<PAGE>   1
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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(MARK ONE)

[X]      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
         Exchange Act of 1934.

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2001.

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: 33-95796

                               LECSTAR CORPORATION
        (Exact name of Small Business Issuer as Specified in its Charter)

             Texas                                       76-0406417
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 Incorporation or Organization)

                    4501 CIRCLE 75 PARKWAY - BUILDING D-4210
                           ATLANTA, GEORGIA 30339-3025
                    (Address of principal executive offices)

                                 (404) 659-9500
                (Issuer's Telephone Number, Including Area Code)

        Check whether the issuer: (1) filed all reports required to be filed
by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]

        On June 30, 2001, there were 33,683,740 shares outstanding of the
issuer's common stock, par value $.01 per share.

        Transitional Small Business Disclosure Format (check one) Yes [ ] No [X]


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                      LECSTAR CORPORATION AND SUBSIDIARIES
                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2001


                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                   PAGE NO.
                                                                                                   --------
<S>                                                                                                <C>
PART I    FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS (UNAUDITED).................................................            2

          Consolidated Balance Sheet as of June 30, 2001...................................            3

          Consolidated Statements of Operations for the three months and six months ended
          June 30, 2001....................................................................            4

          Statement of Cash Flows for the six months ended June 30, 2001...................            5

          Notes to Unaudited Consolidated Financial Statements.............................            6

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
          OPERATION........................................................................            7

PART II.  OTHER INFORMATION

ITEM 1.   LEGAL PROCEEDINGS................................................................           10

ITEM 5.   OTHER INFORMATION................................................................           10

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.................................................           10
</Table>


                                       1
<PAGE>   3

                      LECSTAR CORPORATION AND SUBSIDIARIES
                  For the quarterly period ended June 30, 2001

                         PART I - FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS (UNAUDITED)

The following financial statements are furnished:

     1.  Consolidated Balance Sheet as of June 30, 2001.

     2.  Consolidated Statements of Operations for the three months and six
         months ended June 30, 2001.

     3.  Statement of Cash Flow for the six months ended June 30, 2001.

     4.  Notes to Unaudited Consolidated Financial Statements.


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<PAGE>   4

                      LECSTAR CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEET
                               AS OF JUNE 30, 2001
                                   (UNAUDITED)

                                     ASSETS

<Table>
<S>                                                                <C>
Current Assets:
Cash                                                               $     81,154
Accounts Receivable, net                                                474,116
Inventory                                                                18,707
Prepaid Expenses & Other Current Assets                                 155,535
                                                                   ------------
     Total Current Assets                                               729,512

Long Term Investments                                                   800,000
Property & Equipment, net                                             4,166,591
Intangibles, net and Other Assets                                     9,952,654
                                                                   ------------
TOTAL ASSETS                                                       $ 15,648,757
                                                                   ============
                      LIABILITIES & STOCKHOLDERS' DEFICIT

Current Liabilities:
Accounts Payable                                                   $  1,751,695
Accrued Expenses & Other Current Liabilities                          2,678,747
Accrued Dividends Payable                                               926,656
Unearned Revenue                                                        174,988
Current Portion of Notes Payable                                        772,050
Current Portion of Capital Lease Obligations                            639,626
Current Portion of Long-Term Debt & Notes in Default                  1,471,578
                                                                   ------------
     Total Current Liabilities                                        8,415,340
                                                                   ------------
Notes Payable                                                         4,156,510
Long-Term Portion of Capital Lease Obligations                          562,823
Convertible Debentures                                                4,553,652
                                                                   ------------
     Total Long-Term Debt                                             9,272,985
                                                                   ------------
     TOTAL LIABILITES                                                17,688,325
                                                                   ------------
Stockholders' Deficit:
Preferred Stock                                                      11,724,910
Common Stock, $.01 par value; 500,000,000 authorized;
  33,683,740 issued and outstanding at June 30, 2001                    336,837
Additional Paid-In Capital                                           13,018,793
Deferred Compensation                                                  (308,348)
Accumulated Deficit                                                 (26,811,760)
                                                                   ------------
     TOTAL STOCKHOLDERS' DEFICIT                                     (2,039,568)
                                                                   ------------
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT                          $ 15,648,757
                                                                   ============
</Table>

        The accompanying notes are an integral part of these statements.

