<PAGE>   1



                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                   FORM 10-QSB

(MARK ONE)
[ ]  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                                       OR

[X]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM JULY 1, 2000 TO OCTOBER 31, 2000

COMMISSION FILE NUMBER 0-19726

                                  TELYNX, INC.
        (Exact name of small business issuer as specified in its charter)

                   DELAWARE                            94-3022377
       (State or other jurisdiction                (I.R.S. Employer
     of incorporation or organization)           Identification Number)

                        6006 NORTH MESA STREET, SUITE 600
                              EL PASO, TEXAS 79912
                    (Address of principal executive offices)

                                 (915) 581-5828
                           (Issuer's telephone number)

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
                                                              ---

As of January 9, 2001, 53,624,690 shares of Class A Common Stock, no shares of
Class B Common Stock, and 500 shares of Series B Convertible Preferred Stock
which are convertible into 250,000 shares of Class A Common Stock, were
outstanding.


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<PAGE>   2



                                  TELYNX, INC.

                                   FORM 10-QSB


                                      INDEX

<TABLE>
<CAPTION>
                                                                                      Page
                                                                                     Number
                                                                                     ------
<S>       <C>       <C>                                                             <C>
Part I    Financial Information

          Item 1    Financial Statements

                    Condensed Consolidated Balance Sheets as of October
                    31, 2000 (unaudited) and June 30, 2000                            3

                    Condensed Consolidated Statements of Operations for
                    the month and four months ended October 31, 2000 and
                    1999 (unaudited)                                                  4

                    Condensed Consolidated Statements of Cash Flows for
                    the four months ended October 31, 2000 and 1999
                    (unaudited)                                                       5

                    Notes to Consolidated Financial Statements                        6

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

Part II   Other Information                                                          10

          Item 1    Legal Proceedings                                                10
          Item 2    Changes in Securities and Use of Proceeds                        10
          Item 3    Defaults upon Senior Securities                                  10
          Item 4    Submission of Matters to a Vote of Security Holders              10
          Item 5    Other Information                                                10
          Item 6    Exhibits and Reports on Form 8-K                                 10

Signatures                                                                           11
</TABLE>




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<PAGE>   3



                                  TELYNX, INC.
                      CONDENSED CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                            October 31        June 30
                                                                               2000            2000
                                                                           ------------    ------------
                                                                            (Unaudited)      (Audited)
<S>                                                                        <C>             <C>
ASSETS

Current assets:
 Cash and cash equivalents                                                 $     42,000    $    302,000
 Accounts receivable                                                            398,000         161,000
    Prepaids and deposits                                                        85,000          25,000
                                                                           ------------    ------------
    Total current assets                                                        525,000         488,000

Deferred finance cost - net                                                     110,000              --
Property and equipment, net                                                      70,000          62,000
                                                                           ------------    ------------
     Total assets                                                          $    705,000    $    550,000
                                                                           ============    ============

LIABILITIES AND CAPITAL DEFICIT
Current liabilities:
 Accounts payable and accrued liabilities                                  $  2,418,000    $  2,496,000
 Deferred revenue                                                                70,000          15,000
 Note payable to stockholder                                                    479,000         478,000
 Liabilities of discontinued operations                                         678,000         678,000
                                                                           ------------    ------------

 Total current liabilities                                                    3,645,000       3,667,000
                                                                           ------------    ------------
Convertible notes payable to investors                                        1,000,000              --
                                                                           ------------    ------------
Capital deficit:
 Common stock, $0.01 par value - 49,736,953 authorized shares issued and
  outstanding at October 31, 2000; 39,359,350 shares
   issued and outstanding at June 30, 2000                                      497,000         393,000
 Preferred stock, $0.01 par value - 500 shares issued and outstanding
   at October 31, 2000; 4,567 shares issued and outstanding at
   June 30, 2000                                                                     --              --

Paid in capital                                                              27,206,000      26,447,000

Accumulated deficit                                                         (31,643,000)    (29,957,000)
                                                                           ------------    ------------

      Total stockholders' deficit                                            (3,940,000)     (3,117,000)
                                                                           ------------    ------------
      Total liabilities and stockholders' equity                           $    705,000    $    550,000
                                                                           ============    ============
</TABLE>


      See Notes to Condensed Consolidated Financial Statements (unaudited).

