<Page>
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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

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

                                   FORM 10-Q

(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 SEPTEMBER 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                       06-1519132
 (State or other jurisdiction          (I.R.S. Employer
              of                      Identification No.)
incorporation or organization)
</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
November 3, 2001 was 10,826,538.

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

INDEX

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

    Item 1           Condensed Consolidated Balance Sheets as of September 30,
                       2001 (unaudited) and December 31, 2000....................      3

                     Condensed Consolidated Statements of Operations for the
                       Three Months and Nine Months Ended September 30, 2001 and
                       2000 (unaudited)..........................................      4

                     Condensed Consolidated Statement of Cash Flows for the Nine
                       Months Ended September 30, 2001 and 2000 (unaudited)......      5

                     Condensed Consolidated Statement of Stockholder's Equity for
                       the Nine Months Ended September 30, 2001 (unaudited)......      6

                     Notes to Condensed Consolidated Financial Statements........      7

    Item 2           Management's Discussion and Analysis of Financial Condition
                       and Results of Operations.................................      8

    Item 3           Quantitative and Qualitative Disclosure About Market Risk...     12

Part II.--Other Information

    Item 2           Changes in Securities.......................................     13

    Item 6           Exhibits and Reports on Form 8-K............................     13

Signature........................................................................     14

Exhibit Index....................................................................     15
</Table>

                                       2
<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>
                                                              SEPTEMBER 30,   DECEMBER 31,
                                                                  2001            2000
                                                              -------------   ------------
                                                               (UNAUDITED)
<S>                                                           <C>             <C>
ASSETS
Current assets:
  Cash and cash equivalents.................................    $  1,469        $    687
  Accounts receivable, net of allowance for bad debts of
    $1,679 and $1,432, respectively.........................       3,652           4,894
  Prepaid expenses and other current assets.................         126             814
                                                                --------        --------
  Total current assets......................................       5,247           6,395

Property and equipment, net.................................       4,142           5,846
Goodwill and intangibles, net...............................          --          10,148
Other assets................................................         580             248
                                                                --------        --------
Total assets................................................    $  9,969        $ 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.......         218             358
  Accounts payable..........................................       4,797           4,449
  Income tax payable........................................          11              50
  Accrued expenses..........................................       1,931           2,111
  Deferred revenue..........................................       1,916           1,812
                                                                --------        --------
  Total current liabilities.................................      25,873          20,169

Capital leases, net of current portion......................         284             297
                                                                --------        --------
Total liabilities...........................................      26,157          20,466

Stockholders' equity (deficit):
  Preferred stock...........................................          --              --
  Common stock..............................................         108              96
  Additional paid in capital................................      56,034          55,460
  Accumulated deficit.......................................     (72,330)        (53,385)
                                                                --------        --------
Total stockholders' equity (deficit)........................     (16,188)          2,171
                                                                --------        --------
Total liabilities and stockholders' equity (deficit)........    $  9,969        $ 22,637
                                                                ========        ========
</Table>

See accompanying notes to condensed consolidated financial statements.

                                       3
<Page>
                            BIZNESSONLINE.COM, INC.

                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

                                  (UNAUDITED)

                (IN THOUSANDS, EXCEPT SHARE AND PER SHARE DATA)

<Table>
<Caption>
                                                    THREE MONTHS ENDED       NINE MONTHS ENDED
                                                      SEPTEMBER 30,            SEPTEMBER 30,
                                                  ----------------------   ----------------------
                                                     2001        2000         2001        2000
                                                  ----------   ---------   ----------   ---------
<S>                                               <C>          <C>         <C>          <C>
Revenues........................................  $    5,403   $   7,311   $   18,656   $  18,499

Costs and expenses:
  Connectivity and operations...................       4,303       5,677       14,394      14,645
  Sales and marketing...........................         700       1,524        2,323       4,252
  General and administrative....................         728       1,111        2,559       3,066
  Stock compensation............................                     673           --         673
  Write down of impaired assets.................          --          --           --         901
  Goodwill impairment...........................       5,459          --        5,459          --
  Depreciation..................................         659         588        1,953       1,512
  Amortization..................................       1,453       2,534        4,354       6,776
                                                  ----------   ---------   ----------   ---------
  Total costs and expenses......................      13,302      12,107       31,042      31,825
                                                  ----------   ---------   ----------   ---------
  Loss from operations..........................      (7,899)     (4,796)     (12,386)    (13,326)

