<PAGE>
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB
                                (Amendment No. 1)

(Mark One)

[X]      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

         For the quarterly period ended: March 31, 2002

Or

[ ]      Transition Report Pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934

         For the transition period from ____________ to _____________

Commission File Number:  000-28661

                             AuGRID OF NEVADA, INC.
             (Exact name of registrant as specified in its charter)

               Nevada                                 88-0219656
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

                  2275 East 55th Street, Cleveland, Ohio 44103
                    (Address of Principal Executive Offices)

                                 (216) 426-1589
                (Issuer's Telephone Number, including Area Code)

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act 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 [ ]

                      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: 64,179,053 shares of common stock at
June 26, 2002

Transitional Small Business Disclosure Format (check one):

Yes [ ]           No [X]





<PAGE>



                                 AMENDMENT NO. 1

This Amendment No. 1 to the Quarterly Report on Form 10-QSB for the fiscal
quarter ended March 31, 2002 is being filed (i) to amend Part I, Item 1, to
revise the financial statements included in Form 10-QSB as previously filed and
(ii) to amend Part II, Item 6(a), to include as an exhibit the required consent
of the independent accounting firm to inclusion of its revised review report in
this filing.


ITEM 1 FINANCIAL STATEMENTS

                           ACCOUNTANT'S REVIEW REPORT

To Shareholders and Board of Directors
AuGRID of Nevada, Inc.

I have reviewed the accompanying balance sheet of AuGRID OF NEVADA, INC. (A
Nevada Development Stage Company) as of March 31, 2002, and the related
statement of income, retained earnings and cash flows for the three months
period ended March 31, 2002, in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of Certified
Public Accountants. All information included in this financial statement is the
representation of the management of the AuGRID OF NEVADA, INC.

A review consists principally of inquires of Company personnel and analytical
procedures applied to financial data. It is substantially less in scope than an
audit in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole. Accordingly, I do not express such an opinion.

As discussed in note 1, the Company has a going concern problem. Without
realization of additional capital and source of revenue, it would be unlikely
for the Company to continue as a going concern.

Based on my reviews, with the exception of the matter described in the above
paragraph, I am not aware of any material modifications that should be made to
the accompanying financial statements in order for them to be in conformity with
generally accepted accounting principles.

Henry L. Creel & Co., Inc.

May 11, 2002
Revised June 6, 2002




                                       -2-

<PAGE>



                             AuGRID OF NEVADA, INC.
                          (A Development Stage Company)

                                  Balance Sheet
                                  -------------
                              As of March 31, 2002
                              --------------------

                                     ASSETS
                                     ------

<TABLE>
<CAPTION>
CURRENT ASSETS
--------------
<S>                                                                    <C>
    Cash                                                               $  2,937
                                                                       --------

         Total Current Assets                                             2,937

PROPERTY AND EQUIPMENT (NOTE 1)
-------------------------------

    Machinery And Equipment                                              68,080
    Furniture And Fixtures                                                7,686
    Office Equipment                                                     14,176
                                                                       --------

         Total Property At Cost                                          89,942

    Less:  Accumulated Depreciation
                and Amortization                                        (52,947)
                                                                       --------

    Net Property and Equipment                                           36,995
                                                                       --------


OTHER ASSETS
------------

    Deposits Building Construction                                       21,341
                                                                       --------

         Total Other Assets                                              21,341
                                                                       --------

TOTAL ASSETS                                                           $ 61,273
                                                                       ========
</TABLE>


                         See Accountant's Review Report


<PAGE>



                             AuGRID OF NEVADA, INC.
                          (A Development Stage Company)

                                  Balance Sheet
                                  -------------
                              As of March 31, 2002
                              --------------------

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

<TABLE>
<CAPTION>
CURRENT LIABILITIES
-------------------
<S>                                                                 <C>
    Account Payable                                                 $    63,945
    Accounts Payable to Related Parties (Note 3)                        299,750
                                                                    -----------

         Total Current Liabilities                                      363,695
                                                                    -----------

LONG-TERM DEBT
--------------

    Notes Payable to Stockholders (Note 7)                              553,700
                                                                    -----------

         Total Long-Term Debt                                           553,700
                                                                    -----------

    Total Liabilities                                                   917,395
                                                                    -----------

