<PAGE>   1

================================================================================


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-QSB


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

                  For the quarterly period ended June 30, 2001


                         Commission file number: 0-27862
                                                 -------

                            REALITY INTERACTIVE, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)


          MINNESOTA                                      41-1781991
------------------------------               ----------------------------------
State or other jurisdiction of               I.R.S. Employer Identification No.
incorporation of organization

              SUITE 121
          7885 FULLER ROAD
    EDEN PRAIRIE, MINNESOTA 55344                      (612) 253-4713
--------------------------------------          -----------------------------
Address of principal executive offices          Registrant's telephone number



Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 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.                                           X   Yes       No
                                              ----       ----

At July 31, 2001, 5,824,907 shares of registrant's $.01 par value Common Stock
were outstanding.

         Transitional Small Business Issuer Format          X   Yes       No
                                                          ----       ----


================================================================================

<PAGE>   2


                                FORM 10-QSB INDEX

<TABLE>
<S>      <C>                                                                                      <C>
PART I  -  FINANCIAL INFORMATION

Item 1.  Financial Statements.......................................................................3

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


PART II -  OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K...........................................................9

SIGNATURES.........................................................................................10

EXHIBIT INDEX......................................................................................11
</TABLE>


                         SAFE HARBOR STATEMENT UNDER THE
                PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

     This Quarterly Report on Form 10-QSB 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. These
forward-looking statements involve risks and uncertainties that may cause the
Company's actual results to differ materially from the results discussed in the
forward-looking statements.

     On April 30, 1999, the Company ceased business operations. Management of
the Company believes this action was necessary in light of the Company's
liquidity needs and lack of revenue opportunities.

     Since April 30, 1999, the Company has been exploring potential uses of its
public shell. While the Company seeks potential uses for the public shell, the
primary factor that might cause such difference in results is the Company's
inability to find a suitable acquisition or merger candidate or other use for
its public shell in the near future.





                                       2







<PAGE>   3


                         PART I - FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS

                            REALITY INTERACTIVE, INC.
                                  BALANCE SHEET

<TABLE>
<CAPTION>
                                                                             June 30,        December 31,
                                                                              2001               2000
                                                                           -----------       ------------
ASSETS                                                                     (Unaudited)
<S>                                                                       <C>                <C>
Cash and cash equivalents................................................ $       404        $     7,620
Other current assets.....................................................         895                895
                                                                          -----------        -----------
        Total assets..................................................... $     1,299        $     8,515
                                                                          ===========        ===========


LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
    Accounts payable..................................................... $    43,748        $    13,026
    Accrued liabilities..................................................           0              7,953
                                                                          -----------        -----------

        Total current liabilities........................................      43,748             20,979
                                                                          -----------        -----------


Stockholders' equity:
    Common stock, $.01 par value, 25,000,000 shares authorized;
       5,824,907 and 4,677,407 shares outstanding, respectively..........      58,249             46,774
    Additional paid-in capital...........................................  15,473,767         15,386,692
    Accumulated deficit.................................................. (15,574,465)       (15,445,930)
                                                                          -----------        -----------
        Total stockholders' equity.......................................     (42,449)           (12,464)
                                                                          -----------        -----------
        Total liabilities and stockholders' equity....................... $     1,299        $     8,515
                                                                          ===========        ===========

</TABLE>


               See accompanying notes to the financial statements.



                                       3

<PAGE>   4


                            REALITY INTERACTIVE, INC.
                             STATEMENT OF OPERATIONS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                         Three months ended                Six months ended
                                                               June 30,                         June 30,
                                                   --------------------------------   --------------------------
                                                        2001              2000             2001          2000
                                                   ---------------   --------------   -------------  -----------
<S>                                                <C>               <C>              <C>            <C>
Revenues.......................................      $      0          $      0         $     0        $       0
Cost of revenues...............................             0                 0               0                0
                                                    ---------          --------        --------        ---------

Gross profit...................................             0                 0               0                0
                                                    ---------          --------        --------        ---------
Operating expenses:
    Sales and marketing........................             0                 0               0                0
    Research and development...................             0                 0               0                0
    General and administrative.................       124,060            15,291         128,553           32,300
                                                    ---------          --------        --------        ---------
        Total operating expenses...............       124,060            15,291         128,553           32,300
                                                    ---------          --------        --------        ---------

Operating loss.................................      (124,060)          (15,291)       (128,553)         (32,300)
    Gain on sale of domain name................             0             7,130               0           13,105
    Interest income............................             0               180              18              376
                                                    ---------          --------        ---------       ---------
        Net loss...............................     $(124,060)        $  (7,981)       $(128,535)      $ (18,819)
                                                    =========         =========        =========       =========

Basic and diluted earnings (loss) per share....     $   (0.02)         $  (0.00)       $  (0.02)       $   (0.00)

Weighted average common shares outstanding....      5,531,657         4,677,407        5,104,532        4,677,407
                                                    =========         =========        =========        =========

</TABLE>


               See accompanying notes to the financial statements.