Other expense...................................          --          --           --          (6)
Sale of dial-up subscribers.....................         735          --          735          --
Interest income (expense), net..................        (695)       (895)      (7,243)     (1,879)
                                                  ----------   ---------   ----------   ---------
Loss before income taxes........................      (7,859)     (5,691)     (18,894)    (15,211)
Income taxes....................................          27          --           51         139
                                                  ----------   ---------   ----------   ---------
Net loss........................................  $   (7,886)  $  (5,691)  $  (18,945)  $ (15,350)
                                                  ==========   =========   ==========   =========

Net loss per share, basic and fully diluted.....  $    (0.74)  $   (0.60)  $    (1.87)  $   (1.69)
Weighted average shares outstanding, basic and
  fully diluted.................................  10,611,547   9,455,744   10,122,907   9,072,695
</Table>

See accompanying notes to condensed consolidated financial statements.

                                       4
<Page>
                            BIZNESSONLINE.COM, INC.

                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                                  (UNAUDITED)

                                 (IN THOUSANDS)

<Table>
<Caption>
                                                               NINE MONTHS ENDED
                                                                 SEPTEMBER 30,
                                                              -------------------
                                                                2001       2000
                                                              --------   --------
<S>                                                           <C>        <C>
Net loss....................................................  $(18,945)  $(15,350)
Adjustments to reconcile net loss to net cash provided by
  (used in) operating activities:
  Depreciation and amortization.............................     6,821      8,288
  Amortization of debt discount.............................     4,410         --
  Amortization of warrant costs.............................       408         --
  Write down of impaired Goodwill...........................     5,459         --
  Allowance for bad debt....................................     1,040        275
  Changes in net assets and liabilities:
    Decrease (Increase) in accounts receivable-trade........       202     (1,359)
    Change in other current assets..........................       689          4
    Increase in accounts payable............................       347      1,924
    Change in accrued expenses..............................      (180)     1,190
    Change in income taxes payable..........................       (38)        (4)
    Increase (Decrease) in deferred revenue.................       104       (141)
                                                              --------   --------
      Net cash provided by (used in) operating activities...       317     (5,173)
                                                              --------   --------

Cash flows from investing activities:
  Capital expenditures......................................      (249)    (2,603)
  Change in other assets....................................      (333)      (228)
  Acquisition of businesses, net of cash acquired...........        --    (12,476)
                                                              --------   --------
      Net cash used in investing activities.................      (582)   (15,307)
                                                              --------   --------

Cash flows from financing activities:
  Repayments of capital lease obligations...................      (153)       (48)
  Repayment of long term debt...............................        --        (89)
  Proceeds from issuance of MCG loan........................     1,200     14,653
                                                              --------   --------
      Net cash from financing activities....................     1,047     14,516
                                                              --------   --------
Net change in cash..........................................       782     (5,964)
Cash at beginning of period.................................       687      7,481
                                                              --------   --------
Cash at end of period.......................................  $  1,469   $  1,517
                                                              ========   ========
Cash paid for interest......................................  $  1,947   $  1,361
Income taxes paid...........................................        89        143

Non-cash investing and financing
  Issuance of common stock for acquisitions.................  $    178   $  2,386
  Issuance of common stock and warrants in connection with
    MCG loan................................................       408      5,336
  Capital leases............................................        --        460
</Table>

See accompanying notes to condensed consolidated financial statements.

                                       5
<Page>
                            BIZNESSONLINE.COM, INC.

            CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

                                  (UNAUDITED)

                       (IN THOUSANDS, EXCEPT SHARE DATA)

                      NINE MONTHS ENDED SEPTEMBER 30, 2001

<Table>
<Caption>
                                     COMMON STOCK          PREFERRED STOCK                                           TOTAL
                                 ---------------------   --------------------     ADDITIONAL      ACCUMULATED    STOCKHOLDERS'
                                   SHARES      AMOUNT     SHARES     AMOUNT     PAID IN CAPITAL     DEFICIT     EQUITY (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

Issuance of shares for debt....     690,328          7        --          --            131              --              138

Issuance of common stock for
  employee services............     169,638          2        --          --             32              --               34

Issuance of warrants for
  debt.........................          --         --        --          --            270              --              270

Net loss.......................          --         --        --          --             --         (18,945)         (18,945)
                                 ----------   --------   --------   ---------       -------        --------         --------

Balance September, 2001........  10,826,538   $    108        --    $     --        $56,034        $(72,330)        $(16,188)
                                 ==========   ========   ========   =========       =======        ========         ========
</Table>

See accompanying notes to condensed consolidated financial statements.

