<PAGE>

                       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 March 31, 2003

                                       OR

  [ ] TRANSITION REPORT UNDER SECTION 13 OF 15(D) OF THE EXCHANGE ACT OF 1934

          From the transition period from ___________ to ____________.

                        Commission File Number 000-31735


                             MICROSIGNAL CORPORATION
        -----------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)


           Nevada                                         91-1997729
   ----------------------------               ---------------------------------
   (State or other jurisdiction               (IRS Employer Identification No.)
of incorporation or organization)


                 345 Southpointe Boulevard, Canonsburg, PA 15317
                 -----------------------------------------------
                    (Address of principal executive offices)


                                 (724) 746-9476
                           ---------------------------
                           (Issuer's telephone number)

                                      N/A
                                      ---
              (Former name, former address and former fiscal year,
                         if changed since last report)

         Indicate by check mark whether the registrant (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 ____

As of May 12, 2003 there were 145,645,058 shares of Common Stock of the issuer
outstanding.


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                                TABLE OF CONTENTS

                           PART I FINANCIAL STATEMENTS

<TABLE>
<CAPTION>
<S>        <C>                                                             <C>
Item 1     Financial Statements                                              3

Item 2     Management's Discussion and Analysis or Plan of Operation         8
Item 3.    Controls and Procedures                                          10

                           PART II OTHER INFORMATION

Item 1     Legal Proceedings                                                11
Item 2     Changes in Securities                                            11
Item 3     Default upon Senior Securities                                   11
Item 4     Submission of Matters to a Vote of Security Holders              11
Item 5     Other Information                                                11
Item 6     Exhibits and Reports on Form 8-K                                 11
</TABLE>


<PAGE>

                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                             MICROSIGNAL CORPORATION
                                  BALANCE SHEET
                                 MARCH 31, 2003
                                   (Unaudited)

<TABLE>
<CAPTION>
<S>                                                                 <C>
                     ASSETS
Current assets

  Cash                                                              $     2,279
                                                                    -----------
    Total current assets                                                  2,279

Property and equipment, net of accumulated
  depreciation of $594,420                                                   --

Patent                                                                    9,546
                                                                    -----------
                                                                    $    11,825
                                                                    ===========

          LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:

  Accounts payable                                                  $    12,854
  Accrued expenses                                                      138,292
  Lease payable                                                          38,650
  Accrued interest payable                                              793,571
  Notes payable                                                         615,339
  Notes payable - shareholders                                        1,367,650
  Deposits                                                               40,000
                                                                    -----------
    Total current liabilities                                         3,006,356

Commitments

STOCKHOLDERS' DEFICIT:
  Common stock, $.001 par value, 200,000,000 shares
    authorized, 24,289,180 shares issued and outstanding                 24,289
  Additional paid in capital                                          1,926,709
  Accumulated deficit                                                (4,945,529)
                                                                    -----------
                                                                     (2,994,531)

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                         $    11,825
                                                                    ===========
</TABLE>

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                             MICROSIGNAL CORPORATION
                            STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                Three Months       Three Months
                                                    Ended              Ended
                                                  March 31,          March 31,
                                                ------------       ------------
                                                    2003               2002
                                                ------------       ------------
                                                 (Unaudited)        (Unaudited)
<S>                                             <C>                <C>
Revenues                                        $         --       $         --
Cost of revenues                                          --                 --
                                                ------------       ------------
Gross margin                                              --                 --

Cost and Expenses:
  General, selling and administrative                 23,442              2,162
                                                ------------       ------------

Loss from operations                                 (23,442)            (2,162)

Interest expense                                      37,671             37,671
                                                ------------       ------------

Net loss                                        $    (61,113)      $    (39,833)
                                                ============       ============

Net loss per share:
  Net loss basic and diluted                    $      (0.00)      $      (0.00)
                                                ============       ============

Weighted average shares outstanding:
  Basic and diluted                               24,114,627          4,396,339
                                                ============       ============
</TABLE>


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                             MICROSIGNAL CORPORATION
                             STATEMENTS OF CASHFLOWS

