<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 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 3/31/01.

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


        Commission file number:
                                 -----------------------


                              GREENVOLT POWER CORP.
        (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)
        -----------------------------------------------------------------

              NEVADA                            88-0390828
  (State or other jurisdiction        (IRS Employer identification No.)
of incorporation or organization)


                                4055 DIGBY DRIVE
                        ORILLIA, ONTARIO, CANADA L3V 6H2
                    (Address of principal executive offices)

                                  705 327-8331
                           (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: 18,662,000

        Transitional Small Business Disclosure Format (Check One): Yes/ / No /X/

<PAGE>

               PART I - FINANCIAL INFORMATION

ITEM 1. Financial Statements


<PAGE>

                              GREENVOLT POWER CORP.
                      (A Company in the Development Stage)
                      CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                March 31,      June 30,
                                                                  2001           2000
                                                              ------------   ------------
                                                              (unaudited)
<S>                                                            <C>           <C>
CURRENT ASSETS
  Cash and cash equivalents                                   $       377    $         1
  Prepaid value added tax                                          11,063          1,278
  Due from related parties                                              -          2,237
  Advances for fuel cell development                               10,355         14,466
  Non-refundable deposit                                           47,544              -
                                                              ------------   ------------
      TOTAL CURRENT ASSETS                                         69,339         17,982
PROPERTY AND EQUIPMENT                                             29,608              -
                                                              ------------   ------------
                                                              $    98,947    $    17,982
                                                              ============   ============

             LIABILITIES AND SHAREHOLDERS' DEFICIENCY

CURRENT LIABILITIES
  Accounts payable and accrued expenses                       $   109,672    $         -
  Notes payable - related party                                     2,500          2,500
  Advances from third party                                       272,178         40,434
  Due to officer                                                    7,493         14,111
                                                              ------------   ------------
      TOTAL LIABILITIES                                           391,843         57,045
                                                              ------------   ------------
SHAREHOLDERS' DEFICIENCY
  Common stock, $.001 par value; authorized -
    200,000,000 shares; issued and outstanding -
    18,658,500 shares on March 31, 2001 and
    18,653,500 on June 30, 2000                                    18,658         18,653
  Additional paid in capital                                       36,479         31,484
  Deficit accumulated during the development stage               (336,725)       (88,962)
  Accumulated other comprehensive expense                         (11,308)          (238)
                                                              ------------   ------------
      TOTAL SHAREHOLDERS' DEFICIENCY                             (292,896)       (39,063)
                                                              ------------   ------------
                                                              $    98,947    $    17,982
                                                              ============   ============
</TABLE>

      See accompanying Notes to Condensed Consolidated Financial Statements

<PAGE>

                              GREENVOLT POWER CORP.
                      (A Company in the Development Stage)
          CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIENCY
                 From Inception April 14, 1998 to March 31, 2000

<TABLE>
<CAPTION>
                                                                                                              Deficit
                                                                                                             Accumulated
                                                                    Additional                  Other        During the
                                                 Common Stock        Paid in   Subscription Comprehensive    Development
                                              Shares      Amount     Capital    Receivable     Expense          Stage      Total
                                           ------------ ---------- ---------- ------------- --------------   ----------- ---------
<S>                                        <C>          <C>        <C>        <C>           <C>              <C>         <C>
Issuance of common stock for services       10,000,000    $10,000   $ 35,950     $ (37,200)                              $   8,750

Issuance of common stock for cash            5,000,000      5,000     (4,500)                                                  500

Issuance of common stock for cash               70,000         70      6,930                                                 7,000

Net loss                                                                                                         (8,332)    (8,332)
                                           ------------ ---------- ---------- ------------- ---------------- ----------- ---------
Balance, June 30, 1999                      15,070,000     15,070     38,380       (37,200)               -      (8,332)     7,918

Issuance of common stock for cash              147,500        147     14,603                                                14,750

Receipt of stock subscription                                                       37,200                                  37,200

Cancellation of common stock                (9,600,000)    (9,600)                                                          (9,600)

Issuance of common stock in exchange
  for common stock of Greenvolt Corp.       12,436,000     12,436    (21,499)                                               (9,063)

Issuance of common stock for services          600,000        600                                                              600

Foreign currency translation adjustment                                                                (238)                  (238)

