SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549


                                   FORM 10-QSB
(Mark One)

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

                  For the quarterly period ended March 31, 2002

                                       OR

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

          For the transition period from ____________ to ____________.

                         Commission File Number 0-27929

                         WATERFORD STERLING CORPORATION
          --------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


            Nevada                                       62-1655508
--------------------------------            ------------------------------------
(State or other jurisdiction of             (IRS Employer Identification Number)
 incorporation or organization

                200 S. Knowles Avenue, Winter Park, Florida 32790
                -------------------------------------------------
                    (Address of principal executive offices)

                                 (407) 622-2040
                            -------------------------
                           (Issuer's telephone number)


                             SKREEM.COM CORPORATION
               ---------------------------------------------------
               (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

         As of May 20, 2002, 20,  887,815  shares of the issuer's  Common Stock,
$.01 par value, outstanding.

<PAGE>

                             SKREEM.COM CORPORATION

                                      INDEX

                                                                            Page
                                                                          Number

PART I -  FINANCIAL INFORMATION

   Item 1.  Financial Statements

            Balance Sheets as of March 31, 2002 and
            December 31, 2001..............................................    3

            Statements of Operations for the Three Months
             Ended March 31, 2002 and 2001.................................    4

            Statements of Cash Flows for the Three Months Ended March
            31, 2002 and 2001..............................................    5

            Notes to Financial Statements..................................    6

   Item 2. Management's Discussion and Analysis of Financial Condition
            and Results of Operations......................................   10

PART II - OTHER INFORMATION................................................   11

SIGNATURES.................................................................   12



<PAGE>


                         PART I - FINANCIAL INFORMATION

ITEM 1.  -  FINANCIAL STATEMENTS



             ASSETS

CURRENT ASSETS:
  Prepaid expense (Note 4)                               43,536
                                                    ------------
   Total current assets                                  43,536

EQUIPMENT:
  Office equipment                                       40,761
  Accumulated depreciation                              (21,727)
                                                    ------------
                                                         19,034
OTHER ASSETS:
  Organization costs net of amortization                    343
                                                    ------------
                                                    $    62,913
                                                    ============
      LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Accrued expenses                                  $    15,206
  Account payable related party (Note 5)                 70,392
  Notes payable - related parties (Note 5)              480,660
                                                    ------------
   Total current liabilities                            566,258

STOCKHOLDERS EQUITY (Deficit):
  Common stock, par value $.01;
   authorized 30,000,0000 shares; issued
   and outstanding 20,887,815 shares                    208,878
  Capital in excess of par                            1,353,049
  Deficit accumulated during the
   development stage                                 (2,065,272)
                                                    ------------
   Total stockholders' deficit                         (503,345)
                                                    ------------
                                                    $    62,913
                                                    ============

                 See accompanying notes to financial statements

<PAGE>

                         WATERFORD STERLING CORPORATION
                          (A Development Stage Company)
                      Consolidated Statements of Operations
               For The Three Months Ended March 31, 2002 and 2001
             And May 17, 1989 (Date of Inception) to March 31, 2002



                                                                      Inception
                                                                         To
                                       March 31,       March 31,      March 31,
                                         2002            2001           2001
                                      ----------      ----------    ------------
REVENUE:
 Sales of software                    $      -        $      -         $652,458
 Sales of furniture                                     70,393           77,370
 Interest income                         1,057           2,152           59,282
                                        ------         --------         --------
                                         1,057          72,545          789,110
COST AND EXPENSES:
 Cost of furniture sold                      -          58,244           70,694
 Selling, general and
   administrative                       94,800         361,110        2,082,812
Interest                                 9,613           2,250           34,952
Depreciation and
 amortization                            1,583           2,319           25,599
Loss on sale of
 investments                               -            36,762            9,825
                                      ---------      ---------       ----------
   Total expenses                      105,996         460,685        2,223,882
LOSS BEFORE
 EXTRAORDINARY ITEM                   (104.939)       (388,140)      (1,434,772)
                                      ---------      ----------      -----------
EXTRAORDINARY ITEM
 Non-temporary loss on
   securities                                -        (630,500)        (630,500)
                                      ---------      ----------      -----------
NET LOSS                              (104,939)     (1,018,640)      (2,065,272)