<TABLE>
<CAPTION>
                                                          Three         Three
                                                          Months        Months
                                                          Ended         Ended
                                                         March 31,     March 31,
                                                         --------      --------
                                                           2003          2002
                                                         --------      --------
                                                        (Unaudited)   (Unaudited)
<S>                                                      <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                                 $(61,113)     $(39,833)
Adjustments to reconcile net loss to cash used by
  operating activities:
  Common stock for services                                16,000            --
Net change in:
  Accounts payable                                          1,854            --
  Accrued interest payable                                 37,671        37,671
                                                         --------      --------

CASH FLOWS USED IN OPERATING ACTIVITIES
                                                           (5,588)       (2,162)
                                                         --------      --------

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from shareholder notes payable                     5,900            --
                                                         --------      --------

NET DECREASE IN CASH                                          312        (2,162)
Cash, beg. of period                                        1,967         2,709
                                                         --------      --------
Cash, end of period                                      $  2,279      $    547
                                                         ========      ========

SUPPLEMENTAL CASH FLOW INFORMATION
  Interest paid                                          $     --      $     --
  Income taxes paid                                      $     --      $     --
</TABLE>


<PAGE>

                          NOTES TO FINANCIAL STATEMENTS
                                 MARCH 31, 2003
                                   (Unaudited)

1.       GENERAL

The accompanying unaudited financial statements have been prepared in conformity
with the accounting principles stated in the audited financial statements for
the year ended December 31, 2002 and reflect all adjustments which are, in the
opinion of management, necessary for a fair statement of the financial position
as of March 31, 2003 and the results of operations for the periods presented.
These statements have not been audited but have been reviewed by the Company's
independent certified public accountants. The operating results for the interim
periods are not necessarily indicative of results for the full fiscal year.

The notes to the consolidated financial statements appearing in the Company's
Annual Report as filed on SEC Form 10-KSB for the year ended December 31, 2002
should be read in conjunction with this Quarterly Report on Form 10-QSB.

NOTE 2 - COLLATERAL LOAN AGREEMENT

On February 23, 2003, MicroSignal filed a report on Form 8-K, which reported
under Item 1 that on February 7, 2003 MicroSignal entered into a Collateral Loan
Agreement and Promissory Note for up to $1,500,000 which would be secured by
93,750,000 shares of common stock. As of May 12, 2003, the promissory note has
not been funded.

NOTE 3 - SUBSEQUENT ACQUISITION OF EXXCODE, INC.

On April 1, 2003, MicroSignal acquired 100% of the issued and outstanding shares
of Exxcode, Inc. for 25,000,000 shares of common stock or $1,750,000 or 17.5% of
MicroSignal. Exxcode has a proprietary bar code technology, which is used for
tracking medical records, x-rays and MRI's. The bar code can track MicroSignal's
technology.

No pro forma information will be presented for the results of operations as
Exxcode has been inactive for the last several years.


<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
               OR PLAN OF OPERATION

FORWARD LOOKING STATEMENTS

         When used in this Form 10QSB and in future filings by MicroSignal
Corporation with the Securities and Exchange Commission, the words or phrases
"will likely result," "management expects," or we expect," "will continue," "is
anticipated," "estimated," or similar expression or use of the future tense, are
intended to identify forward looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Readers are cautioned not to
place undue reliance on any such forward-looking statements, each of which speak
only as of the date made. These statements are subject to risks and
uncertainties, some of which are described below and others are described in
other parts of this Form 10QSB. Actual results may differ materially from
historical earnings and those presently anticipated or projected. We have no
obligation to publicly release the result of any revisions that may be made to
any forward-looking statements to reflect anticipated events or circumstances
occurring after the date of such statements.

BUSINESS

         MicroSignal Corporation (the "Company) was incorporated on August 21,
1987 as "Ragen Corporation" under the laws of the State of Nevada. On October
21, 1999, the Company entered into a reverse merger pursuant to Rule
368(a)(1)(B)if the Internal Revenue Code of 1986 as amended. Pursuant to this
reverse merger, the Company acquired 100% of the common stock of Pro Glass
Technologies, Inc., a Canadian corporation with three wholly owned subsidiaries
in exchange for the issuance of 17,714,000 shares of the Company's common stock.
The Company changed its name to "Pro Glass Technologies, Inc." and increased the
number of authorized common shares to 50,000,000 at that time. Pro Glass
Technologies, Inc. is the predecessor due to the reverse merger and Ragen was
the legal survivor. Pro Glass Technologies, Inc. was a holding company.