                                       6
<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 as part of a package of
services to our customers. 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 generally accepted accounting principles 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. The credit facility is secured by all of our
assets. We used the initial proceeds of this facility to fund the $15 million
cash purchase price for the acquisition of 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. On July 9,
2001 the credit facility was further amended to change the timing of the
interest payments from monthly to quarterly and to temporarily suspend the
application of certain financial covenants.

    Under the terms of 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 September 30, 2001, the principal balance of the MCG credit facility
has been classified as current since we are in default under certain of the
covenants of the facility. Interest payments on the facility are due on the last
day of March, June, September and December. MCG recently agreed to indefinitely
defer the interest payment due on September 30, 2001 in order to assist in our
cash flow management. Although MCG has elected to temporarily forbear from
pursuing its available remedies against us as a result of our defaults, they
have reserved all rights including the right to accelerate payment of the entire
outstanding balance of the facility, foreclose on our assets, implement default
pricing penalties and impose late charges.

    In connection with the MCG credit facility, we have paid certain cash fees
and issued 761,757 shares of common stock to MCG and/or its affiliates. In
addition, we have issued common stock purchase warrants to MCG and/or its
affiliates exercisable for 1,376,868 shares of common stock at an

                                       7
<Page>
exercise price of $0.01 per share, 375,487 shares of common stock at an exercise
price of $0.507025 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.

    The value of the warrants and shares of common stock issued to MCG on the
date we initially entered into the loan arrangement was determined by an
independent valuation at$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 fully amortized to expense.

    During the nine months ended September 30, 2001 we wrote down the carrying
value of our goodwill by $5.4 million. As a result of a decline in revenue in
the third quarter and due to a breakdown of negotiations on a potential sale of
the Company in the third quarter, we evaluated a number of factors in coming to
the decision that the goodwill had become impaired. These included the
discounted cash flows to be received from the operations of the Company,
including proceeds from the potential sale of the Company 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 current net realizable value of goodwill. As
our business has not improved and the market for companies in our sector
continues to show declines in value, we conducted this discounted cash flows
analysis and concluded that additional goodwill impairment charge was required.
Based on our analysis, we wrote off the remaining goodwill, but concluded that
future cash flows and asset values were sufficient to support the current
carrying value of our other long-lived assets. As of September 30, 2001, we have
reduced the value of our goodwill to $0.

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

                                       8
<Page>
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. Many 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 SEPTEMBER 30, 2001 COMPARED TO THREE MONTHS ENDED
  SEPTEMBER 30, 2000

    We recorded revenue of $5.4 million during the quarter, a decrease of
$1.9 million, or 26%, from $7.3 million in the third quarter of 2000. The
decrease was as a result of a decline in each of our products and markets. Each
of our products experienced a decline in revenues. This is a result of a general
decline in demand for certain of our products as the market for new customers is
declining and existing customers explore different suppliers.

                                       9
<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
                                                                       SEPTEMBER 30
                                                                  -----------------------
                                                                    2001           2000
                                                                  --------       --------
<S>                                                               <C>            <C>
Connectivity and operations................................         79.7%          77.6%
Sales and marketing........................................         13.0%          20.9%
General and administrative.................................         13.5%          15.2%
</Table>

    Connectivity and operations expenses decreased $1.4 million, from
$5.7 million to $4.3 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 $1.5 million to
$.7 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
$1.1 million to $.7 million. The decrease was primarily a result of the
decreases in administrative personnel due to consolidation efficiencies and the
closing of offices.

    During the third quarter of 2000 we recorded $.7 million of stock
compensation expenses. The stock compensation relates to the issuance of stock
options and warrants to outside consultants. We incurred no stock compensation
expense in 2001.

    During the third quarter of 2001, we wrote down the carrying value of our
goodwill by $5.4 million. As a result of a decline in revenue in the third
quarter and due to the breakdown of negotiations on a potential sale of the
Company in the third quarter, we evaluated a number of factors in coming to the
decision that the goodwill had become impaired. These included the discounted
cash flows to be received from the operations of the Company, including proceeds
from the potential sale of the Company 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 current net realizable value of goodwill. As our
business has not improved and the market for companies in our sector continues
to show declines in value, we conducted this discounted cash flows analysis and
concluded that additional goodwill impairment charge was required this quarter.
Based on our analysis, we wrote off the remaining goodwill, but concluded that
future cash flows from operations and asset values were sufficient to support
the current carrying value of our other long-lived assets.

