<PAGE>
                     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: September 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)

Check whether the issuer: (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.

Yes [X]                    No [ ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS:

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 64,179,053 shares of common stock at
November 12, 2001

Transitional Small Business Disclosure Format (check one):

Yes [ ]           No [X]
<PAGE>
                             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 September 30, 2001

Statement of Income for the Nine-Month Period
ended September 30, 2001

Statement of Retained Earnings as of September 30, 2001

Statement of Cash Flows for the Nine-Month Period
ended September 30, 2001

Notes to the Financial Statements -
as of September 30, 2001
<PAGE>
                            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 September 30, 2001, and the related
statement of income, retained earnings and cash flows for the nine month period
ended September 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.

Respectfully,

/s/ Henry L. Creel
-----------------------------
Henry L. Creel, CPA

November 12, 2001




                   3587 LEE ROAD   SHAKER HEIGHTS, OHIO 44120
<PAGE>
                             AUGRID OF NEVADA, INC.
                                  Balance Sheet
                            As of September 30, 2001



                                     ASSETS
<TABLE>
<CAPTION>
CURRENT ASSETS
<S>                                                                                  <C>
    Cash                                                                             $     8,038
                                                                                     -----------

         Total Current Assets                                                              8,039

PROPERTY AND EQUIPMENT (NOTE 1)

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

         Total Property At Cost                                                           89,941

    Less:  Accumulated Depreciation
                and Amortization                                                         ( 9,418)
                                                                                     -----------

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


OTHER ASSETS

    Deposits Building Construction                                                        21,341
    Licensing Agreement (Note 4)                                                       1,687,907

         Less Amortization                                                              (583,247)
                                                                                     -----------

    Net Licensing Agreement                                                            1,104,660
                                                                                     -----------

         Total Other Assets                                                            1,126,001
                                                                                     -----------

TOTAL ASSETS                                                                         $ 1,214,563
                                                                                     ===========
</TABLE>

                         See Accountant's Review Report.
<PAGE>
                             AUGRID OF NEVADA, INC.
                                  Balance Sheet
                            As of September 30, 2001


                      LIABILITIES AND STOCKHOLDERS' EQUITY
<TABLE>
<CAPTION>
CURRENT LIABILITIES
<S>                                                                               <C>
    Account Payable - Trade                                                       $       63,945
                                                                                  --------------


         Total Current Liabilities                                                        63,945

LONG-TERM DEBT (NOTE 6)

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

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

    Total Liabilities                                                                    363,645

STOCKHOLDERS' EQUITY (NOTE 3)

    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; 62,080,552 shares issued and outstanding,
       and stated at:                                                                  3,718,975

    Retained Earnings (Deficit)                                                       (2,995,057)
                                                                                  --------------

         Total Stockholders' Equity                                                      850,918
                                                                                  --------------

TOTAL LIABILITIES AND
    STOCKHOLDERS' EQUITY                                                          $    1,214,563
                                                                                  ==============
</TABLE>




                         See Accountant's Review Report.
<PAGE>
                             AUGRID OF NEVADA, INC.
                               Statement of Income
                For the Six Month Period Ended September 30, 2001

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

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

General and Administrative Expenses

    Consultants                                                                              34,278
    Secretarial Services                                                                      1,100
    Public Relations                                                                         12,200
    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                                                                                4,349
    Accounting Fees                                                                           4,250
    Professional Fees                                                                         6,600
    Miscellaneous Expenses                                                                    3,405
    Computer Expense                                                                            371
    Interest                                                                                  3,902
    Office Expense                                                                            2,127
    Postage and Delivery                                                                      1,173
    Telephone                                                                                 8,774
                                                                                       ------------

       Total General and Administrative Expenses                                            128,243
                                                                                       ------------

Income (Loss) Before Depreciation                                                          (128,243)

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

Income (Loss) Before Income Taxes                                                          (128,243)

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

       Net Income (Loss)                                                               $   (128,243)
                                                                                       =============
</TABLE>

