SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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 December 31, 2000

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

       For the transition period from __________ to _____________

       Commission file number      000-13337
                              ---------------

                             Buy It Cheap.com, Inc.
 -------------------------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in Its Charter)

           Delaware                                              22-2497491
-------------------------------------                          --------------
  (State or other jurisdiction of                              (IRS Employer
  incorporation or organization)                             Identification No.)

                     1800 Bloomsbury Avenue, Ocean, NJ 07712
--------------------------------------------------------------------------------
                    (Address of principal executive offices)


                                  732-922-3609
--------------------------------------------------------------------------------
                           (Issuer's telephone number)

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


                     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 12, 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:  8,790,802 shares of Common
Stock, $.001 par value per share, at January 18, 2001.

     Transitional Small Business Disclosure Format (check one) Yes [ ]   No [X]


<PAGE>



                         PART I - FINANCIAL INFORMATION

Item 1. Financial Statements of Buy It Cheap.com, Inc. (unaudited)


     Balance Sheet as of December 31, 2000 and June 30, 2000.

     Statements of Loss for the three and six month  periods ended  December 31,
        2000 and for the three month period ending December 31, 1999 and period
        July 21, 1999 to December 31, 1999.

     Statements of Cash Flows for the six months ended December 31, 2000 and for
        the period July 21, 1999 to December 31, 1999

     Notes to Financial Statements


<PAGE>
<TABLE>


                             BUY IT CHEAP.COM, INC.
                          (A Development Stage Company)
                                Balance Sheets

<CAPTION>
                                                                                                         As of
                                                                                       December 31, 2000       June 30, 2000

       Assets

Current assets:
<S>                                                                                      <C>                       <C>
    Cash                                                                                 $   45,733                $ 44,424
    Due from officers and directors                                                          28,790                  28,790
    Other current assets                                                                      1,000                   2,080
                                                                                            --------                -------
                Total current assets                                                         75,523                  75,294
                                                                                            --------                -------
Investment in and net advances to joint venture                                             620,535                 620,535
Reserve against investment in and net advances to joint venture                            (620,535)               (620,535)
Property and equipment, net of depreciation                                                  26,308                  32,292
                                                                                            --------               --------
     Total assets                                                                         $ 101,831                $107,586
                                                                                            =======                ========
                     Liabilities and Equity

Current liabilities:
   Accounts payable                                                                       $ 155,889                 154,686
   Due to officers and directors                                                              5,559                   5,559

                                                                                           --------                 -------
     Total current liabilities                                                              161,448                 160,245

                                                                                           --------                 -------
Convertible note payable                                                                     16,198                  16,198
                                                                                           --------                --------
Total liabilities                                                                           177,646                 176,443
                                                                                           --------                --------
Stockholders' equity:
   Preferred stock - Series C, $.001 par
        Authorized - 2,000,000 shares
        Issued and outstanding - 10,000 shares                                                   10                      10
   Common stock - $.001 par
       Authorized - 20,000,000 shares
       Issued and outstanding - 8,790,802 shares                                              8,791               $   8,740
   Paid in capital                                                                          767,540                 742,590
   Treasury stock                                                                          (751,100)               (751,100)
   Deficit  accumulated during
        the development stage                                                              (101,056)                (69,097)

                                                                                          ----------               ---------
     Total stockholders' equity                                                             (75,815)                (68,857)

                                                                                          ----------               ---------
           Total Liabilities and Equity                                                  $  101,831               $ 107,586
                                                                                          =========               ==========

</TABLE>

<PAGE>

<TABLE>

                             BUY IT CHEAP.COM, INC.
                          (A Development Stage Company)
                              Statements of Loss

<CAPTION>
                                                                                                                   Cumulative
                                                                                                                  for the period
                                                    For the three months ended   For the six months ended          July 19, 1999
                                                           December 31,                 December 31,                      to
                                                     2000                 1999    2000               1999          Dec. 31, 2000

<S>                                                 <C>                 <C>           <C>                       <C>       <C>
Sales Revenues                                      $   -               $     -       $   -                     $  -      $   -
                                                    --------             ---------    ----------               --------  ---------