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<PAGE>   4




                                  TELYNX, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)


<TABLE>
<CAPTION>
                                                       Month Ended                  Four Months Ended
                                                       October 31                      October 31
                                              ----------------------------    ----------------------------
                                                   2000           1999            2000            1999
                                              ------------    ------------    ------------    ------------
<S>                                           <C>             <C>             <C>             <C>
Revenue                                       $    232,000    $     44,000    $    352,000    $    272,000
Cost of revenue                                    103,000           7,000         107,000         120,000
                                              ------------    ------------    ------------    ------------
   Gross margin                                    129,000          37,000         245,000         152,000

Operating expenses:

  Sales and marketing                              110,000         129,000         387,000         422,000
  Services                                          58,000          29,000         181,000         142,000
  Research and development                          80,000          59,000         253,000         262,000
  General and administrative expenses              241,000         199,000       1,050,000         897,000
                                              ------------    ------------    ------------    ------------

     Total operating expenses                      489,000         416,000       1,871,000       1,723,000

Loss from operations                              (360,000)       (379,000)     (1,626,000)     (1,571,000)
Other income (expense):
  Interest income                                       --           4,000              --          15,000
  Interest expense                                 (41,000)        (19,000)        (60,000)        (38,000)
                                              ------------    ------------    ------------    ------------

Total other expense                                (41,000)        (15,000)        (60,000)        (23,000)
                                              ------------    ------------    ------------    ------------

Net loss                                      $   (401,000)   $   (394,000)   $ (1,686,000)   $ (1,594,000)
                                              ------------    ------------    ------------    ------------

Basic and diluted net loss per common share   $      (0.01)   $      (0.10)   $      (0.04)   $      (0.40)
                                              ============    ============    ============    ============

Weighted average shares outstanding             49,683,332       4,037,236      45,004,915       3,986,030
                                              ============    ============    ============    ============
</TABLE>


      See Notes to Condensed Consolidated Financial Statements (unaudited).


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<PAGE>   5




                                  TELYNX, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                     YTD
                                                                                  October 31,
                                                                         ----------------------------
                                                                             2000            1999
                                                                         ------------    ------------
<S>                                                                      <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                                              $ (1,686,000)   $ (1,594,000)

   Adjustments to reconcile net loss to cash used in operations:
     Depreciation and amortization                                             41,000          38,000
 Expenses and settlements paid with equity                                    164,000          17,000

   Changes in assets and liabilities:
     Receivables                                                             (237,000)        (76,000)
     Prepaid expenses                                                         (60,000)          9,000
Accounts payable and accrued liabilities                                      (78,000)       (296,000)
     Deferred revenue                                                          55,000         (89,000)
                                                                         ------------    ------------
Net cash used in operating activities                                      (1,801,000)     (1,991,000)
                                                                         ------------    ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures                                                        (39,000)         (9,000)
                                                                         ------------    ------------

      Net cash used in investing activities                                   (39,000)         (9,000)
                                                                         ------------    ------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of convertible debt                                  880,000         378,000
  Proceeds from issuance of common stock                                      675,000              --
  Proceeds from exercise of stock options                                      24,000          36,000
  Other                                                                         1,000          (1,000)
                                                                         ------------    ------------

      Net cash provided by financing activities                             1,580,000         413,000
                                                                         ------------    ------------

      Net change in cash and cash equivalents                                (260,000)     (1,587,000)

      Cash and cash equivalents at beginning of the period                    302,000       1,923,000
                                                                         ------------    ------------

      Cash and cash equivalents at end of the period                     $     42,000    $    336,000
                                                                         ============    ============

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

   Cash paid during the period for:
    Interest                                                             $         --    $     12,000
    Income taxes                                                                   --              --
</TABLE>




      See Notes to Condensed Consolidated Financial Statements (unaudited).


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                                  TELYNX, INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)

NOTE 1.  ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements of the
Company for the four months ended October 31, 2000 and 1999 have been prepared
on the same basis as the audited financial statements. In the opinion of
management, such unaudited information includes all adjustments (consisting only
of normal recurring accruals) necessary for a fair presentation of this interim
information. Operating results and cash flows for interim periods are not
necessarily indicative of results for the entire year. Certain prior period
amounts have been reclassified to conform to the current period presentation.
Additionally, certain information and footnote disclosures normally included in
a full set of financial statements have been condensed or omitted pursuant to
the Securities and Exchange Commission rules and regulations. The information
included in this report should be read in conjunction with the Company's audited
financial statements and notes thereto included in the Company's Annual Report
on Form 10-KSB for the year ended June 30, 2000 previously filed with the
Securities and Exchange Commission.

NOTE 2.  NATURE OF BUSINESS

The Company currently provides professional services and supplies software
products for operations support systems of telecommunications networks. The
Company's primary product is netRunner(TM). The Company's corporate headquarters
is in Dallas, Texas. The Company's accounting, finance, and research and
development functions are located in El Paso, Texas. The Company also has sales
executives located in the United Kingdom and Egypt.

