       with all of its respective requirements for compact disk business cards
       at Ingman's standard prices less a discount. For the three month period
       ended March 31, 2001 and for the year ended December 31, 2000, the
       Company purchased approximately $447,000 and $2,269,000 in compact
       business cards, which is included in cost of sales in the accompanying
       consolidated condensed statement of operations, respectively. At March
       31, 2001 and December 31, 2000, approximately $376,000 and $422,000 is
       due to Ingman and included in accounts payable in the accompanying
       condensed consolidated balance sheets, respectively.

5.     STOCKHOLDERS' CONVERTIBLE NOTE PAYABLE

       On February 6, 2001, the Company entered into a loan agreement with
       certain board members and officers of the Company to provide the Company
       with up to $1 million in working capital. Under the terms of the
       agreement, amounts are to be deposited into an escrow account for the
       benefit of the Company. Interest under this agreement accrues on the
       unpaid balance at the prevailing prime rate plus two percent. The loan
       and accrued interest are due and payable in full on the earlier of May 8,
       2001 or upon receipt of the proceeds of a minimum equity placement in the
       amount of $3 million. The loan converts into equity units of the Company
       if the loan is not repaid by its due date. An equity unit consists of one
       share of common stock and one share of a nontransferable common stock
       purchase warrant. Common stock purchase warrants convert into shares of
       common stock at the lesser of the outstanding principal balance on the
       due date divided by $1 or the average closing price of the Company's
       common stock over a five-day trading period prior to the due date of the
       note less 10%. As of March 31, 2001, the Company had drawn $1,000,000
       from escrow for working capital purposes. The Company has accrued
       approximately $10,400 in interest payable, which is included in accounts
       payable in the accompanying condensed consolidated balance sheet at March
       31, 2001.

       Subsequent to March 31, 2001, the stockholders agreed to extend the
       maturity date to July 8, 2001.

6.    COMMITMENTS AND CONTINGENCIES

       Operating Leases -New Office Space - The Company entered into a lease for
       new office space in Orlando, Florida during the first quarter. The term
       of the lease is for three years with an option to renew the lease for an
       additional three years. The lease agreement obligates the Company to
       monthly lease payments of approximately $8,500 per month. The Company


                                       13
<PAGE>

       also leases office space on a month-to-month basis for its offices in
       Burbank, California; London and Birmingham, England. As discussed in Item
       2 below, the Company has curtailed its activities in the US West Coast
       and will be vacating its Burbank, California offices shortly.

       JVC Agreement - On January 24, 2001, the Company and Diskxpress entered
       into a series of agreements with Victor Company of Japan, Limited (JVC).
       The agreements grant a license to the Company to manufacture and sell
       certain products using JVC's technology. The Company and Diskxpress have
       granted to JVC a license or authorization to manufacture and sell certain
       products using licenses and patents owned by the Company and Diskxpress,
       respectively. The Company will receive a royalty on worldwide sales to
       third parties under the license or authorization agreements. As of March
       31, 2001, the Company has not sold or licensed anything subject to these
       agreements.


                                     * * * * * *


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

         A predecessor to the Registrant, the non-US subsidiary of iQrom
         Solutions, Inc. (formerly known as iQrom Communications Acquisitions,
         Inc.), itself a wholly owned subsidiary of the Company, was
         incorporated in the United Kingdom ("UK") in March 1999 under the name
         of DXP New Media Services Limited ("DXP NMS"). In June 1999, DXP NMS
         entered into an exclusive licensing agreement with iOra Limited, a UK
         software developer, for the use of iOra's proprietary SoftCD(TM)
         technology. DXP NMS commenced operations in September 1999. In March
         2000, DXP NMS changed its name to iQrom Limited. On April 20, 2000,
         through the series of transactions described in the notes to the
         condensed consolidated financial statements, iQrom Limited became a
         subsidiary of the Registrant.

         The consolidated condensed statements of operations include the
         operating results for the three months ended March 31, 2001 and 2000.
         The Company has increased its operations, activities, and staff in the
         US, UK, and Europe substantially over the past 12 months. Comparisons
         with its activities for the three months ended March 31, 2000 offer
         little insight into its current operations.

         Revenues for the three months ended March 31, 2001 increased more than
         13% over the quarter ended December 31, 2000 in spite of concerns about
         an economic downturn. Gross profit for the three-months ended March 31,
         2001, approximately $529,000, increased over 200% compared to the
         quarter ended December 31, 2000. The increase is due to several large
         CD-ROM business card orders, increased revenue from conferencing, and
         certain new media activities during the period. The gross profit margin
         year-to-date continues to be approximately 48%. The Company expects
         overall margins to increase over time.

