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                                   FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                            ------------------------

(MARK ONE)

<Table>
<C>        <S>
   /X/     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
</Table>

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2001
                                       OR

<Table>
<C>        <S>
   / /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
           SECURITIES EXCHANGE ACT OF 1934
</Table>

        FOR THE TRANSITION PERIOD FROM ______________ TO ______________

                         COMMISSION FILE NUMBER 0-25957

                            ------------------------

                            BIZNESSONLINE.COM, INC.

             (Exact name of registrant as specified in its charter)

                            ------------------------

<Table>
<S>                                            <C>
                  DELAWARE                                      06-15191132
       (State or other jurisdiction of                       (I.R.S. Employer
       incorporation or organization)                       Identification No.)
</Table>

                                 1720 ROUTE 34
                                 P.O. BOX 1347
                             WALL, NEW JERSEY 07719
                                 (732) 280-6408
                              (732) 280-6409 (FAX)

(Address and telephone number of principal executive offices and principal place
                 of business including zip code and area code)

                            ------------------------

                                      NONE

   (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 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 / /

    The number of shares outstanding of the Registrant's Common Stock as of
August 3, 2001 was 10,826,538.

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<Page>
                            BIZNESSONLINE.COM, INC.
             FORM 10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2001

INDEX

<Table>
<S>             <C>                                                           <C>
Part I--Financial Information

  Item 1        Condensed Consolidated Balance Sheets as of June 30, 2001
                  (unaudited) and December 31, 2000.........................         1

                Condensed Consolidated Statements of Operations for the
                  Three Months and Six Months Ended June 30, 2001 and 2000
                  (unaudited)...............................................         2

                Condensed Consolidated Statements of Cash Flows for the Six
                  Months Ended June 30, 2001 and 2000 (unaudited)...........         3

                Condensed Consolidated Statement of Stockholder's Equity for
                  the Six Months Ended June 30, 2001 (unaudited)............         4

                Notes to Condensed Consolidated Financial Statements........         5

  Item 2        Management's Discussion and Analysis of Financial Condition
                  and Results of Operations.................................         7

  Item 3        Quantitative and Qualitative Disclosure About Market Risk...        11

Part II--Other Information

  Item 2        Changes in Securities and Use of Proceeds...................        12

  Item 6        Exhibits and Reports on Form 8-K............................        12

Signatures..................................................................        13

Exhibit Index...............................................................        14
</Table>
<Page>
                         PART I--FINANCIAL INFORMATION

              ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                            BIZNESSONLINE.COM, INC.

                     CONDENSED CONSOLIDATED BALANCE SHEETS

                       (IN THOUSANDS, EXCEPT SHARE DATA)

<Table>
<Caption>
                                                               JUNE 30,     DECEMBER 31,
                                                                 2001           2000
                                                              -----------   ------------
                                                              (UNAUDITED)
<S>                                                           <C>           <C>
ASSETS
Current assets:
  Cash and cash equivalents.................................    $ 1,013        $   687
  Accounts receivable, net of allowance for bad debts of
    $1,486 and $1,432, respectively.........................      4,562          4,894
  Prepaid expenses and other current assets.................        117            814
                                                                -------        -------
  Total current assets......................................      5,692          6,395

Property and equipment, net.................................      4,672          5,846
Goodwill and intangibles, net...............................      6,912         10,148
Other assets................................................        293            248
                                                                -------        -------
Total assets................................................    $17,569        $22,637
                                                                =======        =======

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current maturities of long term debt......................    $17,000        $11,389
  Current portion of obligations under capital leases.......        268            358
  Accounts payable..........................................      4,405          4,449
  Income tax payable........................................         12             50
  Accrued expenses..........................................      2,112          2,111
  Deferred revenue..........................................      2,230          1,812
                                                                -------        -------
Total current liabilities...................................     26,027         20,169

Long term Debt..............................................         --
Capital leases, net of current portion......................        286            297
                                                                -------        -------

Total liabilities...........................................     26,313         20,466

Stockholders' equity:
  Preferred stock...........................................         --             --
  Common stock..............................................         99             96
  Additional paid in capital................................     55,601         55,460
  Accumulated deficit.......................................    (64,444)       (53,385)
                                                                -------        -------

Total stockholders' equity..................................     (8,744)         2,171
                                                                -------        -------
Total liabilities and stockholders' equity..................    $17,569        $22,637
                                                                =======        =======
</Table>

     See accompanying notes to condensed consolidated financial statements.

