<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION


                              Washington, DC 20549

                                  FORM 10-QSB/A


                  Quarterly Report under Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


 For Quarter Ended                                    Commission File Number
 -----------------                                    ----------------------
 September 30, 2000                                          33-19196-A



                                    IVG CORP.
                          ----------------------------
             (Exact name of registrant as specified in its charter)



                Delaware                                   59-2919648
                -------                                    ----------
         (State of incorporation)                       (I.R.S. Employer
                                                       Identification No.)


             13135 Dairy Ashford, Suite 525, Sugar Land, Texas 75478
      --------------------------------------------------------------------
               (Address of principal executive offices) (Zip Code)


Registrant's telephone number, including area code: (281) 295-8400
                                                     -------------


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to the filing
requirements for at least the past 90 days.

                                Yes  X     No
                                   -----     -----


Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date. 51,661,759 common shares as of
October 3, 2001.


<PAGE>
<TABLE>

                          INTERNET VENTURE GROUP, INC.
                     Consolidated Balance Sheets (Restated)
                    September 30, 2000 and December 31, 1999

<CAPTION>

                                     ASSETS
                                     ------

                                                          Unaudited       Unaudited
                                                        September 30,    December 31,
                                                            2000            1999
                                                        -------------   -------------
<S>                                                     <C>             <C>
CURRENT ASSETS
   Cash                                                 $   5,939,348   $       6,006
   Accounts receivable, net                                    27,060          14,145
   Inventory                                                  114,022          79,588
   Notes receivable                                           115,000               -
                                                        -------------   -------------

         Total current assets                               6,195,430          99,739


PROPERTY AND EQUIPMENT, net                                    53,245          59,546
OTHER ASSETS, net                                             310,857         289,322
                                                        -------------   -------------

                                                        $   6,559,532   $     448,607
                                                        =============   =============

                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
                 ----------------------------------------------

CURRENT LIABILITIES
   Accounts payable                                     $   1,062,902   $     206,057
   Notes payable                                            2,810,496         329,656
   Accrued liabilities                                        623,795          35,370
                                                        -------------   -------------

         Total current liabilities                          4,497,193         571,083

MINORITY INTEREST                                             297,521               -


STOCKHOLDERS' EQUITY (DEFICIT)
   Common stock, par value $0.0001, 300,000,000 shares
    authorized, 42,369,519 and 30,537,402 issued and
    outstanding at September 30, 2000 and December 31,
    1999, respectively                                          4,237           3,054
   Paid-in capital                                         20,443,681       1,969,035
   Accumulated deficit                                    (18,683,100)     (2,094,565)
                                                        -------------    -------------

         Total stockholders' equity (deficit)               1,764,818        (122,476)
                                                        -------------    -------------

                                                         $  6,559,532    $    448,607
                                                        =============    ============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       1
<PAGE>


                          INTERNET VENTURE GROUP, INC.
                Consolidated Statements of Operations (Restated)
                                   (Unaudited)


                                               Nine months         Nine months
                                                 ended               ended
                                              September 30,       September 30,
                                                  2000                1999
                                              -------------       -------------
REVENUES
   Sales                                      $     260,416       $     296,252
   Other                                                  -              58,000
                                              --------------      --------------

Total revenues                                      260,416             354,252

GROSS PROFIT                                        103,596             197,684

OPERATING EXPENSES,
  administrative and overhead                    (1,083,183)           (315,312)

PURCHASED IN-PROCESS TECHNOLOGY                 (15,601,792)                  0

NET LOSS                                       $(16,588,535)       $   (162,540)
                                               =============       =============

WEIGHTED AVERAGE COMMON SHARES                   41,802,819          26,100,000
                                               =============       =============

See accompanying notes to consolidated financial statements.

                                       2
<PAGE>


                          INTERNET VENTURE GROUP, INC.
                Consolidated Statements of Operations (Restated)
                                   (Unaudited)


                                              Three months        Three months
                                                  ended              ended
                                              September 30,       September 30,
                                                   2000                1999
                                              -------------       -------------
REVENUES
   Sales                                      $      84,364       $      52,697
   Other                                                  -              29,000
                                              --------------      --------------

Total revenues                                       84,364              81,697

GROSS PROFIT                                         75,419              66,506

OPERATING EXPENSES,
  administrative and overhead                      (683,828)           (101,741)

PURCHASED IN-PROCESS TECHNOLOGY                 (15,601,792)                  0

NET LOSS                                      $ (16,212,947)      $     (75,310)
                                              ==============      ==============

WEIGHTED AVERAGE COMMON SHARES                   41,802,819          26,100,000
                                              ==============      ==============

See accompanying notes to consolidated financial statements.

