<PAGE>
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

                    For the quarter ended March 31, 2003

                                       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-________

                               AUGRID CORPORATION
             (Exact name of registrant as specified in its charter)

                             AUGRID OF NEVADA, INC.
                           (Former name of registrant)

          Nevada                                          34-1878390
------------------------------                     --------------------------
(State or other jurisdiction of                        (I.R.S. Employer
incorporation or organization)                         Identification No.)

                              2275 East 55th Street
                              Cleveland, Ohio 44103
                    (Address of principal executive offices)

                                 (216) 426-1589
              (Registrant's telephone number, including area code)

     Check whether the Registrant (1) has 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, and (2) has been subject to such filing requirements for
the past 90 days. Yes [X] No [ ]

     As of May 19, 2003, there were 78,216,813 shares of the Registrant's common
stock, par value $0.001 issued and outstanding.

<PAGE>

                               AuGRID CORPORATION
                 MARCH 31, 2003 QUARTERLY REPORT ON FORM 10-QSB
                                TABLE OF CONTENTS



               Special Note Regarding Forward Looking Information
.................................................................................

                         PART I - FINANCIAL INFORMATION

Item 1.           Financial Statements......................................  3
Item 2.           Management's Plan of Operation............................ 15
Item 3.           Controls and Procedures................................... 17


                           PART II - OTHER INFORMATION

Item 2.           Changes in Securities and Use of Proceeds................. 18
Item 6.           Exhibits.................................................. 18


References in this report to the "Company", "we", "us", "our" and similar terms
means AUGRID Corporation, a Nevada corporation.


                SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

     The following cautionary statements identify important factors that could
cause our actual results to differ materially from those projected in the
forward-looking statements made in this Quarterly Report on Form 10-QSB. Any
statements about our beliefs, plans, objectives, expectations, assumptions or
future events or performance are not historical facts and may be
forward-looking. These statements are often, but not always, made through the
use of words or phrases such as "will likely", "are expected to", "should", "is
anticipated", "estimated", "intends", "plans", "projection" and "outlook". Any
forward-looking statements are qualified in their entirety by reference to
various factors discussed throughout this Quarterly Report and discussed from
time to time in our filings with the Securities and Exchange Commission. Among
the significant factors that could cause our actual results to differ materially
from those expressed in the forward-looking statements are:

-    the potential risk of delay in implementing our business plan;
-    the market for products; and
-    the need for additional financing.

     Because the factors referred to above could cause actual results or
outcomes to differ materially from those expressed in any forward-looking
statements, persons should not place undue reliance on any of these
forward-looking statements. In addition, any forward-looking statement speaks
only as of the date on which it is made, and we undertake no obligation to
update any forward-looking statement or statements to reflect events or
circumstances after the date on which the statement is made, to reflect the
occurrence of unanticipated events or otherwise. New factors emerge from time to
time, and it is not possible for us to predict which will arise or to assess
with any precision the impact of each factor on our business or the extent to
which any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.


                                       2

<PAGE>
                                     PART I
                              FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

            Independent Accountant's Report

            Consolidated Balance Sheets as of March 31, 2003 and
            March 31, 2002

            Consolidated Statements of Income for the three months ended
            March 31, 2003 and 2002

            Consolidated Statements of Operations as of March 31, 2003 and
            March 31, 2002

            Consolidated Statements of Stockholders' Deficit as of
            March 31, 2003 and March 31, 2002

            Consolidated Statements of Cash Flows for the three months ended
            March 31, 2003 and March 31, 2002

            Notes to Consolidated Financial Statements



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


To the Board of Directors and Stockholders of
AUGRID CORPORATION

                          Independent Auditor's Report

We have audited the accompanying consolidated balance sheets of AUGRID
CORPORATION (A Nevada corporation in the Development Stage) and subsidiaries as
of March 31, 2003 and 2002, and the consolidated statements of operations,
stockholders' deficit, and cash flows for the years then ended and the period
from interception of the development stage (March 15, 1998) through March 31,
2003. These financial statements are the responsibility of the company's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statements presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of AUGRID CORPORATION (A Nevada
corporation in the Development Stage) and subsidiaries as of March 31, 2003 and
2002, and the results of its operations and its cash flows for the years then
ended and the period from the inception of the of the development stage (March
15, 1998) through March 31, 2003, in conformity with generally accepted
accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the
company will continue as a going concern. The company is a development stage
company engaged in the development and marketing of Flat Panel Display. As
discussed in Note 1 of the financial statements, the company's operating losses
since inception and the deficit accumulated during the development stage raise
substantial doubt about its ability to continue as a going


                                       3

<PAGE>

concern. Management's plan concerning these matters are also described in note
1. The financial statements do not include any adjustments that might result
from the outcome of this uncertainly.