                                       1
<Page>
                            BIZNESSONLINE.COM, INC.

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                  (UNAUDITED)

                (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

<Table>
<Caption>
                                                     THREE MONTHS ENDED       SIX MONTHS ENDED
                                                          JUNE 30,                JUNE 30,
                                                    ---------------------   ---------------------
                                                      2001        2000        2001        2000
                                                    ---------   ---------   ---------   ---------
<S>                                                 <C>         <C>         <C>         <C>
Revenues..........................................  $   6,194   $   7,110   $  13,253   $  11,188

Costs and expenses:
  Connectivity and operations.....................      4,905       5,609       9,891       8,968
  Sales and marketing.............................        851       1,640       1,622       2,727
  General and administrative......................        845       1,176       2,032       1,955
  Writedown of impaired assets....................         --         901          --         901
  Depreciation....................................        649         519       1,294         924
  Amortization....................................      1,453       2,503       2,901       4,243
                                                    ---------   ---------   ---------   ---------
  Total costs and expenses........................      8,703      12,348      17,740      19,718
                                                    ---------   ---------   ---------   ---------

  Loss from operations............................     (2,509)     (5,238)     (4,487)     (8,530)

Other expense.....................................         --          (6)         --          (6)

Interest expense, net.............................     (1,131)       (988)     (6,548)       (984)
                                                    ---------   ---------   ---------   ---------

Loss before income taxes..........................     (3,640)     (6,232)    (11,035)     (9,520)

Income taxes......................................         21          45          24         139
                                                    ---------   ---------   ---------   ---------

Net loss..........................................  $  (3,661)  $  (6,277)  $ (11,059)  $  (9,659)
                                                    =========   =========   =========   =========

Net loss per share, basic and fully diluted.......     $(0.37)     $(0.69)     $(1.12)     $(1.09)

Weighted average shares outstanding, basic and
  fully diluted...................................  9,966,572   9,143,835   9,874,538   8,879,066
</Table>

     See accompanying notes to condensed consolidated financial statements.

                                       2
<Page>
                            BIZNESSONLINE.COM, INC.

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  (UNAUDITED)

                                 (IN THOUSANDS)

<Table>
<Caption>
                                                               SIX MONTHS ENDED
                                                                   JUNE 30,
                                                              -------------------
                                                                2001       2000
                                                              --------   --------
<S>                                                           <C>        <C>
Net loss....................................................  $(11,059)  $(9,659)

Adjustments to reconcile net loss to net cash provided by
  operating activities:
  Depreciation and amortization.............................     8,695     5,166
  Amortization of debt warrants.............................       390        --
  Allowance for bad debt....................................       856       135
  Changes in net assets and liabilities:
    Increase in accounts receivable-trade...................      (524)     (646)
    Change in other current assets..........................       697       (74)
    Change in accounts payable..............................       (44)     (253)
    Increase in accrued expenses............................         2     1,365
    Decrease in income taxes payable........................       (37)       (3)
    Increase in deferred revenue............................       418        31
                                                              --------   -------
      Net cash used by operating activities.................      (606)   (3,938)
                                                              --------   -------

Cash flows from investing activities:
  Capital expenditures......................................      (120)   (2,034)
  Change in other assets....................................       (47)       (7)
  Acquisition of businesses, net of cash acquired...........        --   (13,379)
                                                              --------   -------
    Net cash used in investing activities...................      (167)  (15,420)
                                                              --------   -------

Cash flows from financing activities:
  Repayments of capital lease obligations...................      (101)      (23)
  Repayment of long term debt...............................        --       (29)
  Proceeds from issuance of long term debt..................     1,200    14,653
                                                              --------   -------
    Net cash from financing activities......................     1,099    14,601
                                                              --------   -------

Net change in cash..........................................       326    (4,757)
Cash at beginning of period.................................       687     7,481
                                                              --------   -------
Cash at end of period.......................................  $  1,013   $ 2,724
                                                              ========   =======
Cash paid for interest......................................    $1,361      $435
Income taxes paid...........................................        62       142

Non-cash investing and financing
  Issuance of common stock for acquisitions.................      $124    $2,386
  Issuance of common stock and warrants in connection with
    issuance of long term debt..............................        --     5,336
  Capital Leases............................................                 460
</Table>

     See accompanying notes to condensed consolidated financial statements.

