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

                                   FORM 10-QSB

(Mark One)

[X]      QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended        MARCH 31, 2001
                                        ------------------------------------

[ ]      TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

         For the transition period from               to
                                        --------------   ------------------

                        Commission File Number: 0-30621

                            CACTUS NEW MEDIA I, INC.
        -----------------------------------------------------------------
        (Exact name of Small Business Issuer as specified in its Charter)

          DELAWARE                                     65-0907798
-------------------------------            -----------------------------------
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
incorporation or organization)

                   437 41ST STREET, MIAMI BEACH, FLORIDA 33140
       ------------------------------------------------------------------
                    (Address of principal executive offices)

                                  (305)672-9200
                           (Issuer's telephone number)

         (Former Name, former address and former fiscal year, if changed
                              since last Report.)

         Check mark whether the Issuer (1) has filed all reports required to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
past 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: 10,050,000 Common Stock as
of May 16, 2001.


<PAGE>   2



                                      INDEX

                                                                       Page
                                                                       ----
PART I.  FINANCIAL INFORMATION

Item 1.  Condensed Financial Statements (unaudited)

         Balance Sheets                                                  1

         Statements of Operations                                        2

         Statements of Cash Flows                                        3

         Notes to Condensed Financial Statements                         4

Item 2.  Management's Discussion and Analysis and Plan of Operations     6


PART II. OTHER INFORMATION

Item 1.  Legal Proceedings                                               8

Item 5.  Other Information                                               8

Item 6.  Exhibits and Reports on Form 8-K                                8



<PAGE>   3



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS


                            CACTUS NEW MEDIA I, INC.
                         (A DEVELOPMENT STAGE COMPANY)
                            CONDENSED BALANCE SHEETS


<TABLE>
<CAPTION>

                                                                  March 31, 2001
                                                                   (Unaudited)         December 31, 2000
                                                                  --------------       -----------------
<S>                                                              <C>              <C>
ASSETS

CURRENT ASSETS
     Cash                                                            $  1,183             $  4,905
     Other current assets                                                  71                   29
                                                                     --------             --------
TOTAL ASSETS                                                         $  1,254             $  4,934
                                                                     ========             ========

LIABILITIES AND DEFICIENCY IN ASSETS

CURRENT LIABILITIES
     Accrued liabilities, $7,920 and $4,670 to related
         parties (Note 2)                                            $ 28,476             $ 21,268
                                                                     --------             --------
DEFICIENCY IN ASSETS
     Common stock,  $.0001 par value;  shares authorized,
         100,000,000; issued and outstanding, 10,050,000                1,005                1,005
     Additional paid-in capital                                        27,495               26,495
     Deficit accumulated during the development stage                 (55,722)             (43,834)
                                                                     --------             --------
         Total deficiency in assets                                   (27,222)             (16,334)
                                                                     --------             --------

TOTAL LIABILITIES AND DEFICIENCY IN ASSETS                           $  1,254             $  4,934
                                                                     ========             ========


</TABLE>

                            See accompanying notes.

                                       1
<PAGE>   4


                            CACTUS NEW MEDIA I, INC.
                         (A DEVELOPMENT STAGE COMPANY)
                       CONDENSED STATEMENTS OF OPERATIONS
                                  (UNAUDITED)

<TABLE>
<CAPTION>


                                                                                                 For the period from
                                                       Three Months          Three Months        inception (March 29,
                                                           Ended                 Ended              1999) through
                                                      March 31, 2001         March 31, 2000         March 31, 2001
                                                      --------------         --------------      --------------------
<S>                                                    <C>                    <C>                    <C>
REVENUES (NOTE 2)                                      $      3,690           $      2,800           $     23,610
                                                       ------------           ------------           ------------
EXPENSES
     Consulting fees                                          1,100                     --                  1,100
     Contract labor                                             275                     --                  1,018
     Interest                                                   300                    300                  2,300
     Internet services                                        3,699                  2,846                 23,080
     Licenses and taxes                                          --                     --                    679
     Management fee (Note 2)                                  3,000                  3,000                 23,000
     Office                                                     133                     --                    745
     Professional fees                                        7,041                     --                 27,180
     Rent (Note 2)                                               30                     30                    230
                                                       ------------           ------------           ------------
         Total expenses                                      15,578                  6,176                 79,332
                                                       ------------           ------------           ------------
NET LOSS                                               $    (11,888)          $     (3,376)          $    (55,722)
                                                       ============           ============           ============
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING            10,050,000             10,000,000             10,001,778
                                                       ============           ============           ============
NET LOSS PER SHARE - BASIC AND DILUTED                 $         --           $         --            $     (0.01)
                                                       ============           ============           ============

</TABLE>


                            See accompanying notes.