                                       3
<PAGE>
<TABLE>


                                         INTERNET VENTURE GROUP, INC.
                               Consolidated Statements of Cash Flows (Restated)
                                                  (Unaudited)
<CAPTION>

                                                         Nine months ended                    Three months ended
                                                           September 30,                         September 30,
                                                           -------------                         -------------
                                                      2000                1999              2000               1999
                                                 -------------      -------------      -------------      -------------
<S>                                              <C>                <C>                <C>                <C>
CASH FLOWS FROM OPERATING
  ACTIVITIES
    Net loss                                     $(16,588,535)      $   (162,540)      $(16,212,947)      $    (75,310)
    Adjustments to reconcile net loss
     to net cash used in operating activities:
       Minority interest in cons. subsidiary          297,521                               297,521
       Depreciation                                    18,837             10,470              8,766              2,470
       Amortization                                    16,532             15,581              4,132              8,080
       Purchased in-process technology             15,601,792                  -         15,601,792                  -
       Stock based compensation                       258,118                  -            131,860                  -
       Changes in assets and liabilities
         net of effects from purchase of
         subsidiary:
           Current assets                             163,663             68,509            164,567            (22,718)
           Current liabilities                       (133,913)           (46,907)           130,985             28,073
                                                --------------     --------------     --------------     --------------
    Net cash provided by (used in) operating
      activities                                     (365,985)          (114,887)           126,676            (59,405)
CASH FLOWS FROM INVESTING
  ACTIVITIES
    Purchase of property and equipment                (12,536)           (20,682)            (4,166)           (29,784)
    Increase in note receivable                      (115,000)                 -           (115,000)                 -
    Cash acquired through purchase of
      subsidiary                                    5,404,338                  -          5,404,338                  -
                                                --------------     --------------     --------------     --------------
    Net cash provided by (used in)                  5,276,802            (20,682)         5,285,172            (29,784)
      investing activities
CASH FLOWS FROM FINANCING
  ACTIVITIES
    Net increase (decrease) in
      notes payable                                   588,425           (260,172)           319,299           (260,172)
  Stock issue adjustments                                                398,832                 -             333,914
  Proceeds on issuance of stock                       434,100                  -                 -                   -
                                                --------------     --------------     --------------     --------------
    Net cash provided by financing activities       1,022,525            138,660            319,299             73,742
                                                --------------     --------------     --------------     --------------
NET INCREASE (DECREASE) IN CASH                     5,933,342              3,091          5,731,147            (15,447)
CASH AT BEGINNING OF PERIOD                             6,006              8,026            208,201             26,564
                                                --------------     --------------     --------------     --------------
</TABLE>

SUPPLEMENTAL SCHEDULE OF NON CASH INVESTING AND FINANCING ACTIVITIES:
The Company purchased approximately 93% of the common stock of Swan Magnetics,
Inc. with common stock and warrants valued at $17,783,611. In conjunction with
the acquisition, the fair value of assets and liabilities assumed were as
follows:

     Tangible assets acquired, including cash                 $  5,653,417
     Intangible assets acquired and subsequently written-off    15,601,792
     Liabilities assumed                                        (3,471,598)
                                                              -------------
     Value of stock and warrants issued                       $ 17,783,611
                                                              =============
See accompanying notes to consolidated financial statements.

                                       4
<PAGE>
<TABLE>


                                    INTERNET VENTURE GROUP, INC.
           Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Restated)
                                             (Unaudited)

<CAPTION>

                            December 31, 1998 through September 30, 2000

                                      Common Stock
                             -----------------------------    Additional
                                Number of                       Paid-in       Accumulated
                                 Shares          Amount         Capital         Deficit          Total
                             -------------   -------------   -------------   -------------   -------------
<S>                            <C>           <C>             <C>             <C>             <C>
BALANCE,
  December 31, 1998             4,000,000    $        400    $  1,712,124    $ (1,802,734)   $    (90,210)


ACQUISITION OF
  SUBSIDIARY                   26,537,402           2,654         256,911           -             259,565

NET LOSS                                -               -               -        (291,831)       (291,831)
                            --------------  --------------  --------------  --------------  --------------