Direct operating costs                               3,175                     -           4,020                   -        10,775
General and administrative expenses (1)             11,696                15,567          27,939                 15,750     90,281
                                                   ---------           -----------     ----------               --------  ---------
           Total expenses                           14,871                15,567          31,959                 15,750    101,056
                                                   ---------           -----------     ----------               --------  ---------
           Net loss                               $(14,871)           $  (15,567)      $ (31,959)               (15,750)  (101,056)
                                                   =========           ===========     ==========               ========  =========

Net loss per share                                $    -              $    -           $    -                  $    -     $
                                                   =========           ==========      ==========              =========  =========

</TABLE>


<PAGE>
<TABLE>

                             BUY IT CHEAP.COM, INC.
                          (A Development Stage Company)
                            Statements of Cash Flows

<CAPTION>

                                                                                                                        Cumulative
                                                                          For the six            For the period        from July 19,
                                                                          Months ended           July 19, 1999 to        1999 to
                                                                          December 31,            December 31,         December 31,
                                                                            2000                      1999                2000

<S>                                                                       <C>                     <C>                   <C>
Cash flows from operating activities:-
   Net loss                                                               $ (31,959)              $  (15,750)           $ (101,056)
   Adjustments to reconcile net loss to net cash used
        by operating activities:
        Depreciation and amortization                                         5,983                      -                  11,967
  Changes in assets and liabilities
       Other current assets                                                 (1,080)                   (1,000)               (1,000)
       Accounts payable                                                      1,205                     7,755                   960
                                                                          ------------               ------------       -----------
       Net cash used by operating activities                               (23,691)                   (8,995)              (89,129)
                                                                          ------------               ------------       -----------
Cash flows from investing activities
       Purchase of property and equipment                                     -                      (22,915)              (23,275)
       Increase in due from officers/directors                                -                      (48,790)              (28,790)

       Cash acquired                                                                                   1,927                 1,927
                                                                          ------------               -----------        -----------
                                                                              -                      (69,778)              (50,138)
                                                                          ------------               -----------        -----------
Cash flows from financing activities:
   Sale of Common stock                                                     25,000                   108,000               185,000
   Advances made in conjunction with acquisition                              -                      (21,751)                 -
                                                                          ------------               -----------        -----------
                                                                            25,000                    86,249               185,000
                                                                          ------------                -----------        -----------
Net increase (decrease) in cash                                              1,309                     7,476                45,733

Cash at beginning of period                                                 44,424                       -                     -
                                                                          ------------               -----------        -----------
Cash at end of period                                               $       45,733                   $ 7,476              $ 45,733
                                                                          ============               ===========        ===========
</TABLE>


<TABLE>
<CAPTION>

 SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES

<S>                                                                                      <C>
 Liabilities assumed in the acquisition of Northeast (USA) Corp. for common stock        $ (190,957)
 Accounts payable satisfied by issuance of common stock and convertible note payable         32,395
 Software costs financed by issuance of common stock                                         15,000
                                                                                          -----------
                                                                                         $ (143,562)
                                                                                          ===========

</TABLE>

<PAGE>


                             Buy It Cheap.com, Inc.
                          (A Development Stage Company)
                          Notes to Financial Statements

Financial Statements

The Balance  Sheets,  Statements of Loss,  and  Statements of Cash Flows for all
periods  reported  herein have been  prepared  by Buy It  Cheap.com,  Inc.  (the
"Company") without audit. The financial  statements reflect all adjustments of a
normal recurring nature, which are, in the opinion of management, necessary to a
fair statement of the results for the interim periods presented.

Nature of Business

The Company is a Delaware  corporation.  On November  3, 1999,  Northeast  (USA)
Corp. purchased all of the common stock of Buy It Cheap.com, Inc. (a development
stage company).  For accounting purposes, the acquisition has been treated as an
acquisition  of  Northeast  (USA)  Corp.  by Buy  It  Cheap.com,  Inc.  and as a
recapitalization  of Buy It  Cheap.com,  Inc.  The Company  will  operate in the
Internet  retailing  industry.  Since  there have been no  significant  revenues
generated from Internet retailing, the Company is considered a development stage
company for financial reporting purposes.


Summary of Significant Accounting Policies

Basis of Presentation

The Company's financial statements have been presented on the basis that it is a
going concern, which contemplates the realization of assets and the satisfaction
of liabilities in the normal course of business. The Company has incurred losses
and has no current source of revenues or funds and has a working capital deficit
as of December 31, 2000. The Company's continued existence is dependent upon its
ability to secure adequate financing.  The Company plans to raise capital in the
future; however, there are no assurances that such plan will be successful.  The
financial  statements do not include any adjustments  that might result from the
outcome of these uncertainties.

