<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C., 20549

                                   FORM 10-QSB

              ANNUAL REPORT PURSUANT TO SECTION 13 OR I5(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


(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, 2001

   [ ]    Transition report under Section 13 or 15(d) of the Securities Exchange
          Act of 1934.


                            SECURITY BIOMETRICS INC.
              (Exact name of Small Business Issuer in Its Charter)


           NEVADA                                         980209119
(State or other jurisdiction of           (I.R.S Employer Identification Number)
incorporation or organization)


# 1410 - 1030 W. Georgia Street,                                 V6E 2Y3
         VANCOUVER, BC CANADA                                   (Zip Code)
(Address of principal executive offices)


                                 1-604-609-7749
                           (Issuer's Telephone Number)


Securities registered under Section 12(b) of the Exchange Act:

Title of Each Class                               Name of Each Exchange on Which
To be So Registered                               Each Class is to be Registered
--------------------                              ------------------------------
N/A                                                           N/A


Securities registered under Section 12(g) of the Exchange Act:


                         COMMON EQUITY, PAR VALUE $.001
                                (Title of Class)





Indicate by check mark whether the registrant (1) filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 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 [ ]

Indicate the number of shares outstanding of each of the registrant's classes of
common stock, as of the latest practicable date: As of March 31, 2001, there
were 50,757,675 shares of common stock outstanding.

<PAGE>   2



                                     PART I
                              FINANCIAL STATEMENTS


ITEM 1.
<TABLE>
<S>                                                                             <C>

INDEX TO FINANCIAL STATEMENTS:
         Consolidated Balance Sheet, March 31, 2001                             F-1
         Consolidated Statements of Loss For The Periods Ended
           March 31, 2001                                                       F-2
         Consolidated Statements of Cash Flows For The Periods Ended
           March 31, 2001                                                       F-3
         Notes to Unaudited Financial Statements, March 31, 2001                F-4
</TABLE>

<PAGE>   3





ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

FORWARD-IOOKING STATEMENTS - CAUTIONARY STATEMENTS

The Quarterly Report on Form 10-QSB contains certain "forward-looking
statements" within the meaning of Section 21E of the Securities Exchange Act of
1934, as amended (the "Exchange Act'). Specifically, all statements other than
statements of historical facts included in this report, regarding the Company's
financial position, business strategy and plans and objectives of management of
the Company for future operations are forward-looking statements. These
forward-looking statements 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. When used in this report, the words "anticipate",
"believe", "could", "estimate", "expect", "intend" and words and phrases of
similar import, as they relate to the Company or the Company's management, are
intended to identify forward-looking statements. Such statements reflect the
current view of the Company with respect to future events and are subject to
certain risks, uncertainties, assumptions and related factors including, without
limitations, competitive factors, general economic conditions, customer
relations, relationship with vendors, interest rates, currency fluctuations,
government regulation and supervision, political events, the operation of the
Company's networks, transmission costs, product introductions and acceptance,
technological change, changes in industry practices, one-time events and other
factors described herein ("cautionary statements"). Although the Company
believes that the expectations are reasonable, it can give no assurance that
such expectations will prove to be correct, Based upon changing conditions,
should any or more of these risks or uncertainties materialize, or should any
underlying assumptions prove incorrect, actual results may vary materially from
those described herein as anticipated, believed, estimated, expected or
intended. All subsequent written and oral forward-looking statements attributed
to the Company or persons acting on its behalf are expressly qualified in their
entirety by the applicable cautionary statements.

RESULTS OF OPERATIONS

The Company continues to be engaged in organizational activities, including
searching for capital, and organizing development of the license for gesture
recognition technology. Because the Company is in its first year of operations,
there is not a corresponding period in the preceding year with which to compare
current year results.

For the quarter ended March 31, 2001, the loss from operations was $2,425,162,
compared to a loss of $2,770,068 for the period from inception, July 25, 2000
through December 31, 2000. The decrease resulted primarily from an decrease in
the charge for Stock options compensation expense from $2,596,550 to $2,252,638.
This charge to income was computed using the Black-Scholes Option Pricing Model,
in accordance with FASB STATEMENT NUMBER 123. This charge to income was a
noncash charge.