/s/ Henry L Creel Co., Inc
Cleveland, Ohio

March 31, 2003
3587 LEE ROAD
SHAKER HEIGHTS, OHIO 44120


                               AUGRID CORPORATION
                                AND SUBSIDIARIES
                          (A Development Stage Company)

                           Consolidated Balance Sheets
                          As of March 31, 2003 and 2002

<TABLE>
<CAPTION>
                                     ASSETS

CURRENT ASSETS                                                     2003                2002
--------------                                                  -----------        ------------
<S>                                                             <C>                <C>
    Cash                                                        $     2,179         $     1,974
                                                                -----------         -----------

         Total Current Assets                                         2,179               1,974

PROPERTY AND EQUIPMENT (Note 1)

    Machinery And Equipment                                          69,119              69,119
    Furniture And Fixtures                                            7,686               7,686
    Office Equipment                                                 14,176              14,176
                                                                -----------         -----------

         Total Property At Cost                                      90,981              90,981

    Less:  Accumulated Depreciation                                 (65,115)            (65,115)
                                                                -----------         -----------

    Net Property and Equipment                                       25,866              25,866
                                                                -----------         -----------

OTHER ASSETS

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

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


TOTAL ASSETS                                                    $    50,236         $    49,181
                                                                ===========         ===========
</TABLE>

       See independent auditors' report and notes to financial statements.


                                       4

<PAGE>

                               AUGRID CORPORATION
                                AND SUBSIDIARIES
                          (A Development Stage Company)

                           Consolidated Balance Sheets
                          As of March 31, 2003 and 2002


                      LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>

CURRENT LIABILITIES                                                2003               2002
-------------------                                            ------------       -------------
<S>                                                            <C>                <C>
    Accounts Payable                                           $      66,308       $      65,558
    Accounts Payable to Related Parties (Note 3)                     353,000             213,750
                                                               -------------       -------------
         Total Current Liabilities                                   419,308             279,308

LONG-TERM DEBT

    Notes Payable to Stockholders (Note 7)                           673,350             673,350
                                                               -------------       -------------
            Long-Term Debt                                           673,350             673,350
                                                               -------------       -------------
    Total Liabilities                                              1,092,658             952,658
                                                               -------------       -------------

STOCKHOLDERS' EQUITY

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

     Common stock- with $0.001 par value
     90,000,000 shares
      Authorized; Shares outstanding:
         Dec 31, 2002 - 13,216,813 shares
         Dec 31, 2001 - 64,364,720 shares
         Dec 31, 2000 - 58,268,469 shares
         Dec 31, 1999 - 49,889,348 shares
         Dec 31, 1998 - 46,629,414 shares                             13,217              13,217
    Additional paid in capital                                     4,539,459           4,517,459
    Deficit accumulated during
    the development stage                                         (5,595,416)         (5,434,471)
                                                               -------------       -------------

         Total Stockholders' Equity (Deficit)                     (1,042,422)           (903,477)
                                                               -------------       -------------

TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY                                       $      50,236       $      49,181
                                                               =============       =============
</TABLE>

       See independent auditors' report and notes to financial statements.


                                       5

<PAGE>

                               AUGRID CORPORATION
                                AND SUBSIDIARIES
                          (A Development Stage Company)

                      Consolidated Statements of Operations
                   For the Years Ended March 31, 2003 and 2002

<TABLE>
<CAPTION>

                                                                                                     Cumulative
                                                                                                    Inception to
                                                                                                       Dec 31,
                                                                    2003                 2002             2003
                                                                 ----------           ----------    -------------
<S>                                                              <C>                  <C>           <C>
Revenue

    Net Sales (Note 1)                                                   -0-                  -0-            524

Cost and Expenses

    Write -Off License Agreement (Note 1H)                               -0-                  -0-      1,262,908

    General and Administrative                                      170,944               81,060       3,323,208
                                                               ------------         ------------     -----------
Income (Loss) Before Depreciation                                  (170,944)             (81,060)     (4,586,592)

    Amortization                                                         -0-                  -0-       (527,306)

    Depreciation                                                        (-0-)             (4,056)        (65,115)
                                                               ------------         ------------     -----------
Income (Loss) Before Income Taxes                                  (170,944)             (85,116)     (5,179,013)