Joint Venture

The Company, in 1992 formed a joint venture agreement with the Northeast General
Pharmaceutical  Factory ("NEGPF") a government owned  pharmaceutical  concern in
Shenyang,  China, whereby both companies  established a joint venture company in
China. Each of the Company and NEGPF were to have contributed  certain assets to
the joint venture.  The Company was to have contributed $2.1 million in cash and
$1.15 million in technology for a total capital  contribution  of $3.25 million.
NEGPF was to have  contributed  $750,000 in cash and a land-use  right valued at

<PAGE>

$1.75 million for a total contribution of $2.5 million. Based upon the amount of
contribution,  the  Company  owned  56.52% of the joint  venture and NEGPF owned
43.48%.  To  date,  the  Company  has  contributed  $1  million  of cash and has
contributed the technology.

                          Notes to Financial Statements

NEGPF has  contributed  $750,000 of cash but has not  contributed  the  land-use
right.  The joint venture had only limited  start-up  operations  and operations
effectively ceased in 1997 due to lack of funding.  The Company has communicated
with NEGPF that it no longer has any interest in the joint venture.  As such the
Company has reserved  $620,535 against the investment in and net advances to the
joint venture.

Net Loss Per Common Share

The weighted  average number of common shares  outstanding used in computing net
loss per common share was  5,863,121  and  3,309,104 for the three and six month
1999 periods included herein,  and 8,790,395 and 8,781,974 for the three and six
month  2000  periods.  The  weighted  average  number of common  shares  used in
computing  the net loss per common  share does not include  any shares  issuable
upon the  assumed  conversion  of the  preferred  stock  (see Note on  Preferred
Stock), since the effect would be anti-dilutive.

Income Taxes

Income taxes are provided  for the tax effects of  transactions  reported in the
financial  statements  and consist of taxes  currently due plus  deferred  taxes
related primarily to differences between the basis of assets and liabilities for
financial  and  income  tax  reporting.  Deferred  tax  assets  and  liabilities
represent the future tax return  consequences of those  differences,  which will
either be taxable or deductible  when the assets or liabilities are recovered or
settled.  Deferred  taxes also are  recognized  for  operating  losses  that are
available to offset future federal and state income taxes. As of the last fiscal
year ended June 30, 2000, the Company had a net operating loss  carryforward  of
$492,775 that expires in years through 2020.

Use of Estimates

The preparation of financial  statements in conformity  with generally  accepted
accounting principles requires management to make estimates and assumptions that
affect  the  reported  amounts  of assets  and  liabilities  and  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.

Preferred Stock

In May 1994,  the Company sold 275,000 shares of its newly  designated  Series C
convertible  preferred  stock,  $.001  par  value,  for an  aggregate  amount of
$825,000  to a group of  private  investors.  Except for  $10,000  (representing
30,000 shares) of the preferred stock, all had been converted according to their
terms  prior to July 1, 1998.  The Company has the right to redeem the shares at
$4.50 per  share.  The  shares  carry a stated  dividend  rate of 8 % per annum.
Dividends are cumulative and are payable quarterly.  No cash dividends have ever

<PAGE>

been paid. Some former  preferred  shareholders  (prior to or simultaneous  with
their  conversion)  have accepted  shares of the Company's stock in lieu of cash
dividends.  Those that did not accept  shares of stock for  dividends  and those
that did not  covert  their  preferred  shares are owed a total of  $105,190  of
dividend arrearages at December 31, 2000.

Convertible note payable

During the year ended June 30, 2000 the Company  entered into an agreement  with
one of its creditors  whereby the amount of the creditor's  claim  ($32,395) was
settled  through the  issuance of 32,395 of the  Company's  common  shares and a
non-interest  bearing convertible note for $16,198.  The note is due on December
31, 2001 and is  convertible  into 32,395 shares of the  Company's  common stock
prior to that date.

Stock option plan

On February 16, 2000 the Company's Board of Directors approved the adoption of a
stock  option  plan and  granted  options  for the  purchase  1  million  of the
Company's shares at an exercise price of $1.3125 per share (fair market value at
date  of  grant).  The  adoption  of the  plan  must  be  approved  by a vote of
stockholders,  and such action by the Board in relation to the stock option plan
is contingent upon such stockholder approval.