Other administrative expenses decreased to $171,921 for the three months ended
March 31, 2001, compared to $173,527 for the period from inception through
December 31, 2000. Consulting and professional fees related to the Company's
organizational activities comprised the major portion of other administrative
expenses.

The Company expects continuing operating losses in the near term as it seeks to
develop its technology and to arrange capital financing.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2001, the Company's liquid assets consisted of approximately
$89,000 in cash. Additional capital resources will be required to meet the terms
of the gesture recognition technology acquired under the license from DSI
Datotech.Systems, Inc. Under the terms of the license, a payment of $3,000,000
will be due by July 22, 2001. The Company is currently investigating various
sources of equity and/or debt financing to facilitate this payment, the
financing of operations, and other developmental costs.


<PAGE>   4


                                     PART II
                                OTHER INFORMATION



ITEM 1.  LEGAL PROCEEDINGS

         None.


ITEM 2.  CHANGES IN SECURITIES

         None.



ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Not applicable


ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None since the filing of the 10K-SB40 on October 16th 2000.


ITEM 5.  OTHER INFORMATION

         None


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

           None.



<PAGE>   5
                                                       SECURITY BIOMETRICS, INC.
                                                (A DEVELOPMENT STAGE ENTERPRISE)
                                                      CONSOLIDATED BALANCE SHEET
                                                                  MARCH 31, 2001
                                                                     (UNAUDITED)
--------------------------------------------------------------------------------


<TABLE>
<S>                                                                         <C>

ASSETS
  Current assets:
    Cash                                                                         $  89,152
                                                                             --------------
      Total current assets                                                           89,152
                                                                             --------------

  Property and equipment, at cost, net of accumulated depreciation
    accumulated depreciation of $2,732                                               15,865
                                                                             --------------

  Other assets:
    Gesture recognition technology licensing costs                                  320,010
    Intangible assets, net of accumulated amortization of $458                        8,017
                                                                             --------------
                                                                             --------------
      Total other assets                                                            328,027
                                                                             --------------
      Total assets                                                                $ 433,044
                                                                             ==============


LIABILITIES
  Current liabilities:
    Current portion of capital lease obligation                                    $  2,431
    Accounts payable and accrued expenses                                            53,957
                                                                             --------------
      Total current liabilities                                                      56,388
                                                                             --------------

   Non-current liabilities:
    Capital lease obligations, net of current portion                                 9,771
                                                                             --------------
      Total non-current liabilities                                                   9,771
                                                                             --------------

                                                                             --------------
      Total liabilities                                                              66,159
                                                                             --------------

  Commitments and contingencies                                                    -

STOCKHOLDERS' EQUITY
  Common stock, $.001 par value, 100,000,000 shares authorized,
      50,757,675 shares issued and outstanding                                       50,758
  Capital in excess of par value                                                    662,133
  Capital in excess of par value - stock options                                  4,849,188
  Deficit accumulated during the development stage                               (5,195,194)
                                                                             --------------
      Total stockholders' equity                                                    366,885
                                                                             --------------
      Total liabilities and stockholders' equity                                  $ 433,044
                                                                             ==============
</TABLE>

<PAGE>   6




                                                        SECURITY BIOMETRICS,INC.
                                                            (A DEVELOPMENT STAGE
                                                                     ENTERPRISE)
                                                                    CONSOLIDATED
                                                          STATEMENTS OF LOSS FOR
                                                               THE PERIODS ENDED
                                                                  MARCH 31, 2001
                                                                     (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>



                                                                                              INCEPTION,
                                                                   JULY 25, 2000                 QUARTER
                                                                         THROUGH                   ENDED
                                                                       MARCH 31,               MARCH 31,
                                                                            2001                    2001
                                                             --------------------    --------------------
<S>                                                         <C>                     <C>

Revenues                                                               $       -               $       -
                                                             --------------------    --------------------