Provision for Income Taxes (Note 2)                                      -0-                  -0-             -0-
                                                               ------------         ------------     -----------
       Net Income (Loss)                                       $   (170,944)        $    (85,116)    $(5,179,013)
                                                               ============         ============     ===========
    Basic and Diluted Loss Per Share                           $      (.030)        $      (.030)
                                                               ------------         ------------
    Weighted Average Shares Outstanding                          56,150,281           69,964,720
</TABLE>

       See independent auditors' report and notes to financial statements


                                       6

<PAGE>

                               AuGRID CORPORATION
                                AND SUBSIDIARIES
                      (A Nevada Development Stage Company)

                 Consolidated Statement of Stockholders' Deficit
                          As of March 31, 2003 and 2002

<TABLE>
<CAPTION>
                           Shares of       Addit.         Accum            Accum
                           Common          Common         Paid in          Prior to       After
                           Stock           Stock          Capital          March 18       March 18        Total
                           -----           -----          -------          --------       --------        -----
<S>                        <C>             <C>            <C>             <C>             <C>            <C>
Balance at
 March 8, 1998                                                            (429,352)                       (429,352)

Balance at
December 31, 1998          46,629,414      46,629         1,473,469                        (429,352)      1,520,098
Net Loss                                                                                   (590,366)        500,380

Balance at
December 31, 1999          49,889,348      50,207         1,945,304                      (1,019,718)        975,475
Net Loss                                                                                   (675,719)        300,074

Balance at
December 31, 2000          58,268,469      58,586         3,653,639                      (1,695,437)      2,016,470
Net Loss                                                                                 (1,171,377)        845,411

Balance at
December 31, 2001          64,364,720      64,683         3,861,286                      (2,866,814)      1,058,837
Net Loss                                                                                 (1,889,445)       (840,280)

Reverse Split
50 to 1                   (51,147,907)

Net Loss                                                                                   (678,212)
Balance at
December 31, 2002          13,216,813      13,535         4,517,459                      (5,434,471)       (903,477)


Net Loss                                                                                   (170,944)
Balance at
March 31, 2003             56,150,281      13,535         4,517,459       (429,352)      (5,595,416)     (1,042,422)
</TABLE>

       See independent auditors' report and notes to financial statements.


                                       7

<PAGE>

                               AUGRID CORPORATION
                                AND SUBSIDIARIES
                          (A Development Stage Company)

                      Consolidated Statements of Cash Flows
                          As of March 31, 2003 and 2002

<TABLE>
<CAPTION>
                                                                                                    Cumulative
                                                                                                      From the
                                                                                                    Inception to
                                                                                                      March 31,
                                                                        2003                2002        2003
                                                                        ----                ----        ----
<S>                                                                <C>              <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES

      Net Income (Loss)                                            $    (170,944)   $     (85,116)     ($5,595,416)

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

      Depreciation                                                            -0-           4,056          596,421

Changes in Operating Assets and Liabilities Net:

      Loss on write-off Other Assets                                          -0-              -0-       1,127,959
      Increase (Decrease) in Accounts
      Payable Related Parties                                            139,250               -0-         353,000
      Increase in Accounts Payables                                          750               -0-          57,212
                                                                   -------------    -------------     ------------
      Net Cash (Used) by Operating Activities                            (30,944)         (81,060)      (3,460,824)

CASH FLOWS FROM INVESTING ACTIVITIES

      Increase in Deposits-Building Construction                              -0-              -0-         (21,341)

      Increase in Licensing Agreement                                         -0-              -0-      (1,423,542)

      Purchase of Property and Equipment                                      -0-              -0-         (54,849)
                                                                   -------------    -------------     ------------
      Net Cash Used in Investing Activities                                   -0-              -0-      (1,499,732)

CASH FLOWS FROM FINANCING ACTIVITIES
      Proceeds from Common Stock Issuance                                 22,000           76,504        3,699,408
      Proceeds from Notes Payable- to Stockholders                            -0-              -0-         866,200
                                                                   -------------    -------------     ------------
      Net Cash Provided by Financing Activities                           22,000           76,504        4,565,608

Increase (Decrease) in Cash and Cash Equivalents                            (205)          (4,566)         (30,399)

Cash and Cash Equivalents at Beginning of Year                             2,179            7,493           32,373
                                                                   -------------    -------------     ------------
Cash and Cash Equivalents at End of Year                           $       1,974    $       2,937     $      2,179
                                                                   =============    =============     ============
</TABLE>

       See independent auditors' report and notes to financial statements.

