The following items were the subject of a
                                    Form 12b-25 and are included herein:
                                    Item 13. Exhibits and Reports on Form 8-K



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


                                  FORM 10-KSB/A
                                AMENDMENT NO. 1


(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934
      For the fiscal year ended December 31, 2001

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934
      For the transition period from                   to
                                    ------------------   --------------

                         Commission file number: 0-30721


                               IPEC HOLDINGS INC.
                 (Name of small business issuer in its charter)


            NEVADA                                       87-0621339
(State or other jurisdiction of                       (I.R.S. Employer
 incorporation or organization)                      Identification No.)

    RD #3, BOX 7-A, NORTHGATE INDUSTRIAL PARK, NEW CASTLE, PENNSYLVANIA 16105
               (Address of principal executive offices) (Zip Code)

                    Issuer's telephone number: (800) 377-4732

       Securities registered under Section 12(b) of the Exchange Act: NONE

         Securities registered under Section 12(g) of the Exchange Act:

                         COMMON STOCK, $0.001 PAR VALUE
                                (Title of class)

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 [ ]

Check  if no  disclosure  of  delinquent  filers  in  response  to  Item  405 of
Regulation S-B is contained in this form,  and no disclosure  will be contained,
to the best of  registrant's  knowledge,  in  definitive  proxy  or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [ ]

State issuer's revenues for its most recent fiscal year:  $-0-

State the aggregate market value of the voting and non-voting common equity held
by non-affiliates  computed by reference to the price at which the common equity
was sold,  or the average bid and asked  price of such  common  equity,  as of a
specified date within the past 60 days: $-0- AS OF FEBRUARY 20, 2002

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest  practicable date:  9,954,796 SHARES OF COMMON STOCK AS
OF FEBRUARY 22, 2002
Transitional Small Business Disclosure Format (Check one):    Yes     ; No  X
                                                                 -----    -----


<PAGE>

ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K.

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
    REGULATION
    S-B NUMBER                                                   EXHIBIT
---------------------------------------------------------------------------------------------------------------------
<S>                 <C>
       2.1          Share Exchange Agreement between Golden Hole, Inc. and International Plastics and Equipment
                    Corp. dated January 14, 2002 (1)<F1>
---------------------------------------------------------------------------------------------------------------------
       3.1          Articles of Incorporation, as amended (2)<F2>
---------------------------------------------------------------------------------------------------------------------
       3.2          Bylaws (2)<F2>
---------------------------------------------------------------------------------------------------------------------
       4.1          Description of Series A Convertible Preferred Stock
---------------------------------------------------------------------------------------------------------------------
       10.1         December 23, 1998 Loan Documents with First Western Bank
---------------------------------------------------------------------------------------------------------------------
       10.2         January 13, 2000 Loan Documents with First Western Bank
---------------------------------------------------------------------------------------------------------------------
       10.3         January 11, 2001 Loan Documents with Sky Bank
---------------------------------------------------------------------------------------------------------------------
       10.4         February 25, 2002 Loan Documents with Sky Bank
---------------------------------------------------------------------------------------------------------------------
       10.5         Series A Convertible Preferred Stock Purchase Agreement dated January 1, 2000
---------------------------------------------------------------------------------------------------------------------
       10.6         Consulting Agreement dated January 1, 2000 with Sherwood LLC
---------------------------------------------------------------------------------------------------------------------
       10.7         Payment and Severance Agreement and Guarantee dated January 2, 2001
---------------------------------------------------------------------------------------------------------------------
       10.8         Consulting Agreement dated January 1, 2001 with Sherwood LLC
---------------------------------------------------------------------------------------------------------------------
       16.1         Letter from Andersen Andersen & Strong, L.L.C. (1)<F1>
---------------------------------------------------------------------------------------------------------------------
       21.1         Subsidiaries of the registrant
---------------------------------------------------------------------------------------------------------------------

---------------
<FN>
(1)<F1>  Incorporated by reference to the exhibits to the registrant's current
         report on Form 8-K dated January 28, 2002, file number 0-30721.
(2)<F2>  Incorporated by reference to the exhibits to the registrant's
         registration statement on Form 10-SB, file number 0-30721.
</FN>
</TABLE>

Reports on Form 8-K:  None.



<PAGE>




                                   SIGNATURES

         In accordance with Section 13 or 15(d) of the Exchange Act, the
registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                      GOLDEN HOLE, INC.



Date:    April 15, 2002               By:  /s/ Joseph Giordano, Jr.
       --------------------              ---------------------------------------
                                            Joseph Giordano, Jr., President


         In accordance  with the Exchange Act, this report has been signed below
by the following  persons on behalf of the  registrant and in the capacities and
on the dates indicated.

<TABLE>
<CAPTION>
           SIGNATURE                             TITLE                                 DATE

<S>                                   <C>                                    <C>

                                      President and Director
/s/ Joseph Giordano, Jr.              (Principal Executive Officer)              April 15, 2002
----------------------------------                                           -------------------------
Joseph Giordano, Jr.


/s/ Charles J. Long, Jr.              Secretary, Treasurer and Director          April 15, 2002
----------------------------------                                           -------------------------
Charles J. Long, Jr.


                                      Chief Financial Officer (Principal
/s/ Frederick W. Wakelin, Jr.         Financial and Accounting Officer)          April 13, 2002
----------------------------------                                           -------------------------
Frederick W. Wakelin, Jr.


/s/ Joseph M. Giordano                 Director                                  April 15, 2002
----------------------------------                                           -------------------------
Joseph M. Giordano


</TABLE>