<PAGE>   1
                                   Form 1O-QSB

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

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

         For the quarterly period ended February 28 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 0-13328
                                ----------

                         SENTEX SENSING TECHNOLOGY, INC.
          -------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         New Jersey                                      22-2333899
         -------------------------------    -----------------------------------
         (State or other jurisdiction of    (I.R.S. Employer Identification No.)
         incorporation or organization)


         1801 East Ninth Street. Cleveland, Ohio               44114
         ---------------------------------------         -------------------
         (Address of principal executive offices)            (Zip Code)


         Registrant's telephone number, including area code (216)687-9133
                                                            -----------------

         (Former name, former address and former fiscal year, if changed since
         last report.)

         Indicate by check mark whether the registrant (1) has filed all reports
         required to be filed by Section 13 of 15(d) of the Securities and
         Exchange Act of 1934 during the preceding 12 months (or for such
         shorter period that the registrant was required to file such reports),
         and (2) has been subject to such filing requirements for the past 90
         days.

                                       Yes X  No
                                          ---    ---


<PAGE>   2



                  APPLICABLE ONLY TO ISSUERS INVOLVED N BANKRUPTCY
                    PROCEEDINGS DURING THE PRECEDING FIVE YEARS

    Check whether the registrant filed all documents and reports required to be
    filed by Section 12, 13 or 15(d) of the Securities and Exchange Act of 1934
    after the distribution of securities under a plan confirmed by a court.

                                                 Yes     No
                                                     ---    ---

    State the number of shares outstanding of each of the issuer's classes of
    common equity, as of the latest practicable date: 100,514,911.



                                       2
<PAGE>   3


                SENTEX SENSING TECHNOLOGY, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                      NOVEMBER 30, 2000 AND FEBRUARY 28, 2001


<TABLE>
<CAPTION>
                                                         November 30,      February 28,
                                                             2000               2001
                                                           (Audited)        (Unaudited)


<S>                                                       <C>               <C>
   ASSETS
   ------

CURRENT ASSETS:
  Cash and cash equivalents                               $   168,051       $    75,245
  Accounts Receivable                                           4,000             4,000
  Current portion of notes receivable                          44,339            44,339
                                                          -----------       -----------
  TOTAL CURRENT ASSETS                                    $   216,390       $   123,584

OTHER ASSETS
  Restricted stock investment                                 379,200           379,200
  Note receivable- net of current portion of $44,339          381,316           381,316
                                                          -----------       -----------

  TOTAL ASSETS                                            $   976,906       $   884,100
                                                          ===========       ===========


   Liabilities and Stockholders' Equity
   ------------------------------------

CURRENT LIABILITIES:
   Notes payable:
    Bank                                                  $ 2,000,000       $ 2,000,000
    Related party                                           2,351,477         2,402,029
  Trade accounts payable ($441,671 to related party)          484,737           479,941
  Accrued liabilities                                         295,760           294,149
  Convertible subordinated notes payable                       12,423            12,423
                                                          -----------       -----------
  TOTAL CURRENT LIABILITIES                               $ 5,144,397       $ 5,188,542

LONG TERM DEBT
  Consulting contracts payable                                 32,100                 -

STOCKHOLDERS' EQUITY:
  Common stock, no par value                                2,880,079         2,880,079
    Authorized - 200,000,000 shares
    Issued - 109,460,911 shares
    Outstanding - 100,514,911 shares
  Accumulated deficit                                      (6,766,452)       (6,871,303)
  Treasury shares at cost, 8,946,000 shares                  (313,218)         (313,218)

  TOTAL STOCKHOLDERS' EQUITY                               (4,199,591)       (4,304,442)
                                                          -----------       -----------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY              $   976,906       $   884,100
                                                          ===========       ===========
</TABLE>


    See Notes to Consolidated Financial Statements


                                       3
<PAGE>   4





                SENTEX SENSING TECHNOLOGY, INC. AND SUBSIDIARIES
           CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
            ENDED FEBRUARY 28, 2001 AND FEBRUARY 29, 2000 [UNAUDITED]