NOTE 3.  DISCONTINUED OPERATIONS

On February 2, 1999, Telynx transferred all of the issued and outstanding stock
of the discontinued healthcare subsidiaries (the "Subsidiaries") to Imperial
Loan Management Corporation ("Imperial"), an affiliate of the Company's former
Chairman and CEO, Harvey Wm. Glasser, M.D. Dr. Glasser, who in February 1999
resigned his position as CEO and in March 1999 resigned from the Board of
Directors, is overseeing the liquidation of the Subsidiaries on behalf of
Imperial. The Company received no proceeds from the transfer. Prior to the
transfer, Imperial loaned $900,000 to the Subsidiaries and Telynx, represented
by 10% notes payable. Imperial will use its best efforts to liquidate each of
the Subsidiaries, settle outstanding obligations and collect all amounts
receivable. Telynx remains a guarantor of the Imperial loans, amounting to
$678,000 as of June 30, 2000. Upon liquidation of the Subsidiaries and
settlement of the outstanding indebtedness, Telynx is entitled to receive
one-half of the proceeds remaining after payment of Imperial's expenses. At
October 31, 2000, the assets and liabilities of the discontinued businesses
consist primarily of the accounts receivable and the Imperial loans. The Company
considers the realization of the remaining assets to be unlikely and the assets
have been fully provided for. All other material obligations of the Subsidiaries
have been settled except for the Imperial loans.

NOTE 4.  NOTES PAYABLE

In July 2000, the Company issued $1 million in principal amount of convertible
notes bearing interest at 6% per annum. In connection with this financing, we
issued warrants to purchase 1,250,000 shares of common stock. The subscribers in
this financing have agreed to purchase from us convertible notes up to the
principal amount of $17 million. This right is exercisable at our option. In
connection with this right, we are obligated to issue additional warrants to the
subscribers. The Company expects to take a charge to earnings in the next fiscal
quarter, with an offset to additional paid in capital related to beneficial
conversion features of these notes.

NOTE 5.  BACKLOG

For the month ended October 31, 2000, the Company received no orders from
customers. At October 31, 2000, the Company's backlog of future shipments was
approximately $217,000.


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NOTE 6.  YEAR END CHANGE

This transition report is filed for the period ending October 31, 2000, as the
Company filed a Current Report on Form 8-K on November 22, 2000 announcing a
change in its fiscal year end from June 30 to October 31.





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<PAGE>   8



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

FORWARD-LOOKING STATEMENTS

         This document contains forward-looking statements that involve risks
and uncertainties that could cause the results of Telynx to differ materially
from those expressed or implied by such forward-looking statements. These risks
include the timely development, production and acceptance of new products and
services and their feature sets; the challenge of managing asset levels; the
flow of products into third-party distribution channels; the difficulty of
keeping expense growth at modest levels while increasing revenues; risks
associated with the settlement of accounts payable claims; and other risks
detailed from time to time in Telynx's Securities and Exchange Commission
filings.

         The words "anticipate," "believe," "estimate," "expect," "intend,"
"will," and similar expressions, as they relate to Telynx or our management
team, may identify forward-looking statements. Such statements reflect the
current views of Telynx with respect to future events and are subject to certain
risks, uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described herein as anticipated,
believed, estimated or expected. Telynx does not intend to update these
forward-looking statements.

RESULTS OF OPERATIONS

ONE AND FOUR MONTHS ENDED OCTOBER 31, 2000

AS COMPARED TO ONE AND FOUR MONTHS ENDED OCTOBER 31, 1999

         Revenues. Revenues from operations increased 427% from $44,000 for the
month ended October 31, 1999 to $232,000 for the month ended October 31, 2000.
The increase in revenues is primarily attributable to sales of the Company's
software at higher sales revenue this month versus lower sales revenue in the
prior October period of maintenance and system support. Cost of revenue for the
month ended October 31, 2000 was up significantly from the month ended October
31, 1999, representing the cost incurred related to the software sales in the
month ended October 31, 2000. For the year to date period, revenues increased
29% from $272,000 for the four months ended October 31, 1999 to $352,000 for the
four months ended October 31, 2000. The increase in revenues is primarily
attributable to increased sales and services of the Company's main product line.
Cost of revenues decreased 11% from $120,000 for the four months ended October
31, 1999 to $107,000 for the four months ended October 31, 2000. The decrease is
attributable to higher cost incurred in product sales for the four months ended
October 31, 2000 versus lower cost incurred in system support for the four
months ended October 31, 1999.