                                       3

<PAGE>   5

                      LECSTAR CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                 THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2001
                                   (UNAUDITED)

<Table>
<Caption>
                                                              Three Months Ended    Six Months Ended
                                                                June 30, 2001        June 30, 2001
                                                              ------------------    ----------------
<S>                                                           <C>                   <C>
Revenues                                                         $  1,280,371         $  2,166,703
Cost of Sales                                                         812,774            1,446,142
                                                                 ------------         ------------
     Gross Operating Profit                                           467,597              720,561

Selling, General & Administrative                                   2,885,333            5,172,947
Depreciation & Amortization                                         2,292,308            4,583,222
                                                                 ------------         ------------
     Loss from Operations Before Interest Expense                  (4,710,044)          (9,035,608)

     Interest Expense                                                 503,072              824,895
                                                                 ------------         ------------
Net Loss                                                         $ (5,213,116)        $ (9,860,503)
Preferred Stock Dividends                                        $   (465,888)        $ (1,245,406)
                                                                 ------------         ------------

Net Loss Attributable to Common Stockholders                     $ (5,679,004)        $(11,105,909)
                                                                 ============         ============

Net Loss per Common Share - Basic & Diluted                      $      (0.17)        $      (0.55)

Weighted Average Common Shares Outstanding - Basic & Diluted       33,683,740           20,275,131
</Table>

        The accompanying notes are an integral part of these statements.

                                       4

<PAGE>   6

                      LECSTAR CORPORATION AND SUBSIDIARIES
                             STATEMENT OF CASH FLOWS
                         SIX MONTHS ENDED JUNE 30, 2001
                                   (UNAUDITED)

<Table>
<S>                                                                         <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
                                                                            ------------
     Net loss                                                               $ (9,860,503)
                                                                            ------------
     Adjustments to reconcile net loss to net cash
      used in operating activities:
        Depreciation                                                             631,518
        Goodwill amortization                                                  3,041,276
        Amortization of intangible asset                                         787,696
        Stock option compensation                                                122,732
        Non-cash interest expense                                                215,701
        Other non-cash items                                                      44,222

     Changes in operating assets and liabilities:
        Accounts receivable                                                     (358,114)
        Accounts payable                                                         732,617
        Accrued expenses                                                         925,630
        Unearned revenue                                                         101,480
        Prepaid and other assets                                                 (95,881)
                                                                            ------------
                                                                               6,148,877
                                                                            ------------
NET CASH USED IN OPERATING ACTIVITIES                                         (3,711,626)
                                                                            ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
     Purchases of property and equipment                                        (481,613)
     Cash acquired in Corzon merger                                               81,357
                                                                            ------------
NET CASH USED IN INVESTING ACTIVITIES                                           (400,256)
                                                                            ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
     Proceeds from borrowing                                                   4,399,722
     Repayment of long term debt                                                 (94,027)
     Payment of capital lease obligations                                       (268,515)
                                                                            ------------
NET CASH PROVIDED BY FINANCING ACTIVITIES                                      4,037,180
                                                                            ------------
EFFECT OF EXCHANGE RATE ON CASH                                                   10,182

DECREASE IN CASH & CASH EQUIVALENTS                                              (64,520)
CASH AT BEGINNING OF PERIOD                                                      145,674
                                                                            ------------
CASH AT END OF PERIOD                                                       $     81,154
                                                                            ============
</Table>

        The accompanying notes are an integral part of these statements.

                                       5

<PAGE>   7

                      LECSTAR CORPORATION AND SUBSIDIARIES

              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


1.       BUSINESS AND BASIS OF FINANCIAL STATEMENTS

Corzon, Inc., a Texas corporation ("Corzon") acquired LecStar Communications
Corporation, a Delaware corporation ("LCC"), according to the terms of an
Agreement and Plan of Merger (the "Merger Agreement") dated January 25, 2001
(the "Acquisition"). Effective March 30, 2001, Corzon changed its name to
LecStar Corporation (the "Company"). Corzon acquired LCC in a stock-for-stock
transaction in which the former shareholders of LCC received approximately 89%
of the Company's outstanding common stock, after giving effect to the conversion
of outstanding convertible securities of each company. The Company has treated
the acquisition as a reverse acquisition under the purchase method of
accounting, as prescribed by Accounting Principles Board Opinion No. 16,
Business Combinations.

The Company is a regional integrated communications carrier that markets a full
scope of advanced telecommunications services, including local access dial tone,
national and international long distance, enhanced subscriber services,
high-speed data and Internet services, and network management.