                                       8

<PAGE>

                               AuGRID CORPORATION
                                AND SUBSIDIARIES
                          (A Development Stage Company)

                          Notes to Financial Statements
                          As of March 31, 2003 and 2002

Note 1      Organization and Summary of Significant Accounting Policies

              A. Organization
             AuGRID CORPORATION, (a Development Stage Company) whose name was
             changed from Augrid of Nevada, Inc in August 17, 2002 formed under
             the laws of the State of Nevada (the "Company" or "AuGRID"). 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

             The 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                                    $   69,119                 10
                  Furniture and Fixtures                                          7,686                 10
                  Office Equipment                                               14,176                 10
                                                                             ----------
                  Total Property & Equipment                                 $   90,981
                                                                             ==========
</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.


                                       9

<PAGE>

                               AuGRID CORPORATION
                                AND SUBSIDIARIES
                          (A Development Stage Company)

                          Notes to Financial Statements
                              As of March 31, 2003

Note 1            Organization and Summary of Significant Accounting
                  Policies (Continued)

                  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 2003.

                  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.


                                       10

<PAGE>

                               AuGRID CORPORATION
                                AND SUBSIDIARIES
                          (A Development Stage Company)

                          Notes to Financial Statements
                          As of March 31, 2003 and 2002


Note 1            Organization and Summary of Significant Accounting
                  Policies ( Continued )

                  H. Impairment of Long-Lived Assets & Long-Lived Assets to Be
                     Disposed Of  (Cont)

                  Up to 2000, the Company recorded 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.

                  I. Principals of Consolidation

                  Summit Media LLC

                  Effective October 31, 2002, the Company acquired 51% of Summit
                  Media Systems, LLC. It will be used as a distribution chain
                  for it products. The acquisition was accounted under the
                  purchase method of accounting. As part of the agreement AuGRID
                  will not be obligated to pay any additional amounts in 2003 or
                  2004 based on the agreement. All significant intercompany
                  accounts and transactions have been eliminated. Subsidiary
                  losses in excess of the unrelated investors' interest are
                  charged against the company interest. Changes in the Company's
                  proportionate share of the subsidiary equity resulting from
                  the additional equity transaction in the consolidation with no
                  gain recognition due to the development stage of the
                  subsidiaries and uncertainty regarding the Company's ability
                  to continue as a going concern


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
                  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.


                                       11

<PAGE>

                               AuGRID CORPORATION
                                AND SUBSIDIARIES
                          (A Development Stage Company)

                          Notes to Financial Statements
                          As of March 31, 2003 and 2002

Note 3            Accounts Payable to Related Parties

                  The Company entered into consulting agreements with certain
                  related parties and stockholders of the Company (the
                  "Stockholders). The Company has violated its agreements by
                  being delinquent in its payment to these Stockholders. At
                  March 30, 2003 the Company owed these Stockholders the
                  following amounts $37,500, $31,250, $25,000 and $120,000
                  totaling $213,750. These amounts relate to unpaid consulting
                  fees and cash advances to the Company made by the Stockholders
                  which have not been repaid. All amounts are due on demand with
                  no interest.

Note 4            Income Taxes

                  There was no provision for Federal Income tax during 2003 or
                  2002 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
                  December 31, 2002                678,212              2017
                  March 31, 2003                                        2018
</TABLE>

                  The Company has a net operating loss carryforward of
                  $5,434,471 which expires, if unused, in the years 2013 to
                  2017. 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 2002 and 2003.

<TABLE>
<CAPTION>
                                                                                2002           2003
                                                                             ----------     ----------
<S>                                                                      <C>                    <C>
                  Income tax benefit at the statutory rate (34%)              1,889,445        678,212
                  Change in valuation allowance
                  State tax, net of federal benefit
                  Non included items
                                                                              ---------      ---------
                  Provision for income taxes                                          0              0
                                                                              =========      =========
</TABLE>


                                       12

<PAGE>

                               AuGRID CORPORATION
                                AND SUBSIDIARIES
                      (A Nevada Development Stage Company)

                          Notes to Financial Statements
                          As of March 31, 2003 and 2002

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

                  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.

                  On August 17, 2002 at the Company's annual shareholders
                  meeting the company changed its name to AuGRID Corporation and
                  initiated a 50 to 1 reverse split which decreased the amount
                  of shares outstanding to 13,216,813 outstanding at March 31,
                  2003.