General and administrative expenses:
  Stock options compensation expense                                   4,849,188               2,252,638
  Other administrative expenses                                          345,448                 171,921
                                                             --------------------    --------------------
    Total operating expenses                                           5,194,636               2,424,559
                                                             --------------------    -------------------
    (Loss) before taxes                                               (5,194,636)             (2,424,559)
                                                             --------------------    --------------------

Other income (expense):
  Interest income                                                            975                       -
  Foreign exchange                                                        (1,218)                   (252)
  Interest expense                                                          (315)                   (315)
                                                             --------------------    --------------------
    Total other income (expense)                                            (558)                   (567)
                                                             --------------------    --------------------
    (Loss) before taxes on income                                     (5,195,194)             (2,425,126)
                                                             --------------------    --------------------

Provision (credit) for taxes on income:
  Current                                                                      -                       -
  Deferred                                                                     -                       -
                                                             --------------------    --------------------
    Total provision (credit) for taxes on income                               -                       -
                                                             --------------------    --------------------
    Net (loss)                                                    $  (5,195,194)          $  (2,425,126)
                                                             ====================    ====================


Basic earnings (loss) per common share                              $     (0.11)            $     (0.05)
                                                             ====================    ====================

Weighted average number of shares outstanding                         49,201,450              50,757,675
                                                             ====================    ====================

</TABLE>
<PAGE>   7
                                                                        SECURITY
                                                                BIOMETRICS, INC.
                                                                  (A DEVELOPMENT
                                                               STAGE ENTERPRISE)
                                                                    CONSOLIDATED
                                                              STATEMENTS OF CASH
                                                                   FLOWS FOR THE
                                                                   PERIODS ENDED
                                                                  MARCH 31, 2001
                                                                     (UNAUDITED)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                                                                              INCEPTION,
                                                                                           JULY 25, 2000                 QUARTER
                                                                                                 THROUGH                   ENDED
                                                                                               MARCH 31,               MARCH 31,
                                                                                                    2001                    2001
                                                                                     --------------------    --------------------
<S>                                                                               <C>                        <C>

 Cash flows from operating activities:
  Net (loss)                                                                              $  (5,195,194)          $  (2,425,126)

 Adjustments to reconcile net (loss) to cash provided (used)
   by development stage activities:
     Stock options compensation expense                                                        4,849,188               2,252,638
     Depreciation and amortization                                                                 3,190                   1,281
     Changes in current assets and liabilities:
           Accounts payable and and accrued expenses                                              53,957                   6,895
                                                                                     --------------------    --------------------
     Net cash flows from operating activities                                                   (288,859)               (164,312)
                                                                                     --------------------    --------------------

 Cash flows from investing activities:
   Purchase of equipment                                                                         (18,597)                 (1,079)
     Less, Amount financed by capital lease obligation                                            13,393                       -
   Purchase of gesture recognition technology license                                           (320,010)                       -
   Increase in intangible assets                                                                 (8,475)                 (1,849)
                                                                                     --------------------    --------------------
     Net cash flows from investing activities                                                  (333,689)                 (2,928)
                                                                                     --------------------    --------------------

 Cash flows from financing activities:
   Net  proceeds from sale of common stock                                                       712,891                       -
   Repayments of capital lease                                                                    (1,191)                 (1,191)
                                                                                     --------------------    --------------------
       Net cash flows from financing activities                                                  711,700                 (1,191)
                                                                                     --------------------    --------------------
       Net increase (decrease) in cash and equivalents                                            89,152               (168,431)

 Cash and equivalents, beginning of period                                                             -                 257,583
                                                                                     --------------------    --------------------
 Cash and equivalents, end of period                                                         $    89,152             $    89,152
                                                                                     ====================    ====================

 Supplemental cash flow disclosures:
   Cash paid for interest                                                                     $      315              $      315
   Cash paid for income taxes                                                                          -                       -
 Noncash financing and investing activities:
    Acquisition of equipment under capital lease                                                  18,957                       -