                                       3
<Page>
                            BIZNESSONLINE.COM, INC.

       CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT)

                                  (UNAUDITED)

                       (IN THOUSANDS, EXCEPT SHARE DATA)

                         SIX MONTHS ENDED JUNE 30, 2001

<Table>
<Caption>
                                                                                                                 TOTAL
                                    COMMON STOCK         PREFERRED STOCK                                     STOCKHOLDERS'
                                --------------------   -------------------     ADDITIONAL      ACCUMULATED      EQUITY
                                 SHARES      AMOUNT     SHARES     AMOUNT    PAID IN CAPITAL     DEFICIT       (DEFICIT)
                                ---------   --------   --------   --------   ---------------   -----------   -------------
<S>                             <C>         <C>        <C>        <C>        <C>               <C>           <C>
Balance December 31, 2000.....  9,575,763     $96         --        $--          $55,460         $(53,385)     $  2,171

Retirement of common stock for
  1999 acquisition post
  closing adjustment..........   (209,191)     (3)        --         --              (61)              --           (64)

Note receivable for stock.....         --      --         --         --               20               --            20

Issuance of common stock for
  2000 acquisitions post
  closing adjustment..........    600,000       6         --         --              182               --           188

Net loss......................         --      --         --         --               --          (11,059)      (11,059)
                                ---------     ---         --        ---          -------         --------      --------

Balance June 30, 2001.........  9,966,572     $99         --        $--          $55,601         $(64,444)     $ (8,744)
                                =========     ===         ==        ===          =======         ========      ========
</Table>

     See accompanying notes to condensed consolidated financial statements.

                                       4
<Page>
                            BIZNESSONLINE.COM, INC.
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1) BASIS OF PRESENTATION

    The accompanying condensed consolidated financial statements include the
accounts of BiznessOnline.com, Inc. and its wholly owned
subsidiaries(hereinafter collectively referred to as the "Company", "we", "our"
or "us"). We derive revenue from providing enhanced Internet services, including
server co-location, Web design and e-commerce solutions, Web hosting, high speed
Internet access and dial-up Internet access. Also, as a result of our
acquisition of Telecon Communications Corp. on March 31, 2000, we now resell
local and long distance telephone service in New York. Prior to the acquisition
of Telecon, we operated in one business segment. With the acquisition of
Telecon, we now operate in two business segments. The financial statements have
been prepared pursuant to the rules and regulations of the Securities and
Exchange Commission for interim financial information, including the
instructions to Form 10-Q and rule 10-01 of Regulation S-X. Accordingly, certain
information and footnote disclosures normally required in complete financial
statements prepared in accordance with accounting principles generally accepted
in the United States of America have been condensed or omitted. In the opinion
of management these financial statements include all adjustments necessary for a
fair presentation of the results of operations for the interim periods
presented. Results of operations for interim periods are not necessarily
indicative of the results that may be expected for the year ended December 31,
2001.

2) DEBT

    On March 16, 2000, we obtained a $15 million senior secured credit facility
from MCG Finance Corporation. This facility is secured by all the assets of the
company including our subsidiaries. We used the initial proceeds from this
facility to fund the cash purchase price for Telecon Communications Corp. which
we acquired on March 31, 2000.On December 13, 2000 the credit facility was
increased to $17 million, the timing of the repayment of principal was
restructured, and certain of the financial covenants were amended. The increase
in the amount of the facility was used primarily for working capital. On
July 9, 2001 the credit facility was further amended to change the timing of
interest payments from monthly to quarterly and to temporarily suspend the
application of certain financial covenants.