Net loss                                                                                                        (80,630)   (80,630)
                                           ------------ ---------- ---------- ------------- ---------------- ----------- ---------
Balance, June 30, 2000                      18,653,500     18,653     31,484             -             (238)    (88,962)   (39,063)

Issuance of common stock for services            5,000          5      4,995                                                 5,000

Foreign currency translation adjustment                                                             (11,070)               (11,070)

Net loss                                                                                                       (247,763)  (247,763)
                                           ------------ ---------- ---------- ------------- ---------------- ----------- ---------
Balance, March 31, 2001 (unaudited)         18,658,500    $18,658   $ 36,479     $       -        $ (11,308) $ (336,725) $(292,896)
                                           ============ ========== ========== ============= ================ =========== =========
</TABLE>

     See accompanying Notes to Condensed Consolidated Financial Statements

<PAGE>


                              GREENVOLT POWER CORP.
                      (A Company in the Development Stage)
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)

<TABLE>
<CAPTION>

                                                        Nine Months Ended               Three Months Ended         From Inception
                                                  ------------------------------   -----------------------------   April 14, 1998
                                                     March 31,       March 31,       March 31,       March 31,           to
                                                       2001             2000           2001            2000        March 31, 2001
                                                  ---------------   ------------   -------------   -------------   ---------------
<S>                                               <C>               <C>            <C>             <C>             <C>
REVENUES                                          $             -   $          -   $           -   $           -   $             -
                                                  ---------------   ------------   -------------   -------------   ---------------

EXPENSES
  General and administrative                             159,720               -          11,291               -           191,193
  Research and development                               121,680               -          39,251               -           179,169
                                                  ---------------   ------------   -------------   -------------   ---------------
     TOTAL EXPENSES                                      281,400               -          50,542               -           370,362
                                                  ---------------   ------------   -------------   -------------   ---------------
LOSS FROM CONTINUING OPERATIONS                         (281,400)                        (50,542)              -          (370,362)
LOSS FROM DISCONTINUED OF OPERATIONS
  Gain (loss) on disposition of
    discontinued operations                               33,637               -          (2,688)              -            33,637
  Loss on discontinued operations                              -         (34,225)              -         (15,437)                -
                                                  ---------------   ------------   -------------   -------------   ---------------
TOTAL GAIN FROM DISCONTINUED OPERATIONS                   33,637         (34,225)         (2,688)        (15,437)           33,637
                                                  ---------------   ------------   -------------   -------------   ---------------
NET LOSS                                                (247,763)        (34,225)        (53,230)        (15,437)         (336,725)

OTHER COMPREHENSIVE INCOME (EXPENSE)
  Foreign currency translation adjustment                (11,070)              -         (13,398)              -           (11,070)
                                                  ---------------   ------------   -------------   -------------   ---------------
 COMPREHENSIVE LOSS                               $     (258,833)   $    (34,225)  $     (66,628)  $     (15,437)  $      (347,795)
                                                  ===============   ============   =============   =============   ===============
 WEIGHTED AVERAGE NUMBER OF COMMON SHARES             18,655,833      15,197,255      18,658,500      15,217,500        15,742,826
                                                  ===============   ============   =============   =============   ===============
 LOSS PER SHARE                                   $        (0.01)   $      (0.00)  $       (0.00)  $       (0.00)  $         (0.02)
                                                  ===============   ============   =============   =============   ===============

</TABLE>

     See accompanying Notes to Condensed Consolidated Financial Statements

<PAGE>
                              GREENVOLT POWER CORP.
                      (A Company in the Development Stage)
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>

                                                                                                      Cumulative
                                                                       Nine Months Ended            From Inception
                                                               ----------------------------------   April 14, 1998
                                                                  March 31,          March 31,            to
                                                                     2001              2000         March 31, 2001
                                                               ----------------   ---------------   ----------------
<S>                                                            <C>                <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES
  Net loss                                                     $     (247,763)    $     (34,225)    $     (336,725)
  Adjustments:
    Foreign currency translation adjustment                           (11,070)                -            (11,308)
    Fair value of services rendered                                     5,000                 -             16,729
    Changes in operating assets and liabilities:
      Accounts payable and accrued expenses                           109,672            34,225            109,672
      Prepaid value added tax                                          (9,785)                -            (11,063)
      Advances for fuel cell development                                4,111                 -            (10,355)
      Deposit                                                         (47,544)                -            (47,544)
      Due to officer                                                   (6,618)                -              7,493
                                                               ----------------   ---------------   ----------------
NET CASH USED IN OPERATING ACTIVITIES                                (203,997)                -           (283,101)
                                                               ----------------   ---------------   ----------------
CASH FLOWS FROM INVESTING ACTIVITIES
  Purchases of property and equipment                                 (29,608)                -            (29,608)
  Repayment from related parties                                        2,237                 -             18,658
                                                               ----------------   ---------------   ----------------
NET CASH USED IN INVESTING ACTIVITIES                                 (27,371)                -            (10,950)
                                                               ----------------   ---------------   ----------------