<TABLE>
<CAPTION>
                                                                                   Three Months Ended
                                                                              February 28.    February 29,
                                                                              ------------    ------------
                                                                                  2001            2000
                                                                                  ----            ----

<S>                                                                           <C>             <C>
    REVENUES
      Interest and other income                                               $     11,631    $      1,301

    COST AND EXPENSES
      Administrative                                                                 4,957         140,923
      Research and development                                                           -          23,826
                                                                              ------------    ------------
        Total costs and expenses                                                     4,957         164,749
                                                                              ------------    ------------
    LOSS FROM OPERATIONS                                                             6,674        (163,448)

    OTHER EXPENSE

      Interest                                                                      96,830          84,178
                                                                              ------------    ------------

    LOSS FROM CONTINUING OPERATIONS BEFORE PROVISION FOR INCOME TAX EXPENSE        (90,156)       (247,626)

    PROVISION FOR INCOME TAX EXPENSE                                                 -                   -
                                                                              ------------    ------------
    LOSS FROM CONTINUING OPERATIONS                                                (90,156)       (247,626)

    LOSS FROM DISCONTINUED OPERATIONS

      Loss from operations of discontinued operations                              (14,694)         (6,265)
      Gain on disposal of discontinued business (net of goodwill write-off)              -               -
                                                                              ------------    ------------

          Total loss from discontinued operations                                  (14,694)         (6,265)
                                                                              ------------    ------------

    NET LOSS                                                                  $  (104, 850)   $   (253,891)
                                                                              ============    ============

    NET LOSS PER SHARE (BASIC AND DILUTED)                                    $      (0.00)   $      (0.00)

    WEIGHTED NUMBER OF SHARES OUTSTANDING                                      100,514,911     100,514,911
</TABLE>




                 See Notes to Consolidated Financial Statements


                                       4
<PAGE>   5








                SENTEX SENSING TECHNOLOGY, INC. AND SUBSIDIARIES
           CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS
            ENDED FEBRUARY 28, 2001 AND FEBRUARY 29, 2000 [UNAUDITED]

<TABLE>
<CAPTION>
                                                                             Three Months Ended
                                                                        February 28.       February 29.
                                                                        ------------       ------------
                                                                             2001             2000
                                                                             ----             ----


<S>                                                                       <C>               <C>
OPERATING ACTIVITIES:
  Net loss                                                                $(104,850)        $(253,891)
  Adjustment to reconcile net [loss] income to net
    cash provided by [used in] operating
    activities:
    Depreciation, amortization and writedown of intangible assets                 -            13,659
  Change in asset and liabilities:
    [Increase] decrease in:
       Accounts receivable                                                        -           (13,535)
       Inventories                                                                -           (14,958)
       Other assets                                                               -            11,447
    Increase [decrease] in:
       Accounts payable                                                      (4,796)           47,945
       Accrued expenses and other current liabilities                       (33,712)           18,818
       Currency translation adjustment                                            -            34,332
                                                                          ---------         ---------

    TOTAL ADJUSTMENTS                                                       (38,508)           97,708
                                                                          ---------         ---------

  NET CASH USED BY OPERATING ACTIVITIES                                    (143,358)         (156,183)

INVESTING ACTIVITIES:
  Acquisition of equipment and improvements                                       -            (4,597)
                                                                          ---------         ---------
  Net cash provided (used) by operating activities                                -            (4,597)

FINANCING ACTIVITIES:
  Net proceeds on note payable - related party                               50,552           152,900
                                                                          ---------         ---------

NET CASH PROVIDED BY FINANCING ACTIVITIES                                    50,552           152,900
                                                                          ---------         ---------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                        (92,806)           (7,880)

CASH AND CASH EQUIVALENTS - BEGINNING OF PERIODS                            168,051            15,280
                                                                          ---------         ---------

CASH AND CASH EQUIVALENTS - END OF PERIODS                                $  75,245         $   7,400
                                                                          =========         =========
</TABLE>


                 See Notes to Consolidated Financial Statements


                                       5
<PAGE>   6



                SENTEX SENSING TECHNOLOGY, INC. AND SUBSIDIARIES
             NOTES TO CONSOLIDATED FINANCIAL STATEMENTS [UNAUDITED]

         [1] In the opinion of management, the unaudited financial statements
         contain all adjustments [consisting of only normal recurring accruals
         and repayments] necessary to present fairly the financial position at
         February 28, 2001 and the results of operations and cash flows for the
         three months ended February 28, 2001 and February 29, 2000.