BALANCE,
  December 31, 1999            30,537,402           3,054       1,969,035      (2,094,565)       (122,476)

ADJUST SHARES IN
  SHARES ISSUED FOR SERVICES      825,000              83         186,175               -         186,258

SHARES ISSUED FOR
  CASH                            213,450              21         434,079               -         434,100

ACQUISITION OF
  SUBSIDIARY                   10,793,667           1,079      17,782,532               -      17,783,611

WARRANTS ISSUED FOR
  SERVICES                              -               -          71,860               -          71,860

NET LOSS, for nine months               -               -               -     (16,588,535)    (16,588,535)
                            --------------  --------------  --------------  --------------  --------------

BALANCE,
  September 30, 2000           42,369,519    $      4,237    $ 20,443,681    $(18,683,100)   $  1,764,818
                             =============   =============   =============   =============   =============
</TABLE>

See accompanying notes to consolidated financial statements.

                                       5
<PAGE>


                          INTERNET VENTURE GROUP, INC.
              Notes to Consolidated Financial Statements (Restated)


NOTE 1 - ORGANIZATION AND PRESENTATION


Strategic Ventures, Inc. was incorporated in the state of Florida on March 19,
1987. At a stockholders' meeting on October 18, 1999, Strategic Ventures, Inc.
completed its name change to Internet Venture Group, Inc. In March 2001,
Internet Venture Group, Inc. was merged into IVG Corp., a Delaware corporation.
As a result of the merger, Internet Venture Group, Inc. was reincorporated in
Delaware and its name was changed to IVG Corp. (the "Company").


Effective December 31, 1999, the Company acquired all issued and outstanding
shares of GeeWhiz.com, Inc. (a Texas Corporation) for 26,537,402 shares of the
Company's stock by the purchase method. For accounting purposes, the acquisition
was treated as a reverse acquisition, with GeeWhiz.com, Inc. as the acquirer and
Strategic Ventures, Inc. as the acquiree. The acquisition qualified as a reverse
acquisition because the officers and directors of GeeWhiz.com assumed management
control of the resulting entity and the value and ownership interest received by
current GeeWhiz.com, Inc. stockholders exceeded that received by Strategic
Ventures, Inc.

On September 28, 2000, the Company acquired ownership of approximately 93% of
the issued and outstanding shares of Swan Magnetics, Inc. (a California
Corporation), for shares of the Company's stock. The transaction was accounted
for under the purchase method. See Note 10.

The primary purpose of the Company is to become an internet company through the
acquisition, development and operation of early-stage companies involved in
"business-to-business," "business-to-consumer" and "click and mortar" business
activities. The primary business of GeeWhiz.com, which now operates as a
division of the Company, is the development, acquisition, marketing and
distribution of proprietary products as specialty products and items for the
Worldwide gift, novelty and souvenir industries. Swan Magentics, Inc., which
operates as a majority-owned subsidiary of the Company, is involved in the
development of a proprietary ultra-high capacity (UHC), flexible disk drive
technology and currently has no revenue generating operations.

The Company's fiscal year-end is December 31.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The interim financial statements have been prepared by management and are
unaudited.

These financial statements are presented on the accrual method of accounting in
accordance with generally accepted accounting principles. Significant principles
followed by the Company and the methods of applying those principles, which
materially affect the determination of financial position and cash flows, are
summarized below:

PRINCIPLES OF CONSOLIDATION
---------------------------

The Company's consolidated financial statements as of and for the period ended
September 30, 2000 reflect its operations on a consolidated basis. All
significant intercompany accounts and transactions have been eliminated.

                                       6
<PAGE>

CASH AND CASH EQUIVALENTS
-------------------------

The Company considers all highly-liquid debt instruments purchased with an
original maturity of three months or less to be cash equivalents.

INVENTORIES
-----------

Inventories are stated at cost, determined using the first-in, first-out (FIFO)
method, which is not in excess of market. Finished products comprise all of the
Company's inventories.

PROPERTY AND EQUIPMENT
----------------------

Property and equipment is stated at cost. The cost of ordinary maintenance and
repairs is charged to operations while renewals and replacements are
capitalized. Depreciation is computed on the straight-line method over the
following estimated useful lives:

         Manufacturing Equipment                       5 years
         Furniture and Equipment                       5 years

PATENTS, TRADEMARKS, AND LICENSES
---------------------------------

The Company capitalizes certain legal costs and acquisition costs related to
patents, trademarks, and licenses. Accumulated costs are amortized over the
lesser of the legal lives or the estimated economic lives of the proprietary
rights, generally seven to ten years, using the straight-line method and
commencing at the time the patents are issued, trademarks are registered or the
license is acquired.