</TABLE>



<PAGE>   8


                                                       SECURITY BIOMETRICS, INC.
                                                (A DEVELOPMENT STAGE ENTERPRISE)
                                         NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                                                  MARCH 31, 2001
                                                                     (UNAUDITED)
--------------------------------------------------------------------------------



The accompanying unaudited interim financial statements include all adjustments
which in the opinion of management are necessary in order to make the
accompanying financial statements not misleading, and are of a normal recurring
nature. However, the accompanying unaudited financial statements do not include
all of the information and footnotes necessary for a complete presentation of
financial position, results of operations, cash flows and stockholders' equity
in conformity with generally accepted accounting principles. Except as disclosed
herein, there has been no material change in the information disclosed in the
notes to the financial statements included in Security Biometrics, Inc.'s
(formerly Great Bear Investments, Inc.) Form 10 as of the period ended September
30, 2000. Operating results for the six months ended March 31, 2001, are not
necessarily indicative of the results that can be expected for the year ended
June 30, 2001.

NOTE 1 - MERGER WITH BIOMETRICS SECURITY, INC.:
On August 1, 2000, Security Biometrics, Inc. ("SBI", formerly Great Bear
Investments, Inc.) signed a Letter of Intent with Biometrics Security, Inc. to
acquire all of the outstanding stock of Biometrics Security, Inc. ("BSI") in
exchange for 38,257,675 post-split shares of restricted stock. Biometrics
Security, Inc. is a newly formed corporation, which was created to develop,
market and sell static and dynamic biometric technologies specific to the
security applications of banking and financial transactions. As BSI is in the
development stage, its business activities are primarily related to expenses
incurred in the formation of the company and the raising of capital.

The acquisition of BSI was completed on August 25, 2000, and after the
acquisition, BSI shareholders owned more than 50% of the outstanding shares of
Security Biometrics, Inc. Therefore, pursuant to the rules of the Securities and
Exchange Commission, the transaction has been accounted for as a "reverse
merger." As a reverse merger, Biometrics Security, Inc. is considered to be the
"accounting acquirer," whereas Security Biometrics, Inc. is the "legal
acquirer." Accordingly, the accompanying consolidated statements of operations
and consolidated statements of cash flows reflect the historical operations and
cash flows of BSI (including those of Security Biometrics, Inc. ("SBI") after
August 25, 2000, the effective date of the merger), whereas reports filed by SBI
prior to that time reflected operations and cash flows of only SBI.

Subsequent to the acquisition, the combined companies use the name Security
Biometrics, Inc.

NOTE 2 - STOCK SUBSCRIPTIONS RECEIVABLE:
Prior to August 25, 2000, the date of acquisition and the resulting reverse
merger, Biometrics Security, Inc. had issued 757,675 shares of its Class A
Common Stock in exchange for cash of $532,665 and stock subscription agreements
totaling $225,000. The stock subscriptions were collected during the quarter
ended December 31, 2000.

NOTE 3 - PROPERTY AND EQUIPMENT:
Property and equipment are stated at cost less accumulated depreciation,
computed on the straight-line method over the estimated useful lives of the
assets. Estimated lives of depreciable assets range from five to seven years.
Depreciation expense was $2,742 for the period from inception through March 31,
2001, and $1,190 for the quarter ended March 31, 2001.

NOTE 4 - LICENSING COSTS:
In July, 2000, BSI acquired an option to license DSI Datotech Systems, Inc.
gesture recognition technology, which include the interfaces and software for
executing banking and financial transactions. The option was acquired for
initial cash consideration of $320,000, which is fully creditable towards the
$8,000,000 that may be owed to Datotech pursuant to the execution of the License
Agreement. Also, BSI

<PAGE>   9


                                                       SECURITY BIOMETRICS, INC.
                                                (A DEVELOPMENT STAGE ENTERPRISE)
                                         NOTES TO UNAUDITED FINANCIAL STATEMENTS
                                                                  MARCH 31, 2001
                                                                     (UNAUDITED)
--------------------------------------------------------------------------------

issued 500,000 shares of its preferred stock as additional consideration. The
Company is obligated to pay Datotech $3,000,000 by July 22, 2001. The balance of
the $8,000,000 license agreement must be paid within three months of delivery of
a reasonably acceptable prototype device using Datotech technology. In addition,
upon the signing of the Licensing Agreement, the Company will issue a perpetual
non-dilutive twenty percent (20%) Common Share Interest in Security Biometrics,
Inc., or the assignee of the Option and License Agreements.

