<Page>

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   ----------

                                    FORM 10-Q

                                   (MARK ONE)

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

            FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002
                                       OR

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

             FOR THE TRANSITION PERIOD FROM _________ TO __________

                         COMMISSION FILE NUMBER 0-25957

                                   ----------

                             BIZNESSONLINE.COM, INC.

             (Exact name of registrant as specified in its charter)

             DELAWARE                                     06-1519132
     (State or other jurisdiction                      (I.R.S. Employer
               of                                      Identification No.)
   incorporation or organization)

                                  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 May 10,
2002 was 10,826,538
                             BIZNESSONLINE.COM, INC.

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             FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

INDEX

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

      Item 1.     Condensed Consolidated Balance Sheets as of March 31,
                    2002 (unaudited) and December 31, 2001                                       3

                  Condensed Consolidated Statements of Operations for the
                    Three Months Ended March 31, 2002 and 2001 (unaudited)                       4

                  Condensed Consolidated Statements of Cash Flows for the Three
                    Months Ended March 31, 2002 and 2001 (unaudited)                             5

                  Condensed Consolidated Statements of Stockholders' Deficit for the
                    Three Months Ended March 31, 2002 (unaudited)                                6

                  Notes to Unaudited 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 6      Exhibits and Reports on Form 8-K

Signature

Exhibit Index
</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>
                                                                            March 31,      December 31,
                                                                              2002             2001
                                                                          ------------     ------------
                                                                          (UNAUDITED)
<S>                                                                       <C>              <C>
ASSETS
Current assets:
   Cash and cash equivalents                                              $      1,366     $      1,008
   Accounts receivable, net of allowance for bad debts of
      $1,685 in 2002 and $1,783 in 2001                                          2,781            2,951
   Prepaid and other current assets                                                149              166
                                                                          ------------     ------------

Total current assets                                                             4,296            4,125

   Property and equipment, net                                                   2,514            3,114
   Other assets                                                                    216              378
                                                                          ------------     ------------

Total assets                                                              $      7,026     $      7,617
                                                                          ============     ============

LIABILITES, REDEEMABLE PREFERRED STOCK AND
   STOCKHOLDERS' DEFICIT
Current liabilities:
   Current portion of obligations under capital leases                    $        210     $        211
   Accounts payable                                                              3,476            3,477
   Income tax payable                                                               84               44
   Accrued expenses                                                              1,734            1,562
   Accrued restructuring expenses                                                  547              619
   Deferred revenue                                                              1,549            1,761
                                                                          ------------     ------------

Total current liabilities                                                        7,600            7,674

Long term debt, net of current portion                                          13,701           13,500
Capital leases, net of current portion                                             227              227
                                                                          ------------     ------------

Total liabilities                                                               21,528           21,401

Commitments and contingencies

Redeemable preferred stock, including accrued dividends                          5,150            5,000

Stockholders' deficit:
   Preferred stock                                                                   -                -
   Common stock                                                                    108              108
   Additional paid in capital                                                   56,263           56,413
   Accumulated deficit                                                         (76,023)         (75,305)
                                                                          ------------     ------------

Total stockholders' deficit                                                    (19,652)         (18,784)
                                                                          ------------     ------------

Total liabilities, redeemable preferred stock and
  Stockholders' deficit                                                   $      7,026     $      7,617
                                                                          ============     ============
</Table>

See accompanying notes to unaudited condensed consolidated financial statements.

<Page>

                             BIZNESSONLINE.COM, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)

<Table>
<Caption>
                                                          Three Months Ended
                                                               March 31,
                                                     -----------------------------
                                                         2002             2001
                                                     ------------      -----------
<S>                                                  <C>               <C>
Revenues                                             $      4,910      $     7,058

Costs and expenses:
  Connectivity and operations                               3,438            4,985
  Sales and marketing                                         461              771
  General and administrative                                  694            1,187
  Depreciation                                                587              645
  Amortization                                                  -            1,448
                                                     ------------      -----------

Total costs and expenses                                    5,180            9,036
                                                     ------------      -----------

Loss from operations                                         (270)          (1,978)

Other expense                                                  (9)               -
Interest expense, net                                        (439)          (5,418)
                                                     ------------      -----------

Loss before income taxes                                     (718)          (7,396)

Income taxes                                                    -                2
                                                     ------------      -----------

Net loss                                             $       (718)     $    (7,398)
                                                     ------------      -----------

Dividend on redeemable preferred stock                       (150)               -

Loss applicable to common stock                      $       (868)     $    (7,938)

Net loss per share, attributable to common
  stock, basic and diluted                           $      (0.08)     $     (0.76)
Weighted average shares outstanding, basic
  and diluted                                              10,827            9,781
</Table>

See accompanying notes to unaudited condensed consolidated financial statements.

