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      March 31, 2002

           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)


                                  732-922-3355
________________________________________________________________________________
                           (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 [ ]

                      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:  9,190,802 shares of Common
Stock, $.001 par value per share, at April 16, 2002.

<PAGE>
                         PART I - FINANCIAL INFORMATION



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


     Balance Sheets as of March 31, 2002 and June 30, 2001.

     Statements of Loss for the three and nine  month  periods  ended  March 31,
          2002 and  March 31,  2001 and the  period  July 19,  1999 to March 31,
          2002.

     Statements of Cash Flows for the nine  months  ended March 31, 2002 and for
          the period July 19, 1999 to March 31, 2002.

     Notes to Financial Statements.


<PAGE>
<TABLE>
                             BUY IT CHEAP.COM, INC.
                          (A Development Stage Company)
                                 Balance Sheets
                                   (Unaudited)
                                                               As of
                                                   March 31, 2002   June 30, 2001
        Assets
Current assets:
    Cash                                         $     11,271                $  12,452
    Due from officers and directors                      -                      28,790
    Other current assets                                1,000                    1,000

                                                     ----------              -----------
         Total current assets                          12,271                   42,242

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            11,350                   20,325
                                                    -----------              -----------
     Total assets                                   $  23,621                $  62,567
                                                    =========                =========
            Liabilities and Equity
Current liabilities:
   Accounts payable                                 $ 146,943                $ 164,009
   Due to officers and directors                        5,559                    5,559
   Convertible note payable                            16,198                   16,198

                                                    ----------                ---------
     Total current liabilities                        168,700                  185,766

                                                    -----------               ----------
Total liabilities                                     168,700                  185,766

                                                    -----------               ----------
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
          and 9,190,802 shares respectively             9,191                    8,791
   Paid in capital                                    787,140                  767,540
   Treasury stock                                    (751,100)                (751,100)
   Deficit  accumulated during
        the development stage                        (190,320)                (148,439)
                                                   ------------               ---------
     Total stockholders' equity                      (145,079)                (123,199)
                                                   ------------             -------------
           Total Liabilities and Equity            $   23,621               $   62,567
                                                   ============             =============

                      See Notes to the Financial Statements

<PAGE>

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

                                                                                          Cumulative
                                                                                        for the period
                            For the three months ended    For the nine months ended      July 19, 1999
                                    March  31,                  March 31,                      to
                            2002                2001       2002       2001               Mar. 31, 2002

Sales Revenues            $  -                 $  -        $  -     $    -                $     -
                          -------              -------     -----    --------              ------------
Direct operating costs      450                5,456       2,735      9,056                    20,591
General and administrative
expenses                  9,898               12,066      39,143     40,427                   169,726
                         --------             ---------   --------  ---------              -----------
      Total expenses     10,348               17,522      41,878     49,483                   190,317
                         --------             ---------   --------  ---------              -----------

      Net loss        $ (10,348)          $  (17,522)   $(41,878)   (49,483)                 (190,317)
                      ==========           ===========   =========   =========              ===========

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


                        See Notes to Financial Statements

<PAGE>

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

                                                                                                Cumulative
                                                                                                from July 19,
                                                     For the nine months ended                     1999 to
                                                          March 31,                               March  31
                                                     2002                 2001                      2002

<S>                                              <C>                   <C>                      <C>
Cash flows from operating activities:-
   Net loss                                      $  (41,878)           $  (49,483)              $  (190,317)
   Adjustments to reconcile net loss to net
      cash used by operating activities:
      Depreciation and amortization                   8,975                 8,975                    29,916
  Changes in assets and liabilities
       Other current assets                             -                   1,080                    (1,000)
       Accounts payable                             (17,068)               (5,591)                  (10,980)
                                                  ------------          ------------              -----------
       Net cash used by operating activities        (49,971)              (45,019)                 (172,381)
                                                  ------------          ------------              -----------
Cash flows from investing activities
       Purchase of property and equipment              -                      -                     (23,275)
       Decrease in due from officers/directors        28,790                  -                         -
       Cash acquired                                                          -                       1,927
                                                  ------------          ------------              ------------
                                                      28,790                  -                     (21,348)
                                                  ------------          ------------              ------------
Cash flows from financing activities:
   Sale of Common stock                               20,000                25,000                   205,000
   Advances made in conjunction with acquisition         -                    -                         -
                                                  ------------           -----------               -----------
                                                      20,000                25,000                   205,000
                                                  ------------           ------------              -----------
Net increase (decrease) in cash                       (1,181)              (20,019)                   11,271
Cash at beginning of period                           12,452                44,424                        -
                                                  ------------           ------------              ------------
Cash at end of period                            $    11,271            $   24,405              $      1,271
                                                 =============           ============             =============
</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             52,395
       Software costs financed by issuance of common stock                                             15,000
                                                                                                    ---------
                                                                                                   $ (123,562)
                                                                                                    ==========
</TABLE>

                        See Notes to Financial Statements
<PAGE>


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

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 March 31, 2002.  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.  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.
<PAGE>

                    Notes to Financial Statements (continued)
                                   (Unaudited)

Net Loss Per Common Share

The weighted  average number of common shares  outstanding used in computing net
loss per common share was  9,190,395  and  8,790,395 for the three month periods
March 31, 2002 and 2001 and 9,123,242  and  8,784,740  shares for the nine month
periods ended March 31, 2002 and 2001 respectively.  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, 2001, the Company had a net operating loss  carryforward  of
$572,117 that expires in years through 2021.

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  convert  their  preferred  shares are owed a total of  $108,190 of
dividend arrearages at March 31, 2002.


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 was due on December
31, 2001 and was  convertible  into 32,395 shares of the Company's  common stock
prior to that date.  The  creditor  has  notified  the Company  that it does not
intend to exercise its conversion
<PAGE>

                    Notes to Financial Statements (continued)
                                   (Unaudited)


privilege and has demanded payment on the note. The Company is currently seeking
to restructure the note but does not know if it will be successful in doing so.


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>

Item 2.   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 next 12 months.  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
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.

<PAGE>




                           PART II - OTHER INFORMATION



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

     (a)  Exhibits

               None.

     (b)  Current  Reports on Form 8-K filed during the quarter  ended March 31,
          2002

               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.





                                                    ------------------------
Date: May  __, 2002                                       Signature
                                                      Stephen E. Roman, Jr.
                                                   Vice President and Principal
                                                       Accounting Officer