         Excluding depreciation and amortization of intangible assets, selling,
         general and administrative expenses decreased from approximately
         $3,509,000 in the fourth quarter 2000 to approximately $1,666,000 in
         the first quarter 2001. Professional fees decreased by more than
         $1,455,000 as a result of the settlement of the SpaceMark patent
         litigation lawsuit and the recognition of the patent litigation
         expense, which was recorded in the fourth quarter 2000. Advertising and
         selling expenses decreased by more than 250%. Other expenses increased
         as a result of increases in the staff and support in both the UK and
         the US.



                                       14
<PAGE>

         As part of its new solutions-based sales' strategy, the Company intends
         to implement a UK-centric approach utilizing its newly established
         solutions sales team under David Botten. A number of alliance partners
         are currently being recruited in Europe and by working through local
         partners the Company will not require permanent establishments outside
         the UK. Thus, the German office will be closed and the Spanish presence
         reduced.

         Once the solutions sales market has been established and validated in
         Europe it is our intent to transfer this business model to the US.
         Until then, the focus in the US will be to generate commodity-type
         sales of CD-Cards. As well, the Company will work closely with JVC as
         they begin to implement a licensing program for the Company.

         This change in strategy will result in the closing of the Burbank
         office, establishing a commission-only compensation system for a number
         of personnel in Burbank as well as Orlando, and reducing certain
         overall staff in the US. These cost reductions will have an immediate
         effect on the Company's cash flows; however, they should not have a
         material impact on the existing backlog of potential US business.

         Total Current Assets decreased to $1,142,196 mainly as a result of
         payment of the expenses mentioned above as well as payments for the
         exclusive rights to use SoftCD(TM) on CD Business Cards and disks. The
         reduction in Accounts Receivable reflects a concerted effort during the
         period to reduce the aging of Accounts Receivable.

         The Stockholders' Convertible Note of $1,000,000 (see Note 5 above)
         will be converted into equity of the Company either on July 8, 2001 or
         upon the closing of the private placement financing, mentioned above.
         Aside from the Stockholders' Convertible Note, current liabilities
         reduced by almost 28% during the first quarter which had a negative
         impact on cash and cash equivalents



 Liquidity and Capital Resources

         Our primary liquidity requirement in 2000 was the cost of acquiring
         our licensed technology, our initial financing, the reverse merger with
         Hiking Adventurers, Inc., the acquisition of 2 Step, patent litigation
         and the implementation and funding of our sales and marketing efforts.
         For 2001, our primary liquidity requirement will be funding the
         expansion of the products and services offered to our customers, the
         funding of our global sales and marketing efforts and defending our
         intellectual property rights.


                                       15

<PAGE>

         On March 31, 2001, our cash and cash equivalents were approximately
         $72,700. Accounts payable reflects the high level of professional fees
         incurred during the year, especially with respect to the patent
         litigation (approximately $350,000). Accrued expenses and other
         primarily reflects accrued, but not yet owed, costs of royalties,
         license fees, and the final capital payments due to iOra for use of its
         technology on standard-sized CDs.

         The gross margin on products varies substantially. At the low end, the
         gross margin on the sale of CD-Cards generally falls within the range
         of 15-25%, while the gross margin on solution projects might be as high
         as 60-70%. Thus it is difficult to estimate the volume of revenues that
         are required during the year 2001 to fund our sales and marketing
         efforts and to expand the products and services offered to our
         customers. We anticipate that we will need approximately $2,000,000
         during the next nine months to implement our business plan. If we are
         unable to increase our sales orders or to secure additional capital
         and/or other funds, we will continue to realize negative cash flow and
         losses. It would then, in turn, be unlikely that we would be able to
         implement our sales and marketing efforts or other elements of our
         strategic plan and therefore, we might be unable to continue as a going
         concern.

         Since inception, the Company has not had a profitable quarter. Concerns
         about the global economy have continued into the first quarter 2001 and
         there has been a slow-down in corporate spending which has had an
         impact on the Company's sales. While unit sales for the first quarter
         2001 were higher than those in the fourth quarter 2000, revenues were
         flat when compared to the previous quarter as a result of a unit sales
         price decrease that took effect on January 1, 2001. These losses,
         combined with the longer sales-cycle associated with the higher margin
         solution projects, have put pressure on the Company's cash resources.
         There are, however, potential large orders in both the U.S. and Europe,
         which could substantially change the Company's situation. Of course,
         there can be no assurances that these large orders will be consummated.

