<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                  Quarterly Report Under Section 13 or 15(d) of
                         Securities Exchange Act of 1934

                         For Period ended March 31, 2001
                         Commission File Number 0-31237

                             KEYSTONE VENTURES, INC.
                             -----------------------
             (Exact name of registrant as specified in its charter)


          NEVADA                                      88-0455940
          ------                                      ----------
    (State of Incorporation)            (I.R.S. Employer Identification No.)

                      1605 MIRAGE COURT, EL CAJON CA 92019
                      ------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

                                 (619) 692-2438
                                 --------------
              (Registrant's telephone number, including area code)


Indicate by check mark 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 (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
                   -------                  -------


Indicate the number of shares outstanding of each of the issuer's classes of
common stock at the latest practicable date.

As of March 31, 2001, the registrant had 11,775,000 shares of common stock,
$.001 par value, issued and outstanding.

<PAGE>   2





                             KEYSTONE VENTURES, INC.
                          (A DEVELOPMENT STAGE COMPANY)

                                 BALANCE SHEETS
                                      AS OF
                                 MARCH 31, 2001

                                       AND

                              STATEMENTS OF INCOME,
                            STOCKHOLDERS' EQUITY, AND
                                   CASH FLOWS
                              FOR THE PERIOD ENDED
                                 MARCH 31, 2001


<PAGE>   3





                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                           PAGE
                                                                           ----
<S>                                                                        <C>
Independent Auditor's Report                                                1

Balance Sheet                                                               2

Income Statement                                                            3

Statement of Stockholders' Equity                                           4

Statement of Cash Flows                                                     5

Footnotes                                                                   6
</TABLE>


<PAGE>   4


G. BRAD BECKSTEAD
CERTIFIED PUBLIC ACCOUNTANT
                                                             330 E. Warm Springs
                                                             Las Vegas, NV 89119
                                                                    702.528.1984
                                                             425.928.2877 (efax)


                          INDEPENDENT AUDITOR'S REPORT


April 6, 2001

Board of Directors
Keystone Ventures, Inc.
El Cajon, CA

I have audited the Balance Sheet of Keystone Ventures, Inc. (the "Company") (a
Development Stage Company), as of March 31, 2001, and the related Statements of
Operations, Stockholders' Equity, and Cash Flows for the period then ended.
These financial statements are the responsibility of the Company's management.
My responsibility is to express an opinion on these financial statements based
on my audit.

I conducted my audit in accordance with generally accepted auditing standards.
Those standards require that I 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 statement presentation. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. I believe that my audit provides a reasonable basis for my
opinion.

In my opinion, the financial statements referred to above present fairly, in all
material respects, the balance sheet of Keystone Ventures, Inc. as of March 31,
2001, and its related statements of operations, equity and cash flows for the
period then ended, in conformity with generally accepted accounting principles.

The accompanying financial statements have been prepared assuming the Company
will continue as a going concern. As discussed in Note 4 to the financial
statements, the Company has had limited operations and have not commenced
planned principal operations. This raises substantial doubt about its ability to
continue as a going concern. Management's plan in regard to these matters are
also described in Note 4. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.


/s/  G. Brad Beckstead

G. Brad Beckstead, CPA



                                                                               1
<PAGE>   5


                             KEYSTONE VENTURES, INC.

                          (A DEVELOPMENT STAGE COMPANY)

                                  BALANCE SHEET


<TABLE>
<CAPTION>
                                                                       March 31,
                                                                         2001
                                                                       --------
<S>                                                                    <C>
ASSETS

Current assets:
   Cash and equivalents                                                $  1,317
                                                                       --------
     Total current assets                                                 1,317
                                                                       --------
                                                                       $  1,317
                                                                       ========

LIABILITIES AND STOCKHOLDERS' EQUITY


Current liabilities:                                                   $     --
                                                                       --------
     Total current liabilities                                               --
                                                                       --------

Stockholders' equity:
   Common stock, $0.001 par value, 50,000,000 shares
     authorized, 11,775,000 shares issued and outstanding                11,775
   Additional paid-in capital                                             3,925
   Deficit accumulated during development stage                         (14,383)
                                                                       --------
                                                                          1,317
                                                                       --------
                                                                       $  1,317
                                                                       ========
</TABLE>


   The accompanying notes are an integral part of these financial statements.