    Under the amended MCG credit facility, the principal amount of the
indebtedness is to be repaid using the following schedule:

<Table>
<S>                                                           <C>
February 2002...............................................  $ 600,000
May 2002, August 2002, November 2002 and February 2003......  937,500
May 2003, August 2003, November 2003, February 2004,
  May 2004,
  August 2004 and November 2004.............................  1,125,000
February 2005...............................................  remaining principal
</Table>

    As of June 30, 2001, the principal balance of the MCG credit facility has
been classified as current since we were in default under certain of the
financial covenants of the facility.

    In connection with the MCG credit facility, we have paid certain cash fees
and issued a total of 761,757 shares of our common stock to MCG and/or its
affiliates. In addition, we have issued common stock purchase warrants to MCG
exercisable for 1,376,868 shares of common stock at an exercise price of $.01
per share, 375,487 shares of common stock at an exercise price of $.507025 per
share, 550,000 shares of common stock at an exercise price of $3.50 per share,
and 275,000 shares of common stock at an exercise price of $8.50 per share.

                                       5
<Page>
                            BIZNESSONLINE.COM, INC.
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

    The warrants and shares of common stock issued to the lender have been
estimated by an independent valuation to have a value of $5.4 million using
(i) the Black-Scholes method of valuation for the warrants, and (ii) the closing
price on the NASDAQ National Market and OTC Bulletin Board on the date of
issuance for the shares. The fair value of the warrants and shares issued were
recorded as a discount to the related debt and was being accreted as interest
expense over the life of the loan. As of March 31, 2001, since we were in
default under the terms of the loan, the remaining discount of $4.1 million was
recorded as expense.

                                       6
<Page>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

    This filing contains forward looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Those statements reflect the
intent, belief or current expectations of BiznessOnline.com, Inc. and members of
its management team. Prospective investors are cautioned that any
forward-looking statements are not guarantees of future performance, and involve
uncertainties, and that actual results may differ materially from those
contemplated by the forward-looking statements as a result of, among other
things, reflecting changed assumptions or the occurrence of unanticipated events
or changes to future operating results over time.

INTRODUCTION

    The following discussion of results of operations and of the liquidity and
capital resources of BiznessOnline.com, Inc. should be read in conjunction with
our unaudited condensed consolidated financial statements and the related notes
thereto appearing in this filing on Form 10-Q.

OVERVIEW

    We derive revenues from a variety of sources. We provide web site
development, e-commerce solutions and Internet marketing/web media services.
These services are predominantly utilized by small to medium sized business
looking to establish a presence on the World Wide Web. We host commercial and
individual web sites. We also provide our customers with server co-location and
managed services from our state-of-the-art Internet data centers located in
Albany, New York and Amherst, New York. We also provide Internet access via
dedicated high-speed broadband products such as DSL, Frame relay, T-1 and T-3
connections along with dial up connectivity. Our customers are individuals and
small to medium sized businesses. Subscription fees for dial up connectivity
vary between $9.95 and $24.95 per month among our Internet service providers and
by the billing plans for a particular Internet service provider. We also provide
local dial tone, long distance services, cellular services, paging services and
natural gas. Most of our individual subscribers pay us by credit card
automatically on a monthly basis. Our revenue composition may change as we
develop our strategy to provide additional e-commerce and other enhanced IP
services to our clients.

RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THREE MONTHS ENDED JUNE 30, 2000

    We were formed in June 1998, and conducted no significant operations between
then and January 31, 1999, the date we acquired our first Internet service
provider. We acquired four additional Internet service providers on May 17, 1999
in conjunction with our initial public offering, one Internet service provider
on July 30, 1999, a web application service provider on August 18, 1999, a web
hosting company on September 30, 1999, an Internet service provider on
December 14, 1999, an Internet service provider on December 15, 1999, an
Internet service provider on December 29, 1999, a competitive local exchange
carrier on March 31, 2000, an Internet service provider on March 31, 2000 and an
Internet service provider on June 30, 2000.

    We recorded revenue of $6.2 million during the quarter, a decrease of
$.9 million, or 13%, from $7.1 million in the first quarter of 2000. The
decrease was primarily a result of natural gas sales decreases due to warmer
weather, and web development sales decreases.