         These interim statements should be read in conjunction with the audited
         financial statements and notes thereto included in the Company's Annual
         Report on Form lO-KSB for the fiscal year ended November 30, 2002
         (Commission File No. 2-13328).

         [2] The results of operations for the three months ended February, 28,
         2001 and February 29, 2000 are not necessarily indicative of the
         results to be expected for the full year.

         [3] EARNINGS PER SHARE

         Earnings [loss] per share is calculated using the weighted average
         number of common shares outstanding. Potentially dilutive securities
         are insignificant.

         [4] PRINCIPLES OF CONSOLIDATION

         The consolidated financial statements include the accounts of Sentex
         Sensing Technology, Inc. and its wholly-owned subsidiaries [the
         "Company"]. All material inter-company accounts and transactions have
         been eliminated in consolidation.

         [5] NOTE RECEIVABLE

         Note receivable, in the original amount of $425,655, consists of a
         single promissory note dated July 1, 2000, due from Metrisa (see Notes
         1 and 4). Amounts due under the note bear interest payable and due
         monthly at the prime rate. The note is payable in forty-eight monthly
         installments of $8,868 beginning July 1, 2001. The note is secured by
         certain assets of Metrisa and is subordinated to Metrisa's senior debt.


         At February 29, 2001, principal payments due, based on the Company's
         fiscal year, are as follows:


<TABLE>
<S>                                           <C>
                    2001                      $ 44,339
                    2002                       106,416
                    2003                       106,416
                    2004                       106,416
                    2005                        62,068
                                              --------
                                              $425,655
                                              ========
</TABLE>



                                       6
<PAGE>   7



                  SENTEX SENSING TECHNOLOGY, INC. AND SUBSIDIARIES
                NOTES TO CONSOLIDATED FINANCIAL STATEMENTS [CONT'D]



         [6] RESTRICTED STOCK INVESTMENT

         At February 28, 2001 the company owned 160,000 shares of Metrisa, Inc.
         common stock which represents approximately 11% of the outstanding
         common stock of Metrisa The unregistered stock was received in a
         private transaction as partial consideration for the sale of the net
         assets and operations of Monitek. The stock is subject to "Rule 144"
         covering the purchase, resale and holding periods of "restricted
         securities." Metrisa is subject to Section 15(d) reporting requirements
         of the Securities Exchange Act of 1934, however, Metrisa's common stock
         is not quoted on a securities exchange registered with the SEC or in
         the over-the-counter market. There currently does not exist an active
         trading market for Metrisa's securities and there are less than 350
         holders of Metrisa's outstanding common stock at November 30, 2000.

         The Company does not consider the stock to be "trading securities," as
         defined under Statement of Financial Accounting Standards No. 115,
         "Accounting for Certain Investments in Debt and Equity Securities."
         Management of the Company estimates the February 28, 2001 carrying
         value ($379,200) of the Company's investment in Metrisa does not differ
         materially from its fair value.

         Metrisa was incorporated in Delaware and is a product development,
         manufacturing and contract test services company which specializes in
         manufacturing instruments and providing contract test services for
         measuring the properties of a wide variety of materials, liquids and
         gases.


                                       7
<PAGE>   8



                SENTEX SENSING TECHNOLOGY, INC. AND SUBSIDIARIES
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS

On July 6, 2000, Sentex Sensing Technology, Inc. (the "Registrant") sold
substantially all of its Monitek and Monitek GmbH assets to Metrisa for cash,
notes, the assumption of selected liabilities and Metrisa common stock. No
dividends or distributions will be available to make payments to the
shareholders resulting from the sale Monitek manufactures a wide range of
environmental and process control instrumentation to monitor and analyze fluids
of all types. Metrisa makes scientific and process control equipment for markets
worldwide.