                                                                               2
<PAGE>   6


                             KEYSTONE VENTURES, INC.

                          (A DEVELOPMENT STAGE COMPANY)

                             STATEMENT OF OPERATIONS


<TABLE>
<CAPTION>
                                           6 month                              March 10, 1999
                                         period ending       Year ending        (inception) to
                                          March 31,          September 30,         March 31,
                                             2001                2000                2001
                                         -------------       -------------      --------------
<S>                                      <C>                 <C>                <C>
Revenue                                  $         --        $         --        $         --
                                         ------------        ------------        ------------

Expenses:
   General administrative expenses                272               4,111              14,383
                                         ------------        ------------        ------------
    Total expenses                                272               4,111              14,383
                                         ------------        ------------        ------------

Net loss                                 $       (272)       $     (4,111)       $    (14,383)
                                         ============        ============        ============

Weighted average number of
   common shares outstanding               11,432,776          11,325,388          11,432,776
                                         ============        ============        ============

Net loss per share                       $         (0)       $         (0)       $         (0)
                                         ============        ============        ============
</TABLE>



   The accompanying notes are an integral part of these financial statements.


                                                                               3
<PAGE>   7


                             KEYSTONE VENTURES, INC.

                          (A DEVELOPMENT STAGE COMPANY)

                  STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
      FOR THE PERIOD MARCH 10, 1999 (DATE OF INCEPTION) TO MARCH 31, 2001


<TABLE>
<CAPTION>
                                                                                  Deficit
                                                                                 Accumulated
                                              Common Stock          Additional    During         Total
                                         -----------------------     Paid-in     Development  Stockholders'
                                           Shares        Amount      Capital       Stage         Equity
                                         ----------     --------    ----------   -----------  -------------
<S>                                      <C>            <C>          <C>         <C>          <C>
March 15, 1999
   Founders shares issued
   for services                           7,500,000     $     10     $  9,990     $     --      $ 10,000

April 30, 1999
   Shares issued for cash                 4,275,000            6        5,694                      5,700

Net loss for the period ended
   September 30, 1999                                                              (10,000)      (10,000)
                                         ----------     --------     --------     --------      --------
Balance, September 30, 1999              11,775,000           16       15,684      (10,000)        5,700

Reclassification of paid-in capital                       11,759      (11,759)                        --

Net loss for the year ended
   September 30, 2000                                                               (4,111)       (4,111)
                                         ----------     --------     --------     --------      --------

Balance, September 30, 2000              11,775,000       11,775        3,925      (14,111)        1,589

Net loss for the period ended
   February 28, 2001                                                                  (272)         (272)
                                         ----------     --------     --------     --------      --------

Balance, December 31, 2000               11,775,000     $ 11,775     $  3,925     $(14,383)     $  1,317
                                         ==========     ========     ========     ========      ========
</TABLE>



   The accompanying notes are an integral part of these financial statements.


                                                                               4
<PAGE>   8


                             KEYSTONE VENTURES, INC.

                          (A DEVELOPMENT STAGE COMPANY)

                             STATEMENT OF CASH FLOWS


<TABLE>
<CAPTION>
                                                    6 months       Year       March 10, 1999
                                                     ending       ending      (inception) to
                                                    March 31,  September 30,    March 31,
                                                      2001         2000           2001
                                                    ---------  -------------  --------------
<S>                                                 <C>        <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                            $   (272)     $(4,111)     $   (14,383)
Shares issued for services                                                          10,000
                                                    --------      -------      -----------
Net cash used by operating activities                   (272)      (4,111)          (4,383)
                                                    --------      -------      -----------

CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used by investing activities                     --           --               --
                                                    --------      -------      -----------

CASH FLOWS FROM FINANCING ACTIVITIES
   Issuance of common stock                               --           --            5,700
                                                    --------      -------      -----------
Net cash provided by financing activities                 --           --            5,700
                                                    --------      -------      -----------
Net increase in cash                                    (272)      (4,111)           1,317
Cash - beginning                                       1,589        5,700               --
                                                    --------      -------      -----------
Cash - ending                                       $  1,317      $ 1,589      $     1,317
                                                    ========      =======      ===========
Supplemental disclosures:
   Interest paid                                    $     --      $    --      $        --
                                                    ========      =======      ===========
   Income taxes paid                                $     --      $    --      $        --
                                                    ========      =======      ===========
   Non-cash investing and financing activities:
     Common stock issued for services               $     --      $    --      $    10,000
                                                    ========      =======      ===========
     Number of shares issued for services                 --           --        7,500,000
                                                    ========      =======      ===========
</TABLE>



   The accompanying notes are an integral part of these financial statements.