STOCKHOLDERS' EQUITY
--------------------

       Preferred Stock $ 0.001 par value 10,000,000 shares
       authorized and 317,500 shares issued and outstanding                 318

       Common stock- with $0.001 par value 90,000,000 shares
       authorized; shares outstanding,
       March 31, 2001 - 69,964,720
       December 31, 2001 - 64,364,720
       December 31, 2000 - 58,268,469
       December 31, 1999 - 49,889,348
       December 31, 1998 - 46,629,414                                    69,964

    Additional paid in capital                                        3,914,971

    Deficit accumulated during the development stage                 (4,841,375)
                                                                    -----------

         Total Stockholders' Equity                                    (856,122)
                                                                    -----------

TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY                                            $    61,273
                                                                    ===========
</TABLE>


                         See Accountant's Review Report



<PAGE>



                             AuGRID OF NEVADA, INC.
                          (A Development Stage Company)

                               Statement of Income
                               -------------------
                For the Three Months Period Ended March 31, 2002
                ------------------------------------------------

<TABLE>
<S>                                                                <C>
    Net Sales (Note 1)                                             $        -0-
                                                                   ------------

       Total Revenue                                                        -0-
                                                                   ------------

Expenses

    Consultants                                                          45,615
    Auto Expense                                                          2,029
    Advertising and Promotions                                            1,000
    Rent                                                                  2,250
    Direct Travel                                                         4,450
    Legal Fees                                                            2,400
    Accounting                                                            7,500
    Maintenance and Repairs                                              10,148
    Computer Expense                                                      1,139
    Bank Charges                                                            315
    Office Expense                                                          729
    Postage and Deliveries                                                  258
    Telephone                                                             3,227
                                                                   ------------

       Total Expenses                                                    81,060
                                                                   ------------

Income (Loss) Before Depreciation                                       (81,060)

    Depreciation                                                         (4,056)

Income (Loss) Before Income Taxes                                       (85,116)

Provision for Income Taxes (Note 4)                                         -0-
                                                                   ------------

     Net Income (Loss)                                             $    (85,116)
                                                                   ============

    Basic and Diluted Loss Per Share (Note 6)                             .0012

    Shares Used in Computing Net Loss Per Share                      69,964,720
</TABLE>




                         See Accountant's Review Report



<PAGE>



                             AuGRID OF NEVADA, INC.
                             (A Development Company)

                         Statement of Retained Earnings
                         ------------------------------
                              As of March 31, 2002
                              --------------------

<TABLE>
<S>                                                      <C>          <C>
Deficit accumulated  March 8, 1998 at Merger                              ($429,352)

Net (Loss) for the Year 1998                              (590,366)

Deficit accumulated, at End of Year 1998                                  ($1,019,718)

Net (Loss) for the Year 1999                              (675,719)

Deficit accumulated, at End of Year 1999                                  (1,695,437)

Net (Loss) for the Year 2000                            (1,171,377)

Deficit accumulated, at End of Year 2000                                  (2,866,814)

Net (Loss) for the Period                               (1,889,445)

Deficit accumulated, at December 31, 2001                                 (4,756,259

Net (Loss) for the Period                                  (85,116)

Deficit accumulated, at March 31, 2002                                    (4,841,375)
</TABLE>







                         See Accountant's Review Report



<PAGE>



                             AuGRID OF NEVADA, INC.
                          (A Development Stage Company)

                             Statement of Cash Flows
                             -----------------------
                              As of March 31, 2002
                              --------------------


<TABLE>
<CAPTION>
CASH FLOWS FROM OPERATING ACTIVITIES
<S>                                                                    <C>
      Net Income (Loss)                                                $(85,116)

  Adjustments to reconcile Net Income to
  Net Cash provided by Operating Activities:

      Depreciation and Amortization                                       4,056

Changes in Operating Assets and Liabilities Net:

        Increase in Accounts Payable Trade                                  -0-
                                                                       --------

             Net Cash (Used) by Operating Activities                    (81,060)

CASH FLOWS FROM INVESTING ACTIVITIES

      Proceeds from Paid in Capital                                      76,504
                                                                       --------

             Net Cash Used in Investing Activities                       76,504

CASH FLOWS FROM FINANCING ACTIVITIES


             Net Cash Provided by Financing Activities                      -0-
                                                                       --------

Increase (Decrease) in Cash and Cash Equivalents                         (4,556)