INTANGIBLE ASSETS
-----------------

The Company recorded intangible assets for the excess of cost over fair value of
net tangible assets acquired during the acquisition of Swan. This asset
represents goodwill and intellectual property acquired and is being amortized
over 10 years on a straight-line basis.

REVENUE RECOGNITION
-------------------

Product Sales are sales of on-line products and specialty items. Revenue is
recognized at the time products are shipped. Other revenue and commission income
is recognized when the earnings process has been completed.

INCOME TAXES
------------

The Company accounts for income taxes under SFAS No. 109, which requires the
asset and liability approach to accounting for income taxes. Under this method,
deferred tax assets and liabilities are measured based on differences between
financial reporting and tax bases of assets and liabilities using enacted tax
rates and laws that are expected to be in effect when the differences are
expected to reverse.

NET EARNINGS (LOSS) PER SHARE
-----------------------------

Basic and diluted net loss per share information is presented under the
requirements of SFAS No. 128, Earnings Per Share. Basic net loss per share is
computed by dividing net loss by the weighted average number of shares of common
stock outstanding for the period, less shares subject to repurchase. Diluted net
loss per share reflects the potential dilution of securities by adding other
common stock equivalents, including stock options, shares subject to repurchase,
warrants and convertible preferred stock, in the weighted-average number of
common shares outstanding for a period, if dilutive. All potentially dilutive
securities have been excluded from the computation, as their effect is
anti-dilutive.

                                       7
<PAGE>

FAIR VALUE OF FINANCIAL INSTRUMENTS
-----------------------------------

The carrying amount of cash, accounts receivable, accounts payable and accrued
expenses are considered to be representative of their respective fair values
because of the short-term nature of these financial instruments. The carrying
amount of the notes payable are reasonable estimates of fair value as the loans
bear interest based on market rates currently available for debt with similar
terms.

USE OF ESTIMATES
----------------

The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenue and expenses during the reporting period. Actual
results could differ from these estimates.

NOTE 3 - PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

                                                 September 30,   December 31,
                                                     2000           1999
                                                 ------------   ------------
         Manufacturing equipment                 $   115,956    $   105,513
         Furniture and equipment                      31,301         29,208
                                                 ------------   ------------
                                                     147,257        134,721
         Less accumulated depreciation                94,012         75,175
                                                 ------------   ------------
                                                 $    53,245    $    59,546
                                                 ============   ============

NOTE 4 - OTHER ASSETS

At September 30, 2000, other assets consisted of the following:

                                         Historical   Accumulated       Book
                                            Cost      Amortization      Value
                                        ------------  ------------  ------------
Security deposits                       $    15,360   $         -   $    15,360
Licensing, patents, trademarks              362,754       117,257       245,497
Prepaid expenses                             50,000             -        50,000
                                        ------------  ------------  -----------
                                        $   428,114   $   117,257   $   310,857
                                        ============  ============  ===========

At December 31, 1999, other assets consisted of the following:

                                         Historical   Accumulated       Book
                                            Cost      Amortization      Value
                                        ------------  ------------  ------------
Security deposits                       $    15,360   $         -   $    15,360
Licensing, patents, trademarks              364,496        90,534       273,962
                                        ------------  ------------  ------------
                                        $   379,856   $    90,534   $   289,322
                                        ============  ============  ============

                                       8
<PAGE>
<TABLE>

NOTE 5 - NOTES PAYABLE

Notes payable consisted of the following:
<CAPTION>
                                                                  September 30,       December 31,
                                                                      2000                1999
                                                                 --------------     ---------------
<S>                                                              <C>                <C>
Borrowings against a $30,000 line-of-credit agreement with a
financial institution collateralized by a general security
agreement covering substantially all assets of the Company;
the note bears interest at two points above the bank's prime
rate (8.25% at December 31, 1999 and 11.5% at September 30,
2000); the note is payable on demand; however if no demand is
made it matures February 2001                                    $      19,785      $       22,985

Note payable to a financial institution, payable on demand,
however, if no demand is made, payable in monthly installments
of $425, including interest at 9.75% through February 2001,
collateralized by certain equipment and the personal
guarantees of the Company officers                                            -               5,628