COMPREHENSIVE
 LOSS
   Unrealized gain (loss) on
     available for sale securities            -        200,000                -

COMPREHENSIVE
 LOSS                                $ (104,939)     $(818,640)     $(2,065,272)
                                      ==========     ==========      ===========
Loss per common share
 before extraordinary item           $     (.01)     $    (.02)
Extraordinary loss per
 common share                                 -           (.03)
                                      ----------     ----------
Net loss per common share           $      (.01)     $    (.05)
                                      ==========     ==========

Weighted average shares
 outstanding                         20,887,815     18,476,704
                                     ===========    ==========



                 See accompanying notes to financial statements

<PAGE>

                         WATERFORD STERLING CORPORATION
                          (A Development Stage Company)
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
               For The Three Months Ended March 31, 2002 and 2001
               May 17, 1989 (Date of Inception) To March 31, 2002
<TABLE>

                                                                             Inception
                                                                               To
                                              March 31,      March 31,       March 31,
                                                2002            2001           2002
                                             ----------      ---------      ----------
<S>                                          <C>            <C>             <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                   $(104,939)    $(1,018,641)    $(2,065,272)
  Adjustment to reconcile net loss to
  net cash used by operating activities:
  Loss on sale of investments                        -          36,762           9,824
  Depreciation and amortization                  1,630           2,319          22,321
  Bad debt                                           -               -          12,074
  Decrease in prepaid expenses                  13,943          12,875         127,017
  Increase (decrease) in accounts payable          783         (40,216)         15,207
  Bank overdraft                                     -           2,137               -
  Revenue in non-cash transaction                    -               -        (650,000)
  Nontemporary loss on securities                    -         630,500         630,500
  Expenses paid and debts settled
   with common stock                                 -         263,082         443,348
  Loss on exchange of notes receivable
   for prepaid rent                                  -               -          45,200
  Other expenses incurred in
   non-cash transactions                             -               -          44,248
                                             ----------    -------------    ------------
Net cash (Used) by operations                  (88,583)       (111,182)     (1,365,533)
                                             ----------    -------------    ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Sale of securities available for sale              -          13,238          59,676
  Issuance of notes receivable                       -               -        (290,733)
  Collections on notes receivable                    -               -          78,658
  Purchase of marketable securities                  -               -         (50,000)
  Purchase of equipment                              -               -         (40,761)
  Increase in organization costs                     -               -            (936)
                                             ----------   -------------    ------------
Net cash provided (used)
  by investing activities                            -          13,238        (244,096)
                                             ----------   -------------    ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of common
   stock for cash                                    -               -       1,009,344
  Loans from related parties                    70,392          95,590         600,285
                                             -----------  -------------    ------------
Net cash provided from
  financing activities                          70,392          95,590      1,609,629
                                             -----------  -------------    ------------
NET INCREASE IN CASH                           (18,191)         (2,354)             -
Cash, beginning                                 18,191          12,664              -
                                             -----------  -------------    ------------
Cash, ending                                 $       -     $    10,310     $        -
                                             ===========  =============    ============
See (Note 7) for supplemental disclosures.
</TABLE>

                 See accompanying notes to financial statements

<PAGE>

                         WATERFORD STERLING CORPORATION
                          (A Development Stage Company)
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2002

1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BUSINESS ACTIVITY

Business activity

The Company,  a Delaware  corporation  was  incorporated on May 17, 1989, and is
currently in the  development  stage.  The Company sought to acquire and develop
high technology  software firms,  and to engage in the sourcing and marketing of
furniture and accessories to the  hospitality  and time share market.  Currently
the Company is exploring other business possibilities.

In April 1999 the Company changed its name from Commerce Centers  Corporation to
Skreem.com  Corporation  and  approved  a  reverse  stock  split of 3 shares  of
outstanding  stock for 5 shares.  The report has been  prepared  as if the stock
split had occurred at inception.

In January  2001 the Company  changed its name from  Skreem.com  Corporation  to
Waterford Sterling Corporation.