Cash and Cash Equivalents at Beginning of Period                          7,493
                                                                       --------

Cash and Cash Equivalents at End of Period                             $  2,937
                                                                       ========
</TABLE>




                         See Accountant's Review Report


<PAGE>



                             AuGRID OF NEVADA, INC.
                          (A Development Stage Company)

                          NOTES TO FINANCIAL STATEMENTS
                              AS OF MARCH 31, 2002

NOTE 1            ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                  A. ORGANIZATION

                  AuGRID OF NEVADA, INC., (a Development Stage Company) formed
                  under the laws of the State of Nevada. It is a development
                  stage company whose primary business is a technology
                  development firm specializing in Thin Cathode Ray Tube (TCRT)
                  technology. The company currently has no operating income
                  and, in accordance with SFAS #7 is considered a development
                  Company.

                  B.  BASIS OF PRESENTATION

                  Th financial records of the company are maintained on the
                  accrual basis of accounting. The accompanying financial
                  statements have been prepared on the going concern basis which
                  contemplates the realization of assets and the satisfaction of
                  liabilities in the normal course of business in accordance
                  with generally accepted accounting principles.

                  C.  PROPERTY AND EQUIPMENT

                  All property and equipment is stated at cost. The Company
                  provides for depreciation, using the straight line method,
                  over the estimated useful lives of the respective assets, as
                  follows:
<TABLE>
<CAPTION>
                                                                       YEARS
<S>                                                  <C>                <C>
                  Machinery and Equipment            $   68,080         10
                  Furniture and Fixtures                  7,686         10
                  Office Equipment                       14,176         10
                                                     ----------
                  Total Property & Equipment         $   89,942
                                                     ==========
</TABLE>

                  Major renewals and improvements of property and equipment are
                  capitalized, while replacements, maintenance and repairs which
                  do not improve or extend the lives of the assets are charged
                  against current operations.

                  When property and equipment is disposed of, any gain or loss
                  is included in current operations.

                  D. USE OF ESTIMATES

                  The preparation of financial statements in conformity with
                  general accepted accounting principles require management to
                  make estimate and assumptions that affect the reported amounts
                  of assets and liabilities at the date of the financial
                  statement and the reported amounts of revenue and expenses
                  during the reported period. Actual results could differ from
                  those estimates.




<PAGE>



                  E.  GOING CONCERN

                  The company's financial statements are prepared using the
                  generally accepted accounting principles applicable to a going
                  concern, which contemplates the realization of assets and
                  liquidation of liabilities in the normal course of business.
                  However, the Company has no current source of revenue. Without
                  realization of additional capital, it would be unlikely for
                  the Company to continue as a going concern. The financial
                  statements do not include any adjustments relating to the
                  recoverability and classification of recorded assets or the
                  amount and classification of liabilities which might be
                  necessary should the company continue as a concern. The
                  Company's continuation as a going concern is dependent upon
                  its ability to generate sufficient cash flows to meet its
                  obligations on a timely basis, to obtain additional financing
                  as may be required, and ultimately to attain successful
                  operations. It is management's plan to begin producing sales
                  in mid 2002.

                  F. RESEARCH AND DEVELOPMENT EXPENSE

                  The company's policy relating to research and development and
                  patent development cost are expensed when incurred except R&D
                  machinery, equipment, and facilities which have alternative
                  future uses either in R&D activities or otherwise. Machinery,
                  equipment and facilities, which have alternate future uses
                  should be capitalized. All expenditures in conjunction with an
                  R&D project, including personnel cost, materials, equipment,
                  facilities, and intangibles, for which the company has no
                  alternative future use beyond the specific project for which
                  the items were purchased, are expensed.

                  G. REVENUE RECOGNITION

                  The company has no current source of Revenue.

                  H. IMPAIRMENT OF LONG-LIVED ASSETS & LONG -LIVED ASSETS TO BE
                     DISPOSED OF

                  Statement of Financial Accounting Standards No. 121,
                  "Impairment of Long-Lived Assets" (SFAS 121), requires the
                  Company to review for possible impairment, assets to be held
                  for use and assets held for disposal, whenever events or
                  changes in circumstances indicate that the carrying amount may
                  not be recoverable, and in such event, to record an impairment
                  loss. The Company adopted SFAS 121 in 1998 and evaluated the
                  recoverability of long lived assets at its properties. Initial
                  adoption of SFAS 121 in 1998 did not have a material impact on
                  the Company's financial condition or results of operations.