<Page>

                             BIZNESSONLINE.COM, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)
                                 (IN THOUSANDS)

<Table>
<Caption>
                                                                                            Three Months Ended
                                                                                                March 31
                                                                                          2002             2001
                                                                                      ------------     ------------
<S>                                                                                   <C>              <C>
  Net loss                                                                            $       (718)    $     (7,398)

Adjustments to reconcile net loss to cash used in operating activities:
  Depreciation and amortization                                                                587            2,094
  Amortization of debt warrants                                                                  -            4,429
  Allowance for bad debt                                                                       170              526
  Changes in net assets and liabilities:
    Change in accounts receivable-trade                                                          1             (366)
    Decrease other current assets                                                               17              165
    Decrease in accounts payable                                                                (1)            (887)
    Increase in accrued expenses                                                               173              460
    Change in income taxes payable                                                              40              (46)
    Decrease in accrued restructuring charge                                                   (72)               -
    Change in deferred revenue                                                                (212)             460
                                                                                      ------------     ------------

         Net cash used in operating activities                                                 (15)            (563)

Cash flows from investing activities:
  Capital expenditures                                                                           -             (109)
  Disposal of capital equipment                                                                 11                -
  Change in other assets                                                                       162              (73)
                                                                                      ------------     ------------

         Net cash provided by (used in) investing activities                                   173             (182)

Cash flows from financing activities:
  Repayments of capital lease obligations                                                       (1)             (57)
  Proceeds from issuance of long term debt                                                     201              700
                                                                                      ------------     ------------

         Net cash provided by financing activities                                             200              643

Net change in cash                                                                             358             (102)
Cash at beginning of period                                                                  1,008              687
                                                                                      ------------     ------------

Cash at end of period                                                                 $      1,366     $        585
                                                                                      ============     ============

Cash paid for interest                                                                $        148     $      1,361
Income taxes (refunded) paid                                                          $        (50)    $        143
Non-cash investing and financing
    Issuance of common stock for acquisitions                                         $          -     $        124
Redeemable preferred stock dividend                                                   $        150     $          -
</Table>

See accompanying notes to unaudited condensed consolidated financial statements.

<Page>

                             BIZNESSONLINE.COM, INC.
           CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
                                   (UNAUDITED)
                        (IN THOUSANDS, EXCEPT SHARE DATA)
                        Three Months Ended March 31, 2002

<Table>
<Caption>

                                     Common Stock             Preferred Stock
                                     ------------             ---------------                                          Total
                                                                                      Additional      Accumulated  Stockholders'
                                 Shares       Amount       Shares       Amount      Paid in Capital     Deficit       Deficit
                               ----------   ----------   ----------   ----------    ---------------   -----------  -------------
<S>                            <C>          <C>                 <C>   <C>           <C>               <C>          <C>
Balance December 31, 2001      10,826,538   $      108          -     $        -    $       56,413    $  (75,305)  $     (18,784)

Dividends on redeemable
 preferred stock                        -            -          -              -              (150)            -            (150)

Net loss                                -            -          -              -                 -          (718)           (718)
                               ----------   ----------   ----------   ----------    --------------    ----------   -------------

Balance March 31, 2002         10,826,538   $      108          -     $        -    $       56,263    $  (76,023)  $     (19,652)
                               ==========   ==========   ==========   ==========    ==============    ==========   =============
</Table>

See accompanying notes to unaudited condensed consolidated financial statements.

<Page>

                             BiznessOnline.com, Inc.
         Notes to Unaudited 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. We also 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,
2002.

     2)  Debt

     On March 16, 2000, we closed a $15 million senior secured credit
facility from MCG Finance Corporation, our senior lender. On December 13,
2000 we amended the facility to increase the amount to $17 million and
amended some of the covenants. On December 31, 2001, we amended the facility
again in connection with which the lender converted $5 million of principal
into 50,000 shares of redeemable senior preferred stock. The senior preferred
stock represents 45% of the voting power of the combined class consisting of
senior preferred stock and common stock. The lender also added past due
interest of $1.5 million to the principal amount. The credit facility, which
is now approximately $14.25 million, was also increased by an additional
$750,000 and some of the covenants were amended. The credit facility is
secured by all of our assets.