         Upon completion of the merger, the Company began engaging in the auto
glass repair and replacement business under "Windshield Superstores, Ltd." in
Calgary, Alberta. Fran Aiello became the President and CEO of the Company at
that time.

         On September 10, 2002, the Company entered into an Agreement and Plan
of reorganization with MicroSignal Corporation, a Pennsylvania corporation, and
exchanged 100% of the MicroSignal common stock in exchange for the issuance of
17,051,344 shares of the Company's common stock, or 94% of the Company. At that
time, the Company changed its name to "MicroSignal Corporation". At the same
time, the Company sold its auto glass repair and replacement business to its

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former president, Frank Aiello, in change for the return of 150,000 shares of
the Company's common stock owned by him. Mr. Aiello assumed responsibility for
all the debts and liabilities of the auto glass repair and replacement business.
For accounting purposes, this transaction was treated as an acquisition of Pro
Glass and a recapitalization of MicroSignal, MicroSignal is the accounting
acquirer and the results of its operations carry over. Accordingly, the
operations of the Company while Pro Glass are not carried over and are adjusted
to $0. As part of this transaction, the Company's fiscal year end changed from
September 30 to December 31.

         The Company has developed a product designed to improve the quality and
efficiency of magnetic resonance imaging ("MRI") systems. The product consists
of a combination of hardware and software compatible with all MR machines,
designed to improve the image quality as well as the display of the final MRI
exam. At the core of the system is a totally novel method of reconstructing the
MR information obtained by the machine (the raw data), developed by Dr. Jeffery
Taft. The Company's product uses a unique algorithm, exchange analytic
computation technique (EXACT), which decouples the size of the raw data from the
image matrix size and overcomes a lot of the inherent limitations of the Fourier
transformations. The technology allows tremendous flexibility once the MRI data
has been acquired; it is possible using SLICES(TM) to obtain sharply magnified
images, up to ten times the original magnification, without creating pixel
artifacts inherent to the optical zoom provided by all manufacturers. The major
benefits of MSC's SLICES technology are:

Increased information extraction

         Helps with the elimination of some artifacts
         Improves the radiologist's productivity
         Reduces patient re-scan and call back
         Reduces patient scan time
         Reduces film costs

         The Company intends to proceed with marketing and sales of the
Company's proprietary product.

         Significant opportunities exist for follow-on product both in MRI and
in other computed medical imaging applications such as CAT scan and nuclear
medicine. Exciting opportunities exist to apply new proprietary MicroSignal
Corporation technology to stroke prediction, breast cancer detection and cardiac
evaluation, thus expanding MRI into use for the top three disease conditions in
the U.S. Sales opportunities for these additional products are in the billions
of dollars.

         Additional opportunities exist to make use of the Internet to perform
high-end teleradiology and Picture Archiving and Control. MicroSignal
Corporation can become the preferred channel not only for computing and
displaying medical

<PAGE>


images, but also for transporting them. The transport, if done properly, can
result in an ongoing revenue stream valued in the hundreds of millions of
dollars per year within five years. There can be no assurances that the Company
will see these results. Future revenues are dependent upon the Company being
able to secure outside financing and raising additional capital to enable it to
commence operations in a meaningful manner, neither of which the Company has
commitments to receive. Until such time as the Company is able to secure
additional financing through loans or capital raising, the Company's efforts to
commence revenue-producing operations will have to be scaled back.

FINANCIAL CONDITION AND CHANGES IN FINANCIAL CONDITION

OVERALL OPERATING RESULTS:

         The Company plans to seek financing and capital to allow it to exploit
this technology as well as to enhance and improve on this technology. During
2003, the Company intends to seek the necessary financing to allow it to
implement its business plan and to commence operations in a meaningful way.

          We have had no revenues for the three months ended March 31, 2003 and
2002, respectively.

         Our operating expenses for the quarter ended March 31, 2003 were
$23,442 and were primarily incurred for rent and other services rendered in
connection with our financial reporting obligations with the Securities and
Exchange Commission as well as stock transfer agent fees. Operating expenses for
the prior year quarter ended March 31, 2002 totaled $2,162 for general expenses.