                                       7
<Page>
    The following table provides a comparison of connectivity and operations,
sales and marketing and general and administrative expenses as a percentage of
revenues:

<Table>
<Caption>
                                                                 QUARTER ENDED
                                                                   JUNE 30,
                                                              -------------------
                                                                2001       2000
                                                              --------   --------
<S>                                                           <C>        <C>
Connectivity and operations.................................    79.2%      78.8%
Sales and marketing.........................................    13.7%      23.1%
General and administrative..................................    13.6%      16.5%
</Table>

    Connectivity and operations expenses decreased $0.7 million, from
$5.6 million to $4.9 million. The decrease was primarily a result of the
consolidations of services provided upon completion of acquisitions we completed
during the first half of 2000 and to a lower volume of sales.

    Sales and marketing expenses decreased $.8 million, from $1.6 million to
$.8 million. The decrease is primarily attributable to less advertising and less
sales personnel during 2001 As a result of cost saving actions taken to improve
our operating results.

    General and administrative expenses decreased $.4 million, from
$1.2 million to $.8 million. The decrease was primarily a result of the
decreases in administrative personnel due to consolidation efficiencies and the
closing of offices.

    At June 30, 2001 we evaluated the carrying value of our goodwill. We
evaluated a number of factors in coming to the decision that the goodwill was
not impaired. These included the discounted cash flows to be received from the
acquired companies along with comparing the purchase price paid, as a multiple
of revenue, and comparing that multiple to current comparable multiples. We also
evaluated recent merger and acquisition activity in order to determine the
correct carrying value of goodwill.

    Depreciation expense increased $.1 million, from $.5 million to
$.6 million. The increase was a result of the acquisitions completed during the
first half of 2000 along with the capital equipment purchased during the first
half of 2000. These purchases were related to the integration of the common
billing and accounting systems and the building of our data centers in Albany,
New York, Amherst, New York and Hartford, Connecticut.

    Amortization expense decreased $1.0 million, from $2.5 million to
$1.5 million. The decrease was a result of the write down of goodwill which
occurred in the fourth quarter of 2000. Our policy with respect to completed
acquisitions and for future acquisitions is to amortize the portion of purchase
price attributable to goodwill and other intangibles over the appropriate
period, generally five years. We also assess the recoverability of our
intangible assets by determining whether the amortization over the remaining
life can be recovered through undiscounted future operating cash flows. The
amount of goodwill impairment, if any, is measured based on projected discounted
future operating cash flows using a discount rate reflecting our average cost of
funds. The recoverability of goodwill will be impacted if estimated future
operating cash flows are not achieved.

INTEREST INCOME (EXPENSE), NET

    Interest expense, net was $1.1 million for the quarter ended June 30, 2001,
as compared to interest expense, net of $1.0 million during the same period of
2000. The difference was a result of increases on our outstanding debt during
2000 and 2001.

    Net loss for the quarter ended June 30, 2001 was $3.7 million, or $0.37 per
share, as compared to $6.3 million, or $0.69 per share during 2000.

                                       8
<Page>
SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO SIX MONTHS ENDED JUNE 30, 2000

    We recorded revenue of $13.3 million during 2001, an increase of
$2.1 million, or 19%, from $11.2 million during 2000. The increase was a result
of the acquisitions we completed during 2000, combined with internal growth.

    The following table provides a comparison of connectivity and operations,
sales and marketing and general and administrative expenses as a percentage of
revenues:

<Table>
<Caption>
                                                             SIX MONTHS ENDED
                                                                 JUNE 30,
                                                            -------------------
                                                              2001       2000
                                                            --------   --------
<S>                                                         <C>        <C>
Connectivity and operations...............................    74.6%      80.2%
Sales and marketing.......................................    12.2       24.4
General and administrative................................    15.3       17.5
</Table>

    Connectivity and operations expenses increased $.9 million, from $9 million
to $9.9 million. The increase was primarily a result of the acquisitions we
completed during 2000.

    Sales and marketing expenses decreased $1.1 million, from $2.7 million to
$1.6 million. The decrease is primarily attributable to less advertising and
less sales personnel during 2001.

    General and administrative expenses remained even at $2.0 million.

