<PAGE>   1
                    U.S. SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM 10-QSB

(Mark One)

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

         For the quarterly period ended: June 30, 2001

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) 344-9800
               (Issuer's Telephone Number, including Area Code)

    The Park Building, 140 Public Square, Suite 200, Cleveland, Ohio 44114
  (Former name, former address and former fiscal year, if changed since last
                                    report)

Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the 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: 68,330,552 shares of common
stock at August 3, 2001

Transitional Small Business Disclosure Format (check one):

Yes [ ]           No [X]



<PAGE>   2

                            AuGRID OF NEVADA, INC.
                                     INDEX

PART I            FINANCIAL INFORMATION

     Item 1       Financial Statements
     Item 2       Management's Discussion and Analysis or Plan of Operation

PART II           OTHER INFORMATION

     Item 1       Legal Proceedings
     Item 2       Exhibits and Reports on Form 8-K

SIGNATURES

                                    PART I
                             FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                            AuGRID OF NEVADA, INC.
                             FINANCIAL STATEMENTS

Review Report

Balance Sheet as of June 30, 2001

Statement of Income for the Six Months Period
ended June 30, 2001

Statement of Retained Earnings as of June 30, 2001

Statement of Cash Flows for the Six Months Period
ended June 30, 2001

Notes to the Financial Statements -
as of June 30, 2001







<PAGE>   3






                           HENRY L. CREEL CO., INC.
                         Certified Public Accountant
                                (216)491-0800
                              FAX (216)491-0803


To the Shareholders and Board of Directors
AuGRID OF NEVADA, INC.
140 Public Square Suite 208
Cleveland, Ohio 44114

                          ACCOUNTANT'S REVIEW REPORT

I have reviewed the accompanying balance sheet of AuGRID OF NEVADA, INC. (A
Nevada Development Stage Corporation) as of June 30, 2001, and the related
statement of income, retained earnings and cash flows for the six months
period ended June 30, 2001, 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.

As discussed in note 5, the Company is currently involved in litigation. The
ultimate outcome of the litigation cannot presently be determined and no
provision for any liability that may result has been made in the accompanying
financial statement.

Based on my reviews, 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.


July 28, 2001








                   3587 LEE ROAD SHAKER HEIGHTS, OHIO 44120


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                             AuGRID OF NEVADA, INC.
                                 BALANCE SHEET
                              As of June 30, 2001

                                    ASSETS

CURRENT ASSETS

    Cash                                                        $        255
                                                                ------------

         Total Current Assets                                            255

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                                      (9,418)
                                                                ------------

    Net Property and Equipment                                        80,524
                                                                ------------

OTHER ASSETS

    Deposits Building Construction                                    21,341
    Deferred Charges ( Note 4)                                     1,687,907
                                                                ------------

         Total Other Assets                                        1,709,248
                                                                ------------

TOTAL ASSETS                                                    $  1,790,027
                                                                ============











                        See Accountant's Review Report


<PAGE>   5






                             AuGRID OF NEVADA, INC.
                                 BALANCE SHEET
                              As of June 30, 2001

                      LIABILITIES AND STOCKHOLDERS' EQUITY


CURRENT LIABILITIES

    Account Payable - Trade                                      $     66,147
                                                                 ------------

         Total Current Liabilities                                     66,147

LONG-TERM DEBT

    Notes Payable                                                     299,700
                                                                 ------------

         Total Long-Term Debt                                         299,700
                                                                 ------------

    Total Liabilities                                                 365,847

STOCKHOLDERS' EQUITY

    Capital Stock

       Preferred Stock $ 0.001 par value 10,000,000 shares
       authorized and 317,500 shares issued and outstanding           127,000

       Common stock- with $0.001 par value 90,000,000
       shares authorized; 61,862,741 shares issued and
       outstanding, and stated at:                                  3,703,795

    Retained Earnings (Deficit)                                    (2,406,795)
                                                                 ------------

         Total Stockholders' Equity                                 1,424,180
                                                                 ------------

TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY                                         $  1,790,027
                                                                 ============








                        See Accountant's Review Report


<PAGE>   6






                            AuGRID OF NEVADA, INC.
                              STATEMENT OF INCOME
                 FOR THE SIX-MONTH PERIOD ENDED JUNE 30, 2001


    Net Sales (Note 1)                                              $       -0-
    Interest Income                                                         -0-
                                                                    -----------