LIQUIDITY AND CAPITAL RESOURCES:

         The Company has approximately $2,000 in current assets compared to
current assets of approximately $2,000 for the year ended December 31, 2002. The
Company's current liabilities for the period ended March 31, 2003 are
approximately $3,007,000 compared to current liabilities of approximately
$2,960,000 for the year ended December 31, 2002. The current assets for the
period ended March 31, 2003 consisted of cash of $2,279. Total assets were
approximately $12,000 for the year ended December 31, 2002 composed of the
Company's patent of approximately $9,500 and its cash.

         At March 31, 2003, the Company had negative working capital of
approximately $3,004,000) which consisted of current assets of approximately
$2,000 and current liabilities of approximately $3,005,000. At December 31,
2002, the Company had negative working capital of approximately $2,961,000 which
consisted of current assets of approximately $2,000 assets and current


<PAGE>


liabilities of approximately $2,963,000. The current liabilities of the Company
at March 31, 2003 are composed primarily of notes payable to shareholders of
$1,367,650, notes payable of $615,339, accrued interest payable of $793,571,
accrued expenses of $138,292, lease payable of $38,650, deposits of $40,000 and
accounts payable of $12,854.

         The Company will attempt to carry out its business plan as discussed
above. The Company cannot predict to what extent its lack of liquidity and
capital resources will hinder its business plan prior to commencement of its
proposed operations.

NEED FOR ADDITIONAL FINANCING

         The Company's existing capital is not be sufficient to meet the
Company's cash needs, including the costs of compliance with the continuing
reporting requirements of the Securities Exchange Act of 1934, as amended.

         No commitments to provide additional funds have been made by management
or other stockholders. Accordingly, there can be no assurance that any funds
will be available to the Company to allow it to cover its expenses.

         The Company might seek to compensate providers of services by issuances
of stock in lieu of cash.

Employees

         As of December 31, 2002, the Company had one employee.

DESCRIPTION OF PROPERTIES

         The Company presently leases office space on a three-year lease, which
ends in September 2005. The monthly lease payment is $1,854. The Company
anticipates that this space is sufficient for the near future.

NEW ACCOUNTING PRONOUNCEMENTS

         In April 2002, the FASB approved for issuance Statements of Financial
Accounting Standards No. 145, "Rescission of FASB Statements No. 4, 44 and 64,
Amendment of SFAS 13, and Technical Corrections" ("SFAS 145"). SFAS 145 rescinds
previous accounting guidance, which required all gains and losses from
extinguishment of debt be classified as an extraordinary item. Under SFAS 145
classification of debt extinguishment depends on the facts and circumstances of
the transaction. SFAS 145 is effective for fiscal years beginning after May 15,
2002 and is not expected to have a material effect on the Company's financial
position or results of its operations.


<PAGE>


         In July 2002, the FASB issued Statements of Financial Accounting
Standards No. 146, "Accounting for Costs Associated with Exit or Disposal
Activities" (SFAS 146). SFAS 146 requires companies to recognize costs
associated with exit or disposal activities when they are incurred rather than
at the date of a commitment to an exit or disposal plan. Examples of costs
covered by SFAS 146 include lease termination costs and certain employee
severance costs that are associated with a restructuring, discontinued
operation, plant closing, or other exit or disposal activity. SFAS 146 is to be
applied prospectively to exit or disposal activities initiated after December
31, 2002. The adoption of SFAS 146 is not expected to have a material effect on
the Company's financial position or results of its operations.

         In December 2002, the FASB issued Statements of Financial Accounting
Standards No. 148 "Accounting for Stock-Based Compensation--Transition and
Disclosure--an amendment of FASB Statement No. 123, This Statement amends FASB
Statement No. 123, Accounting for Stock-Based Compensation, to provide
alternative methods of transition for a voluntary change to the fair value based
method of accounting for stock-based employee compensation. In addition, this
Statement amends the disclosure requirements of Statement 123 to require
prominent disclosures in both annual and interim financial statements about the
method of accounting for stock-based employee compensation and the effect of the
method used on reported results. The adoption of SFAS 148 is not expected to
have a material effect on the Company's financial position or results of its
operations.

Inflation

         The Company's results of operations have not been affected by inflation
and management does not expect inflation to have a significant effect on its
operations in the future.