Accounting method

The Company's  financial  statements  are prepared  using the accrual  method of
accounting.

Principles of consolidation

The  consolidated  financial  statements  include  the  accounts  of  Skreem.com
Corporation and Waterford Florida, Inc., both Nevada corporations.  All material
intercompany transactions have been eliminated.

Computer software costs

The  Company  expenses  research  and  development  costs  related  to  software
development  that  has  not  reached   technological   feasibility  and  started
production  for sale.  Thereafter  costs are  capitalized  and amortized  over a
maximum of five years or expected life of the product, whichever is less.

Income (loss) per share

The  computation  of income  (loss)  per  share of common  stock is based on the
weighted average number of shares outstanding, after the stock split.

Statement of cash flows

The Company  considers  all highly  liquid  debt  instruments  purchased  with a
maturity  of three  months or less to be cash  equivalents  for  purposes of the
statement of cash flows.


Financial instruments

The Company estimates that the fair value of all financial  instruments at March
31, 2002 do not differ  materially  from the  aggregate  carrying  values of its
financial instruments recorded in the accompanying balance sheets.

Dividend policy

The Company has not yet adopted a policy regarding payment of dividends.

<PAGE>

                         WATERFORD STERLING CORPORATION
                          (A Development Stage Company)
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2002

Estimates and assumptions

Management uses estimates and assumptions in preparing  financial  statements in
accordance with generally accepted  accounting  principles.  Those estimates and
assumptions  affect the  reported  amounts of the  assets and  liabilities,  the
disclosure of contingent  assets and liabilities,  and the reported revenues and
expenses.  Actual  results  could vary from the  estimates  that were assumed in
preparing these financial statements.

Marketable securities:

Certain  equity  securities  are  classified as available for sale as defined by
SFAS 115. In accordance with that Statement, they are reported at aggregate fair
value with unrealized  gains and losses excluded from earnings and reported as a
separate component of stockholders' equity.

1.   INCOME TAXES

The Company complies with Statement of Financial  Accounting  Standards No. 109,
Accounting  for Income Taxes.  At March 31, 2002 the Company had a net operating
loss  ("NOL")   carry   forward  for  United   States  income  tax  purposes  of
approximately  $1,408,938.  The NOL carryforward expires in increments beginning
in 2004.  The Company  also had a net capital loss  carryover  of  approximately
$640,000.  The Company's  ability to utilize its net NOL carryforward is subject
to the  realization  of  taxable  income in  future  years,  and  under  certain
circumstances,  the Tax Reform Act of 1986 restricts a corporation's  use of its
NOL carryforward.  The Company believes that there is at least a 50% chance that
the carryforward  will expire unused,  therefore,  any tax benefit from the loss
carryforward has been fully offset by a valuation reserve.

2.   ACQUISITION OF SUBSIDIARIES

In April  1999 the  Company,  Skreem.com  Corporation,  a  Delaware  corporation
("SCD")  acquired all of the  outstanding  stock of  Skreem.com  Corporation,  a
Nevada  corporation  ("SCN")  through a stock for  stock  exchange  in which the
stockholders of SCN received 9,600,000 post stock split
 common  shares  of the  SCD in  exchange  for  all of  the  stock  of the  SCN.
Skreem.com  Corporation  ("SCN") was  incorporated in Nevada on January 29, 1999
for the purpose of developing high technology software.

For reporting  purposes,  the  acquisition  is treated as an  acquisition of the
Company   ("SCD")  by  Skreem.com   Corporation  of  Nevada   ("SCN")   (reverse
acquisition)  and a  recapitalization  of  SCN  with  its  historical  financial
statements being combined with the Company's.  No proforma  statements have been
included since the acquisition is considered to be a reverse acquisition.

On January 31,  2001,  the  Company  executed  and  Exchange  Agreement  for the
acquisition of all of the issued and  outstanding  shares of Waterford  Florida,
Inc. in exchange for 7,000,000  share of the Company's  common stock.  Waterford
Florida,  Inc. is currently  engaged in the sourcing and  marketing of furniture
and accessories to the hospitality and time share market,  however,  at the date
of acquisition it had not commenced this activity.