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

     May 2003, August 2003, November 2003,       50% of excess cash flow for the
       February 2004 and May 2004                  preceding quarter
     June 30, 2004                               remaining principal

By letter dated May 14, 2002, our lender permanently waived any financial
covenant defaults existing as of March 31, 2002 and further amended the
financial covenants. In the future we may not be in compliance with the
financial covenants and/or may not receive the necessary waivers. If we were
to be in default and if the default is not cured, or waived by our lender,
the lender could seek remedies against us, including penalty rates of
interest, immediate repayment of the debt, redemption of our redeemable
preferred stock, and/or foreclosure on our assets securing the debt and
redeemable preferred stock. If we become insolvent or enter into a
liquidation proceeding, after payment to our creditors, there is likely to be
insufficient assets remaining for any distribution to shareholders of our
common stock.

     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 10,124,384 shares of common stock at an exercise
price of $0.01 per share, subject to certain anti-dilution and other
adjustments. The shares of common stock acquired upon exercise of the MCG
warrants, together with the senior preferred stock issued to MCG, represent 45%
of the voting power of the combined class consisting of senior preferred stock
and common stock. Any warrants previously granted to MCG or its affiliates were
cancelled effective December 31, 2001.

     3)  Litigation

From time-to-time the Company is subject to legal proceedings and claims in the
ordinary course of business. The Company currently is not aware of any such
legal proceedings or claims that it believes will have, individually or in the
aggregate, a material adverse effect on its business, financial condition, or
operating results.

     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 and stockholders are cautioned that
any forward-looking statements are not guarantees of future performance, and
involve uncertainties, and that actual

<Page>

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 businesses 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 center located in Albany, 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 and paging services. 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 MARCH 31, 2002 COMPARED TO THREE MONTHS ENDED MARCH 31, 2001

We recorded revenue of $4.9 million during the quarter, a decrease of $2.1
million, or 30%, from $7.0 million in the first quarter of 2001. We experienced
revenue declines in each product and market. The decline was partially a result
of a weakening in the economy resulting in less usage of our products. Also,
there was a decline in our ability to attract new customers due to the
uncertainty about our ability to continue operations and the trend of customers
retaining the services of larger competitors. Additionally, our dialup Internet
customer base in Connecticut was sold in August 2001 resulting in a $.6 million
sales decrease in the first quarter of 2002, compared to 2001.

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
                                                   March 31
                                                2002      2001
                                                ----      ----
<S>                                             <C>       <C>
Connectivity and operations                     70.0%     70.6%
Sales and marketing                              9.4%     10.9%
General and administrative                      14.1%     16.8%
</Table>

Connectivity and operations expenses decreased $ 1.6 million, from $5.0 million
to $3.4 million. The decrease was primarily a result of the consolidations of
services and operating centers 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 $.3 million, from $.8 million to $.5
million. The decrease is primarily attributable to less advertising and less
sales personnel during 2002 as a result of cost saving actions taken to improve
our operating results.

General and administrative expenses decreased $.5 million, from $1.2 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.

Depreciation expense remained at $.6 million.

Amortization expense decreased $1.4 million, from $1.4 million to $0. The
decrease was a result of the write down of goodwill, which occurred in the
fourth quarter of 2000 and in the third quarter of 2001. Unless we acquire
additional intangible assets, there will be no amortization in future years.

Interest expense, net was $.4 million for the quarter ended March 31, 2002, as
compared to interest expense, net of $5.4 million during the same period of
2001. The difference was primarily a result of expensing of $4.3 million of
discount on the debt during 2001 combined with a lower outstanding debt and
lower interest rate during 2002 as compared to 2001.

<Page>

Net loss for the quarter ended March 31, 2002 was $.7 million, or $0.07 per
share, as compared to $7.4 million, or $0.76 per share during 2001.

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 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 $7.1 million during the quarter, an increase of $3.0
million, or 73%, from $4.1 million in the first quarter of 2000. The increase
was a result of the acquisitions we completed during the first half of 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>
                                              Quarter Ended
                                                March 31
                                            ----------------
                                            2001      2000
                                            ----      ----
     <S>                                    <C>       <C>
     Connectivity and operations            70.6%     82.3%
     Sales and marketing                    10.9%     26.7%
     General and administrative             16.8%     19.1%
</Table>

Connectivity and operations expenses increased $1.6 million, from $3.4 million
to $5.0 million. The increase was primarily a result of the acquisitions we
completed during the first half of 2000.