    At June 30, 2001 we evaluated the carrying value of our goodwill. We
evaluated a number of factors in coming to the decision that the goodwill was
not impaired. These included the discounted cash flows to be received from the
acquired companies along with comparing the purchase price paid, as a multiple
of revenue, and comparing that multiple to current comparable multiples. We also
evaluated recent merger and acquisition activity in order to determine the
correct carrying value of goodwill.

    Depreciation expense increased $.4 million, from $.9 million to
$1.3 million. The increase was a result of the acquisitions completed during
2000 along with the capital equipment purchased during 2000. These purchases
were related to the integration of the common billing and accounting systems and
the building of our centralized data center in Albany, New York.

    Amortization expense decreased $1.3 million, from $4.2 million to
$2.9 million. The decrease was a result of the write down of goodwill which
occurred in the fourth quarter of 2000. Our policy with respect to completed
acquisitions and for future acquisitions is to amortize the portion of purchase
price attributable to goodwill and other intangibles over the appropriate
period, generally five years. We also assess the recoverability of our
intangible assets by determining whether the amortization over the remaining
life can be recovered through undiscounted future operating cash flows. The
amount of goodwill impairment, if any, is measured based on projected discounted
future operating cash flows using a discount rate reflecting our average cost of
funds. The recoverability of goodwill will be impacted if estimated future
operating cash flows are not achieved.

INTEREST INCOME (EXPENSE), NET

    Interest expense, net was $6.5 million for the six months ended June 30,
2001, as compared to interest expense, net of $1.0 million during the same
period of 2000. The difference was a result of interest expense on our
outstanding debt during 2001 of $1.1 million on the debt we issued during the
first quarter of 2000 and the expensing of the remaining discount on the debt of
$4.3 million.

    Income tax expense for the six months ended June 30, 2001, which consisted
solely of state income taxes, was $24,000 compared to $139,000 for the same
period in 2000. We have not recorded any income tax benefit from the
non-deductible amortization of goodwill.

                                       9
<Page>
    Net loss for the six months ended June 30, 2001 was $11.1 million, or $1.12
per share, as compared to $9.7 million, or $1.09 per share during 2000.

LIQUIDITY AND CAPITAL RESOURCES

    At June 30, 2001, we had $1.0 million of cash and cash equivalents, an
increase of $.3 million from December 31, 2000. Net cash used by operating
activities was $.6 million. Net cash used for investing activities was
$.2 million. Net cash provided by financing activities was $1.1 million,
primarily as a result of additional borrowings under our $17 million senior
secured credit facility with MCG Finance Corporation.

    Our existing cash and cash equivalents and cash that may be generated from
operations are expected to be sufficient to meet our anticipated cash needs
including debt service requirements to approximately September 30, 2001. In
order to continue operations and comply with our debt service requirements
beyond that date, we may require an additional capital infusion and/or we may
need to restructure our existing debt. In view of the relatively tight capital
markets that we have experienced during recent months, we can provide no
assurance that additional capital will be available to us to fund our cash
requirements including debt service requirements for the year or thereafter or
that we will be able to restructure our existing debt.

    Investors in our securities should consider the risk that we may be required
to cease operations during the year or thereafter, particularly if we are
unsuccessful in acquiring a capital infusion, restructuring our debt or
completing a strategic transaction as described above, in which case our common
stock may have no value. All statements set forth in this Form 10-Q are
qualified by reference to those facts.

NASDAQ DELISTING AND LIQUIDITY OF COMMON STOCK

    On August 4, 2000, NASDAQ informed us that we had failed to comply with
continued listing requirements and commenced an action to delist our common
stock from the National Market System. We appealed the decision and requested an
extension of time to comply with the National Market standards. NASDAQ denied
our appeal and effective October 2, 2000 our common stock was delisted from the
NASDAQ National Market. Our stock immediately began trading on the
over-the-counter electronic bulletin board sponsored by NASDAQ. The delisting of
our common stock may result in limited release of the market price of the common
stock and limited news coverage of our company and could restrict investors'
interest in the common stock and materially adversely affect the trading market
and prices for our common stock and our ability to issue additional securities
or to secure additional financing. In addition, our common stock could be
subject to Rule 15g-9 under the Securities Exchange act of 1934 which, among
other things, requires that broker/dealers satisfy special sales practice
requirements, including making individualized written suitability determinations
and receiving a purchaser's written consent prior to any transaction. In such
case, our common stock could also be deemed to be a "penny stock" under the
Securities Enforcement and Penny Stock Reform Act of 1990, which would require
additional disclosure in connection with trades in the common stock, including
the delivery of a disclosure schedule explaining the nature and risks of the
penny stock market. Such requirements could severely limit the liquidity of our
common stock.