    Depreciation expense increased $.1 million, from $.6 million to
$.7 million. The increase was a result of the completion of our data center
located in Amherst, New York during the fourth quarter of 2000.

    Amortization expense decreased $1.1 million, from $2.6 million to
$1.5 million. The decrease was a result of the write down of goodwill which
occurred in the fourth quarter of 2000 and in this third quarter of 2001. Our
policy with respect to completed 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, as noted above As of September 30, 2001,
we have reduced the value of our goodwill to $0.

                                       10
<Page>
INTEREST INCOME, (EXPENSE), NET

    Interest expense, net was $.7 million for the quarter ended September 30,
2001, as compared to interest expense, net of $.9 million during the same period
of 2000. The third quarter of 2000 included accretion of interest expense on the
warrants and shares issued to MCG. The entire discount was recorded as interest
expense in the first quarter of 2001.

    Net loss for the quarter ended September 30, 2001 was $7.9 million, or $0.74
per share, as compared to $5.7 million, or $0.60 per share during 2000.

NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO NINE MONTHS ENDED
  SEPTEMBER 30, 2000

    We recorded revenue of $18.7 million during the nine month period ended
September 30, 2001, an increase of $.2 million, or 1%, from $18.5 million during
the same period of 2000. The increase was a result of the acquisitions we
completed during the first half of 2000.

    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>
                                                                        NINE MONTHS
                                                                           ENDED
                                                                       SEPTEMBER 30
                                                                  -----------------------
                                                                    2001           2000
                                                                  --------       --------
<S>                                                               <C>            <C>
Connectivity and operations................................         77.2%          79.2%
Sales and marketing........................................         12.4%          23.0%
General and administrative.................................         13.7%          16.6%
</Table>

    Connectivity and operations expenses decreased $.2 million, from
$14.6 million to $14.4 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.

    Sales and marketing expenses decreased $1.9 million, from $4.2 million to
$2.3 million. The decrease is primarily attributable to less advertising and
less sales personnel during 2001.

    General and administrative expenses decreased $.5 million, from
$3.0 million to $2.5 million. The decrease was primarily a result of the
decreases in administrative personnel due to consolidation efficiencies and the
closing of offices.

    Write-off of impaired assets was $.9 million for the nine months ended
September 30, 2000. We wrote off the costs of acquired software relating to the
Company's billing system, which was replaced during the second quarter of 2000.

    Stock compensation for the nine months ended September 30, 2000 was
$.7 million. The stock compensation relates to warrants granted by the Company
during the third quarter.

    During the nine months ended September 30, 2001 we wrote down the carrying
value of our goodwill by $5.4 million. As a result of a decline in revenue in
the third quarter and due to a breakdown of negotiations on a potential sale of
the Company in the third quarter, we evaluated a number of factors in coming to
the decision that the goodwill had become impaired. These included the
discounted cash flows to be received from the operations of the Company,
including proceeds from the potential sale of the Company 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 current net realizable value of goodwill. As
our business has not improved and the market for companies in our sector
continues to show declines in value, we conducted this discounted cash flows
analysis and concluded that additional goodwill impairment charge was required.
Based on our analysis, we wrote off the remaining goodwill, but concluded that
future cash flows and asset values were sufficient to support the current
carrying value

                                       11
<Page>
of our other long-lived assets. As of September 30, 2001, we have reduced the
value of our goodwill to $0.

    Depreciation expense increased $.4 million, from $1.5 million to
$1.9 million. The increase was a result of the acquisitions completed during
2000 and the first half of 2001 along with the capital equipment purchased
during 2000 and the first nine months of 2001. 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 $2.4 million, from $6.8 million to
$4.4 million. The decrease was a result of the write down of goodwill, which
occurred in the fourth quarter of 2000 and in this third quarter of 2001.