3.   PREPAID EXPENSE

The Company leases office space under a noncancellable operating lease agreement
effective  January 1, 2001 which expires  December 31, 2002. The Company prepaid
the rent for the two years specified in the lease agreement.  Consideration  for
the  prepayment was based on the present value of 24 months at $5,000 per month,
discounted  at 8% or  $110,553.  Prepaid  rent  expense  at March  31,  2002 was
$43,536.

<PAGE>

                         WATERFORD STERLING CORPORATION
                          (A Development Stage Company)
                  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 March 31, 2002

5.       RELATED PARTY TRANSACTIONS

During  February 1998,  the Company issued  1,585,258 post stock split shares to
five major  stockholders  and two persons who were both officers and  directors.
The  consideration  for the issuance was  assumption  of the  Company's  accrued
liabilities in the amount of $21,920 by the above  mentioned  shareholders,  and
the  agreement  by them to fund  future  Company  expenditures  in the amount of
$4,500.

The shares issued pursuant to the  acquisition  agreement as described in note 3
were  issued  to four  individuals  who  collectively  represent  a  controlling
interest of the Company.

During May 2000,  the Company  borrowed  $50,000 from its  President  payable on
demand at 8%.
On September 26, 2000,  the Company  issued 75,000 shares of its common stock in
settlement of the $50,000 note including accrued interest.

The Company has borrowed  additional funds from related parties  resulting in 8%
demand notes secured by the Company's assets and treasury securities,  and other
unsecured amounts as follows at March 31, 2002:

                  Notes payable - Stockholder of the Company         $150,955
                  Notes payable - Market Management International,
                  a company is which a major stockholder has
                  an interest.                                        329,705
                                                                     ---------
                                                                     $480,660
                  Unsecured amounts borrowed form Market
                  Management International                           $ 70,392
                                                                     =========
6. GOING CONCERN

The Company has suffered  recurring  operating  losses from its  inception.  The
Company intends to acquire interests in various business opportunities which, in
the opinion of management, will provide a profit for the Company, however, there
is  insufficient  working capital to service its debt and for any future planned
activity.  Continuation  of the  Company as a going  concern is  dependent  upon
obtaining  additional  working  capital  for any  future  planned  activity  and
management  of the Company  will be  required  to develop a strategy  which will
accomplish this objective.

7. SUPPLEMENTAL CASH FLOW DISCLOSURES
<TABLE>
                                                                           Inception
                                                                              to
                                              March 31,     March 31,      March  31,
                                                2002            2001         2002
                                              ---------    -----------    ------------
<S>                                          <C>           <C>             <C>

Non-cash operating and financing activities:
 Non-cash sales                               $      -      $       -      $650,000
                                              ========      =========      =========
 Other non-cash operating expenses            $      -      $       -      $ 89,448
                                              ========      =========      =========
 Issuance of common stock for expenses        $      -      $ 263,082      $443,348
                                              ========      =========      =========
 Issuance of common stock for note payable    $      -      $       -      $50,000
                                              ========      =========      =========
</TABLE>

8.       COMMITMENTS

The Company leases office space under a noncancellable operating lease agreement
effective  January  1, 2001 which  expires  December  31,  2002.  Minimum  lease
payments  of  $60,000  for 2002 are  required.  The  Company  has  prepaid  this
obligation (refer to note 4).

<PAGE>

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

The Company,  a Delaware  corporation  was  incorporated on May 17, 1989, and is
currently in the development  stage.  The Company intends to acquire and develop
high technology  software firms,  and to engage in the sourcing and marketing of
furniture and accessories to the hospitality and time share market.

In April 1999, the Company changed its name from Commerce Centers Corporation to
Skreem.com  Corporation  and  approved  a  reverse  stock  split of 3 shares  of
outstanding  stock for 5 shares.  The report has been  prepared  as if the stock
split had occurred at inception.

