SECURITIES AND EXCHANGE CONINIISSION
                              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       September 30, 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 April 21, 2000

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 September 30, 2000 and June 30, 2000.

     Statements  of Loss for the three months ended  September  30, 2000 and for
        the period July 21, 1999 to September 30, 1999

     Statements of Cash Flows for the three months ended  September 30, 2000 and
        for the period July 21, 1999 to September 30, 1999

     Notes to Financial Statements


                                        2

<PAGE>
<TABLE>

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


                                                                As of
                                                September 30, 2000      June 30,   2000
                           Assets
Current assets:
    Cash                                          $     60,964                $44,424
<S>                                                     <C>                    <C>
    Due from officers and directors                     28,790                 28,790
    Other current assets                                 2,080                  2,080

                                                      ---------              ---------
           Total current assets                         91,834                 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             29,300                 32,292

                                                      ---------              ---------
     Total assets                                 $    121,134               $107,586
                                                      =========               ========
                Liabilities and Equity
Current liabilities:
   Accounts payable                               $    160,321                154,686
   Due to officers and directors                         5,559                  5,559

                                                     ----------               --------
     Total current liabilities                         165,880                160,245

                                                     ----------               --------
Convertible note payable                                16,198                 16,198

                                                     -----------              --------
Total liabilities                                      182,078                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                          (86,185)               (69,097)

                                                     -----------              --------
     Total stockholders' equity                        (60,944)               (68,857)

                                                     ------------             --------
           Total Liabilities and Equity           $    121,134          $     107,586
                                                    ============             ========


                       See Notes to Financial Statements

                                        3
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


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

                                                                                           Cumulative
                                                For the three                             from July 19,
                                                Months ended        From July 19           1999 to
                                                September 30,       to September 30,      September 30,
                                                   2000                 1999                   2000

<S>                                              <C>                 <C>                   <C>
Revenues                                         $   -               $   -                 $    -
                                                 ---------           -----------            --------
Direct operating costs                              845                  -                    7,600
General and administrative expenses (1)          16,243                 183                  78,585
                                                 ----------          -----------            --------
Total expenses                                   17,088                 183                  86,185
                                                 ----------          -----------            --------
    Net loss                                     $(17,088)           $ (183)               $(86,185)
                                                 ==========          ===========           =========
Net loss per share                               $    -              $    -
                                                 ==========          ===========


                       See Notes to Financial Statements


                                       4

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

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

                                                                                                 Cumulative
                                             For the three            For the period             from July19,
                                             Months ended            July 19, 1999 to               1999 to
                                             September 30,            September 30,               September 30,
                                                2000                     1999                        2000

Cash flows from operating activities:-
<S>                                         <C>                      <C>                          <C>
   Net loss                                 $   (17,088)             $   (183)                    $ (86,185)
   Adjustments to reconcile net loss
        to net cash used by operating
        activities:
     Depreciation and amortization                2,992                    -                          8,975
  Changes in assets and liabilities
       Other current assets                        -                       -                         (2,080)
                                                ---------              ---------                    ---------
       Net cash used by operating activities     (8,460)                 (183)                      (73,898)
                                                ---------              ---------                    ---------
Cash flows from investing activities
       Purchase of property and equipment          -                  (16,500)                      (23,275)
       Increase in due from officers/directors     -                       -                        (28,790)
       Cash acquired                               -                       -                          1,927
                                               ----------             ----------                    ---------
                                                   -                  (16,500)                      (50,138)
                                               ----------             ----------                    ---------
Cash flows from financing activities:
   Sale of Common stock                          25,000                62,000                       185,000
   Advances made in conjunction with acquisition   -                  (21,751)                          -
                                              -----------            ----------                    ---------
                                                 25,000                40,249                       185,000
                                              -----------            ----------                    ---------
Net increase (decrease) in cash                  16,540                23,566                        60,964
Cash at beginning of period                      44,424                  -                               -
                                             ------------             ----------                    ---------
Cash at end of period                       $    60,964              $ 23,566                     $  60,964
                                             ============             =========                    =========
</TABLE>
                       See Notes to Financial Statements

                                       5



<TABLE>

        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 September 30, 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
$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.


                                       6

<PAGE>


                          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  760,278  for the 1999 period  included  herein,  and
8,773,547 for the 2000 period. 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
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  $104,590  of
dividend arrearages at September 30, 2000.


                                       7

<PAGE>

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 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.
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 no paid
employees  or rental  expense  (such  being  provided  by certain  officers  and
directors  without  charge).  The sales  transactions,  for the most  part,  are
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.  During the  current  fiscal  quarter the
Company has raised an  additional  $25,000  and is in the  process of  obtaining
commitments for more 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
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.


                                       9

<PAGE>

     Subsequent written and oral forward-looking  statements attributable to the
Company  or  persons  acting on its  behalf  are  expressly  qualified  in their
entirety by the cautionary statements set forth above and contained elsewhere in
this Quarterly Report on Form 10-QSB.

















                                       10
<PAGE>

                           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
             September 30, 2000.

                  None.
















                                       11
<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: November 14, 2000                                   Signature
                                                         Stephen E. Roman, Jr.
                                                            President

















                                       12