INTEREST INCOME, (EXPENSE), NET

    Interest expense, net was $7.2 million for the nine months ended
September 30, 2001, as compared to interest expense, net of $1.9 million during
the same period of 2000. The difference was a result of interest expense on our
higher outstanding debt during 2001 and the expensing of the remaining discount
on the debt of $4.3 million

    Income tax expense for the nine months ended September 30, 2001, which
consisted solely of state income taxes, was $         51,000, this compares to
$139,000 in the same period of 2000.

    Net loss for the nine months ended September 30, 2001 was $18.9 millionor
$1.87 per share, as compared to $15.4 million, or $1.69 per share during 2000.

LIQUIDITY AND CAPITAL RESOURCES

    At September 30, 2001, we had $1.5 million of cash and cash equivalents, an
increase of $.8 million from December 31, 2000. Net cash generated by operating
activities was $.4 million. Net cash used for investing activities was
$.6 million. Net cash provided by financing activities was $1.0 million,
primarily as a result of additional borrowings under our $17 million senior
secured credit facility with MCG Finance Corporation. During the third quarter
we sold the rights to our dial-up Internet subscribers located in Connecticut to
a national telecommunications company for a potential total purchase price of
approximately $1.1 million. As of the end of September we had received
$.7 million of the total purchase price for these customers. The remaining
payment is contingent upon these customers remaining customers of the acquiring
entity for 60 days after the transition process is completed. The 60 day period
should be completed by the end of November 2001 at which point the final
payment, if any, will be determined.

    As of September 30, 2001, we were not in compliance with the requirements
under our $17 million senior credit facility with MCG Finance Corporation,
including the payment of the September 30, 2001 interest payment. Although we
recently received a temporary waiver of our defaults, MCG has reserved their
rights to exercise any lawful remedies arising from our existing defaults,
including acceleration of the entire indebtedness and foreclosure on our assets.

    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
excluding debt service requirements to approximately December 31, 2001. In order
to continue operations and comply with our debt service requirements beyond that
date, we will require an additional capital infusion and we will need to
restructure our existing debt. We also may need to continue to sell portions of
our business to generate cash for operations. In view of the relatively tight
capital markets that we have experienced during recent months and the downturn
in our business, 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. We are continuing to focus on

                                       12
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reducing our operating expenses in all areas in order to conserve cash; however,
we are unable to assess what impact these measures will have on our longer term
revenues and operations. We also are continuing to explore strategic
alternatives which might include a merger, asset sale or other comparable
transaction.

    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.

EFFECTS OF INFLATION

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

RECENT ACCOUNTING PRONOUNCEMENTS

    In July 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards 141, BUSINESS COMBINATIONS and 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 be 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 will be
amortized over their respective estimated useful lives to their estimated
residual values, and reviewed for impairment in accordance wit 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

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Accounting Standards 142 will be effective as of January 1, 2002. Goodwill and
other intangible assets that are 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 1, 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.

    The Financial Accounting Standards Board recently issued Statement of
Financial Accounting Standards 143, ACCOUNTING FOR ASSET RETIREMENT OBLIGATIONS,
which addresses financial accounting and reporting for obligations associated
with the retirement of tangible long-lived assets and the associated asset
retirement costs. Statement of Financial Accounting Standards 143 requires an
enterprise to record the fair value of an asset retirement obligation as a
liability in the period in which it incurs a legal obligation associated with
the retirement of a tangible long-lived asset. Statement of Financial Accounting
Standards 143 also requires the enterprise to record the contra to the initial
obligation as an increase to the carrying amount of the related long-lived asset
and to depreciate that cost over the remaining useful life of the asset. The
liability is changed at the end of each period to reflect the passage of time
changes in the estimated future cash flows underlying the initial fair value
measurement. Statement of Financial Accounting Standards 143 is effective for
fiscal years beginning after June 15, 2002. The Company is currently examining
the impact on this pronouncement on the results of operation and financial
position of the Company, but currently believes the impact will not be material.