The accompanying unaudited consolidated financial statements have been prepared
in accordance with generally accepted accounting principles for interim
financial information and with the instructions to Form 10-QSB and Article 10 of
Regulation S-X. Accordingly, they do not include all of the information and
footnotes required by generally accepted accounting principles for complete
financial statements. In the opinion of management, all adjustments (consisting
of normal recurring accruals) considered necessary for a fair presentation have
been included. The condensed consolidated balance sheet at June 30, 2001, has
been derived from the unaudited consolidated financial statements at that date.
Operating results for the three month and six month periods ended June 30, 2001,
are not necessarily indicative of the results that may be expected for the year
ended December 31, 2001, or any other interim period. For further information,
refer to the consolidated financial statements and footnotes thereto included in
the annual report on Form 10-K for the year ended December 31, 2000.

2.       RECENT ACCOUNTING PRONOUNCEMENTS

In July 2001, the Financial Accounting Standards Board ("FASB") issued SFAS No.
141, Business Combinations. SFAS No. 141 eliminates the use of the pooling of
interests method for all business combinations initiated after June 30, 2001.
SFAS No. 141 also provides new criteria to determine whether an acquired
intangible asset should be recognized separately from goodwill, and requires
expanded disclosure requirements. All business combinations completed after June
30, 2001 will be subject to the provisions of the statement. The Company will
adopt SFAS No. 141 in the third quarter of 2001, and expects that the impact
will not be material to its consolidated financial statements.

In July 2001, the FASB issued SFAS No. 142, Goodwill and Intangible Assets. SFAS
No. 142 eliminates amortization of goodwill, and requires an impairment-only
model to recording the value of goodwill. SFAS No. 142 requires that impairment
be tested at least annually at the reporting unit level, using a two-step
impairment test. The first step determines if goodwill is impaired by comparing
the fair value of the reporting unit as a whole to the book value. If a
deficiency exists, the second step measures the amount of the impairment loss as
the difference between the implied fair value of goodwill and its carrying
amount. Other purchased intangibles with indefinite economic lives are required
to be tested for impairment annually using a lower of cost or fair value
approach. The provisions of the statement will be effective for fiscal years
beginning after December 15, 2001. Upon adoption, goodwill related to
acquisitions completed before the date of adoption would be subject to the
provisions of the statement. Amortization


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<PAGE>   8

of the remaining book value of goodwill would cease and the new impairment-only
approach would apply. Impairment charges within the first six months of adoption
would be reported as a cumulative effect of a change in accounting principle in
the income statement. Impairment charges thereafter would be reported in
operating income. The Company plans to adopt SFAS No. 142 in the first quarter
of 2002 and is unable to reasonably estimate the effect of adoption on its
financial position or results of operations.

3.       LOSS PER SHARE

The Company has excluded all convertible preferred stock, convertible
debentures, warrants and outstanding stock options from the calculation of
diluted loss per common share because all such securities are anti-dilutive for
all periods presented.

The Board of Directors of the Company approved a 1-for-60 reverse stock split of
all issued and outstanding common stock of the Company, effective as of March
30, 2001. The outstanding stock and per share amounts set forth in the
Consolidated Statements of Operations reflect the reverse stock split.

4.       ACQUISITION

On January 25, 2001, Corzon acquired LCC according to the terms of the Merger
Agreement. The Company acquired LCC in a stock-for-stock transaction in which
the former shareholders of LCC received approximately 89% of the Company's
outstanding common stock, after giving effect to the conversion of the
outstanding convertible securities of each company.

The transaction has been accounted for as a reverse acquisition whereby the
total purchase price of the merger has been allocated on a preliminary basis to
LCC's assets and liabilities based on management's estimate of their fair
values. Accordingly, the Company recorded total assets in the amount of $241,919
and total liabilities of $7,149,501. The excess of the purchase price, which was
calculated as the fair value of the securities exchanged plus the net
liabilities assumed in the acquisition, over the fair value of the net assets
acquired, has been allocated to goodwill and was $12,165,101 at January 25,
2001.

5.       EQUITY LINE AND CREDIT FACILITY

In connection with the Acquisition, the Company entered into an equity line
financing agreement whereby an institutional investor has committed to purchase
up to $25,000,000 of the Company's common stock, upon the registration covering
the resale of such stock, over a thirty-six month period, at the sole discretion
of the Company. As of June 30, 2001, no shares have been sold under the equity
line.

Additionally, the Company entered into a separate credit agreement for up to
$3,500,000 in revolving credit. The credit facility also provides for the
issuance of warrants in an amount equal to 10% of the amount drawn from the
credit facility. As of June 30, 2001, the Company had drawn $3,500,000 under
this credit agreement, and issued 457,661 warrants valued at $430,131.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION.

