(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, 2000

Or

[ ]

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

For the transition period from ____________ to _____________

Commission File Number:

(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

140 Public Square, The Park Building, Suite 208, Cleveland, Ohio
(Address of principal executive offices)

44114
(Zip Code)

(216) 344-9800
(Registrant's telephone number, including area code)

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

Page

PART I - FINANCIAL INFORMATION

4

5

7

8

9

10

15

PART II - OTHER INFORMATION

16

SIGNATURES

17

ASSETS

CURRENT ASSETS

Cash

$ 210,177

Consultant Advances

1,564

Total Current Assets

211,741

PROPERTY AND EQUIPMENT (Note 1)

Machinery And Equipment

68,080

Furniture And Fixtures

2,731

Office Equipment

14,176

Total Property At Cost

84,987

and Amortization

(9,418)

Net Property and Equipment

75,569

OTHER ASSETS

Deposit Building Construction

5,000

Deferred Charges (Note 5)

792,371

Total Other Assets

797,371

TOTAL ASSETS

$ 1,084,681

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Account Payable - Trade

$ 11,511

Convertible Subordinated Promissory Notes (note 4)

829,599

Total Current Liabilities

841,110

STOCKHOLDERS' EQUITY

Capital Stock

Preferred Stock $0.001 par value
10,000,000 shares authorized and
317,500 shares issued and outstanding

127,000

Common Stock $0.001 par value
90,000,000 shares authorized;
49,889,348 shares issued and outstanding,
and stated at:

1,868,511

Retained Earnings (Deficit)

(1,751,940)

Total Stockholders' Equity

243,571

STOCKHOLDERS' EQUITY

$ 1,084,681

Net Sales (Note 1)

$ -0-

Direct Cost

-0-

Gross Profit

-0-

General and Administrative Expenses

Consultants

129,018

Fringe Benefits

-0-

Advertisement and Promotions

-0-

Auto Expense

7,685

Auto Lease

-0-

Insurance

371

Rent

3,281

Lease Equipment

2,278

Furniture Lease

6,608

Direct Travel

50,502

Legal Fees

38,207

Accounting Fees

9,600

Miscellaneous Expenses

23,214

Maintenance and Repairs

-0-

Computer Expense

10,305

Office Supplies

1,011

Office Expense

4,984

Postage and Delivery

2,943

Telephone

12,224

Total General and Administrative Expenses

302,168

Income (Loss) Before Depreciation

(302,168)

Depreciation

-0-

Income (Loss) Before Income Taxes

(302,168)

Provision for Income Taxes (Note 2)

-0-

Net Income (Loss)

$ (302,168)

Balance, at Beginning of Period (Deficit)

$ (1,449,772)

Add: Net Income (Loss) for the Period

(302,168)

Balance, at End of Period (Deficit)

$ (1,751,940)

OPERATING ACTIVITIES

Net Income (Loss)

$ (302,168)

Adjustments to reconcile Net Income to
Net Cash provided by Operating Activities:

Depreciation and Amortization

-0-

Changes in Operating Assets and Liabilities Net:

2,000

Increase in Consultant Advances

(1,564)

Proceeds from Promissory Notes

517,099

Increase in Accounts Payable

3,601

Net Cash Used by Operating Activities

$ 216,968

INVESTING ACTIVITIES

Increase in Deposits

(5,000)

Increase in Deferred Charges

(92,370)

Net Cash Used by Investing Activities

$ (97,370)

FINANCING ACTIVITIES

Net cash provided by financing activities

$ -0-

Increase in Cash and Cash Equivalents

119,598

Cash and Cash Equivalents at Beginning of Period

90,579

Cash and Cash Equivalents at End of Period

$ 210,177

Note 1

Organization and Summary of Significant Accounting Policies

A. Organization

AuGrid OF NEVADA, INC., (a Nevada Development Stage Corporation) formed under the laws of the State of Nevada, is a technology development firm specializing in Thin Cathode Ray Tube (TCRT) technology. The company currently has no operations and, in accordance with SFAS #7 is considered a development corporation.

B. Basis of Presentation

The financial records of the company are maintained on the accrual basis of accounting. The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles.