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

Consultants                                                             32,805
    Secretarial Services                                                 1,100
    Public Relations                                                     9,700
    Auto Expense                                                        11,925
    Insurance                                                              916
    Rent                                                                 3,011
    Repairs & Maintenance                                               13,367
    Lease Equipment                                                      1,108
    Furniture Lease                                                        541
    Travel and Lodging                                                  14,846
    Legal Fees                                                           3,596
    Accounting Fees                                                      4,250
    Professional Fees                                                    6,600
    Miscellaneous Expenses                                               3,405
    Computer Expense                                                       371
    Interest                                                             3,902
    Office Expense                                                       1,838
    Postage and Delivery                                                 1,173
    Telephone                                                            8,774
                                                                    ----------

       Total General and Administrative Expenses                       123,228
                                                                    ----------

Income (Loss) Before Depreciation                                    ( 123,228)

Depreciation                                                                -0-
                                                                    -----------

Income (Loss) Before Income Taxes                                    ( 123,228)

Provision for Income Taxes (Note 2)                                         -0-
                                                                    -----------

       Net Income (Loss)                                            $( 123,228)
                                                                    ===========





<PAGE>   7










                            AuGRID OF NEVADA, INC.
                        STATEMENT OF RETAINED EARNINGS
                              As of June 30, 2001

<TABLE>
<CAPTION>

<S>                                                                           <C>
Balance, at Beginning of Period (Deficit)                                     ($ 2,283,567)

Add: Net Income (Loss) for the Period                                             (123,228)
                                                                              ------------

Balance, at End of Period (Deficit)                                           ($ 2,406,795)
                                                                              ============

                             AuGRID OF NEVADA, INC
                            STATEMENT OF CASH FLOWS
                              As of June 30, 2001


OPERATING ACTIVITIES

      Net Income (Loss)                                                       $   (123,228)

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

      Depreciation and Amortization                                                    -0-

Changes in Operating Assets and Liabilities Net:

      Increase in Accounts Payable Trade                                             3,811
                                                                              ------------
        Net Cash (Used) by Operating Activities                                   (119,417)

INVESTING ACTIVITIES


        Net Cash Used in Investing Activities                                          -0-

FINANCING ACTIVITIES

      Proceeds from Common Stock Issuance                                          118,750
                                                                              ------------

        Net Cash Provided by Financing Activities                                  118,750
                                                                              ------------

Decrease in Cash and Cash Equivalents                                                 (667)

Cash and Cash Equivalents at Beginning of Period                                       922
                                                                              ------------

Cash and Cash Equivalents at End of Period                                    $        255
                                                                              ============


</TABLE>



<PAGE>   8


                            AuGRID OF NEVADA, INC.
                         NOTES TO FINANCIAL STATEMENTS
                              As of June 30, 2001

NOTE 1            ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

                  A.       Organization

                  AuGRID OF NEVADA, INC., (a Nevada Development Stage
                  Corporation) formed under the laws of the State of Nevada,
                  is a technology development firm specializing in Thin
                  Cathode Ray Tube (TCRT) technology. The company currently
                  has no operations and, in accordance with SFAS #7 is
                  considered a development corporation.

                  B.       Basis of Presentation

                  The financial records of the company are maintained on the
                  accrual basis of accounting. The accompanying financial
                  statements have been prepared on the accrual basis of
                  accounting 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:
                                                                         Years
                  Machinery and Equipment          $   68,080             7
                  Furniture and Fixtures                7,686             7
                  Office Equipment                     14,176             5
                                                   ----------
                      Total Property & Equipment   $   89,942
                                                   ==========

                  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.       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.
                  It is management's plan to begin producing sales in mid
                  2002.

                  E.       Estimates

                  The preparation of financial statements in conformity with
                  generally accepted accounting principles requires management
                  to make estimates and assumptions that affect certain
                  reported amounts and disclosures.

<PAGE>   9

NOTE 2            INCOME TAXES

                  The Company is a C Corporation for Federal Income Tax
                  purposes. There is no provision for Federal Income tax
                  because of an unexpired net operating loss carry forward.

NOTE 3            CAPITALIZATION

                  On March 1, 1998, AuGRID Corporation`s current controlling
                  shareholders 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.

                  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
                  shareholders 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-rata
                  basis on March 13, 1998.

NOTE 4            DEFERRED CHARGES

                  Deferred charges consists of organizational cost in
                  connection with starting the corporation and cost of stock
                  offering. Also included in the deferred charges are research
                  and development costs of the development stage company. No
                  amortization will be charged until the company start
                  operations.

NOTE 5            LITIGATION AND CONTINGENT LIABILITIES

                  There is a legal action pending against the Company, involving
                  a contract dispute with respect to a financial advisory
                  agreement. The action is being handled by legal counsel for
                  the Company. Due to the nature of the action and the inherent
                  uncertainty of the outcome of any litigation, the company is
                  unable to determine whether it would suffer any material loss.

NOTE 6            LONG-TERM NOTES

                  The notes payable consists of two demand notes issued to
                  shareholders to be repaid in eighteen months (18), secured
                  by company stock.