                                       13

<PAGE>

                               AuGRID CORPORATION
                                AND SUBSIDIARIES
                      (A Nevada Development Stage Company)

                          Notes to Financial Statements
                          As of March 31, 2003 and 2002

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>
<CAPTION>

<S>                                                                               <C>
                  The following table presents the calculation.
                      Net Loss                                                    $     678,212
                  Basic:
                      Weighted average share of
                      Common stock outstanding                                       13,216,813
                                                                                  -------------
                      Basic net loss per share                                             (.05)
                  Pro forma :
                      Shares used above                                              13,216,813
                      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                                    13,534,313
                                                                                  -------------
                      Pro forma basic net loss per share                                   (.04)
</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 $ 673,350

<TABLE>
<CAPTION>

<S>                                                                               <C>

                  Notes Payable to Stockholders- Long Term                        $     673,350
</TABLE>

Note 8            Reclassification

                  Certain balances have been reclassified in the 2001 and from
                  inception to March 31, 2003 consolidated financial statements
                  to conform to the 2003 presentation.

                                       14

<PAGE>

  ITEM 2. MANAGEMENT'S PLAN OF OPERATION

       The following discussion and analysis should be read in conjunction with
  the Financial Statements and Notes thereto appearing elsewhere in this
  Quarterly Report. Certain statements in this Quarterly Report, which are not
  statements of historical fact, are forward-looking statements. See "Special
  Note Regarding Forward-Looking Information" on Page 2.

  General

  The Company is a research and development company in the development stage.
  Our predecessor was formed under the name Ironwood Ventures, Inc. ("Ironwood")
  by the filing of Articles of Incorporation with the Secretary of State of the
  State of Nevada on August 4, 1995. On March 2, 1998, following a change of
  control, we changed our name to Augrid of Nevada, Inc. We effectively
  commenced operations on March 15, 1998. On August 30, 2002, we changed our
  name to AuGRID Corporation.

  The Company's executive offices are located at 2275 East 55th Street, II-
  Floor, Cleveland, Ohio 44103, and its telephone number is 216.426.1589.

  The Company has an exclusive license to use a certain thin cathode ray tube
  technology to manufacture and market flat panel display products for the
  transportation industry. Although the Company has no current manufacturing or
  sales operations utilizing its rights to such technology, it intends, within
  the next eighteen months, to begin the manufacturing process as well as
  continuing the distribution of LCD, Plasma and other flat panel devices. In
  addition, the Company has just signed a letter of intent to acquire an
  electronic transaction processing company to complement its distribution
  operation.

  INDUSTRY BACKGROUND

  During the last 25 years, flat-panel displays (small, lightweight, and flat
  instruments that display digital information, "FPD") have been undergoing
  technological improvements to provide a better quality image. In addition, the
  growth of FPD sales is being accelerated by the emerging portable electronic
  products market, as evidenced by the vigorous emergence of small, portable
  video cameras, portable video games, handheld television sets, video displays
  in the rear seats of vans, and personal digital assistants. As FPD sales grow,
  however, most customers seem to become dissatisfied with the cost, performance
  and availability tradeoffs inherent in the current technology used in FPDs.
  This dissatisfaction presents an opportunity for the products and technology
  that the Company offers.

  PRODUCTS

  By employing the use of vacuum microelectronics technology, the Company's
  licensor in conjunction with a British Research Facility has developed a very
  thin device called field emission display ("FED") that provides a
  technological breakthrough in cathode ray tube ("CRT") monitors. These FEDs
  are high-resolution, full-color displays with all of the operating
  characteristics of a standard cathode ray tube. FEDs are solid-state vacuum
  displays that are based on the emission of electrons from a
  multiple-thin-film, micron-size, field-emission cathodes arrayed on a
  flat-glass substrate. Because the display is matrix addressed, row and
  column-patterned electrodes, the advantages of a line-at-a-time digital
  address is retained. As a result, the FED becomes a truly flat, low-power
  display with high resolution and high brightness; in addition, the patented
  spacer technology from the Company's licensor's British facility allows for a
  glass thickness of 8 mm, resulting in a FPD that will be thin, light, and
  scalable to larger sizes without increasing the glass thickness.


                                       15

<PAGE>

  This new product will be able to provide a reliable, low-power,
  video-addressable color FED at a low cost. It initially will be targeted to
  the automotive industry, proven successful with target sales and marketing
  goals. The Company will seek and negotiate additional applications, including
  computer monitor and on-the-wall television applications.