                                                                               5
<PAGE>   9


                             KEYSTONE VENTURES, INC.
                                      NOTES

NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES AND PROCEDURES

Organization

The Company was organized March 10, 1999 (Date of Inception) under the laws of
the State of Nevada, as Keystone Ventures, Inc. The Company is authorized to
issue 50,000,000 shares of $0.001 par value common stock. The Company has
limited operations, and in accordance with SFAS #7, the Company is considered a
development stage company.

Estimates

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from those estimates.

Cash and cash equivalents

The Company maintains a cash balance in a non-interest-bearing account that
currently does not exceed federally insured limits. For the purpose of the
statements of cash flows, all highly liquid investments with an original
maturity of three months or less are considered to be cash equivalents.

Revenue recognition

The Company recognizes revenue on an accrual basis as it invoices for services.

Reporting on the costs of start-up activities

Statement of Position 98-5 (SOP 98-5), "Reporting on the Costs of Start-Up
Activities," which provides guidance on the financial reporting of start-up
costs and organizational costs, requires most costs of start-up activities and
organizational costs to be expensed as incurred. SOP 98-5 is effective for
fiscal years beginning after December 15, 1998. With the adoption of SOP 98-5,
there has been little or no effect on the Company's financial statements.

Loss per share

Net loss per share is provided in accordance with Statement of Financial
Accounting Standards No. 128 (SFAS #128) "Earnings Per Share". Basic loss per
share is computed by dividing losses available to common stockholders by the
weighted average number of common shares outstanding during the period. The
Company had no dilutive common stock equivalents, such as stock options or
warrants as of March 31, 2001.

Advertising Costs

The Company expenses all costs of advertising as incurred. There were no
advertising costs included in selling, general and administrative expenses for
the period ended March 31, 2001.

Fair value of financial instruments

Fair value estimates discussed herein are based upon certain market assumptions
and pertinent information available to management as of March 31, 2001. The
respective carrying value of certain on-balance-sheet financial instruments
approximated their fair values. These financial instruments include cash and
accounts payable. Fair values were assumed to approximate carrying values for
cash and payables because they are short term in nature and their carrying
amounts approximate fair values or they are payable on demand.

Impairment of long lived assets

Long lived assets held and used by the Company are reviewed for possible
impairment whenever events or circumstances indicate the carrying amount of an
asset may not be recoverable or is impaired. No such impairments have been
identified by management at March 31, 2001.

Segment reporting

The Company follows Statement of Financial Accounting Standards No. 130,
"Disclosures About Segments of an Enterprise and Related Information". The
Company operates as a single segment and will evaluate additional segment
disclosure requirements as it expands its operations.



                                                                               6
<PAGE>   10

                             KEYSTONE VENTURES, INC.
                                      NOTES

Dividends

The Company has not yet adopted any policy regarding payment of dividends. No
dividends have been paid or declared since inception.

Income taxes

The Company follows Statement of Financial Accounting Standard No. 109,
"Accounting for Income Taxes" ("SFAS No. 109") for recording the provision for
income taxes. Deferred tax assets and liabilities are computed based upon the
difference between the financial statement and income tax basis of assets and
liabilities using the enacted marginal tax rate applicable when the related
asset or liability is expected to be realized or settled. Deferred income tax
expenses or benefits are based on the changes in the asset or liability each
period. If available evidence suggests that it is more likely than not that some
portion or all of the deferred tax assets will not be realized, a valuation
allowance is required to reduce the deferred tax assets to the amount that is
more likely than not to be realized. Future changes in such valuation allowance
are included in the provision for deferred income taxes in the period of change.