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<PAGE>   5


                            CACTUS NEW MEDIA I, INC.
                         (A DEVELOPMENT STAGE COMPANY)
                       CONDENSED STATEMENTS OF CASH FLOWS
                                  (UNAUDITED)


<TABLE>
<CAPTION>


                                                                                                           For the period from
                                                                    Three Months         Three Months      inception (March 29,
                                                                        Ended                Ended             1999) through
                                                                    March 31, 2001       March 31, 2000       March 31, 2001
                                                                    --------------      --------------     --------------------
<S>                                                                        <C>              <C>              <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
     Net loss                                                          $(11,888)            $ (3,376)            $(55,722)
                                                                       --------             --------             --------
     Adjustments to reconcile net loss to net cash used in
        operating activities:
         Common stock and warrants issued for services                    1,000                   --                3,500
         Changes in operating assets and liabilities:
              Other current assets                                          (42)                   6                  (71)
              Accrued liabilities                                         7,208                3,180               28,476
                                                                       --------             --------             --------
              Total adjustments                                           8,166                3,186               31,905
                                                                       --------             --------             --------
                  Net cash used in operating activities                  (3,722)                (190)             (23,817)
                                                                       --------             --------             --------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from the issuance of common stock and capital
         contributions                                                       --                   --                7,900
     Collection of stock subscription receivable                             --                   --               17,100
                                                                       --------             --------             --------
                  Net cash provided by financing activities                  --                   --               25,000
                                                                       --------             --------             --------

NET INCREASE (DECREASE) IN CASH                                          (3,722)                (190)               1,183

CASH - BEGINNING                                                          4,905                7,536                   --
                                                                       --------             --------             --------
CASH - ENDING                                                          $  1,183             $  7,346             $  1,183
                                                                       ========             ========             ========

Supplemental Disclosures:
     Interest paid                                                     $     --             $     --             $     --
                                                                       ========             ========             ========
     Income taxes paid                                                 $     --             $     --             $     --
                                                                       ========             ========             ========


</TABLE>

                            See accompanying notes.



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<PAGE>   6
                            CACTUS NEW MEDIA I, INC.
                         (A DEVELOPMENT STAGE COMPANY)
              NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)


NOTE 1. BASIS OF PRESENTATION

BASIS OF PRESENTATION

The accompanying (unaudited) financial statements of Cactus New Media I, Inc.
have been prepared in accordance with accounting principles generally accepted
in the United States for interim financial information and with the instructions
to Form 10-QSB and, therefore, do not include all information and footnotes
necessary for a complete presentation of financial position, results of
operations and cash flows in conformity with accounting principles generally
accepted in the United States.

In the opinion of management, all adjustments considered necessary for a fair
presentation of the results of operations and financial position have been
included and all such adjustments are of a normal recurring nature. Operations
for the period ended March 31, 2001, are not necessarily indicative of the
results that can be expected for the year ended December 31, 2001.

The preparation of financial statements in accordance with accounting principles
generally accepted in the United States requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from these estimates.

The financial data at December 31, 2000 is derived from audited financial
statements which are included in the Company's Form 10-SB and should be read in
conjunction with the audited financial statements and the notes thereto.

NOTE 2. RELATED PARTY TRANSACTIONS

The Company leases its office facility on an annual basis from a company related
by virtue of common ownership. Total rent expense amounted to $30, $30 and $230
for the three months ended March 31, 2001, the three months ended March 31, 2000
and for the period from inception (March 29, 1999) through March 31, 2001,
respectively.

The Company contracted an affiliate, related by virtue of common ownership, for
management and consulting services amounting to $3,000, $3,000 and $23,000 for
the three months ended March 31, 2001, the three months ended March 31, 2000 and
for the period from inception (March 29, 1999) through March 31, 2001,
respectively.




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NOTE 2. RELATED PARTY TRANSACTIONS (CONTINUED)

The Company earned revenues of $2,800 and $16,310 related to transactions with
various entities related by virtue of common ownership for the three months
ended March 31, 2000 and for the period from inception (March 29, 1999) through
March 31, 2001, respectively. Also, the Company incurred expenses relating to
website trafficking fees to other website companies, related by virtue of common
ownership of $2,800 and $15,125 for the three months ended March 31, 2000 and
for the period from inception (March 29, 1999) through March 31, 2001,
respectively.

The majority shareholder has guaranteed the payment of certain third party
liabilities on behalf of the Company. At March 31, 2001 approximate aggregate
guaranteed amounts were $12,000.

NOTE 3. NET LOSS PER COMMON SHARE

Basic and diluted net loss per common share was computed by dividing the net
loss by the weighted number of shares of common stock outstanding during each
period.

