SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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                                    Form 8-K

                                 CURRENT REPORT


                     Pursuant to Section 13 or 15(d) of the

                         Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  January 31, 2001
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                     Cornerstone Internet Solutions Company
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             (Exact name of registrant as specified in its charter)


    Delaware                     1-13360           22-3272662
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(State or other jurisdiction   (Commission       (IRS Employer
     of incorporation)         File Number)   Identification No.)


           500 Lanidex Plaza, 3rd Floor, Parsippany, New Jersey 07054
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                    (Address of principal executive offices)


Registrant's telephone number, including area code: (973) 503-5600


                                       N/A
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         (Former name or former address, if changed since last report.)






Item 5.  Other Events.
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                  Cornerstone  Internet  Solutions  Company(the  "Company")  has
reflected   B2Bgalaxy.com  Inc.  (B2B)  as  a  consolidated  subsidiary  in  its
previously  filed  financial  statements.  However,  on February 29,  2000,  B2B
completed a private  placement  of common  stock,  which  reduced the  Company's
voting  interest in B2B below 50%.  As the  Company no longer had a  controlling
financial  interest in B2B, the Company  should have presented the investment in
B2B using the equity method of  accounting as of and for periods after  February
29, 2000. In the financial information included in the Company's Form 10-QSB for
the quarterly  period ended  November 30, 2000,  the  investment in B2B has been
reflected  using the equity  method of accounting  from  February 29, 2000.  The
consolidated  balance  sheet as of May 31, 2000 has been adjusted to reflect the
investment in B2B on an equity basis from February 29, 2000 forward.

                  Summarized  balance  sheet data for the  Company as of May 31,
2000 as originally reported and as restated is as follows:

($ in the thousands)                Originally Reported        As Restated
- --------------------                -------------------        -----------

Cash and cash equivalents                   12,222                    94
Current Assets                              13,111                 1,644
Total Assets                                15,621                 7,477

Current and total Liabilities                2,194                   236
Minority interest                            6,480                     -
Stockholders' equity                         6,947                 7,241

                  Deferred  charges of $293,872 were  included in  stockholders'
equity as originally reported in error, which has been corrected in the restated
amounts.

                  The Company plans to amend its financial  statements  included
in its Form  10-KSB for the fiscal  year ended May 31, 2000 and Form 10- QSB for
the  quarterly  periods  ended  February  29 and August 31,  2000 to reflect its
investment in B2B using the equity  method of accounting  from February 29 2000.
The  Company  does not  anticipate  there will be any  changes to the  Company's
stockholders'  equity,  net loss or related per share amounts as a result of the
revisions to the  financial  statements to apply the equity method of accounting
for the Company's investment in B2B. The Company's auditors,  KPMG LLP, have not
completed their audit of the adjustments to the Company's  financial  statements
as of and for the year ended May 31, 2000.


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                                    SIGNATURE


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                          CORNERSTONE INTERNET SOLUTIONS COMPANY



Dated: January 31, 2001                   By: /s/ Kenneth Gruber
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                                          Name:  Kenneth Gruber
                                          Title: Chief Financial Officer and
                                                 Secretary



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