C. Property and Equipment

All property and equipment is stated at cost. The Company provides for depreciation, using the straight line method, over the estimated useful lives of the respective assets, as follows:

Years

Machinery and Equipment

$ 68,080

7

Furniture and Fixtures

2,731

7

Office Equipment

14,176

5

Total Property & Equipment

$ 84,987

Major renewals and improvements of property and equipment are capitalized, while replacements, maintenance and repairs which do not improve or extend the lives of the assets are charged against current operations.

When property and equipment is disposed of, any gain or loss is included in current operations.

D. Going Concern

The company's financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company has no current source of revenue. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern. It is management's plan to begin producing sales in late 2000 or early 2001.

E. Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.

Note 2

Income Taxes

The Company is a C Corporation for Federal Income Tax purposes. There is no provision for Federal Income tax because of an unexpired net operating loss carry forward.

Note 3

Capitalization

On March 1, 1998, AuGrid Corporation's current controlling shareholders purchased controlling interest in Ironwood Ventures via the purchase of approximately 4,616,111 shares of Common Stock of Ironwood Ventures' in private transactions; this represented approximately 62.2 percent (62.2%) of Ironwood Ventures' issued and outstanding Common Stock.

On March 2, 1998, Ironwood Ventures' executed a forward stock split of its stock, 6.06571228 to 1. In addition, Ironwood Ventures' increased its authorized shares to 90,000,000 common shares, par value $0.001, 10,000,000 preferred shares, par value $0.001, and changed its name to AuGrid of Nevada, Inc.

On March 13, 1998, Ironwood Ventures' - now called AuGrid of Nevada, Inc. - executed an asset purchase agreement purchasing substantially all of the assets of AuGrid Corporation, a Delaware corporation hereinafter referred to as "AuGrid of Delaware", a company under common control by the control shareholders of the Ironwood Ventures', for 1,000,000 newly issued shares of Ironwood Ventures'. This was not a third party, arms length transaction, and due to the development stage and specialized nature of the assets/technology that Ironwood Ventures' purchased, the Company's management is unable to determine how this transaction would compare to a similar arms length transaction. The shares of common stock were spun off to AuGrid of Delaware shareholders on a pro-rate basis on March 13, 1998.

Note 4

Convertible Subordinated Promissory Note

Pursuant to the convertible subordinated promissory note and convertible debenture/note purchase agreement, the company shall incur a future obligation to pay interest at the rate of three percent (3%) per annum (the "Initial Interest Rate") on the principal of notes outstanding during the period beginning on the date of the receipt of the proceeds and ending on the date that the principal amount of notes becomes due and payable. Interest shall accrue until the date of conversion and shall be payable in full on the conversion date.

The Voluntary Conversion by holder of notes has the right, at the holders option, at any time prior to payment in full of the principal balance of notes, to convert notes, in whole or in part, into fully paid and nonassessable share of common stock of the company. The number of shares of common stock into which notes may be converted ("Conversion Shares") shall be determined by dividing the aggregate principal amount together with all accrued interest to the date of conversion by the conversion price in effect at the time of such conversion. The initial conversion price should be equal to Fifty Cents ($0.50). The Automatic Conversion means that the entire principal amount of notes shall be automatically converted into shares of common stock at the conversion price at the time in effect immediately after the company is fully reporting with the Securities and Exchange Commission and listed and traded on the OTCBB or such other national market or exchange.

Note 5

Deferred Charges

Deferred charges consists of organizational cost in connection with starting the corporation and cost of stock offering. Also including in the deferred charges are research and development costs of the development stage company. No amortization will be charged until the company start operations.

Note 6

Litigation and Contingent Liabilities

There is a legal action pending against the AuGrid of Nevada, Inc., involving a claim, a Company have regarding a contract dispute, and also individual with a dispute regarding a financial advisory agreement with AuGrid of Nevada, Inc. The action is being handled by the counsel of AuGrid of Nevada, Inc. due to the nature of the action and the inherent uncertainty regarding the outcome of any litigation, the company at this time is unable to determine whether any material loss will result for this litigation.

Exhibit Number

Name and/or Identification of Exhibit

2

3

23

27