                                       4


<PAGE>   5


                            REALITY INTERACTIVE, INC.
                             STATEMENT OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                              Six months ended
                                                                                  June 30,
                                                                       ----------------------------------
                                                                              2001               2000
                                                                       ------------------   -------------
<S>                                                                     <C>                  <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
    Net loss.......................................................     $   (128,535)        $   (18,819)
    Reconciliation of net loss to net cash used by operating
       activities:
        Common stock issued for services received..................           98,550                   0
    Changes in assets and liabilities:
        Other current assets.......................................                0               2,026
        Accounts payable...........................................           30,722              (1,228)
        Accrued liabilities........................................           (7,953)                  0
                                                                        ------------         -----------
            Net cash used by operating activities..................           (7,216)            (18,021)
                                                                        ------------         -----------

CASH FLOWS FROM INVESTING ACTIVITIES:                                              0                   0
                                                                        ------------         -----------

CASH FLOWS FROM FINANCING ACTIVITIES:                                              0                   0
                                                                        ------------         -----------

Net cash provided (used) during period.............................           (7,216)            (18,021)

CASH AND CASH EQUIVALENTS:
    Beginning of period............................................            7,620              40,986
                                                                        ------------         -----------

    End of period..................................................     $        404         $    22,965
                                                                        ============         ===========
</TABLE>



               See accompanying notes to the financial statements.


                                       5


<PAGE>   6


                            REALITY INTERACTIVE, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                  JUNE 30, 2001
                                   (UNAUDITED)

NOTE 1. SUMMARY OF ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

Organization and Business

     Reality Interactive, Inc. (the Company) was incorporated on May 24, 1994
for the purpose of developing technology-based knowledge solutions for the
corporate marketplace.

     On April 30, 1999, the Company ceased business operations and terminated
all remaining employees. This action was necessary in light of the Company's
liquidity needs and lack of revenue opportunities.

     Since the Company ceased its business operations, it has sold a majority of
its physical assets and intellectual property. Currently, the Company is
exploring potential uses of its public shell. While the Company pursues such
opportunities, it intends to comply with all future SEC reporting requirements
in order to maintain its status as a public company.


Basis of Presentation

     The accompanying unaudited financial statements of the Company have been
prepared in accordance with generally accepted accounting principles for interim
financial information. The preparation of financial statements in accordance
with generally accepted accounting principles require management to make
estimates and assumptions. Such estimates and assumptions affect the reported
amounts of assets and liabilities, including the disclosure of contingent assets
and liabilities at the date of the accompanying interim financial statements,
and the reported amounts of revenue and expenses during the reporting period. In
the opinion of management, the interim financial statements include all
adjustments necessary for a fair presentation of the results of operations for
the interim periods presented.

     Operating results for the three and six months ended June 30, 2001 are not
necessarily indicative of the operating results to be expected for the year
ending December 31, 2001.

     Certain information and footnote disclosures normally included in financial
statements in accordance with generally accepted accounting principles have been
omitted. The statements should be read in conjunction with the Company's Annual
Report on Form 10-KSB for the year ended December 31, 2000.

NOTE 2. CHANGES IN EQUITY

     On April 24, 2001, the Company issued 1,030,500 shares of common stock to
Knowledge Integrators, Inc. as payment for consulting services provided to the
Company. Knowledge Integrators, Inc. is 100% owned by Paul J. Wendorff, who is
also the Company's Chief Executive Officer and a Director. In addition, on April
24, 2001, the Company issued 117,000 shares of common stock to Wesley W.
Winnekins as payment for consulting services provided to the Company. Wesley W.
Winnekins is currently a Director of the Company. The value of the services
provided by Knowledge Integrators, Inc. and Wesley W. Winnekins was $98,550.



                                       6


<PAGE>   7


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

     The following presentation of management's discussion and analysis of the
Company's financial condition and results of operation should be read in
conjunction with the Company's financial statements and notes contained herein
for the three and six months ended June 30, 2001 and 2000.