MATTERS INVOLVING SENIOR DEBT

    As of June 30, 2001, we were not in compliance with the requirements under
our $17 million senior credit facility with MCG Finance Corporation, under
certain of the financial covenants. Although MCG recently agreed to suspend the
application of certain financial covenants and to change the timing of interest
payments on our debt from monthly to quarterly, they have reserved their rights

                                       10
<Page>
to exercise any lawful remedies arising from our existing defaults, including
acceleration of the entire indebtedness and foreclosure on our assets.

EFFECTS OF INFLATION

    We do not believe that inflation has had a material impact on our results of
operations during the three months ended June 30, 2001.

RECENT ACCOUNTING PRONOUNCEMENTS

    In June 1998, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 133, "Accounting for Derivative Instruments
and Hedging Activities." Statement 133 changes the previous accounting
definition of "derivative" which focused on freestanding contracts like options
and forwards, including futures and swaps, expanding it to include embedded
derivatives and many commodity contracts. Under Statement 133, every derivative
is recorded in the balance sheet as either an asset or liability measured at its
fair value. Statement 133 requires that changes in the derivative fair value be
recognized currently in earnings unless specified hedge accounting criteria are
met. This Statement as amended by Statement 137 is effective for fiscal years
beginning after June 15, 2000. Earlier application is allowed as of the
beginning of any quarter beginning after issuance. Statement 133 did not have a
material impact on our financial position or results of operations.

    In December 1999, the Securities and Exchange Commission issued Staff
Accounting Bulletin ("SAB") No. 101, Revenue Recognition in Financial
Statements. The Company was required to adopt this accounting guidance, as
amended by SAB 101A, no later than the first quarter of fiscal 2001. The company
believes its existing revenue recognition policies and procedures are in
compliance with SAB 101, and therefore, SAB 101s adoption did not have a
material impact on the Company's financial condition, results of operations or
cash flows.

    In July 2001, the Financial Standards Board issued Statement of Financial
Accounting Standards 141, BUSINESS COMBINATIONS and Statement of Financial
Accounting Standards 142, GOODWILL AND OTHER INTANGIBLE ASSETS. Statement of
Financial Accounting Standards 141 requires that the purchase method of
accounting be used for all business combinations initiated after June 30, 2001.
Statement of Financial Accounting Standards 141 also specifies the criteria that
intangible assets acquired in a purchase method business combination must meet
to be recognized and reported apart from goodwill. Statement of Financial
Accounting Standards 142 requires that goodwill and intangible assets with
indefinite useful lives will no longer be amortized, but instead by tested for
impairment, at least annually in accordance with the provisions of Statement of
Financial Accounting Standards 142. Statement of Financial Accounting
Standard 142 will also require that intangible assets with definite useful lives
be amortized over their respective estimated useful lives to their estimated
residual values, and reviewed for impairment in accordance with Statement of
Financial Accounting Standards 121, ACCOUNTING FOR THE IMPAIRMENT OF LONG-LIVED
ASSETS TO BE DISPOSED OF.

    The provisions of Statement of Financial Accounting Standards 141 are
effective immediately, except with regard to business combinations initiated
prior to June 30, 2001. Statement of Financial Accounting Standards 142 will be
effective as of January 1, 2002. Goodwill and other intangible assets determined
to have an indefinite useful life that are acquired in a business combination
completed after June 30, 2001 will not be amortized, but will continue to be
evaluated for impairment in accordance with appropriate pre-Statement of
Financial Accounting Standards 142 accounting literature. Goodwill and other
intangible assets acquired in business combinations completed before July 30,
2001 will continue to be amortized prior to the adoption of Statement of
Financial Accounting Standards 142. The Company is currently evaluating the
effect that the adoption of Statement of Financial Accounting Standards 141 and
Statement of Financial Accounting Standards 142 will have on its results of
operations and financial position.