                  Up to 2000, the company recorded a charges of $1,822,907 from
                  continuing operations relating to an impairment loss on other
                  assets. Approximately $1,450,000 was due to a current
                  Licensing Agreement while $373,383 was due to a prior
                  Licensing Agreement. The company's revenue, which was
                  anticipated from future agreements of this type, had not been
                  realized as anticipated, therefore resulting in and impairment
                  loss on intangible assets.

NOTE 2            LICENSING AGREEMENT

                  The company has an agreement with CeraVision Limited.
                  CeraVision has developed and is developing certain technology
                  relating to ceramic-based field emission flat screen displays
                  and hold certain patent applications and other intellectual
                  property rights in relation to such technology and in relation
                  to manufacturing processes and equipment to produce and sell


<PAGE>



                  such displays and components for incorporation into such
                  displays. The cost incurred in relation to this licensing
                  agreement is capitalized. The cost is amortized over a period
                  of 5 years.

NOTE 3            ACCOUNTS PAYABLE TO RELATED PARTIES

                  The company enter into consulting agreements with
                  Stockholders, the company has violated its agreements by being
                  delinquent in its payment to these Stockholders. At March 31,
                  2002 the company owed these related parties (Stockholders) the
                  following amounts $86,850, $84,400, $65,600 and $62,900
                  totaling $299,750. These amounts relates to unpaid consulting
                  fees and cash advance to company made by stockholders not
                  repaid. All amounts due on demand with no interest.

NOTE 4            INCOME TAXES

                  There was no provision for Federal Income tax during 2002 or
                  2001 because of an unexpired net operating loss carry forward.

<TABLE>
<CAPTION>
                                                                 CARRYFORWARD
                  YEAR ENDED                  AMOUNT        AVAILABLE TO YEAR
<S>                                   <C>                        <C>
                  December 31, 1998       $1,019,718                 2013
                  December 31, 1999          675,719                 2014
                  December 31, 2000        1,171,377                 2015
                  December 31, 2001        1,889,445                 2016
                  March 31, 2002              85,116                 2017
</TABLE>

                  The Company has a net operating loss carryforward of
                  $4,756,259 which expires, if unused, in the years 2013 to
                  2016. The following is a reconciliation of the income tax
                  benefit computed at the federal statutory rate with the
                  provision for income taxes for the period ended 2001 and 2002.
<TABLE>
<CAPTION>
                                                                       2001        2002
                                                                       ----        ----
<S>                                                               <C>           <C>
                  Income tax benefit at the statutory rate (34%)   $1,889,445    $84,116
                  Change in valuation allowance
                  State tax, net of federal benefit
                  Non included items                               -----------------------
                  Provision for income taxes                                0          0
                                                                   =======================
</TABLE>

NOTE 5            CAPITALIZATION

                  On March 1, 1998, AuGRID Corporation's current controlling
                  stockholders purchased controlling interest in Ironwood
                  Ventures via the purchase of approximately 4,616,111 shares of
                  Common Stock of Ironwood Ventures' in private transactions;
                  this represented approximately 62.2 percent (62.2%) of
                  Ironwood Ventures' issued and outstanding Common Stock.

                  On March 2, 1998, Ironwood Ventures' executed a forward stock
                  split of its stock, 6.06571228 to 1. In addition, Ironwood
                  Ventures' increased its authorized shares to 90,000,000 common
                  shares, par value $0.001, 10,000,000 preferred shares, par
                  value $0.001, and changed its name to AuGRID of Nevada, Inc.



<PAGE>



                  On March 12, 1998, Ironwood Ventures' - now called AuGRID of
                  Nevada, Inc. - executed an asset purchase agreement purchasing
                  substantially all of the assets of AuGRID Corporation, a
                  Delaware corporation hereinafter referred to as "AuGRID of
                  Delaware", a company under common control by the control
                  stockholders of the Ironwood Ventures', for 1,000,000 newly
                  issued shares of the Ironwood Ventures'. This was not a third
                  party, arms length transaction, and due to the development
                  stage and specialized nature of the assets\technology that
                  Ironwood

                  Ventures' purchased, the Company's management is unable to
                  determine how this transaction would compare to a similar arms
                  length transaction. The shares of common stock were spun off
                  to AuGRID of Delaware shareholders on a pro-rate basis on
                  March 13, 1998.