                         See Accountant's Review Report
<PAGE>
                             AUGRID OF NEVADA, INC.
                         Statement of Retained Earnings
                            As of September 30, 2001

<TABLE>
<CAPTION>
<S>                                                                                <C>
Balance, at January 1, 2001 (Deficit)                                                 ($2,866,814)

Add: Net Income (Loss) for the Period                                                    (128,243)
                                                                                   --------------

Balance, at September 30, 2001 (Deficit)                                              ($2,995,057)
                                                                                   ==============
</TABLE>












                         See Accountant's Review Report
<PAGE>
                             AUGRID OF NEVADA, INC.
                             Statement of Cash Flows
                            As of September 30, 2001
<TABLE>
<CAPTION>
OPERATING ACTIVITIES
<S>                                                                                      <C>
      Net Income (Loss)                                                                  $   (128,243)

  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                                                      1,609
                                                                                         ------------

             Net Cash (Used) by Operating Activities                                         (126,634)

INVESTING ACTIVITIES

             Net Cash Used in Investing Activities                                                -0-

FINANCING ACTIVITIES

      Proceeds from Common Stock Issuance                                                     133,750
                                                                                         ------------

             Net Cash Provided by Financing Activities                                        133,750
                                                                                         ------------

Decrease in Cash and Cash Equivalents                                                           7,116

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

Cash and Cash Equivalents at End of Period                                               $      8,038
                                                                                         ============
</TABLE>






                         See Accountant's Review Report
<PAGE>
                             AUGRID OF NEVADA, INC.
                          Notes to Financial Statements
                            As of September 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:
<TABLE>
<CAPTION>
                                                                                                     Years
                                                                                                     -----
                  <S>                                                      <C>                       <C>

                  Machinery and Equipment                                    $   68,080                 7
                  Furniture and Fixtures                                          7,686                 7
                  Office Equipment                                               14,176                 5
                                                                             ----------
                  Total Property & Equipment                                 $   89,942
                                                                             ==========
</TABLE>

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

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

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-rate basis on March 13, 1998.
<PAGE>
NOTE 4   LICENSING AGREEMENT

         Licensing Agreement consist of the cost in obtaining the licensing
         agreement with Ceravision Limited, Inc The cost is amortized over a
         period of 5 years.

NOTE 5   LITIGATION AND CONTINGENT LIABILITIES

         There is a legal action pending against the AuGRID of Nevada, Inc.,
         involving a claim, a Company have regarding a contract dispute, and
         also individual with a dispute regarding a financial advisory agreement
         with AuGRID of Nevada, Inc. The action is being handled by the counsel
         of AuGRID of Nevada, Inc due to the nature of the action and the
         inherent uncertainty regarding the outcome of any litigation, the
         company at this time is unable to determine whether any material loss
         will result for this litigation.

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>
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

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.

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, the Company, on October 3, 2001, filed a registration
statement with the Securities and Exchange Commission to register for issuance
and sale up to $5,000,000 of the Company's common stock. The registration
statement was amended on October 31, 2001 and is not yet effective. The offering
will not be underwritten. As presently contemplated, the stock initially will be
sold by officers and other employees of the Company, who will receive no
compensation for their selling efforts, other than their normal salaries and
employee benefits. If the plan of distribution should change, the Company's
registration statement will be amended to reflect the new arrangements.

The amount covered by the registration statement 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 offering is not successful, it will be necessary for the
Company to seek additional debt and equity financing for working capital during
the next twelve months. If the Company is unable to raise
<PAGE>
at least $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.

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 with AuGRID
         of Nevada, Inc. 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 at
         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.
<PAGE>
                  3        Articles of Incorporation & By-Laws

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

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

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

                  23                Consent of Independent Certified Accountants

         (b)      Reports on Form 8-K

                  None
<PAGE>
                                   SIGNATURES

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

                                 AuGRID of Nevada, Inc.


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


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