Deferred income taxes may arise from temporary differences resulting from income
and expense items reported for financial accounting and tax purposes in
different periods. Deferred taxes are classified as current or non-current,
depending on the classification of assets and liabilities to which they relate.
Deferred taxes arising from temporary differences that are not related to an
asset or liability are classified as current or non-current depending on the
periods in which the temporary differences are expected to reverse.

Recent pronouncements

The FASB recently issued Statement No. 137, "Accounting for Derivative
Instruments and Hedging Activities-Deferral of Effective Date of FASB Statement
No. 133". The Statement defers for one year the effective date of FASB Statement
No. 133, "Accounting for Derivative Instruments and Hedging Activities". The
rule now will apply to all fiscal quarters of all fiscal years beginning after
June 15, 2000. In June 1998, the FASB issued SFAS No. 133, "Accounting for
Derivative Instruments and Hedging Activities." The Statement will require the
company to recognize all derivatives on the balance sheet at fair value.
Derivatives that are not hedges must be adjusted to fair value through income,
if the derivative is a hedge, depending on the nature of the hedge, changes in
the fair value of derivatives will either be offset against the change in fair
value of the hedged assets, liabilities, or firm commitments through earnings or
recognized in other comprehensive income until the hedged item is recognized in
earnings. The ineffective portion of a derivative's change in fair value will be
immediately recognized in earnings. The company does not expect SFAS No. 133 to
have a material impact on earning s and financial position.

In December 1999, the Securities and Exchange Commission released Staff
Accounting Bulletin No. 101, Revenue Recognition in Financial Statements (SAB
No. 101), which provides guidance on the recognition, presentation and
disclosure of revenue in financial statements. SAB No. 101 did not impact the
company's revenue recognition policies.

NOTE 2 - INCOME TAXES

The Company accounts for income taxes under Statement of Financial Accounting
Standards No. 109, "Accounting for Income Taxes" ("SFAS No. 109"), which
requires use of the liability method. SFAS No. 109 provides that deferred tax
assets and liabilities are recorded based on the differences between the tax
bases of assets and liabilities and their carrying amounts for financial
reporting purposes, referred to as temporary differences. Deferred tax assets
and liabilities at the end of each period are determined using the currently
enacted tax rates applied to taxable income in the periods in which the deferred
tax assets and liabilities are expected to be settled or realized.

The provision for income taxes differs from the amount computed by applying the
statutory federal income tax rate to income before provision for income taxes.
The sources and tax effects of the differences are as follows:

<TABLE>
<S>                                                     <C>
                        U.S federal statutory rate      (34.0%)

                        Valuation reserve                34.0%
                                                        -----

                        Total                              --%
                                                        =====
</TABLE>



                                                                               7
<PAGE>   11

                             KEYSTONE VENTURES, INC.
                                      NOTES

As of March 31, 2001, the Company has a net operating loss carryforward of
approximately $14,000 for tax purposes, which will be available to offset future
taxable income. If not used, this carryforward will expire in 2019 and 2020. The
deferred tax asset relating to the operating loss carryforward of approximately
$5,000 has been fully reserved at March 31, 2001.

NOTE 3 - STOCKHOLDER'S EQUITY

The Company is authorized to issue 50,000,000 shares of its $0.001 par value
common stock.

All references to shares issued and outstanding reflect the 10-for-1 forward
stock split effected March 30, 2000, and the 75-for-1 forward stock split
effected June 15, 2000.

On March 24, 1999, the Company issued 7,500,000 shares of its $.001 par value
common stock to its officers as founders stock issued for services valued at
$10,000.

On April 30, 1999, the Company issued 4,275,000 shares of its $.001 par value
common stock for cash in the amount of $5,700.

There have been no other issuances of common stock.

NOTE 4 - 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 not commenced its planned principal
operations. Without realization of additional capital, it would be unlikely for
the Company to continue as a going concern.



                                                                               8
<PAGE>   12


                             KEYSTONE VENTURES, INC.
                                      NOTES

NOTE 5 - RELATED PARTY TRANSACTIONS

Office space and services are provided without charge by a director and
shareholder. Such costs are immaterial to the financial statements and,
accordingly, have not been reflected therein.