  Initially the Company will produce for the automobile industry, although the
  thin cathode ray tube ("TCRT") technology is designed to also meet the demands
  of other applications, including outdoor video advertising, television and
  computer monitors, as well as commercial, medical and military screen
  applications. Management recognizes that the technology will address three
  basic market demands - lower cost, power efficiency and performance level. The
  Company's goal is to become a broad-based provider of display screens and
  monitors. However, the Company does not yet manufacture any products employing
  this technology. Currently the Company's products are restricted to those
  employing liquid crystal display technology, and these products, although
  limited, are beginning to be distributed by a distribution arm formed by the
  Company, currently referred to as Summit Media Systems, LLC.

  In addition to Summit Media Systems, LLC, AuGRID has also established a west
  coast presence with the addition of a microelectronics division, AuGRID
  Microelectronics. This division is currently shipping sample products to
  qualify pieces for the bio-medical industry.

  RESEARCH AND DEVELOPMENT

  The Company spent approximately $1,350,000 in 2000 and $100,000 in 2001 for
  research and development costs, an aggregate of approximately $1,450,000 for
  the last two fiscal years. Although the Company currently is producing no FPD
  products and has no customers for such products, it expects that these costs
  ultimately will be recovered in the prices it charges for its FPD products.

  Of the amount spent in 2000, $1,000,000 was paid to CeraVision Limited as a
  part of a $3,000,000 fee for its services in developing certain flat panel
  display prototypes and building manufacturing lines for the purpose of
  producing such displays. The second $1,000,000 installment of the fee is due
  on demand, but CeraVision Limited is withholding demand while the Company is
  exploring a strategic business combination. The final $1,000,000 installment
  of the fee will not be due until the Company receives the last of ten (10)
  prototype production lines complying with certain specifications. The
  remaining $350,000 amount in 2000 and the $100,000 amount in 2001 were paid to
  CeraVision Limited for other FPD research and development services not covered
  by the $3,000,000 fee.

  PATENT LICENSE; ROYALTIES

  The Company has obtained an exclusive patent license from CeraVision Limited
  to use certain ceramic-based field emission flat panel display technologies to
  manufacture and market products for the transportation industry. Pursuant to
  the terms of the license, the Company will be required to pay royalties to its
  licensor. These royalties are based upon production. On July 1, 2001, the
  Company became subject to a minimum quarterly royalty payment in the amount of
  $500,000, irrespective of production, for the fiscal quarter ended September
  30,2001. Although the first payment was due on October 7, 2001, the licensor
  has deferred the Company's obligation to make any royalty payments.


  MARKETING STRATEGIES

  Advertising


                                       16

<PAGE>

  The Company's goal over the next two years is to create enough visibility to
  support its product line in the domestic automobile industries as well as
  foreign markets. To accomplish this, the Company will advertise in various
  trade publications and business magazines, keeping track of the results to
  maximize the return of its advertising expenses and attend trade shows in
  America and abroad for distribution of all products including the LCD and
  Plasma units being featured by its distribution subsidiary.

  Sales

  Initially the Company plans to sell directly to 1st and 2nd tier original
  equipment manufacturers. Management also has identified several large retail
  buying associations, such as NATM Buying Corporation. Each buying association
  represents a substantial number of large electronic appliance retailers that
  may be interested in acquiring flat-panel screens in large quantities for
  regional distribution among buying group members. These channels are currently
  being utilized by the distribution arm of AuGRID.

  Goals

  The worldwide display market is currently $40 billion per year, and it is
  projected to be over $60 billion by 2005; the FPD market is approximately $9.5
  billion and estimated to be $35 billion by 2005. Management believes its FPD
  will have the potential to displace other display technologies because of its
  cost effectiveness, efficiency and overall advanced product.

  Management also anticipates developing strong ties with major computer
  manufacturers, such as Dell, Gateway, Phillips in Europe and IBM in America.
  Although these relationships are not currently solidified, the Company's goal
  is to become synonymous with leading-edge technology in the laptop and
  desk-mounted computer monitor market and the evolving television industry,
  such as wall-mounted digital televisions. The Company is committed to the
  production and distribution of superior display technology products that are
  exclusively designed to change the way people see things.

  REGULATION

  Existing or probable governmental regulations have not had (and are not
  expected to have) any material impact on the Company's operations, and the
  costs and effects of compliance with federal, state and local environmental
  laws are minimal.

  EMPLOYEES

  The Company has four full-time employees and no part-time employees. The
  Company's management team currently is comprised of four persons, a Chief
  Executive Officer, Chief Operating Officer, Chief Financial Officer and a Vice
  President of Communications/Secretary. However, through consultation with
  advisors and board members, management has identified key personnel who may be
  available to fill management positions, as soon as the Company has the funds
  to compensate them. These include, but are not limited to, an Executive Vice
  President, a Controller, a Vice President of Manufacturing and a Vice
  President of Sales. The Company also intends to hire experienced high-tech
  sales personnel.