Short-term notes payable to related parties, non-interest
bearing and payable on demand                                            64,600                   -

Note payable to an individual stockholder, interest at
7.0%, payable in full March 2000                                              -               4,000

Note payable to an individual stockholder, interest at
8.0%, payable in full on demand                                         160,111             201,043

Note payable to an individual stockholder, interest at
10.5%, payable on demand                                                 66,000              96,000

Note payable to a company, interest at 8%, payable
on demand                                                             1,000,000                   -

Note payable to a company, interest at 8%, due
July 2003                                                             1,500,000                   -
                                                                 --------------     ---------------
                                                                 $    2,810,496     $       329,656
                                                                 ==============     ===============
</TABLE>

NOTE 6 - INCOME TAXES

There has been no provision for U.S. federal, state, or foreign income taxes for
any period because the Company has incurred losses in all periods and for all
jurisdictions.

Deferred income taxes reflect the net tax affects of temporary differences
between the carrying amounts of assets and liabilities for financial reporting
purposes and the amounts used for income tax purposes. Significant components of
deferred tax assets are as follows:

                                                    September 30,   December 31,
                                                        2000           1999
                                                    ------------   ------------
         Deferred tax assets
            Net operating loss carryforwards        $ 18,683,100   $  2,094,565
            Valuation allowance for deferred
              tax assets                             (18,683,100)    (2,094,565)
                                                    -------------  -------------
         Net deferred tax assets                    $          -   $          -
                                                    =============  =============

                                       9
<PAGE>

Realization of deferred tax assets is dependent upon future earnings, if any,
the timing and amount of which are uncertain. Accordingly, the net deferred tax
assets have been fully offset by a valuation allowance. The Company had net
operating loss carryforwards for federal income tax purposes of approximately
$18,683,100 and $2,094,565 as of September 30, 2000 and December 31, 1999,
respectively. These carryforwards, if not utilized to offset taxable income
begin to expire in 2003. Utilization of the net operating loss may be subject to
substantial annual limitation due to the ownership change limitations provided
by the Internal Revenue Code and similar state provisions. The annual limitation
could result in the expiration of the net operating loss before utilization.

NOTE 7 - STOCK OPTIONS

The Company has granted options to purchase shares of common stock to employees,
directors, consultants, and investors at prices as determined by the Board of
Directors, at date of grant. A summary of the Company's stock options granted is
presented below:

                                                               Weighted-
                                                                Average
                                                               Exercise
                                                Number of      Price per
                                                 Shares          Share
                                             -------------   --------------
         Balance, December 31, 1999             1,164,150    $         ..62
         Granted through June 30, 2000          8,212,475    $         ..23
         Granted July 2000                         75,000    $         ..75
         Exercised                                      -    $           -
         Canceled                                       -    $           -
                                             -------------   --------------
         Balance, September 30, 2000            9,451,625    $         ..32
                                             =============   ==============

The fair value of each stock option was estimated on the date of grant using the
Black-Schoales option-pricing model with the following weighted-average
assumption on stock options issued on or before June 30, 2000: an expected life
of four (4) years, expected volatility of 87%, and a dividend yield of 0% and on
stock options issued in July 2000: an expected life of 18 months, expected
volatility of 90%, and a dividend yield of 0%.

NOTE 8 - COMMITMENTS AND CONTINGENCIES

The Company is in the third year of a five-year operating lease which commenced
December 1997 for office and warehouse space located in Houston, Texas. Future
minimum lease commitments for building lease approximate the following for each
of the years ending December 31: 2000- $75,943; 2001 - $78,386; 2002 - $73,907;
and none thereafter. Rent expense was $32,121 and $73,296 for the nine months
ended September 30, 2000 and the year ended December 31, 1999, respectively.

                                       10
<PAGE>

NOTE 9 - GOING CONCERN

The accompanying financial statements have been prepared in conformity with
generally accepted accounting principles, which contemplates continuation of the
Company as a going concern. The Company has incurred substantial operating
losses. As shown in the financial statements, the Company incurred net losses of
$986,743, excluding purchased in-process technology of $15,601,792,on gross
sales of $260,416 for the nine months ended September 30, 2000. These factors
indicate there is substantial doubt about the Company's ability to continue as a
going concern. The future success of the Company is likely dependent on its
ability to obtain additional capital to develop its proposed products and
ultimately, upon its ability to attain future profitable operations. There can
be no assurance that the Company will be successful in obtaining such financing,
or that it will attain positive cash flow from operations.