ITEM 3.  CONROLS AND PROCEDURES

         Based on the evaluation conducted by Mr. Matthew McConaghy, both the
Chief Executive Officer ("CEO") and Chief Accounting Officer ("CAO"), as of a
date within 90 days of the filing date of this quarterly report ("Evaluation
Date"), of the effectiveness of the Company's disclosure controls and
procedures, Mr. Matthew McConaghy concluded that, as of the Evaluation Date, (1)
there were no significant deficiencies or material weaknesses in the Company's
disclosure controls and procedures, (2) there were no significant changes in
internal controls or in other factors that could significantly affect internal
controls subsequent to the Evaluation Date and (3) no corrective actions were
required to be taken.


<PAGE>


PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 2. CHANGES IN SECURITIES

         On February 7, 2003 MicroSignal entered into a Collateral Loan
Agreement and Promissory Note for up to $1,500,000 which would be secured by
93,750,000 shares of common stock. The loan has not yet been funded but the
shares have been issued and are being held pending funding of the loan.

         On March 20, 2003 MicroSignal issued Nathan Blumberg 200,000 shares of
common stock for services rendered.

         On April 3rd, 2003 MicroSignal issued Matthew G. McConaghy 1,370,000
shares of common stock for services rendered. At the same time, MicroSignal
issued an additional 1,200,000 shares to Robert Taulli for services to be
provided to MicroSignal. These shares were registered on a Form S-8 Registration
Statement.

RECENT SALES OF UNREGISTERED SECURITIES

         On the 7th of April 2003, the Company issued 120,000 shares of its
common stock for notes payable of $5,900. These funds were utilized for general
business operating expenses and to fund the process of registering shares of our
common stock with the Securities and Exchange Commission.

         On April 15, 2003, the Company issued 25,000,000 shares of its common
stock in restricted form to the shareholders of Exxcode, Inc., a Nevada
corporation, in connection with the Company's acquisition of Exxcode.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         On the 21st of January 2003, the Company voted to increase its
authorized shares of common stock from 50,000,000 shares to 200,000,000 shares.

ITEM 5. OTHER INFORMATION

None.


<PAGE>


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

a.  Exhibits

Exhibit Number                      Name of Exhibit

None

b. Reports on Form 8-K

         On February 23, 2003, MicroSignal filed a report on Form 8-K, which
reported under Item 1 that on February 7, 2003 MicroSignal entered into a
Collateral Loan Agreement and Promissory Note for up to $1,500,000 which would
be secured by 93,750,000 shares of common stock.

Signatures

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.


(Registrant) MICROSIGNAL CORPORATION

                  By  /s/  Mr. Matthew G. McConaghy
                      ------------------------------
                      Mr. Matthew G. McConaghy, President & CEO

                  Date   May 12, 2003


<PAGE>


FORM OF CERTIFICATION
PURSUANT TO RULE 13a-14 AND 15d-14
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

CERTIFICATIONS

         I, Mr. Matthew G. McConaghy, certify that:

1. I have reviewed this quarterly report on Form 10-QSB of MicroSignal
Corporation

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

4. The registrant's other certifying officer and I am responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:

(a) designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this quarterly report is being prepared;

(b) evaluated the effectiveness of the registrant's disclosure controls and
procedures as of a date within 90 days of the filing date of this quarterly
report (the "Evaluation Date"); and

(c) presented in this quarterly report our conclusions about the effectiveness
of the disclosure controls and procedures based on our evaluation as of the
Evaluation Date;

5. The registrant's other certifying officer and I have disclosed, based on our
most recent evaluation, to the registrant's auditors and the audit committee of
the registrant's board of directors (or persons performing the equivalent
functions):

(a) all significant deficiencies in the design or operation of internal controls
which could adversely affect the registrant's ability to record, process,
summarize,


<PAGE>


and report financial data and have identified for the registrant's auditors any
material weaknesses in internal controls; and

(b) any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officer and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 12, 2003                   /s/  Mr. Matthew G. McConaghy
                                     -----------------------------
                                     Mr. Matthew G. McConaghy, President and CEO


<PAGE>


CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of MicroSignal Corporation (the
"Company") on Form 10-QSB for the period ended March 31, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), the
undersigned, in the capacities and on the dates indicated below, hereby
certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operation of the Company.



Date: May 12, 2003                   /s/  Mr. Matthew G. McConaghy
                                     -----------------------------
                                     Mr. Matthew G. McConaghy, President and CEO


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