  ITEM 3.  CONTROLS AND PROCEDURES

  As required by new Rules 13a-15 and 15d-15 of the Securities Exchange Act of
  1934, within the 90-day period prior to the filing of this report and under
  the supervision and with the participation of our management, including our
  chief executive officer and chief financial officer, we have evaluated the
  effectiveness of the design and operation of its disclosure controls and
  procedures. Based on such evaluation, our chief executive officer and chief
  financial officer have concluded that such disclosure controls and procedures
  are effective in ensuring that material information relating to our company,
  including


                                       17

<PAGE>

  our consolidated subsidiaries, is made known to the certifying officers by
  others within our company and our consolidated subsidiaries during the
  period covered by this report.

  There were no significant changes in our internal controls for financial
  reporting or in other factors that could significantly affect such internal
  controls subsequent to the date of such evaluation. In connection with the new
  rules, we are currently in the process of further reviewing and documenting
  our disclosure controls and procedures, including our internal accounting
  controls, and may from time to time make changes aimed at enhancing their
  effectiveness and to ensure that our systems evolve with our business.


                                     PART II
                                OTHER INFORMATION

ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS

  In August 2002, the Company issued 3,759,500 shares of the common stock to
  certain of the Company's officers as in return for such officer forgiving the
  Company's obligation to pay them back salary in the aggregate amount of
  $375,950. The issuance was made in a private transaction, exempt from the
  registration requirements under the Securities Act of 1933 under Section 4(2)
  under such Act.

  In September 2002, the Company issued 1,806,800 shares of the common stock to
  certain consultants for providing services to the Company. The issuance was
  made in a private transaction, exempt from the registration requirements under
  the Securities Act of 1933 under Section 4(2) under such Act.

  In September 2002, the Company issued 507,286 shares of the common stock to
  certain investors for investing in the Company at the purchase price of $0.10
  per share. The issuance was made in a private transaction, exempt from the
  registration requirements under the Securities Act of 1933 under Section 4(2)
  under such Act.

  In April 2003, the Company issued 10,000,00 shares of the common stock to
  certain consultants for providing services to the Company. The issuance was
  made in a private transaction, exempt from the registration requirements under
  the Securities Act of 1933 under Section 4(2) under such Act.


  ITEM 6.  EXHIBITS

  (a) Exhibit 23 - Consent of Certified Public Accountants

  (b) Exhibit 99 - Certifications of Chief Executive Officer and Chief Financial
  Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



  In accordance with 18 U.S.C. Section 1350, as adopted pursuant to Section 906
  of the Sarbanes-Oxley Act of 2002, our Chief Executive Officer and Chief
  Financial Officer executed the following written statements which statements
  accompanied the filing with the Securities and Exchange Commission of this
  Report on Form 10-QSB:


                                       18

<PAGE>

                                     SIGNATURES

  In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
  caused this report to be signed on its behalf by the undersigned, thereunto
  duly authorized.

                            AuGRID Corporation


                            By: /s/ MUHAMMAD J. SHAHEED

                               -------------------------------------------
                               Muhammad J. Shaheed, President, Chief Executive
                               Officer and Chairman
                               Date: May 20, 2003

  In accordance with the Exchange Act, this report has been signed below by the
  following persons on behalf of the registrant and in the capacities and on the
  dates indicated.

                            By: /s/ MUHAMMAD J. SHAHEED
                                -----------------------------------------------
                                Muhammad J. Shaheed, Chief Executive
                                Officer and Chairman (Principal
                                Executive Officer)
                                Date:  May 20, 2003

                            By: /s/ MARY F. SLOAT-HOROSZKO
                                -----------------------------------------------
                                Mary F. Sloat-Horoszko, Secretary, Director
                                Date: May 20, 2003

                            By: /s/ MICHAEL D. YOUNG
                                -----------------------------------------------
                                Michael D. Young, Director, COO
                                Date: May 20, 2003

                            By: /s/ STAN CHAPMAN
                                -----------------------------------------------
                                Stan Chapman, Director, Treasurer, CFO
                                Date: May 20, 2003

                            By: /s/ ESSA MASHNI
                                -----------------------------------------------
                                Essa Mashni, Director
                                Date: May 20, 2003