                                       11
<Page>
ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

    We provide Internet access and related services to individuals and small to
medium sized businesses in northeastern New York state, Massachusetts and
Connecticut. We are not subject to changes in foreign currency exchange rates or
weak economic conditions in foreign markets. Our interest income is subject to
changes in the general level of U.S. interest rates, particularly since the
majority of our investments are in short-term instruments. Due to the nature of
our short-term investments, we have concluded that there is no material market
risk exposure. Therefore, no quantitative tabular disclosures are required.

    Our investment policy requires us to invest funds in excess of current
operating requirements in obligations of the U.S. government and its agencies
and investment grade obligations of state and local governments and U.S.
corporations.

                                       12
<Page>
                           PART II--OTHER INFORMATION

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

    (d) Pursuant to Item 701 (f) of Regulation S-K, the following information is
being furnished to disclose certain information regarding the uses of proceeds
by BiznessOnline.com, Inc. in its initial public offering of common stock:

        (i) The Registration Statement for the initial public offering (File
            Number 333-73067) was declared effective on May 11, 1999.

        (ii) From the effective date of the initial public offering registration
             through June 30, 2001, the amount of net offering proceeds of
             $25 million used for any purpose for which at least 5% of the
             offering proceeds or $100,000 (whichever is less) was used is as
             follows:

<Table>
<S>                                                           <C>
Repayment of promissory notes to the stockholders of Global
  2000
  Communications, Inc.......................................  $   580,000
Payment of the cash portion of the purchase price due to the
  four Internet service providers we acquired in
  May 1999..................................................    5,730,000
Acquisition of Ascent Networking............................    1,050,000
Acquisition of WebWay, LLC..................................      830,000
Acquisition of Infoboard, Inc...............................    1,380,000
Acquisition of Cyberzone, LLC...............................    1,900,000
Acquisition of NECAnet, Inc.................................    1,575,000
Acquisition of Prime Communications Systems, Incorporated...    1,240,000
Repayment of indebtedness of Internet service providers.....      342,000
Purchases of capital equipment, primarily relating to our
  data center in Albany, NY.................................    6,747,000
Working capital.............................................    3,626,000
                                                              -----------
Total.......................................................  $25,000,000
                                                              ===========
</Table>

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

        (a) Exhibits:

               10.31 Form of Warrant Agreement between BiznerssOnline.com, Inc.
               and MCG Finance Corporation (filed as Exhibit 10.31 to the
               Company's Annual report on Form 10-K for the fiscal year ended
               December 31, 1999, as filed on March 30, 2000 and incorporated
               herein by reference). MCG Finance Corporation currently holds the
               following warrants to purchase common stock of
               BiznessOnline.com, Inc., all of which are in the form of
               Exhibit 10.31:

<Table>
<Caption>
                  NUMBER OF SHARES           EXERCISE PRICE
 DATE             OF COMMON STOCK              PER SHARE
-------           ----------------           --------------
<S>               <C>                        <C>
2/15/01                550,000                  $    3.50
2/15/01                275,000                  $    8.50
2/15/01                375,487                  $0.507025
3/31/01                659,775                  $    0.01
6/30/01                717,093                  $    0.01
                     ---------
                     2,577,355
</Table>

               11 Statement re Computation of Per Share Earnings

        (b) Reports on Form 8-K:

               None

                                       13
<Page>
                                   SIGNATURES

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

<Table>
<S>                                                    <C>  <C>
Dated: August 10, 2001                                 BIZNESSONLINE.COM, INC.

                                                       By:  /s/ DANIEL J. SULLIVAN
                                                            -----------------------------------------
                                                            Daniel J. Sullivan
                                                            VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
                                                            (AUTHORIZED OFFICER ON BEHALF OF
                                                            REGISTRANT AND PRINCIPAL FINANCIAL AND
                                                            ACCOUNTING OFFICER)
</Table>

                                       14
<Page>
                                 EXHIBIT INDEX

<Table>
<Caption>
     EXHIBIT NO.        DESCRIPTION
---------------------   -----------
<S>                     <C>
   11......             Statement re Computation of Per Share Earnings
</Table>

                                       15