NOTE 6            NET LOSS PER SHARE

                  The Company follows the provisions of Statement of Financial
                  Accounting Standards No. 128, earnings per share (SFAS 128)

<TABLE>
                  The following table presents the calculation.
<S>                                                              <C>
                      Net Loss                                   $     169,512
                                                                 -------------
                  Basic:
                      Weighted average share of
                      Common stock outstanding                      69,964,720
                                                                 -------------
                      Basic net loss per share                          (.0024)
                  Pro forma :
                      Shares used above                             69,964,720
                      Pro forma adjusted to reflect
                      Weighted affect of assumed
                      Conversion of preferred stock                    317,500
                                                                 -------------
                      Shares used in computing pro forma
                         Basic net loss per share                   70,282,220
                                                                 -------------
                      Pro forma basic net loss per share                (.0024)
</TABLE>

NOTE 7            NOTES PAYABLE TO STOCKHOLDERS

                  Notes payable to stockholders represents demand notes that
                  matured on 01/28/01 with interest at 12%. The matured notes
                  were converted into 18 Month Demand notes at 10% interest
                  totaling $ 553,700

                  Notes Payable to Stockholders- Long Term         $    553,700



<PAGE>



                           PART II - OTHER INFORMATION

ITEM 6   EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits (Reference Numbers are to Item 601 of Regulation S-B)

                  2        Plan of Acquisition

                           Asset Purchase Agreement between the Company and
                           AuGRID Corporation, a Delaware corporation, dated
                           March 12, 1998 (the "Asset Purchase Agreement") and
                           incorporated by reference to Exhibit 2 to the
                           Company's Form 10-SB, filed with the Commission on
                           December 27, 1999.

                  3        Articles of Incorporation & By-Laws

                           (i)      Articles of Incorporation of the Company
                                    filed with the Nevada Secretary of State on
                                    August 4, 1995 and incorporated by reference
                                    to Exhibit 3(i) to the Company's Form
                                    10-QSB, filed with the Commission on June
                                    13, 2001.

                           (ii)     Certificate of Amendment of Articles of
                                    Incorporation of the Company filed with the
                                    Nevada Secretary of State on March 18, 1998
                                    and incorporated by reference to Exhibit
                                    3(ii) to the Company's Form 10- QSB, filed
                                    with the Commission on June 13, 2001.

                           (iii)    By-Laws of the Company adopted August 4,
                                    1995 and incorporated by reference to
                                    Exhibit 3 to the Company's Form 10-SB, filed
                                    with the Commission on December 27, 1999.

                  10       (i)      Patent License between the Company and
                                    CeraVision (Ireland) Limited dated 7 July
                                    2000 and incorporated by reference to the
                                    Company's Form 10-KSB for the fiscal year
                                    ended December 31, 2001, filed with the
                                    Commission on April 1, 2002

                           (ii)     Exclusive Project Agreement relating to
                                    Displays for Use in Automobiles between the
                                    Company and CeraVision Limited dated 7 July
                                    2000 and incorporated by reference to the
                                    Company's Form 10- KSB for the fiscal year
                                    ended December 31, 2001, filed with the
                                    Commission on April 1, 2002.

                           (iii)    Letter of understanding between the Company
                                    and the City of Akron, Ohio regarding the
                                    purchase or lease (with purchase option) of
                                    an approximately five-acre parcel of land
                                    located in the city's Ascot Industrial Park,
                                    dated December 17, 1999 and incorporated by
                                    reference to the Company's Form 10-KSB for
                                    the fiscal year ended December 31, 2001,
                                    filed with the Commission on April 1, 2002.

                  23       Consent of Independent Certified Accountants




<PAGE>



                                   SIGNATURES

In accordance with the requirements of the Exchange Act of 1934, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

                             AuGRID of Nevada, Inc.


Date:    June 27, 2002       By: /s/ M. J. Shaheed
                                 ----------------------------------------------
                                  M. J. Shaheed, President and Director
                                  (principal executive officer)


Date:    June 27, 2002       By: /s/ Mary F. Sloat-Horoszko
                                 ----------------------------------------------
                                  Mary F. Sloat-Horoszko, Secretary, Treasurer
                                  and Director (principal financial officer and
                                  principal accounting officer)