                                       19

<PAGE>

  CERTIFICATIONS

  I, M. J. Shaheed, certify that:
  1. I have reviewed this quarterly report on Form 10-QSB of AuGRID Corporation;
  2. Based on my knowledge, this quarterly report does not contain any untrue
  statement of a material fact or omit to state a material fact necessary to
  make the statements made, in light of the circumstances under which such
  statements were made, not misleading with respect to the period covered by
  this quarterly report; 3. Based on my knowledge, the financial statements, and
  other financial information included in this quarterly report, fairly present
  in all material respects the financial condition, results of operations and
  cash flows of the registrant as of, and for, the periods presented in this
  quarterly report; 4. The registrant's other certifying officers and I are
  responsible for establishing and maintaining disclosure controls and
  procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
  registrant and have:
(a) designed such disclosure controls and procedures to ensure that material
  information relating to the registrant, including its consolidated
  subsidiaries, is made known to us by others within those entities,
  particularly during the period in which this quarterly report is being
  prepared;
(b) evaluated the effectiveness of the registrant's disclosure controls and
  procedures as of a date within 90 days prior to the filing date of this
  quarterly report (the "Evaluation Date");
(c) presented in this quarterly report our conclusions about the effectiveness
  of the disclosure controls and procedures based on our evaluation as of the
  Evaluation Date; 5. The registrant's other certifying officers and I have
  disclosed, based on our most recent evaluation, to the registrant's auditors
  and the audit committee of registrant's board of directors (or persons
  performing the equivalent functions):
(d) all significant deficiencies in the design or operation of internal controls
  which could adversely affect the registrant's ability to record, process,
  summarize and report financial data and have identified for the registrant's
  auditors any material weaknesses in internal controls; and
(e) any fraud, whether or not material, that involves management or other
  employees who have a significant role in the registrant's internal controls;
  and 6. The registrant's other certifying officers and I have indicated in this
  quarterly report whether or not there were significant changes in internal
  controls or in other factors that could significantly affect internal controls
  subsequent to the date of our most recent evaluation, including any corrective
  actions with regard to significant deficiencies and material weaknesses.


  May 20, 2003
/s/ MJ SHAHEED
  -------------------------------------
  M. J. Shaheed
  Chief Executive officer and President


                                       20

<PAGE>

  I, Stan Chapman, certify that:

  1. I have reviewed this quarterly report on Form 10-QSB of AuGRID Corporation;
  2. Based on my knowledge, this quarterly report does not contain any untrue
  statement of a material fact or omit to state a material fact necessary to
  make the statements made, in light of the circumstances under which such
  statements were made, not misleading with respect to the period covered by
  this quarterly report; 3. Based on my knowledge, the financial statements, and
  other financial information included in this quarterly report, fairly present
  in all material respects the financial condition, results of operations and
  cash flows of the registrant as of, and for, the periods presented in this
  quarterly report; 4. The registrant's other certifying officers and I are
  responsible for establishing and maintaining disclosure controls and
  procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the
  registrant and have:
(a) designed such disclosure controls and procedures to ensure that material
  information relating to the registrant, including its consolidated
  subsidiaries, is made known to us by others within those entities,
  particularly during the period in which this quarterly report is being
  prepared;
(b) evaluated the effectiveness of the registrant's disclosure controls and
  procedures as of a date within 90 days prior to the filing date of this
  quarterly report (the "Evaluation Date");
(c) presented in this quarterly report our conclusions about the effectiveness
  of the disclosure controls and procedures based on our evaluation as of the
  Evaluation Date; 5. The registrant's other certifying officers and I have
  disclosed, based on our most recent evaluation, to the registrant's auditors
  and the audit committee of registrant's board of directors (or persons
  performing the equivalent functions):
(d) all significant deficiencies in the design or operation of internal controls
  which could adversely affect the registrant's ability to record, process,
  summarize and report financial data and have identified for the registrant's
  auditors any material weaknesses in internal controls; and
(e) any fraud, whether or not material, that involves management or other
  employees who have a significant role in the registrant's internal controls;
  and 6. The registrant's other certifying officers and I have indicated in this
  quarterly report whether or not there were significant changes in internal
  controls or in other factors that could significantly affect internal controls
  subsequent to the date of our most recent evaluation, including any corrective
  actions with regard to significant deficiencies and material weaknesses.

  May 20, 2003
  /s/ STAN CHAPMAN
  --------------------------
  Stan Chapman
  Treasurer


                                       21

<PAGE>

                                INDEX TO EXHIBIT


EXHIBIT NUMBER           DESCRIPTION
--------------           -----------

     23         -        Consent of Certified Public Accountants

     99         -        Certifications of Chief Executive Officer and
                         Chief Financial Officer pursuant to Section 906
                         of the Sarbanes-Oxley Act of 2002.