The officers and directors of the Company are involved in other business
activities and may, in the future, become involved in other business
opportunities. If a specific business opportunity becomes available, such
persons may face a conflict in selecting between the Company and their other
business interests. The Company has not formulated a policy for the resolution
of such conflicts.

NOTE 6 - WARRANTS AND OPTIONS

There are no warrants or options outstanding to acquire any additional shares of
common stock.




                                                                               9
<PAGE>   13

PART 1  FINANCIAL INFORMATION

Management's Plan of Operations

Keystone's current cash balance is $1,327. Until approximately November of 2001,
we believe our small cash balance is sufficient to fund minimum levels of
operations. In order to achieve our business plan goals, we will need to raise
capital through the sale of equity securities. We are a development stage
company and have generated no revenue to date. We have sold $5,700 in equity
securities to pay for our prior minimum level of operations. We have received a
going concern opinion on our financial statements that raises substantial doubt
as to our ability to continue as a going concern.

As of the date of this filing, we have taken the following steps: developed our
business plan, registered our Internet domain name, setup a preliminary one page
Internet web site, signed a licensing agreement for our software product,
applied for and received a copyright for our software, and made our company's
business and financial information available to the public through filings with
the Securities and Exchange Commission subject to disclosure rule of Regulation
S-B. We are now in the process of registering our securities with the Securities
and Exchange Commission. We believe we will be able to complete this
registration process by September 2001. We then intend to obtain a listing for
public trading of our stock on the Over the Counter Electronic Bulletin Board.
We believe we will be able to complete that process by November 2001. We then
intend to seek capital of $4,000,000 through the sale of common stock in a
private placement. We believe we will be able to raise capital of $4,000,000 by
May 2002. We then intend to hire two software programmers at a cost of $75,000,
hire one marketing manager at a salary of $60,000, hire two office employees at
a cost of $40,000, spend $500,000 for advertising, and $100,000 for rent and
other operating expenses. By December 2002, we intend to complete all final
testing of our software at a cost of $100,000, expand our web site at a cost of
$40,000, and purchase computers, furniture, and equipment at a cost of $100,000.
We plan to begin selling our computer firewall software product in December
2002. All of our future business plan steps represent management's goals, not
certainties. We intend to rely upon our management's business skills, contacts
in the software field, and knowledge of protection software in order to achieve
our business plan goals.

We will only be able to continue to advance our business plan if we receive
capital funding through the sale of equity securities. After raising capital, we
intend to hire employees, rent commercial space in El Cajon, purchase equipment,
and begin marketing our firewall protection software. We intend to use our
equity capital to fund the business plan during the next twelve months as cash
flow from sales is not estimated to begin until year two of our business plan.
We will face considerable risk in each of our business plan steps, such as
difficulty of hiring competent personnel within our budget, longer than
anticipated lead time necessary to sell and deliver the firewall protection
software to customers, and a shortfall of funding due to our inability to raise
capital in the equity securities market. If no funding is received during the
next twelve months, we will be forced to rely on existing cash in the bank and
funds loaned by the directors and officers. Keystone's officers and directors
have no formal commitments or arrangements to advance or loan funds to Keystone.
In such a restricted cash flow scenario, we would be unable to complete our
business plan steps, and would, instead, delay all cash intensive

<PAGE>   14

activities. Without necessary cash flow, Keystone may be dormant during the next
twelve months, or until such time as necessary funds could be raised in the
equity securities market.

We have no operating history, no material current operations, and no profit.
While we believe we have made good faith estimates of Keystone's ability to
secure additional capital, there is no guarantee that we will receive sufficient
funding to implement any future business plan steps.


PART II  OTHER INFORMATION

ITEM 1      Not applicable.

ITEMS 2-4:  Not applicable

ITEM 5:     Information required in lieu of Form 8-K:  None

ITEM 6:     Exhibits and Reports on 8-K:

                  a) Form 8-K reporting Change of Certifying Accountant filed
                     3/27/01.


                                   SIGNATURES
                                   ----------


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

        Keystone Ventures, Inc.


        Dated: April 24, 2001           /s/ Bruce Johnson
                                        ---------------------------------------
                                        Bruce Johnson
                                        President and Chief Executive Officer