         The following discussion and analysis of our financial condition and
results of operations should be read in conjunction with the financial
statements and the related notes included in this Form 10-QSB. This quarterly
report of Form 10-QSB contains forward-looking statements based upon current
expectations that involve risks and uncertainties, such as our plans,
objectives, expectations and intentions. These forward-looking statements
include all statements that are not statements of historical fact. You can
identify these statements by our use of words such as "may," "expect,"
"believe,"

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<PAGE>   9

"anticipate," "intend," "could," "estimate," "continue," "plans" or their
negatives or cognates. Some of these statements include discussions regarding
our future business strategy and our ability to generate revenue, income and
cash flow. We wish to caution the reader that all forward-looking statements
contained in this Form 10-QSB are only estimates and predictions. Our actual
results could differ materially from those anticipated as a result of risks
facing us or actual events differing from the assumptions underlying such
forward looking statements. Some factors that could affect our results include
those that we discuss in this section as well as elsewhere in this Form 10-QSB.

         Readers are cautioned not to place reliance on any forward-looking
statements contained in this prospectus. We will not update these
forward-looking statements unless the securities laws require us to do so.

OVERVIEW

         The following discussion should be read in connection with the
consolidated financial statements and related notes beginning on page 2 of this
10-QSB.

         On January 25, 2001, we acquired LecStar Communications Corporation by
merger with one of our subsidiaries.

         On February 1, 2001, we changed our fiscal year from a 52/53 week
fiscal year ending on the last Sunday in December to a fiscal year ending on
December 31. Since the fiscal year 2000 ended on Sunday, December 31, 2000, the
change did not result in a transition period. Therefore, we did not file a
report covering the transition period.

         On March 30, 2001, we filed an amendment to our Articles of
Incorporation with the Texas Secretary of State by which we changed our name
from Corzon, Inc. to LecStar Corporation and affected a 1-for-60 reverse split
of our common stock. In conjunction with our name change, on April 2, 2001, our
common stock began trading on the Over-the-Counter Bulletin Board under the
symbol "LCST."

RESULTS OF OPERATIONS FOR THE QUARTER (THREE MONTHS) ENDED JUNE 30, 2001

         Comparative results of operations to the twelve week period ended July
9, 2000, are not practicable because the Company was engaged in restaurant
operations during the second quarter of 2000, which were subsequently
discontinued, and the Company's current operations are telecommunication
services. Management believes that comparative presentation of the results of
significantly unrelated operations could be misleading.

         Revenues of $1,280,371 for the second quarter of 2001 were derived
primarily from the sale of traditional residential and business local and long
distance services, through strategic partnerships and marketing agreements. The
Company expects significant growth of this revenue base by capitalizing on its
current marketing and support channels, while continuing to expand
geographically and developing its data, internet, and integrated services
presence in the competitive marketplace.

         Cost of Sales as a percentage of revenues was 63.5% for the current
period. Management believes that this will continue to decline as provisioning
processes and operations support systems continue to be refined, and as overall
product mix shifts with the growth of much higher margin services.

         Operating Expenses were $5,177,641 for the quarter, of which $2,292,308
was depreciation and amortization. Amortization of goodwill related to the
merger was $1,520,638. The remaining $2,885,333 consisted primarily of salaries,
wages & benefits, and professional costs.

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<PAGE>   10

         Interest expense was $503,072 of which $399,948 was borrowings under
credit facilities, $68,118 of interest on convertible debentures, and the
remainder related to notes & capital leases.

RESULTS OF OPERATIONS FOR THE SIX MONTHS ENDED JUNE 30, 2001

         Comparative results of operations to the twenty-eight week period ended
July 9, 2000 are not practicable because the Company was engaged in restaurant
operations during the second quarter of 2000, which were subsequently
discontinued, and the Company's current operations are telecommunication
services. Management believes that comparative presentation of the results of
significantly unrelated operations could be misleading.

         Revenues of $2,166,703 for the six month period ending June 30, 2001
were derived primarily from the sale of traditional residential and business
local and long distance services, through strategic partnerships and marketing
agreements. The Company expects significant growth of this revenue base by
capitalizing on its current marketing and support channels, while continuing to
expand geographically and developing its data, internet, and integrated services
presence in the competitive marketplace.

         Cost of Sales as a percentage of revenues was 66.7% for the six months
ended June 30, 2001. Management believes that this will continue to decline as
provisioning processes and operations support systems continue to be refined,
and as overall product mix shifts with the growth of much higher margin
services.