         Sales and Marketing. Sales and marketing expenses decreased 15% from
$129,000 for the month ended October 31, 1999 to $110,000 for the month ended
October 31, 2000 related to reduced travel and related costs in October 2000
versus October 1999. For the year to date period, sales and marketing expenses
decreased 8% from $422,000 for the four months ended October 31, 1999 to
$387,000 for the four months ended October 31, 2000. Consistent with the month,
the decrease was related to reduced travel related costs in October 2000 versus
October 1999.

         Services. Services expenses increased 100% from $29,000 for the month
ended October 31, 1999 to $58,000 for the month ended October 31, 2000. This
increase was attributable to increased manpower costs related to servicing order
installation this month versus the comparable month of last year. For the year
to date period, services increased 28% from $142,000 for the four months ended
October 31, 1999 to $188,000 for the four months ended October 31, 2000.
Consistent with the month, the increase was attributable to increased manpower
costs related to servicing order installation mostly in October 2000 versus
October 1999.

         Research and Development. Research and development expenses increased
35%, from $59,000 for the month ended October 31, 1999 to $80,000 for the month
ended October 31, 2000. The increase was attributable to increased personnel
costs in development and engineering cost associated with the Company's main
product. For the year to date period, research and development costs decreased
slightly by 3% from $262,000 for the four months ended October 31, 1999 to
$253,000 for the four months ended October 31, 2000.



                                       8
<PAGE>   9


      General and Administrative. General and administrative expenses increased
21%, from $199,000 for the month ended October 31, 1999 to $241,000 for the
month ended October 31, 2000. The increase represents additional costs for added
personnel in October of this year versus the comparable month of last year. For
the year to date period, general and administrative costs increased 17% from
$897,000 for the four months ended October 31, 1999 to $1,050,000 for the four
months ended October 31, 2000. The increase represents additional costs for
added personnel in the current four month period versus the four month period
last year.

         Interest. Interest expense increased $22,000 from the month ended
October 31, 1999 of $19,000 to $41,000 for the month ended October 31, 2000. For
the year to date period, interest expense increased 58% from $38,000 for the
four months ended October 31, 1999 to $60,000 for the four months ended October
31, 2000. These increases are representative of additional financing by the
Company this year versus last year.

LIQUIDITY AND CAPITAL RESOURCES

         The Company's operating activities used cash of $1,801,000 during the
four months ended October 31, 2000 compared to a use of $1,991,000 for the four
months ended October 31, 1999. The primary reason for the decrease in the use of
cash is the payment of expenses by the issuance of common stock for the four
months ended October 31, 2000 versus October 31, 1999.

         During the four months ended October 31, 2000, consistent with the four
months ended October 31, 1999, the Company's investing activities were $39,000
and $9,000 consisting of software and computer/network equipment purchases.

         The financing activities during the four months ended October 31, 2000
consisted of proceeds from the issuance of common stock of approximately
$675,000, exercise of stock options of approximately $24,000 and proceeds of
convertible debt debentures of $880,000. This compares to the four months ended
October 31, 1999 where financing activities of the Company consisted of proceeds
of convertible debentures of $378,000 and the exercise of stock options in the
amount of $36,000.

      The Company believes that its current negative operational cash flow is
temporal and will be alleviated by increased sales. However, there can be no
assurance that sales will increase or additional capital other than provided in
the paragraph above will be available on terms favorable to the Company. If
adequate funds are not available, the Company's liquidity could be impaired,
which would have a negative impact on the Company's ability to grow its
business. As a result of the above conditions, the Company's most recent audited
financial statements contained a going concern opinion.

      In July 27, 2000, the Company issued $1,000,000 in principal amounts of
convertible notes bearing interest at 6% which are convertible into Common stock
at the option of the holders. On December 19, 2000, an SB-2 was declared
effective by the SEC allowing additional funding to proceed. On December 29,
2000, the Company issued an additional $150,000 in principal amounts of 6%
convertible notes under this financing. The Company anticipates drawing down on
the credit line, to the extent permitted, as the funds become necessary.



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<PAGE>   10





PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

                None.

Item 2.  Changes in Securities

         During the month ended October 31, 2000, three employees received
         compensation from commissions as paid in Common Stock. Total shares
         issued for these expenses were 20,442 shares of the Company's Class A
         Common Stock.

Item 3.  Defaults Upon Senior Securities

                None.

Item 4.  Submission of Matters to a Vote of Security Holders

                None.

Item 5.  Other Information

                None.

Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits

         (b)      Reports on Form 8-K

                  Current report on Form 8-K filed August 24, 2000. Current
                  report on Form 8-K filed September 11, 2000.


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                                   SIGNATURES


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


Dated:         January 11, 2001


Telynx, Inc.



/s/ Kent J. Van Houten
----------------------
Kent J. Van Houten
Executive Vice President of Finance and Chief Financial Officer
(Principal Financial Officer)


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