<PAGE>   10



ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

PLAN OF OPERATION

General

AuGRID of Nevada, Inc. (the "Company") was organized by the filing of Articles
of Incorporation with the Secretary of State of the State of Nevada on August
4, 1995. The Company is a research and development company in the development
stage. Its business objective is to exploit technologies that assist in the
development of proprietary flat panel display technology. The Company has
secured licensee rights to what is believed by management to be the first
truly flat panel, FED (Field Emission Device), display technology. This
technology incorporates a proprietary ceramic backplane that management
believes will allow manufacturers to overcome pricing, power and size
obstacles currently facing many other manufacturers in the flat panel display
industry.

To date the Company has been engaged in securing funding, obtaining rights as
a licensee to the flat panel display technology critical to the Company's
business, finding and securing a management team and board of directors,
developing a business plan and conducting preliminary market research.
Management believes that there is a significant market for the flat panel
displays that the Company will manufacture and market to the automotive
industry.

Pursuant to its business plan, the Company has contracted for the manufacture
of a pilot production line at a cost to the Company of $1,200,000. It is
anticipated that the line will be completed and that production of flat panel
displays will commence in the fourth quarter of 2003.

Cash Requirements

The Company will have cash requirements of approximately $3,500,000 during the
next twelve months. During that period the Company will be obligated to pay a
$1,000,000 licensing fee with respect to the flat panel display technology
that it is exploiting; two installment payments in the amount of $300,000 each
for the manufacture of its pilot production line; approximately $1,000,000 to
repay debt; and the remainder for general administrative and operating costs,
including legal and accounting fees. It order to meet its cash requirements
for the next twelve months, it will be necessary for the Company to seek
additional debt and equity financing.

To date, the Company's cash requirements have been met from the proceeds of
private offerings of its common stock and the issuance of its debt securities.
The Company has not generated any revenues from operations, and it is unlikely
to realize any revenues from operations during the next twelve months or at
any time before the fourth quarter of 2003. However, the Company currently is
in discussions with private investors, and the Company expects to raise
$5,000,000 during the next twelve months from the sale of its debt and equity
securities. That amount will meet the Company's cash requirement of $3,500,000
during the next twelve months, provide the funds necessary for the payment of
the final $600,000 in aggregate installments due in 2002 for purchase of the
pilot production line and provide some amount for contingencies. If the
Company is unable to raise $3,500,000 during the next twelve months, it is
unlikely that it will be able to continue operations. The Company has no
significant cash or other material assets nor revenues to cover its operating
costs to allow it to continue as a going concern during such period. Even if
the Company succeeds in securing the financing necessary to fund its
operations for the next twelve months, it will be necessary for the Company to
secure additional financing in early 2002 to fund its operations during the
last six months of 2002 and at least the first nine months of 2003, since the
Company does not expect to generate revenues from operations, until its
production line is in operation in late 2003.


<PAGE>   11



Research and Development

Manufacture of the Company's pilot production line will continue during the
next twelve months, and the line is not expected to be completed until the
fourth quarter of 2003. The total cost of the line to the Company is
$1,200,000. Installment payments in the aggregate amount of $600,000 will be
paid during the next twelve months, and the balance of $600,000 will be due in
two installments in 2002.

Plant and Equipment

As noted, the Company will make installment payments aggregating $600,000 in
the next twelve months on the purchase of its pilot production line. During
that period the Company does not expect to make any other purchase of plant or
significant equipment or to engage in the sale of plant or significant
equipment.

Employees

The Company currently has four full-time employees. During the next twelve
months, the Company expects to increase that number by fifty percent with the
addition of two new employees, a Chief Financial Officer and a Vice President
of Marketing.

                          PART II - OTHER INFORMATION

ITEM 1            LEGAL PROCEEDINGS

                  The Company has been threatened with litigation in connection
                  with a contract dispute regarding a financial advisory
                  agreement. The Company is represented by legal counsel in the
                  dispute, and it intends to vigorously defend against any
                  action that might be brought against it. Due to the nature of
                  the action and the inherent uncertainty of the outcome of any
                  litigation, the Company is unable to determine whether it
                  would prevail in such litigation if brought or would suffer
                  any material loss if it should not prevail.

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.


<PAGE>   12



                          (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.

                     23    Consent of Independent Certified Accountants



         (b)      Reports on Form 8-K

                     None




<PAGE>   13



                                  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: August 14, 2001          By: /s/ Muhammad J. Shaheed
                                   -------------------------------------------
                                   Muhammad J. Shaheed, President and Director


Date: August 14, 2001          By: /s/ Mary F. Sloat-Horoszko
                                   --------------------------------------------
                                   Mary F. Sloat-Horoszko, Secretary, Treasurer
                                   and Director