Management believes that actions presently being taken to revise the Company's
operating and financial requirements provide the opportunity for the Company to
continue as a going concern. The Company has been able to continue based upon
the financial support of certain of its stockholders, and the continued
existence of the Company is dependent upon this support and the Company's
ability to acquire assets by the issuance of stock. Management has recently been
able to secure a $1,000,000 loan from Swan Magnetics, Inc. and has pending the
acquisition of businesses that management believes can provide additional cash
for the Company's operations and be profitable in both the short and long-term.
Management also intends to attempt to raise additional funds through private
sales of the Company's common stock. Although management believes that these
efforts will enable the Company to continue as a going concern, there can be no
assurance that these efforts will be successful.

NOTE 10 - ACQUISITION OF SUBSIDIARY

On September 28, 2000, the Company acquired ownership of approximately 93% of
Swan Magnetics, Inc. Swan is a hardware development company specializing in
ultra high capacity floppy disk drives and media. As part of a two step purchase
transaction, the Company exchanged 20,000,000 shares of restricted common stock
for approximately 93% of the outstanding common shares of Swan. The Company then
offered, to those stockholders, an exchange of restricted common stock for
warrants to purchase common stock at an exercise price equal to the market value
on September 28, 2000. The Company has received verbal commitments from
stockholders to exchange 9,206,333 shares of its restricted common stock for
common stock warrants as of November 17, 2000. The fair value of the common
stock warrants was estimated on September 28, 2000 using the Black-Schoales
option-pricing model with the following weighted-average assumption on stock
warrants issued: an expected life of 18 months, expected volatility of 90%, and
a dividend yield of 0%. This transaction adjusted the purchase price to
approximately $17,800,000. The acquisition was accounted for using the purchase
method. The assets and liabilities of Swan were recorded at fair market value,
which approximates net book value on the date of acquisition. Upon consummation
of the Swan acquisition, the Company expensed approximately $15.6M representing
purchased in-process technology that had not reached technological feasibility
and had no alternative future use. The Company's statement of income excludes
the income and expenses of Swan for the nine months ended September 30, 2000, as
the purchase was accounted for as a single asset purchase because Swan currently
has no revenue generating operations.


NOTE 11 - ERROR CORRECTION.

The accompanying financial statements for September 30, 2000 have been restated
to correct an error in previously issued financial statements. Purchased
in-process technology was not expensed on the previously issued financial
statements. The restated statements reflect a corrected net loss of $16,588,535
and per share loss of $(.40), rather than the previously reported net loss of
$1,595,956 and per share loss of $(.04).


                                       11
<PAGE>

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

The following discussion should be read in conjunction with the Company's
financial statements and related notes contained in this Form 10-QSB.

PLAN OF OPERATION
------------------

The Company merged with GeeWhiz.com effective December 31, 1999. GeeWhiz
operates a vertical business portal e-commerce web site designed to access and
service the promotional products, gifts, and souvenir markets, functioning
within the Company as a separate division. To date, GeeWhiz has principally been
engaged in the sale of its proprietary Starglas line of fiber optic illuminated
drinking containers. Although GeeWhiz is currently a division of the Company,
management intends to form a new, wholly-owned subsidiary to operate the GeeWhiz
business sometime in 2001.

On September 28, 2000, the Company acquired ownership of approximately 93% of
Swan Magnetics, Inc. As part of a two step purchase transaction, the Company
exchanged 20,000,000 shares of restricted common stock for approximately 93% of
the outstanding common shares of Swan. The Company then offered, to those
stockholders, an exchange of restricted common stock for warrants to purchase
common stock at an exercise price equal to the market value on September 28,
2000. The Company has received verbal commitments from stockholders to exchange
9,206,333 shares of its restricted common stock for common stock warrants as of
December 31, 2000. The acquisition was accounted for using the purchase method.

Swan is the developer of a proprietary ultra-high capacity ("UHC"), flexible
disk drive technology, and is based in Santa Clara, California. Swan's President
is Eden Kim, Chairman of the Board and Secretary of the Company. Swan currently
has a small demonstration lab in Santa Clara displaying working UHC drives,
media and pilot production equipment and is under discussion with potential
partners for commercial exploitation of the products.