RESULTS OF OPERATIONS

     REVENUES. Revenues were $0 for the second quarter of 2001 compared to $0
for the second quarter of 2000. For the six-month period ended June 30, 2001,
revenues were $0 compared to $0 for the comparable period of 2000. This decrease
was due to the Company's decision to cease its business operations effective
April 30, 1999.

     COST OF REVENUES. Cost of revenues were $0 for the second quarter of 2001
compared to $0 for the second quarter of 2000. For the six-month period ended
June 30, 2001, cost of revenues were $0 compared to $0 for the comparable period
of 2000. This decrease was due to the Company's decision to cease its business
operations effective April 30, 1999.

     OPERATING EXPENSES. Operating expenses were $124,060 for the second quarter
of 2001 compared to $15,291 for the second quarter of 2000. For the six-month
period ended June 30, 2001, operating expenses were $128,553 compared to $32,300
for the comparable period of 2000. Expenses incurred during the three and six
months ended June 30, 2001 were entirely for general and administrative
purposes, including rent for a small office, professional fees, consulting
services and miscellaneous office expenses.

     The Company expects that it will continue to incur general and
administrative expenses for the remainder of 2001 as it continues to maintain a
small administrative office, pursues opportunities for its public shell and
maintains its status as a fully reporting company with the Securities and
Exchange Commission.

     GAIN ON SALE OF DOMAIN NAME. During the second quarter of 2000, the Company
received a final payment of $7,130 in connection with the sale of one of its
Internet domain names. Including the initial payment of $5,975 received during
the first quarter of 2000, the Company has received total proceeds of $13,105.

     INTEREST INCOME. Interest income was $0 for the second quarter of 2001
compared to interest income of $180 for the second quarter of 2000. For the six
month period ended June 30, 2001, interest income was $18, compared to interest
income of $376 for the same period of 2000. The decrease between periods is
attributed to declining cash reserves.

     NET LOSS. Net loss was $124,060 for the second quarter of 2001 compared to
a net loss of $7,981 for the second quarter of 2000. For the six-month period
ended June 30, 2001, net loss was $128,535 compared to a net loss of $18,819 for
the same period of 2000. Since the Company has ceased business operations, it
does not expect to incur additional substantial losses in 2000, except for
expenses relating to the operation of a small office, pursuing opportunities for
its public shell and SEC public filing requirements.



                                       7

<PAGE>   8


LIQUIDITY AND CAPITAL RESOURCES

     The Company's cash and cash equivalents were $404 as of June 30, 2001,
compared to $7,620 as of December 31, 2000. This decrease in cash and cash
equivalents was due primarily to the net cash used for operating activities for
the six-months ended June 30, 2001.

     Currently, the Company does not have the cash resources to pay the
outstanding balances owed to its creditors. The Company has made arrangements
with its creditors to extend the Company's credit while it continues to pursue
merger candidates for its public shell. In connection with the Company's pursuit
of merger candidates, the Company will attempt to obtain a working capital loan
from a merger candidate so that the Company's creditors can be paid. There can
be no assurance that the Company will be successful in securing a merger
candidate or, if one is secured, that such merger candidate will agree to
provide a working capital loan to the Company. If the Company is unable to
obtain a merger candidate, or is unable to obtain a merger candidate in a time
period agreeable to the Company's creditors, then the Company may attempt to pay
its creditors by issuing the Company's equity securities. If the Company's
creditors do not agree to accept the Company's equity securities as payment for
outstanding balances, then the Company will be liquidated and its remaining
assets will be distributed to its creditors in satisfaction of its then-current
obligations and, if any assets remain thereafter, to its shareholders.



                                       8

<PAGE>   9


                           PART II - OTHER INFORMATION


ITEM 6.       EXHIBITS AND REPORTS ON FORM 8-K

              (a)   Exhibits

EXHIBIT NO.   DESCRIPTION


   99.1       Cautionary Statement


              (b)   Reports on Form 8-K

                    No reports on Form 8-K were filed during the quarter
                    ended June 30, 2001






                                       9

<PAGE>   10


                                   SIGNATURES



     Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.

                                       REALITY INTERACTIVE, INC.


Dated: August 14, 2001                 By  /s/ Paul J. Wendorff
                                         ---------------------------------------
                                          Paul J. Wendorff
                                          Chief Executive Officer




                                       10

<PAGE>   11


                                  EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
   No.       Description                                                                               Page No.
---------    ---------------------------------------------------------------------------------------   --------
<S>          <C>                                                                                       <C>

  99.1      Cautionary Statement....................................................................      12
</TABLE>







                                       11