NOTE 5 - STOCK OPTIONS:
In August, 2000, SBI adopted a "2000 Stock Option Plan." The Plan sets aside
5,100,000 shares of common stock options for issuance to employees, directors,
officers and consultants to the company. The Plan has a five-year term.

During the period from inception through March 31, 2001, SBI granted options to
19 officers, directors, employees and consultants to purchase 2,240,000 shares
of the Company's common stock at $1.00 per share (of which 115,000 were granted
during the quarter ended March 31, 2001) and 280,000 shares of SBI common stock
at $5.00 per share under the Plan. The options are exercisable as follows:

-    As to 25% of the Shares subject to the Option, or any portion thereof,
     during the period commencing from the Date of the Grant and ending on the
     Expiry Date;

-    As to a further 25% of the shares subject to the Option, or any portion
     thereof, during the period commencing six months from the Date of Grant and
     ending on the Expiry Date;

-    As to a further 25% of the shares subject to the Option, or any portion
     thereof, during the period commencing 12 months from the Date of Grant and
     ending on the Expiry Date;

-    As to the balance, if any, of the Shares subject to the Option, or any
     portion thereof, during the period commencing 18 months from the Date of
     Grant and ending on the Expiry Date.

At March 31, 2001, none of these options had been exercised. The transaction was
recorded by a charge to compensation expense for $4,849,188 for the period from
inception through March 31, 2001, and $2,252,638 for the quarter ended March 31,
2001, which was calculated using the Black-Scholes Option Pricing Model.

NOTE 6 - CAPITAL STOCK:
Since its inception, SBI has issued shares of its common stock as follows:

<TABLE>
<CAPTION>
                                                                                       PRICE PER
      DATE           DESCRIPTION                                           SHARES          SHARE             AMOUNT
      -------------- -------------------------------------------- ---------------- -------------- ------------------
<S>                  <C>                                        <C>                     <C>       <C>

      03/31/99        Shares issued for cash                           2,000,000          $0.005           $10,000
      05/26/99        Shares issued for cash                             855,000           0.030            25,650
      06/07/99        Shares issued for services                          70,000           0.050             3,500
                                                                  ----------------                ------------------
      06/30/99             Cumulative total                             2,925,000                           $39,150

      09/30/99        Shares issued for cash                             200,000           0.050            10,000
                                                                  ----------------                ------------------
      06/30/00             Cumulative total                            3,125,000                            49,150

      08/11/00       4 for 1 stock split                                9,375,000          0.000          -
      08/25/00       Stock issued for all outstanding stock of
                     Biometric Security, Inc.                          38,257,675                           757,612
      09/30/00       Expenses in connection with purchase of
                     Biometric Security, Inc.                            -               -                 (29,047)
</TABLE>

                                       1
<PAGE>   10
<TABLE>

<S>                  <C>                                        <C>                     <C>       <C>
      09/30/00       Effect of reverse merger with Biometric
                     Security, Inc.                                      -               -                 (64,824)
                                                                  ----------------                ------------------
      09/30/00             Cumulative total                            50,757,675                           712,891
                                                                  ================                ==================
</TABLE>

NOTE 7 - FEDERAL INCOME TAX:
The Company follows Statement of Financial Accounting Standards Number 109 (SFAS
109), ACCOUNTING FOR INCOME TAXES. Deferred income taxes reflect the net effect
of (a) temporary difference between carrying amounts of assets and liabilities
for financial purposes and the amounts used for income tax reporting purposes,
and (b) net operating loss carryforwards. No net provision for refundable
Federal income tax has been made in the accompanying statement of loss because
no recoverable taxes were paid previously. Similarly, no deferred tax asset
attributable to the net operating loss carryforward has been recognized, as it
is not likely to be realized.