    On October 3, 2001, The Financial Accounting Standards Board issued
Statement of Financial Accounting Standards 144, ACCOUNTING FOR THE IMPAIRMENT
OR DISPOSAL OF LONG LIVED ASSETS, which addresses financial accounting and
reporting for the impairment or disposal of long-lived assets and supersedes
Financial Accounting Standards Board Statement No.121, ACCOUNTING FOR THE
IMPAIRMENT OF LONG-LIVED ASSETS AND FOR LONG-LIVED ASSETS TO BE DISPOSED OF.
Statement of Financial Accounting Standards 144 retains many of the fundamental
provisions of Statement 121. Statement of Financial Accounting Standards 144
also supersedes the accounting and reporting provisions of Accounting Principle
Board Opinion 30, REPORTING THE RESULTS OF OPERATIONS--REPORTING THE EFFECTS OF
DISPOSAL OF A SEGMENT OF A BUSINESS, AND EXTRAORDINARY, UNUSUAL AND INFREQUENTLY
OCCURRING EVENTS AND TRANSACTIONS for the disposal of a segment of a business.
However, it retains the requirement in Accounting Principle Board Opinion 30 to
report separately discontinued operations and extends that reporting to a
component of an entity that either has been disposed of (by sale, abandonment,
or in a distribution to owners) or is classified as held for sale. Statement of
Financial Accounting Standards 144 is effective for fiscal years beginning after
December 15, 2001 and interim periods within those fiscal years. The Company is
currently examining the impact on this pronouncement on the results of operation
and financial position of the Company, but currently believes the impact will
not be material.

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.

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                           PART II. OTHER INFORMATION

ITEM 2. CHANGES IN SECURITIES

    (c) Pursuant to Item 701(a)-(e) of Regulation S-K, the following information
is provided as to all equity securities of BiznessOnline.com, Inc. sold by the
Company during the period covered by this report that were not registered under
the Securities Act of 1933, as amended, and have not previously been reported in
a quarterly report on Form 10-Q, or an annual report on Form 10-K:

        1.  On July 23, 2001, the Company issued a total of 690,328 shares of
    common stock to MCG Finance Corporation (462,520 shares) and its affiliate
    MCG Capital Corporation (227,808 shares)(MCG Finance and MCG Capital are
    hereinafter collectively referred to as "MCG") as partial consideration
    pursuant to the amendment to the Company's credit facility dated
    December 13, 2000 which, among other things, increased the Company's credit
    amount from $15 million to $17 million. The issuance of shares to MCG was
    made in a transaction not involving a public offering without registration
    under the Securities Act of 1933 in reliance upon the exemption from
    registration set forth in Section 4(2) of the Act and Rule 506 thereunder.
    MCG acknowledged and represented to the Company in writing that it was an
    accredited investor within the meaning of Regulation D under the Securities
    Act, and that it was knowledgeable and experienced in making investment
    decisions. MCG further acknowledged that the shares of common stock to be
    issued to it in such transaction would not be registered under the
    Securities Act of 1933, were being acquired solely for MCG's own account
    without any present intention of resale or distribution and could not be
    resold without registration under the Securities Act of 1933 or in
    compliance with an available exemption from registration. MCG further
    indicated that it was able to bear the economic risk of an investment in the
    common stock and could afford a complete loss of such investment. MCG had
    the opportunity to ask questions of and receive answers from the Company's
    management concerning any and all matters relating to the acquisition of the
    common stock from the Company.

        2.  Also on July 23, 2001, the Company issued a total of 169,638 shares
    of its common stock to two employees as bonus compensation pursuant to their
    employment agreements with the Company. Said employees were former owners
    and founders of businesses acquired by the Company in 1999 pursuant to asset
    purchase or merger agreements in which the Company issued stock to such
    persons as part of the acquisition price. Said issuances were made in
    transactions not involving a public offering without registration under the
    Securities Act of 1933 in reliance upon the exemption from registration set
    forth in Section 4(2) of the Act and Rule 506 thereunder. Each person
    acknowledged and represented to the Company in writing that he was an
    accredited investor within the meaning of Regulation D under the Securities
    Act, and that he was knowledgeable and experienced in making investment
    decisions. Each person further acknowledged that the shares of common stock
    to be issued to him in such transaction would not be registered under the
    Securities Act of 1933, were being acquired solely for his own account
    without any present intention of resale or distribution and could not be
    resold without registration under the Securities Act of 1933 or in
    compliance with an available exemption from registration. Each person
    further indicated that he was able to bear the economic risk of an
    investment in the common stock and could afford a complete loss of such
    investment, and that he had the opportunity to ask questions of and receive
    answers from the Company's management concerning any and all matters
    relating to the acquisition of the common stock from the Company.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

    (a) Exhibits:

       (11) Statement re Computation of Per Share Earnings

    (b) Reports on Form 8-K:

       None

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<Page>
                                   SIGNATURE

    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: November 13, 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>

                                       16
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                                 EXHIBIT INDEX

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

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