At the closing, Metrisa issued 160,000 shares of Metrisa common stock to the
Registrant and paid the Registrant $1,248,000 for substantially all the assets
of Monitek and Monitek GmbH, which was based on the net book value of certain
assets of those companies at July 1, 2000. The payment of the non-stock
consideration was made by the assumption of various liabilities of Monitek and
Monitek GmbH in the amount of $322,000, payment in cash of approximately
$500,000, reduced by $50,000 reflecting the amount of cash Metrisa advanced to
the Registrant prior to closing, and delivery of a promissory note in the amount
of approximately $426,000. A final adjustment to the purchase price has been
made.

For a period of five years following the closing date, Metrisa and Metrisa GmbH
will pay Monitek, on a monthly basis, a royalty on the amounts received from the
United States Department of Defense by Metrisa or Metrisa GmbH from the sale of
acoustic products of Monitek for measurement of water in jet fuel, net of
discounts and returns and uncollectible accounts.

There is currently no agreement with the United States Department of Defense and
no assurance can be made that Metrisa will make any sales to the United States
Department of Defense.

Prior to the closing, the operation of Monitek and Monitek GmbH contributed
substantially all of the Registrant's total revenues and constitute
substantially all of the Registrant's total assets. Accordingly, the
Registrant's operations currently substantially consist of settling its
liabilities and managing and holding Metrisa shares and promissory notes. The
Registrant may purchase additional assets in other lines of business, which at
this time have not been determined. No assurance can be given that the
Registrant will be able to acquire other lines of business.


FINANCIAL CONDITION

Working Capital and Liquidity

         During the last several fiscal years, the Company has incurred losses
from operations. In addition, the Company's certified public accountants,
Hausser + Taylor LLP, have included in their auditors' report, which covers the
Company's financial statements for the years ended November 30, 1999 and
November 30, 2000, a statement that the Company's recurring losses from
operations raised substantial doubt about the Company's ability to continue as a
going concern. Subsequently, for fiscal 2000, the Company has sustained losses
of approximately $1,567,000. These losses have had a substantial adverse effect
on the working capital of the company.

         To address the Company's working capital needs, the Company, in July
1998, established a bank line of credit of $2,000,000, which was fully drawn on
as of November 30, 2000. This line of credit is secured by the personal
guarantee of Robert S. Kendall, the Chairman of the Company. From time to time,
CPS has provided the Company with temporary working capital loans and, as of
February 28, 2001, there was an outstanding borrowing of $2,402,000 on such
loans.

         Without continued financial support from CPS or Mr. Kendall, the
Company would not generate sufficient cash in the next 12 months to meet its
working capital needs.


Net Operating Losses; IC-DISC

The Company has approximately $12,986,000 in net operating losses as of February
28, 2001, which will expire at various dates through the year 2018 that are
mainly attributable to losses incurred by Monitek. Federal tax law imposes
restrictions on the use of net operating loss carry-forwards in the event of a
change in ownership, such as a merger. Due to the Merger, approximately
$6,265,000 of the $12,057,000 net operating losses may be subject to these
limitations and potentially may not be able to provide any economic benefit to
the Company

As of April 1, 1991, Monitek's IC-DISC, Monitek International, Inc., was
effectively terminated. As a result, Monitek had begun repatriation of the
undistributed earnings of the IC-DISC as of April 1, 1991. The undistributed
earnings of approximately $780,000 has been and will continue to be recognized
as income, for tax return purposes, over the 10-year period ending March 31,
2001.


                                       8
<PAGE>   9



                SENTEX SENSING TECHNOLOGY, INC. AND SUBSIDIARIES
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                       AND RESULTS OF OPERATIONS (CONT'D)


RESULTS OF OPERATIONS
---------------------

Three Months Ended February 28, 2001 Compared to Three Months Ended February 29,
2000

Revenues of $11,631 were $10,330 higher than last year due to interest received
on the note from Metrisa.