Sales and marketing expenses decreased $.3 million, from $1.1 million to $.8
million. The decrease is primarily attributable to less advertising during 2001.

General and administrative expenses increased $.4 million, from $.8 million to
$1.2 million. The increase was primarily a result of the acquisitions we
completed during the first half of 2000.

Depreciation expense increased $.2 million, from $.4 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 $.3 million, from $1.7 million to $1.4 million.
The decrease was a result of the write down of goodwill, which occurred in the
fourth quarter of 2000.

Interest expense, net was $5.4 million for the quarter ended March 31, 2001, as
compared to interest income, net of $4,000 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.

Net loss for the quarter ended March 31, 2001 was $7.4 million, or $0.76 per
share, as compared to $3.4 million, or $0.39 per share during 2000.

LIQUIDITY AND CAPITAL RESOURCES

At March 31, 2002, we had $1.4 million of cash and cash equivalents, an increase
of $.4 million from December 31, 2001. Net cash provided by investing activities
was $.2 million. Net cash provided by financing activities was $.2 million,
primarily as a result of additional borrowings under our senior secured credit
facility with MCG Finance Corporation.

By letter dated May 14, 2002, our lender permanently waived any financial
covenant defaults existing as of March 31, 2002 and further amended the
financial covenants. In the future we may not be in compliance with the
financial covenants and/or may not receive the necessary waivers. If we were
to be in default and if the default is not cured, or waived by our lender,
the lender could seek remedies against us, including penalty rates of
interest, immediate repayment of the debt, redemption of our redeemable
preferred stock, and/or foreclosure on our assets securing the debt.

<Page>

If we become insolvent or enter into a liquidation proceeding, after payment
to our creditors, there is likely to be insufficient assets remaining for any
distribution to shareholders of our common stock.

We believe that our available cash, additional borrowings available to us under
our debt agreement and cash flow from operations may not be sufficient to fund
our operations and service our debt requirements beyond 2002. We have taken a
number of steps to reduce our costs and expenses, as follows:

    -   We have closed offices, which we no longer needed and reduced personnel
        expenses accordingly.
    -   We have evaluated each of our product lines and our gross margin per
        customer and have eliminated products, customers or markets that were
        not profitable.

Our existing cash and cash equivalents, additional borrowings available to us
under our debt agreement and cash that may be generated from operations are
expected to be sufficient to meet our anticipated cash needs for 2002. In order
to continue operations and comply with our debt service requirements beyond
2002, including our restrictive covenants, we may require an additional capital
infusion and/or we may need to again restructure our existing debt. In the event
we violate the restrictive covenants our lender could seek remedies against us,
including immediate repayment of the debt and/or foreclosure on our assets
securing the debt. In view of the relatively tight capital markets that we have
experienced over the past 18 - 24 months, we can provide no assurance that
additional capital will be available to us to fund our cash requirements
including interest payments on our senior debt for this year or thereafter or if
we violate our covenants, that we will be able to further 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.

EFFECTS OF INFLATION

We do not believe that inflation has had a material impact on our results of
operations during the three months ended March 31, 2002.

MATTERS INVOLVING SENIOR DEBT

On December 31, 2001, our lender converted $5 million of principal of the
original $17 million credit facility into 50,000 shares of redeemable senior
preferred stock. The senior preferred stock represents 45% of the voting
power of the combined class consisting of senior preferred stock and common
stock. Our lender also added past due interest of $1.5 million to the
principal amount. The credit facility was also increased by an additional
$750,000 of which we have borrowed approximately $200,000 as of March 31,
2002, and some of the covenants were amended. The credit facility, which is
now approximately $14.25 million, is secured by all of our assets. During
2001, our lender received 690,328 shares of common stock, warrants to
purchase 717,093 at $0.01 per share, 375,487 shares at $0.507025 per share,
and 659,775 shares at $0.01 per share, subject to certain anti-dilution and
other adjustments. In connection with the December 31, 2001 amendment, we
granted the lender a warrant to purchase 10,124,384 shares of common stock at
an exercise price of $0.01 per share, subject to certain anti-dilution and
other adjustments and all other warrants were cancelled. The shares of common
stock acquirable upon exercise of the lender's warrants, together with the
senior preferred stock issued to the lender, represent 45% of the voting
power of the combined class consisting of senior preferred stock and common
stock.