NOTE 4. CORPORATE RELATIONSHIP AGREEMENT

In January 2001, the Company entered into a one-year corporate relationship
agreement (agreement) with an unrelated entity (consultant) whereby the
consultant, on a non-exclusive basis, will serve as a corporate relation
consultant in potential financing and business combinations involving the
Company. The agreement provides for, among other things, the consultant to
receive a 5 year warrant to purchase 75,000 shares of the Company's common stock
at an exercise price of $0.01 per share. In addition, the consultant will
receive a finder's fee, as defined, in the event the Company obtains financing
from a party introduced to the Company by the consultant.

NOTE 5. GOING CONCERN

The Company has been in the development stage since its inception on March 29,
1999. At March 31, 2001 the Company has minimal working capital available to
fund operations and may not be able to commence and/or sustain operating
activity. The Company believes, however, it has sufficient funds to commence
operations and it intends to fund future operations from operating cash flows
and/or from a merger with another operating entity.



                                       5
<PAGE>   8

ITEM 2. MANAGEMENT DISCUSSION AND ANALYSIS

GENERAL

         Management's discussion and analysis contains various forward looking
statements within the meaning of the Securities and Exchange Act of 1934. These
statements consist of any statement other than a recitation of historical fact
and can be identified by the use of forward looking terminology such as "may,"
"expect," "anticipate," "estimates" or "continue" or use of negative or other
variations of comparable terminology. Management cautions that these statements
are further qualified by important factors that could cause actual results to
differ materially from those contained in forward looking statements, that these
forward looking statements are necessarily speculative, and there are certain
risks and uncertainties that could cause actual events or results to differ
materially from those referred to in forward looking statements.

PLAN OF OPERATIONS

         The Company expects to have limited sales, if any, as the Company
continues to develop its Internet and telecommunication business. Management
believes it will continue to operate at a loss for the next 12 months.

SALES

         The Company has recognized limited revenues of $19,920 from inception
through December 31, 2000 and $23,610 from inception through March 31, 2001.
Revenues for the three month period ended March 31, 2001 were $3,690 as compared
to $2,800 for the three month period ended March 31, 2000.

         Revenues are related to transactions with various entities related by
virtue of common ownership. In generating these revenues, the Company also
incurred expenses of -0- and $2,800 for the period ended March 31, 2001 and
March 31, 2000, respectively, related to website trafficking fees to other
website companies related by common ownership.

         From the period from inception through March 31, 2001, the Company
earned revenues of $16,310 related to transactions with various entities related
by virtue of common ownership. In generating these revenues, the Company also
incurred expenses of $15,125 relating to website trafficking fees to other
website companies related by common ownership.

EXPENSES

         The Company has incurred expenses for management fees, consulting and
other costs of operations from inception through March 31, 2001 totaling
approximately $79,332.




                                       6
<PAGE>   9

Expenses for the three month period ended March 31, 2001, were $15,578 as
compared to $6,176 for the three month period ended March 31, 2000. The
Company's expenses will increase as its business develops. The majority of the
increase in expenses is due to increased administrative activity.

RESULTS OF OPERATIONS

         As stated previously, from its inception to March 31, 2001 the Company
was primarily involved in organization and development of business.
Consequently, the Company suffered operating and cash flow losses. The Company's
net loss for the period from inception through December 31, 2000, was $43,834.
The Company's net loss from inception through March 31, 2001, was $55,722. The
Company expects similar losses for the next 12 months.

LIQUIDITY AND CAPITAL RESOURCES

         Since its inception the Company has experienced negative cash flows and
has met its cash requirements by issuing, through a private placement, shares of
its common stock. The Company generated additional funds through borrowings from
a related party. Management anticipates that funds received from these sources
and cash generated from operations should be sufficient to satisfy contemplated
cash requirements for the next 12 months. After such time, the Company
anticipates that it will need to raise additional funds through private or
public offerings or additional borrowings.

         Management does not anticipate any significant purchase of equipment.
The number and level of the Company's employees and consultants at March 31,
2001, is adequate to maintain business.




                                       7
<PAGE>   10

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

        None.

ITEM 5. OTHER INFORMATION

        None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

        (a)      Exhibits required by Item 601 of Regulation S-B

                 The following exhibits are filed as part of this report:

                 Exhibits:

                 None.

        (b)      Reports on Form 8-K

                 None.




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                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned as duly authorized officers of the Registrant.

                                           Cactus New Media I, Inc.


                                           By: /s/ RS Schmitt
                                               ---------------------------------
                                                RS Schmitt, Chairman and
                                                President

DATED: May 21, 2001






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