There were no operations for the Company in the first quarter of 2001.
Continuing expenses are for interest on debt obligations and professional fees.
All operating expenses were recorded during the year ended November 30, 2000.

The net loss for the period amounted to $104,850 compared to a loss of $253,891
for the same period last year

In February 2001, the Company reached an agreement in principle to acquire
Cleveland-based Regency Steel, LLC and Regency Technologies, Inc. for eight
million shares of the Company's common stock. Regency Technologies is primarily
owned by Regency Steel. Mr. Robert S. Kendall, owns 30 percent of the membership
interest of Regency Steel. Regency Steel and Regency Technologies together
manufacture and market a family of computer-based products and services. With
these acquisitions, the Company seeks to build a base in computer processing,
hardware and software design, management and financing. Regency Steel provides
value-added, computer-based customization of stainless steel and other related
products. Operating from a newly completed service center, Regency Steel is also
a broker of steel alloy. Regency Technologies is a hardware/software system
designer and builder of processors, hard drives and network products. In
addition, it liquidates and resells used computer hardware and other capital
equipment via the Internet. Management expects the acquisition, subject to
satisfactory results from the Company's due diligence review, to close in the
Company's 2nd fiscal quarter.


CHANGES IN ACCOUNTING STANDARDS

In June 1997, SFAS No. 131, Disclosures About Segments of an Enterprise and
Related Information, was issued. SFAS No. 131 changes the standards for
reporting financial results by operating segments, related products and
services, geographic areas and major customers. The Company must adopt the new
standard no later that November 30, 1999.

In June 1998, SFAS 133, Accounting for Derivative Instruments and Hedging
Activities, was issued. SFAS 133 establishes accounting and reporting standards
for derivative instruments and hedging activities. SFAS 133 is effective for
fiscal years beginning after June 15, 1998. Management believes this
pronouncement will have no effect on the financial statements.


                                       9
<PAGE>   10


                             II. OTHER INFORMATION

ITEM 2

(a)      Not applicable.

(b)      Not applicable.

(c)      Not applicable.

ITEM 5

                    CAUTIONARY STATEMENT FOR PURPOSES OF THE
                    "SAFE HARBOUR" OF THE PRIVATE SECURITIES
                         LITIGATION REFORM ACT OF 1995.

Certain statements in the Management's Discussion and Analysis of Financial
Condition and Results of Operations and the Financial Statements included in
this Quarterly Report on Form 10-QSB, in the Company's press releases and in
oral statements made by or with the approval of an authorized executive officer
of the Company constitute "forward-looking statements" as that term is defined
under the Private Securities Litigation Reform Act of 1995. These may include
statements projecting, forecasting or estimating Company performance and
industry trends. The achievement of the projections, forecasts or estimates is
subject to certain risks and uncertainties. Actual results and events may differ
materially from those projected, forecasted or estimated. The applicable risks
and uncertainties include general economic and industry conditions that affect
all businesses, as well as matters that are specific to the Company and the
markets it serves.

General risks that may impact the achievement of such forecasts include
compliance with new laws and regulations; significant raw material price
fluctuations; currency exchange rate fluctuations; business cycles; and
political uncertainties. Specific risks to the Company include an inability of
the Company to finance its working capital needs; an inability of the Company to
curtail its recurring losses; an inability of the Company to successfully
integrate the business of Sentex and Monitek; a risk of recession in the
economies in which its products are sold, such as the Chemical or Petroleum
industries; and new or emerging products from current competitors. In light of
these and other uncertainties, the inclusion of a forward-looking statement
herein should not be regarded as a representation by the Company that the
Company's plans and objectives will be achieved.



                                   SIGNATURE

Pursuant to the requirements of section 13 or 15(d) of the Securities Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized:

Date:     April 30, 2001          SENTEX SENSING TECHNOLOGY, INC.


                                  By: /s/ Robert S. Kendall
                                      ------------------------------------------
                                      Robert S. Kendall, Chief Executive Officer

                                       /s/ William R. Sprow
                                      -----------------------------------------
                                      William R. Sprow, Chief Financial Officer


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