CASH FLOWS FROM FINANCING ACTIVITIES
  Advances from third party                                           231,744                 -            272,178
  Proceeds from issuance of common stock                                    -                               22,250
                                                               ----------------   ---------------   ----------------
NET CASH PROVIDED BY FINANCING ACTIVITIES                             231,744                 -            294,428
                                                               ----------------   ---------------   ----------------
NET INCREASE IN CASH                                                      376                 -                377
CASH AND CASH EQUIVALENTS, BEGINNING OF THE YEAR                            1                 -                  -
                                                               ----------------   ---------------   ----------------
CASH AND CASH EQUIVALENTS, END OF THE YEAR                     $          377     $           -     $          377
                                                               ================   ===============   ================

</TABLE>

      See accompanying Notes to Condensed Consolidated Financial Statements

<PAGE>

                              GREENVOLT POWER CORP.
                      (A Company in the Development Stage)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (unaudited)


BASIS OF PRESENTATION

        The interim financial statements presented have been prepared by
        GreenVolt Power Corp. (the "Company") without audit and, in the opinion
        of the management, reflect all adjustments of a normal recurring nature
        necessary for a fair statement of (a) the results of operations for the
        nine and three months ended March 31, 2001 and 2000, and from inception
        April 14, 1998 to March 31, 2001, (b) the financial position at March
        31, 2000 and June 30, 2000, and (c) the cash flows for the nine months
        ended December 31, 2001 and 2000, and from inception April 14, 1998 to
        March 31, 2001. Interim results are not necessarily indicative of
        results for a full year.

        The balance sheet presented as of June 30, 2000 has been derived from
        the financial statements that have been audited by the Company's
        independent auditors. The financial statements and notes are condensed
        as permitted by Form 10-QSB and do not contain certain information
        included in the annual financial statements and notes of the Company.
        The financial statements and notes included herein should be read in
        conjunction with the audited financial statements of GreenVolt Corp. and
        notes for the years ended June 30, 2000 and 1999 included in the
        Company's form 8-K dated July 29, 2000.

        Effective July 1, 2000, pursuant to a Plan and Agreement of
        Reorganization (the "Agreement"), GreenVolt Power Corp. (formerly Beck &
        Co.) acquired GreenVolt Corp., a Canadian corporation, resulting in the
        shareholders and management of GreenVolt Corp. having actual and
        effective control of GreenVolt Power Corp., the surviving corporation.
        For accounting purposes, the transaction was treated as an acquisition
        of GreenVolt Power Corp. by GreenVolt Corp. and as a recapitalization of
        GreenVolt Corp. The historical financial statements prior to the
        acquisition became those of GreenVolt Corp. even though they were
        labeled as those of GreenVolt Power Corp. In the recapitalization,
        historical shareholders' equity of GreenVolt Corp., prior to the merger,
        was retroactively restated for the equivalent number of shares received
        in the merger with an offset to paid-in capital. Operations prior to the
        merger were those of GreenVolt Corp. Basic loss per share prior to the
        merger were restated to reflect the number of equivalent shares received
        by shareholders of GreenVolt Corp. The acquisition was a purchase,
        however, for financial statement purposes it was presented as a reverse
        acquisition.

<PAGE>

ITEM 2. Management's Discussion and Analysis or Plan of Operations

        GreenVolt Power Corp. (the "Company") is a development stage company,
with its operations to date principally consisting of research, development, and
testing. Our original focus was Alkaline Fuel Cell technology and the research,
development and testing was done under contractual arrangement. The contractual
arrangement required monthly reporting and this was done in arrears, and prior
to the end of the second quarter the work did not look as promising as we had
originally hoped. The contractor assured us that they would be able to correct
the deficiencies. Later, the contractor admitted they were not able to improve
on their original design. The contract was therefore terminated.