         The Company has taken certain steps to improve its liquidity and
         capital resources. As mentioned in the notes to the condensed
         consolidated financial statements, on February 6, 2001, certain of our
         stockholders and Directors provided a convertible loan to the Company
         in the amount of $1,000,000 for working capital. The Stockholders'
         Convertible Note originally due on May 8th 2001, has been amended to
         extend the due date until July 8, 2001 and will convert into equity
         units if not repaid by the due date. In early May the Company
         implemented a cost reduction strategy by reducing staff in the US and
         closing an office in Burbank, California. These measures should help
         preserve cash resources of the Company.

         In addition, the Company has retained Gleacher & Co. LLC, a U.S.
         investment bank, as its financial advisor to assist it in raising
         up to $5,000,000 by means of an equity private placement. The Company
         commenced marketing the private placement in early May with a targeted
         closing date for the placement by mid-June. There can be no assurance
         that the Company will be able to raise additional capital through the
         private placement. In connection with the issuance of the warrant, the
         Company, in its first quarter 2001 financial results, recorded deferred
         stock-based consulting fees of approximately $649,500, based on the
         fair market value of the warrant on the date of issue using the
         Black-Scholes' valuation model, and amortized to stock-based consulting
         expense approximately $80,000 through March 31, 2001.

         The Company does not have any debt outstanding on its balance sheet
         with the exception of the Stockholders' Convertible Note of $1,000,000,
         which is due on July 8, 2001. The Company has been in discussions as of
         March 31, 2001 with at least two financial institutions about
         establishing a credit facility secured by accounts receivable as a
         source for periodic working capital. The Company may enter into such a
         facility regardless of whether the equity placement is successful.


                                       16
<PAGE>

         The Company's ability to continue as a going concern is dependent upon
         management's ability to successfully secure substantial and profitable
         sales and/or to obtain additional financing or capital sources to meet
         the Company's financing requirements. The Company's condensed
         consolidated financial statements do not include any adjustments
         relating to the recoverability and classification of recorded assets or
         the amounts and classification of liabilities that may be necessary in
         the event the Company cannot continue as a going concern.

         Risks and Uncertainties: The Private Securities Litigation Reform Act
         of 1995 provides a 'safe harbor' for forward-looking statements.
         Certain information included in this report (as well as information
         included in oral statement or other written statements made or to be
         made by the Company) contains statements that are forward-looking, such
         as statements related to anticipated future revenues of the Company and
         success of current product offerings. Such forward-looking information
         involves important risks and uncertainties that could significantly
         affect anticipated results in the future and, accordingly, such results
         may differ materially from those expressed in any forward-looking
         statements made by, or on behalf of, the Company.



PART II -- OTHER INFORMATION

Item 1. Legal Proceedings
None

Item 2. Changes in Securities
None

Item 3. Defaults Upon Senior Securities
None.

Item 4. Submission of Matters to a Vote of Security Holders
None.

Item 5. Other Information
None




                                       17

<PAGE>

Item 6. Exhibits and Reports on Form 8-K.
(a)         Exhibits

         Exhibit
         -------

         3(i)          Articles of Incorporation of the Registrant(1)

         3(ii)         By-Laws of the Registrant, as amended(4)

          10           Material Contracts


                  10.1     OEM Smart Card Agreement dated June 29, 1999, between
                           iOra Ltd. and DXP New Media Services Limited.
                           [confidential treatment requested](2)

                  10.2     Supplemental Agreement to the OEM CD Smart Card
                           Agreement dated April 4, 2000, between iOra Limited
                           and iQrom Limited. [confidential treatment
                           requested](2)

                  10.3     CD-U Agreement between iOra Limited, iQrom
                           Communications, Inc. and iQrom Limited dated June 23,
                           2000.(2)

                  10.4     Agreement dated April 13, 2000 between DXP US, Inc.
                           and Aldersey Egerton Maynard-Taylor, Thomas Gabor
                           Elek, Colin Allmark, POV US, LLC, Gerald A. Pierson,
                           Michael Feit, IQROM Communications, Inc. and IQROM
                           Communications Acquisitions Co.(3)