The current provision for refundable Federal income tax consists of the
following:

<TABLE>
<S>                                                                               <C>

       Refundable Federal income tax attributable to:
         Current operations                                                          $1,766,000
         Less, Limitation due to absence of prior
           year taxable income                                                      (1,766,000)
                                                                               -----------------
           Net refundable amount                                                             -
                                                                               =================


The cumulative tax effect at the expected rate of 34% of significant items
comprising the Company's net deferred tax amounts as of December 31, 2000 are as
follows:


       Deferred tax asset attributable to:
         Net operating loss carryover                                               $1,766,000
         Less, Valuation allowance                                                  (1,766,000)
                                                                               -----------------
           Net deferred tax asset                                                            -
                                                                               =================

</TABLE>

NOTE 8 - INTANGIBLE ASSETS:
In March 2000, the Emerging Issues Task Force reached a consensus on Issue No.
00-2, ACCOUNTING FOR WEBSITE DEVELOPMENT COSTS, ("EITF Issue No. 00-2") to be
applicable to all website development costs incurred for the quarter beginning
after June 30, 2000. The consensus states that for specific website development
costs, the accounting should be based generally on AICPA Statement of Position
98-1, ACCOUNTING FOR THE COSTS OF COMPUTER SOFTWARE DEVELOPED OR OBTAINED FOR
INTERNAL USE. Under SOP 98-1, development costs are capitalized and amortized to
income over the estimated useful life of the website.

The Company has incurred $4,956 in website development costs through March 31,
2001, which have been capitalized. Amortization expense was $458 for the period
from inception through March 31, 2001, and $91 for the quarter ended March 31,
2001.

Trademarks are carried at cost less accumulated amortization, which is
calculated on a straight-line basis over the estimated useful life of the asset,
not to exceed 15 years. At March 31, 2001, the Company had


<PAGE>   11


incurred $3,519 in connection with a trademark application, which is incomplete.
No amortization has been recorded, as the trademark has not yet been finalized.

NOTE 9 - LEASES:
The Company leases certain equipment under an agreement, which is classified as
a capital lease. The capital lease is for a term of 48 months from December 1,
2000, has an imputed interest rate of 10%, is payable $314 monthly, and has a
purchase option at the end of the original lease term in the amount of $992.
Leased capital assets included in property and equipment at March 31, 2001 are
$14,385, net of accumulated depreciation of $2,877.

The Company leases office facilities under an operating lease expiring in
August, 2002 requiring monthly rentals of $1,498. It also entered into a lease
effective April 1, 2001 and expiring March 31, 2004 requiring monthly rentals of
$3,329 for the first two years and $3,537 thereafter.

Future minimum payments, by year and in the aggregate, under capital leases and
operating leases with initial or remaining terms of one year or more consist of
the following at March 31, 2001:
<TABLE>
<CAPTION>

                                                                                CAPITAL             OPERATING
        YEAR ENDING JUNE 30,                                                     LEASE               LEASE
<S>                                                                          <C>                    <C>

          2001                                                                           $941               $9,190
          2002                                                                          3,764               36,760
          2003                                                                          3,764               27,650
          2004                                                                          3,764               20,204
          2005                                                                          2,560
                                                                                                                  -
          Future years                                                                      -                     -
                                                                               ----------------
                                                                                                    ----------------
            Total minimum lease payments                                              $14,793              $93,804
                                                                                                    ================
        Less, amounts representing interest                                            (2,591)
                                                                               ----------------
        Present value of net minimum lease payments under capital leases              $12,202
                                                                               ================
</TABLE>


Rental expense on operating leases was $15,671 for the period from inception
through March 31, 2001 and $10,694 for the quarter ended March 31, 2001.



<PAGE>   12


                                   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.



                                        SECURITY BIOMETRICS INC.





DATE : May 21, 2001                   BY: /s/ GEORGE GOULD
                                            ----------------------------
                                            George Gould
                                            President