Contingencies

The  Company is  indebted  to two  suppliers  who have filed  suit  against  the
Company.  These filed claims total  approximately  $89,000,  of which $11,000 is
disputed by the Company.  One of these  creditors has obtained a judgement (with
interest)  against  the  Company  for  approximately  $60,000.  The  Company has
attempted  to  settle  these  claims  with  issuance  of its  common  stock  and
convertible  notes. If the Company is unable to resolve these claims,  it may be
unable to proceed with its business plans.


<PAGE>


            Management's Discussion and Analysis or Plan of Operation

The Company entered the Internet  retailing  business through the formation of a
separate  entity  by two of its  directors.  The new  entity  was  able to raise
limited  start-up  capital for an Internet  retailing  business.  For accounting
purposes,  the  combination of the two companies was treated as an acquistion of
the Company by this new entity. Subsequent to the completion of this acquisition
the Company changed its name to Buy It Cheap.com, Inc. and commenced an Internet
retailing operation under the website  "Buyitcheap.com."  The Company must still
arrange  settlement of its  liabilities  and raise  substantial  new  investment
capital in order to effectively develop this business.

Financial and operating plan for the next 12 months

The Company plans to operate over the next 12 months with little overhead. It is
currently  upgrading  its  website  and  is  planning  for  limited  promotional
activities to commence  during the March and June 2001 quarters.  Until there is
positive cash flow from its Internet business, or the Company is able to raise a
substantial  amount of new capital,  there will be few, if any paid employees or
rental  expense (such being provided by certain  officers and directors  without
charge).   The  sales   transactions,   for  the  most  part,  will  be  handled
automatically   over  the  Internet  requiring  little  labor  or  office  space
requirements.  The Company  believes it can become a viable  business  within 12
months (subject to the outcome of previously  described legal proceedings) if it
is able to raise  additional  capital.  The  objective of the Company will be to
establish the viability  necessary to attract substantial new investment capital
to expand its business.

                 DISCLOSURE REGARDING FORWARD LOOKING STATEMENTS

This Quarterly Report on Form 10-QSB contains forward-looking  statements within
the meaning of the Private Securities  Litigation Act of 1995 and Section 21E of
the Securities  Exchange Act of 1934, as amended,  that are based on the beliefs
of the  Company's  management  as well as  assumptions  made by and  information
currently  available to the Company's  management.  The Company  desires to take
advantage of the "safe harbor" provisions of the Private  Securities  Litigation
Reform Act of 1995 and is making this  cautionary  statement in connection  with
such safe harbor provisions.  When used in this Quarterly Report on Form 10-QSB,
the words "estimate,"  "project," "believe,"  "anticipate,"  "intend," "expect,"
"plan,"  "predict,"  "may,"  "should,"  "will," the negative thereof and similar
expressions are intended to identify forward-looking statements.

Forward-looking  statements are inherently  subject to risks and  uncertainties,
many of which cannot be predicted with accuracy and some of which might not even
be anticipated. Future events and actual results, financial and otherwise, could
differ materially from those set forth in or contemplated by the forward-looking
statements  contained  herein.  Important  factors that could contribute to such
differences include, but are not limited to, the fact that the Company is in the
early  stages of  developing  its Internet  retailing  business,  the  Company's
dependence on growth of the Internet, rapid technological changes in the market,
the effect of substantial  competition in the Internet retail market, the effect
of changes in governmental  regulation of the Internet and the effect of general
economic and market conditions. Other factors may be described from time to time
in the Company's other filings with the Securities and Exchange Commission, news
releases  and other  communications.  Readers are  cautioned  not to place undue
reliance on these  forward-looking  statements,  which speak only as of the date
hereof. The Company does not

<PAGE>

undertake   any   obligation   to  release   publicly  any  revisions  to  these
forward-looking  statements to reflect  events or  circumstances  after the date
hereof or to reflect the occurrence of unanticipated events.

                           PART II - OTHER INFORMATION

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

         (a) Exhibits

         27  Financial Data Schedule

         (b) Current Reports on Form 8-K filed during the quarter
             ended December 31, 2000.

             None.


<PAGE>
                                   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.

                                                      BUY IT CHEAP.COM, INC.

                                                     /s/ Stephen E. Roman, Jr.
 Date: February 13, 2001                                    Signature
                                                         Stephen E. Roman, Jr.
                                                            President