                  10.5     First Financing Subscription Agreement dated April 6,
                           2000 between the Registrant and Agens Ag.(3)
                           Subscription agreements between the Registrant and
                           the other Subscribers listed below have not been
                           filed in accordance with Instruction 2 to Item 601 of
                           Regulation S-K since they are substantially identical
                           to the subscription agreement with Agens Ag. The
                           material details in which the following subscription
                           agreements differ from the Agens Ag subscription
                           agreement are as follows:
<TABLE>
<CAPTION>
                           Subscriber                   Units Acquired        Purchase Price
                           ----------                   --------------        --------------
                           <S>                          <C>                   <C>
                           BWI Avionics Ltd.            143,333               $1,074,997.50
                           Euro Atlantic
                           Equity Fund Ltd.             476,667               $3,575,002.50
                           Highway Finance Ltd.         166,667               $1,250,002.50
                           Blue Capital AG              133,333               $  999,997.50
</TABLE>

                  10.6     Second Financing Subscription Agreement dated April
                           6, 2000 between the Registrant and Online Partners
                           Inc.(3)



                                       18

<PAGE>



                  10.7     Share Purchase Warrant dated April 20, 2000 issued by
                           the Registrant to Agens Ag for 200,000 Common
                           Shares.(3) Share Purchase Warrants issued by the
                           Registrant to the other Subscribers listed below have
                           not been filed in accordance with Instruction 2 to
                           Item 601 of Regulation S-K since they are
                           substantially identical to the Share Purchase Warrant
                           issued to Agens Ag filed herewith. The material
                           details in which the following Share Purchase
                           Warrants differ from the Agens Share Purchase Warrant
                           are as follows:
<TABLE>
<CAPTION>
                           Subscriber                   Warrants               Purchase Price
                           ----------                   --------               --------------
                           <S>                          <C>                    <C>
                           BWI Avionics Ltd.                71,667              $1,074,997.50
                           Euro Atlantic
                           Equity Fund Ltd.                238,334              $3,575,002.50
                           Highway Finance Ltd.             83,334              $1,250,002.50
                           Blue Capital AG                  66,667              $  999,997.50
</TABLE>

                  10.8     Patent License Agreement dated April 7, 2000, between
                           Diskxpress US, Inc. and DXP US, Inc.(1)

                  10.9     Supply  Agreement dated April 7, 2000,  between
                           Ingman Limited, iQrom Limited (formerly DXP New Media
                           Services Limited) and DXP US, Inc.(1)

                  10.10    License  Agreement, dated January 24, 2001, by and
                           among Diskxpress US, Inc., iQrom Solutions, Inc. and
                           Victor Company of Japan, Limited [confidential
                           treatment requested](4)

                  10.11    Side Agreement, dated January  , 2001, by and among
                           Diskxpress US, Inc., iQrom Solutions, Inc. and Victor
                           Company of Japan, Limited [confidential treatment
                           requested](4)

                  10.12    Authorization  Agreement,  dated January 19, 2001 by
                           and among Diskxpress US, Inc., iQrom Solutions, Inc.
                           and Victor Company of Japan, Limited [confidential
                           treatment requested](4)


                  10.13    Introduction Agency Agreement, dated as of January
                           25, 2001, by and between iQrom Communications, Inc.
                           and JVC Disc America Company [confidential treatment
                           requested(4)

                  10.14    Loan Agreement, by and among iQrom Communications,
                           Inc., Colin Allmark, Thomas Gabor Elek, Aldersey
                           Egerton Maynard-Taylor and POV US, LLC [confidential
                           treatment requested](4)

                  10.15    Letter Agreement, dated February 21, 2001, by and
                           between iQrom Communications, Inc. and Gleacher & Co.
                           LLC [confidential treatment requested](4)


                  10.16    2000 Stock Option Plan(4)



                                       19
<PAGE>


1.       Incorporated by reference to our Form 10-QSB for the period ended June
         30, 2000, filed on August 14, 2000.

2.       Incorporated by reference to our Form 10-QSB for the period ended
         September 30, 2000, filed on November 21, 2000.

3.       Incorporated by reference to our Form 8-K filed on May 5, 2000.

4.       Incorporated by reference to our form 10K-SB for the period ended
         December 31, 2000, filed on April 17, 2001.


(b)      REPORTS

         None.




                                   SIGNATURES

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

                                                      iQrom COMMUNICATIONS, INC.
                                                      -------------------------
                                                      (Registrant)

Date:  May 18, 2001                                  _/s/ Thomas Gabor Elek
                                                     (Signature)*
                                                    Thomas Gabor Elek, President
                                                    and Chief Executive Officer


*Print the name and title of each signing officer under his signature.





                                       20