In January 2001,  the Company  changed its name from  Skreem.com  Corporation to
Waterford Sterling Corporation

MATERIAL CHANGES IN RESULTS OF OPERATIONS

Three Months Ended March 31

         Revenues for the three months ended March 31, 2002 decreased by $71,488
or 98.5% to $1,057 from $72,545 for the three months ended March 31, 2001.  This
decrease in revenues  resulted  from the absense of the sale of furniture in the
current  quarter,  a business  shut down by the  Company.  Interest  income also
decreased by $1,095 because of lower interest rates and reduced interest bearing
balances.

         Selling,  General and administrative  expenses decreased by $266,310 or
73.7% to $94,800 for the three months ended March 31, 2002 from $361,110 for the
corresponding  period of the prior  year.  This  decrease  resulted  because the
Company no longer has an operating business and has terminated nearly all of its
personnel.

         For the  three  months  ended  March 31,  2002,  the  Company  incurred
interest  expense  of  $9,613  on  notes  payable  to  the  Company's  principal
shareholder  and to a related  party  corporation.  The  Company  had  $2,250 of
interest expense for the  corresponding  period of the prior year. The increased
interest expense reflects increased borrowings by the Company.

         Depreciation and amortization expense decreased by $736 or 31.7% $1,513
for the three  months  ended March 31,  2002 from  $2,319 for the  corresponding
period of the prior year. The decrease in depreciation and amortization  expense
resulted from reduced investment in equipment.

         The  Company  had no gain or loss on the  sale of  investments  for the
three months  ended March 31,  2002.  For the three months ended March 31, 2001,
the Company  incurred a loss on the sale of investments of $36,762 from its sale
of Intermost Corporation securities.

         As a result of the  foregoing,  the Company's net operating loss before
extraordinary  items  decreased  by $283,201  or 73% to  $104,939  for the three
months ended March 31, 2002 from  $388,140 for the  corresponding  period of the
prior year.

         For the three months ended March 31, 2001 the Company also  incurred an
extraordinary  loss of $630,500  from a decline in the value of its  holdings in
Grand Slam Treasures,  Inc. There was no extraordinary item for the three months
ended March 31, 2002.

         For the three months ended March 31,  2001,  the Company also  reported
other  comprehensive  income of $200,000 from  unrealized  gain on available for
sale  securities.  For the three months ended March 31, 2002, the Company had no
other comprehensive income or loss.

<PAGE>

CHANGES IN FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

         For the past twelve months, the Company has funded its operating losses
and capital  requirements  through the sale of  securities  in its portfolio and
loans from related parties. As of March 31, 2001, the Company had a cash balance
of $0 and a working  capital  deficit of $522,722.  This  compares  with cash of
$10,310 and a working capital deficit of $93,661 at March 31, 2001.

         Net  cash  used in  operating  activities  decreased  to  $88,583  from
$111,182 for the three months ended March 31, 2002 and 2001,  respectively.  The
decrease  in  cash  used  in  operations  resulted  from a  decrease  in the net
operating loss which was partially  offset by changes in current  accounts,  and
non-cash losses from a decline in portfolio values.

         There were no cash flows from investing activities for the three months
ended March 31, 2002 and $13,238 for the corresponding period of the prior year.
This  decrease  resulted from the absence of a sale of securities in the current
period.

         Net cash  provided by  financing  activities  decreased to $70,392 from
$95,590 for the three months ended March 31, 2002 and 2001,  respectively.  This
decrease resulted from reduced loans from related parties.

         The Company has experienced significant operating losses throughout its
history, and will require substantial funds for the development of any business.
Therefore, the Company's ability to survive is dependent on its ability to raise
capital  through the issuance of stock,  the  borrowing of  additional  funds or
finding a  profitable  company to acquire  or with which to merge.  Without  the
success of one of these options,  the Company will not have  sufficient  cash to
satisfy its  working  capital and  investment  requirements  for the next twelve
months.

                           PART II - OTHER INFORMATION

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

a.    Exhibits

      None

b.    Reports on Form 8-K

      None


<PAGE>

                                   SIGNATURES

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


                                          WATERFORD STERLING CORPORATION


May 20, 2002                             /s/ Jacob Nguyen
                                         --------------------------------
                                         Jacob Nguyen, Chief Executive Officer
                                         and Chief Financial Officer