         Operating Expenses were $9,756,169 for the six months ended June 30,
2001, of which $4,583,222 was depreciation and amortization. Amortization of
goodwill related to the merger was $3,041,275. The remaining $5,172,947
consisted primarily of salaries, wages & benefits, and professional costs.

         Interest expense was $824,895 of which $570,627 was borrowings under
credit facilities, $135,487 of interest on convertible debentures, and the
remainder related to notes & capital leases.

LIQUIDITY AND CAPITAL RESOURCES

         We have incurred operating losses since our June 2, 1999, inception. As
of June 30, 2001, we had an accumulated deficit of $26,811,760 and a working
capital deficit of $7,685,828.

         In connection with our acquisition of LecStar Communications
Corporation, we entered into a $25,000,000 equity line financing agreement with
Pima Capital Management Limited on January 25, 2001. Upon our request and at our
sole discretion, Pima has committed to purchase up to $25,000,000 of our common
stock over a thirty-six month period. The purchase price per share will be
determined by dividing the dollar amount we request by 92% of the simple average
of the closing bid prices of our common stock over the ten trading days
immediately following a draw request from us. Under the equity line financing
agreement, we are obligated to register the shares of common stock to be
purchased by Pima before we may deliver a draw request to Pima. However, we may
not be able to draw funds under this equity line of credit for some time due to
the conditions to funding under the equity line. Inability to draw these funds
could result in a material adverse effect on our business, financial condition
and results of operation. As of June 30, 2001, no shares have been sold under
the equity line.

         We have also entered into a credit agreement with Sherman LLC that will
provide us with up to $3,500,000 in revolving credit. Pursuant to the terms of
the credit agreement, upon each borrowing we will issue to Sherman a warrant to
purchase our common stock equal to 10% of the amount borrowed divided by the
average of the closing bid price of our common stock for the five trading days
immediately prior to the date of the loan. Borrowings under the credit agreement
are secured by our accounts receivable and those of each of our significant
subsidiaries and accrue interest at the rate of 24% per year.

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<PAGE>   11

         As of June 30, 2001, we have borrowed $3,500,000 under this facility
and have issued warrants to purchase 457,661 shares of our common stock at
exercise prices ranging from $0.29 to $1.61 per share.

         Both the financing and credit agreements may provide us with working
capital, enable us to fund ongoing operations and various capital expenditures,
and further our growth and expansion into new markets.

         Our cash and cash equivalents decreased $64,520 during the six months
ended June 30, 2001. The primary source of funds consisted of $3.5 million
borrowed under the Sherman LLC credit facility.

         We have not paid dividends on the Series A preferred stock since June
1998 and are currently analyzing our alternatives for addressing these
arrearages.

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         We are not currently a party to any legal proceeding other than various
claims and lawsuits arising in the normal course of business. We do not believe
that these lawsuits would, individually or in the aggregate, have a material
adverse effect on our business, financial condition or results of operations.

ITEM 5.  OTHER INFORMATION

         At the time of this filing, Larry Shatsoff, our former Secretary, and
James Grenfell, our former Chief Financial Officer, are no longer employed with
the Company.

         On June 25, 2001 James Malcom was employed by the Company to serve as
Chief Financial Officer.

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits:

                  None.

         (b)      Reports on Form 8-K. During the second quarter of fiscal 2001
we filed the following reports on form 8-K:

         (i)      On April 30, 2001, we filed a report on Form 8-K describing a
change in our independent accountants.

         (ii) On May 17, 2001, we filed a report on Form 8-K/A to amend the
report on Form 8-K we filed on February 5, 2001, describing the merger with
LecStar Communications Corporation. The purpose of the amendment was to provide
certain financial statements of LecStar Communications Corporation and the
pro-forma financial information required by Item 310 of Regulation S-B.

         (iii) On May 30, 2001, we filed a report on Form 8-K describing our
reverse stock split that became effective on March 30, 2001.

                                       10

<PAGE>   12

                                    SIGNATURE

         In accordance with the requirements of the Exchange Act, the registrant
caused this quarterly report on Form 10-QSB to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                        LECSTAR CORPORATION

                                        By: /s/ W. Dale Smith
                                        ---------------------
                                        W. Dale Smith, President

                                        Date: August 14, 2001


                                        By: /s/ James E. Malcom
                                        -----------------------
                                        James E. Malcom, Chief Financial Officer

                                        Date: August 14, 2001



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