The Company's plan of operation for the remainder of the year 2000 will consist
of activities aimed at:

         o Investigating and, if appropriate, pursuing definitive agreements for
acquisitions believed by the Board to be consistent with the Company's plan to
become an internet company through the acquisition, development and operation of
early stage companies engaged in "business-to-business," "business-to-consumer"
and "click and mortar" business activities;

         o Establishing strategic partnerships and alliances with e-commerce
enabling companies, such as front-end web design firms, back-end transaction
support firms, and enablers for horizontal electronic business communities;

         o Continuing the development of the GeeWhiz web site and forming a new,
wholly-owned subsidiary to operate the GeeWhiz business;

         o Continuing the efforts to commercialize Swan's proprietary technology
and thereby creating a cash-flow positive revenue generating subsidiary of the
Company; and

         o Seeking additional equity financing for the Company.

                                       12
<PAGE>

                MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
                -------------------------------------------------

                       CONDITION AND RESULTS OF OPERATIONS
                       -----------------------------------

FINANCIAL CONDITION

At September 30, 2000, the Company had current assets of approximately
$6,195,430 and total assets of approximately $6,559,532. Current liabilities at
September 30, 2000 were approximately $4,497,193 and the Company had no
long-term liabilities. The Company's stockholders equity at September 30, 2000
was $1,764,818.

RESULTS OF OPERATIONS

Comparison of the Three Months Ended September 30, 2000 to September 30, 1999.
------------------------------------------------------------------------------

REVENUES. Revenues increased slightly from $81,697 to $84,364 for the three
month periods ended September 30, 1999 and 2000, respectively. This increase was
attributable principally to increased product sales.

COSTS AND EXPENSES. Costs of goods sold during the three months ended September
30, 2000 decreased to $8,945 from $15,191 for the same period in 1999. This
decrease was primarily the result of decreases in the price of materials. Other
expenses, consisting of selling, general and administrative expenses, and sales
and marketing expenses, increased $582,087 to $683,828 for the three months
ended September 30, 2000 from $101,741 for the three months ended September 30,
1999. The increase was principally due to increased travel, legal, accounting
and other expenses related to completing the Company's acquisition of Swan
Magnetics, Inc. as well as evaluating potential future acquisition candidates.

NET LOSS. The Company's net loss for the three months ended September 30, 2000
increased to $16,212,947 from a net loss of $75,310 during the three months
ended September 30, 1999. This increase of $16,137,637 is primarily due to an
increase in general and administrative expenses for the Company's third quarter
as well as the expense of $15,601,792 for purchased-in-process technology
related to the acquisition of Swan. Accordingly, the Company's net loss per
share increased from $0.02 per share for the three months ended September 30,
1999 to $0.39 per share for the same period in 2000.

Comparison of the Nine Months Ended September 30, 2000 to September 30, 1999.
-----------------------------------------------------------------------------

REVENUES. Revenues decreased $93,836 from $354,252 to $260,416 for the nine
month periods ended September 30, 1999 and 2000, respectively. This decrease was
attributable principally to reduced product sales for the nine months ended
September 30, 2000.

COSTS AND EXPENSES. Costs of goods sold remained relatively constant for the
nine month periods ended September 30, 1999 and 2000 while general and
administrative expenses increased for the same period. Costs of goods sold for
the nine months ended September 30, 1999 was $156,568, compared to $156,820 for
the same period in 2000. Other expenses, consisting of selling, general and
administrative expenses, and sales and marketing expenses, increased $767,871 to
$1,083,183 for the nine months ended September 30, 2000 from $315,312 for the
nine months ended September 30, 1999. The increase was principally due to
increased travel, legal, accounting and other expenses related to completing the
Company's acquisitions of GeeWhiz.com and Swan Magnetics, Inc., as well as the
Company's resuming its SEC reporting, commencing the trading of its stock on the
over the counter bulletin board, and evaluating potential future acquisition
candidates.

NET LOSS. The Company's net loss for the nine months ended September 30, 2000
was approximately $16,588,535, compared to a net loss of $162,540 during the
nine months ended September 30, 1999. Net loss per common share increased $0.39
from $0.01 per share for the nine months ended September 30, 1999 to $0.40 per
share for the nine months ended September 30, 2000.

                                       13
<PAGE>

LIQUIDITY AND CAPITAL RESOURCES

Net cash used by operating activities was approximately $365,985 for the nine
months ended September 30, 2000, compared to $114,887 for the nine months ended
September 30, 1999. The Company had cash and cash equivalents of $5,939,348 at
September 30, 2000, an increase of $5,933,342 which is primarily attributable to
the Company's acquisition of approximately 93% of the capital stock of Swan
Magnetics, Inc.