<Page>

By letter dated May 14, 2002, our lender permanently waived any financial
covenant defaults existing as of March 31, 2002 and further amended the
financial covenants. In the future we may not be in compliance with the
financial covenants and/or may not receive the necessary waivers. If we were
to be in default and if the default is not cured, or waived by our lender,
the lender could seek remedies against us, including penalty rates of
interest, immediate repayment of the debt, redemption of our redeemable
preferred stock, and/or foreclosure on our assets securing the debt. If we
become insolvent or enter into a liquidation proceeding, after payment to our
creditors, there is likely to be insufficient assets remaining for any
distribution to shareholders of our common stock.

CRITICAL ACCOUNTING POLICIES AND JUDGMENTS

Certain of our critical accounting policies and judgments are of a recurring
nature, such as those for revenue recognition and allowance for doubtful
accounts receivable, and others are of a nonrecurring nature such as those for
the restructuring related assessments and impairment assessments. Each of these
critical areas is addressed below.

IMPAIRMENT OF LONG-LIVED ASSETS

Long-lived assets are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be
recoverable. If such assets are considered to be impaired, the impairment to be
recognized is measured by the amount by which the carrying amount of the assets
exceeds the net discounted cash flow to be generated by the assets.

REVENUE RECOGNITION

We recognize revenue when services are provided. Services for Internet access,
web hosting and server co-location are generally billed in advance. Advance
billings are recorded as deferred revenue and recognized as revenue when earned
over the period of service.

Local and long distance telephone service, E-commerce solutions and wholesale
services revenue are recognized in the period that the services were provided to
the customer. Web site development is recognized in the period in which the work
is completed and delivered to the customer.

ACCOUNTS RECEIVABLE

We regularly review the adequacy of our accounts receivable allowance after
considering the size of the accounts receivable aging, the age of each invoice,
each customer's expected ability to pay and our collection history with each
customer. We review any invoice greater than 60 days past due to determine if an
allowance is appropriate based on the risk category using the factors discussed
above. In addition, we maintain a general reserve for all invoices by applying a
percentage based on the age category. The allowance for doubtful accounts
represents our best estimate, but changes in circumstances relating to accounts
receivable may result in a requirement for additional allowances in the near
future.

RECENT ACCOUNTING PRONOUNCEMENTS

In October 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 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. We adopted
Statement 144 on January 1, 2002. The adoption of this Statement did not have a
material impact on our consolidated financial position or results of operations.

In August 2001, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 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. This Statement is effective for fiscal years beginning
after June 15, 2002. We adopted Statement 143 on January 1, 2002. The adoption
of this Statement did not have a material impact on our consolidated financial
position or results of operations.

In July 2001, the Financial Accounting Standards Board finalized Statements of
Financial Accounting Standards No. 141, BUSINESS COMBINATIONS, and No. 142,
GOODWILL AND OTHER INTANGIBLE ASSETS. Statement 141 requires the use of the
purchase method of accounting for business combinations initiated after June 30,
2001. Statement 141 also specifies the criteria that intangible assets acquired
in a purchase method business combination must meet in order to be recognized
and reported apart from goodwill. We adopted Statement 141 on July 1, 2001.
Statement 142 requires that companies no longer amortize goodwill, but instead
test goodwill impairment at least annually (or more frequently if impairment
indicators arise). Statement 142 is required to be applied in fiscal years
beginning after December 15, 2001 to all goodwill and other intangible assets
recognized at that date, regardless of when those assets were initially
recognized. Statement 142 requires companies to complete a transitional goodwill
impairment test six months from the date of adoption and to reassess the useful
lives of other intangible assets within the first

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interim quarter after the adoption of Statement 142. We adopted Statement 142 on
January 1, 2002. As of December 31, 2001 the carrying value of goodwill had been
written down to $0.

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.

                           PART II. OTHER INFORMATION

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:

             Form 8-K Current Report was filed on January 14, 2002 with respect
             to Item 1, Changes in Control of Registrant.

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                                   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.

Dated: May 15, 2002                   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)

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                                  EXHIBIT INDEX

Exhibit No.                              Description
11                      Statement re Computation of Per Share Earnings