        The company continues to be focused on testing and design of its future
products and obtaining patents for technologies that are currently under
development. The company has conducted fruitful discussions toward obtaining new
Alkaline Fuel Cell technology and an actual fuel cell. New investment funds will
be required for further commercialization of this Alkaline Fuel Cell.

        The company has licensed a 12volt, 2 amp Magnesium, Air, Salt Water Fuel
Cell that we are currently in the process of testing, and doing market research.
The Magnesium, Air, Salt Water Fuel Cells were shown at a Fuel Cell Conference
in San Antonio, Texas in April and orders for future delivery are being received
daily. At this time, we project June and July delivery on the PM120 Model.

        In January 2001, the company moved to its new manufacturing facility in
Orillia, Ontario. To date, we have been tenants with an option to purchase. The
company has made a CDN$75,000 down payment toward this purchase. The company
continues to function with its officers handling all functions. The company has,
in the first three quarters received approximately CDN $400,000 in financing
from a private investor, in the form of loans, with the option in the investor
to convert the debt into shares of stock in the Company. Through March 31, 2001,
the company utilized the proceeds from said private financing to work on
Alkaline Fuel Cell technology, acquisition of other Fuel Cell technologies,
initial payment on the purchase of the new manufacturing facility, working
capital for ongoing administrative and ongoing financing acquisition costs.

        The company's Financial Statements for the period ending March 31,
2001 have been prepared assuming that the company will continue as a going
concern. As noted in these Financial Statements, the presence of significant
losses, negative working capital together with the uncertainties associated
with the company's ability to obtain additional capital, raises doubts as to
its ability to continue as a going concern. The company's ability to continue
as a going concern will be in doubt until such time as it obtains sufficient
new capital to sustain the remaining development expenditures, the ongoing
costs associated with the manufacturing facility and the ongoing
administrative and fund raising activities. Until that time the company will
have to rely on its ability to receive funds under private financing
agreements and the sales of its Magnesium, Air, Salt Water Fuel Cells. The
company continues to believe it will need US $2,500,000 in additional
financing over the next two

<PAGE>

years in order to complete the necessary research and development, marketing
and manufacturing capacity of the acquired Fuel Cell technology including our
initial focus on the Alkaline Fuel Cell. The company currently anticipates
that it has the ability to raise the necessary US$2,500,000, and is currently
in discussion with several private parties whom we believe have the ability
and desire to deliver these funds. There can be no guarantee that such
discussions will be successfully completed or that additional funding will be
available.

        If sufficient funds are not available when needed, the company may be
required to downsize its operations; however, if funds become more readily
available, the company will implement an energetic plan to scale up
manufacturing and sales of its products.

        The statements contained in this Form 10-QSB Report that are not
historical facts are "forward-looking statements" and can be identified by the
use of forward-looking terminology, such as "believes", "expects", "may", or
"will", "should", "intends" or "anticipates" or the negative thereof or other
variations thereon or comparable terminology, or by discussions of strategy that
involve risks and uncertainties. Such forward-looking information involves
important risks and uncertainties that could significantly affect expected
results in the future from those expressed in any forward-looking statements
made herein. Registrant does NOT promise to update forward-looking information
to reflect actual results or changes in assumptions or other factors that could
affect those statements. Persons reading this Form 10-QSB Report are cautioned
that such statements are only predictions and that actual events or results may
differ materially. In evaluating such statements, readers should specifically
consider all the various factors which could cause actual events or results to
differ materially from those indicated by such forward-looking statements.

<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings.

        None.


ITEM 2. Changes in Securities

        None.


ITEM 3. Defaults in Senior Securities

        None.


ITEM 4. Submission of Matters to Vote of Security Holders

        None.


ITEM 5. Other Information

        None.


ITEM 6. Exhibits and Reports on Form 10Q-SB

        (a)           The following is a complete list of Exhibits filed as part
                      of this Registration Statement, which are incorporated
                      herein:
<TABLE>
<CAPTION>
        EXHIBIT NO.          REFERENCE
<S>                          <C>
        3.(i)*               Certificate of Incorporation of GreenVolt Power Corp.
        3.(ii)*              Bylaws

</TABLE>

*Incorporated by reference to Registrant's From 10-SB filed on July 6, 1999.

<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, in the city of Orillia, Ontario, on the 14th day of May 2001.

GREENVOLT POWER CORP.


By    /s/ Thomas Faul
  ------------------------------------------
     Thomas Faul
     Chief Executive Officer