The Company financed its operations for the nine months ended September 30, 1999
and 2000 principally through the issuance of common stock in private
transactions, and borrowings from its management and stockholders.


The Company secured a $1,000,000 loan from Swan Magnetics, Inc. prior to the
Company's September 2000 acquisition of a majority of the capital stock of Swan,
an acquisition which resulted in a significant increase in the Company's cash
and cash equivalents. Management also intends to attempt to raise additional
funds through private sales of the Company's capital stock. Although management
believes that these efforts will enable the Company to meet its liquidity needs
in the future, there can be no assurance that these efforts will be successful.


GOING CONCERN CONSIDERATION

The Company has continued losses from operations and negative cash flow. These
conditions raise substantial doubt about the Company's ability to continue as a
going concern. The accompanying financial statements do not include any
adjustments relating to the recoverability of reported assets or liabilities
should the Company be unable to continue as a going concern. Management believes
that the Company's recent business acquisitions can provide additional cash for
the Company's operations and that the Company can be profitable in both the
short and long-term. Management also intends to attempt to raise additional
funds through private sales of the Company's capital stock. Although management
believes that these efforts will enable the Company to continue as a going
concern, there can be no assurance that these efforts will be successful.


SUBSEQUENT EVENTS - PENDING ACQUISITIONS



CYBERCOUPONS. On January 9, 2001, the Company executed a Reorganization
Agreement and Plan of Exchange pursuant to which the Company will exchange up to
2,372,625 shares of its common stock for approximately 35% of the issued and
outstanding common stock of CyberCoupons.com,Inc., a Houston, Texas-based
company. CyberCoupons was formed to be an Internet source for consumers to
obtain on-line-printable manufacturer coupons for grocery, household and beauty
products. Advertiser expenditures on coupons amounted to over $6.2 billion in
1997. Much of this consisted of the printing, distribution and logistics
associated with coupon-based marketing activities. CyberCoupons believes that
the disintermediation of coupon distribution and redemption can result in a
significant savings to the billions of dollars spent by manufacturers to print,
distribute and redeem paper coupons. CyberCoupons allows shoppers to select
specific grocery coupons from its web site at a steep discount for use at local
grocery outlets. For example, $50 of coupons can be purchased for as little as
$9.95, with the user enjoying the benefit of being able to choose specific
product coupons.

CyberCoupons believes that it is positioned to capitalize on the
disintermediation of coupon distribution and redemption by offering on-line
download of specific coupons and point-of-sale redemption of coupon face value.
CyberCoupons has established a web site for the purchase of specific grocery
coupons (www.grocerycoupons.com) and is currently involved in key test markets
with regional grocery stores for point-of-sale redemption of electronically
downloaded coupons.

                                       14
<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

On March 9, 2000 Tommy Tipton filed suit against the Company in the 155th
Judicial District Court in Fayette County, Texas. Mr. Tipton is a co-owner of
patents relating to the "Starglas" line of products sold by the Company's
GeeWhiz.com division. Mr. Tipton alleges the Company failed to pay royalties on
sales of the Starglas products under a license agreement between Mr. Tipton and
GeeWhiz.com. As of the date of this report, the parties have reached an
agreement to settle the suit. Under the terms of the settlement, the Company
would pay Mr. Tipton $122,000.

ITEM 2.  CHANGES IN SECURITIES

         None

ITEM 3.  DEFAULT 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

         10.1     Amended and Restated Agreement and Plan of Exchange by and
                  among Internet Venture Group, Inc., Swan Magnetics, Inc., and
                  certain shareholders of Swan Magnetics, Inc., effective as of
                  June 28, 2000, previously filed as Exibit 10.2 of the
                  Company's Form 8-K filed on October 13, 2000.

(b)      A report on Form 8-K was filed on July 21, and a report on Form 8-K/A
         was filed on July 18, 2000.

                                       15
<PAGE>

                                   SIGNATURES

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


Date:  October 23, 2001


                                    IVG CORP.
                                    ---------


                                      /S/ Elorian Landers
                                      ----------------------------------------
                                      Elorian Landers, Chief Executive Officer

                                      (Principal Executive Officer and
                                      Principal Financial and Principal
                                      Accounting Officer)

                                       16