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<SEC-DOCUMENT>0000846475-04-000007.txt : 20040224
<SEC-HEADER>0000846475-04-000007.hdr.sgml : 20040224
<ACCEPTANCE-DATETIME>20040223185357
ACCESSION NUMBER:		0000846475-04-000007
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040224

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZYNEX MEDICAL HOLDINGS   INC
		CENTRAL INDEX KEY:			0000846475
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				870403828
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-26787-D
		FILM NUMBER:		04623159

	BUSINESS ADDRESS:	
		STREET 1:		8100 SOUTH PARK WAY
		STREET 2:		SUITE A-9
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80120
		BUSINESS PHONE:		(303) 703-4906

	MAIL ADDRESS:	
		STREET 1:		8100 SOUTH PARK WAY
		STREET 2:		SUITE A-9
		CITY:			LITTLETON
		STATE:			CO
		ZIP:			80120

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FOX RIVER HOLDINGS  INC
		DATE OF NAME CHANGE:	20031126

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIZONA VENTURES INC
		DATE OF NAME CHANGE:	20030115

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHINA GLOBAL DEVELOPMENT INC
		DATE OF NAME CHANGE:	20020130
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>dec10qzyn.htm
<TEXT>
<HTML>
<HEAD>
</HEAD>
<BODY TEXT="#000000" LINK="#0000ff" VLINK="#551a8b" ALINK="#ff0000" BGCOLOR="#FFFFFF">

<hr size="6" color="#0000FF">

<P><CENTER><STRONG></STRONG>SECURITIES AND EXCHANGE COMMISSION<br>
Washington D.C.  20549</CENTER>
</P>

<BR WP="BR1"><CENTER><STRONG><FONT SIZE="+2">FORM 1</FONT><FONT SIZE="+2">0-QSB</FONT></STRONG></CENTER>

<P><CENTER>Quarterly Report Under Section 13 or 15 (d)<br>
Of the Securities Exchange Act of 1934<STRONG></STRONG></CENTER>
</P>

&nbsp;
<P><CENTER>For Quarter Ended:      December 31, 2003   <U></CENTER>
</U></P>

<P><CENTER>Commission File Number:          33-26787-D       </CENTER>
</P>

&nbsp;
<P ALIGN="CENTER"><STRONG><FONT SIZE="+2">        <U>ZYNEX MEDICAL HOLDINGS, INC.<br>
</U></FONT></STRONG>(formerly know as Fox River Holdings, Inc.)<U><STRONG></U>        <FONT SIZE="+1"></STRONG><U></U></FONT>(Exact name of registrant as specified in its charter)</P>

<P>	&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;	<U>    NEVADA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
87-0403828<br>
</U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(State or other jurisdiction of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(IRS Employer<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
incorporation or organization)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Identification No.)</P>

<P><CENTER><U>378 North Main, #124; Layton, UT 84041<br>
</U>(Address of principal executive offices)</CENTER>
</P>

<P>Registrant's telephone number including area code:			<U>(801) 497-9075</U></P>

<P><CENTER>Former Address, if changed since last report</CENTER>
</P>

<P>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 such shorter
period that the registrant was required to file such reports) and <U></U>(2) has been subject to such filing
requirements for the past 90 days.              </P>

<P><CENTER>Yes<U> X  </U>  No<U>    </U></CENTER>
</P>

<BR WP="BR1"><BR WP="BR2">
<CENTER><U>   13,151,663<br>
</U>(Number of shares of common stock the registrant had<br>
outstanding as of<U> January 30, 2004</U>)</CENTER>
<p>

<BR WP="BR1"><BR WP="BR2">
<hr color="#0000FF">
<P><CENTER><STRONG>PART 1</STRONG></CENTER>
</P>

<P><STRONG>ITEM 1 - FINANCIAL STATEMENTS</STRONG></P>

<P>	The condensed financial statements included herein have been prepared by the Company,
pursuant to the rules and regulations of the Securities and Exchange Commission.  </P>

<P>	In the opinion of the Company, all adjustments, consisting of only normal recurring
adjustments, necessary to present fairly the financial position of the Company as of December 31,
2003 and the results of its operations and changes in its financial position from September 30, 2003
through December 31, 2003 have been made.  The results of its operations for such interim period
is not necessarily indicative of the results to be expected for the entire year.</P>

<hr color="#0000FF">
<BR WP="BR2">
<P ALIGN="CENTER"><STRONG><FONT SIZE="+1">Zynex Medical Holdings, Inc.<br>
</FONT></STRONG>(fka Fox River Holdings, Inc.)<br>
Balance Sheet</P>

&nbsp;
<TABLE BORDER="0" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><CENTER>(Unaudited)</CENTER>
</TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><CENTER>December 31,</CENTER>
</TD>
<TD></TD>
<TD><CENTER>September 30,</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"><CENTER>2003</CENTER>
</TD>
<TD></TD>
<TD><CENTER>2003</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD>ASSETS</TD>
<TD></TD>
<TD ALIGN="RIGHT"><CENTER>-</CENTER>
</TD>
<TD></TD>
<TD><CENTER>-</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD>TOTAL ASSETS</TD>
<TD></TD>
<TD ALIGN="RIGHT">$<CENTER>-</CENTER>
</TD>
<TD></TD>
<TD>$<CENTER>-</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>LIABILITIES AND </TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>STOCKHOLDERS' EQUITY</TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>   Current Liabilities:</TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>      Accounts Payable </TD>
<TD></TD>
<TD ALIGN="RIGHT">$	3,310 </TD>
<TD></TD>
<TD>$	10,093 </TD></TR>
<TR VALIGN="TOP"><TD>      Interest Payable</TD>
<TD></TD>
<TD ALIGN="RIGHT"><CENTER>- </CENTER>
</TD>
<TD></TD>
<TD>	110,097 </TD></TR>
<TR VALIGN="TOP"><TD>      Short Term Loans</TD>
<TD></TD>
<TD ALIGN="RIGHT">	250,000 </TD>
<TD></TD>
<TD>	470,683 </TD></TR>
<TR VALIGN="TOP"><TD>      Shareholder Loans</TD>
<TD></TD>
<TD ALIGN="RIGHT">	108,800 </TD>
<TD></TD>
<TD>	300,233 </TD></TR>
<TR VALIGN="TOP"><TD>TOTAL LIABILITIES</TD>
<TD></TD>
<TD ALIGN="RIGHT">	362,110 </TD>
<TD></TD>
<TD>	891,106 </TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>STOCKHOLDERS' EQUITY</TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>   Preferred Stock, Par Value $.001 Per Share</TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>       Authorized 10,000,000 shares, No Shares Issued and </TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>       Outstanding   </TD>
<TD></TD>
<TD ALIGN="RIGHT"><CENTER>-</CENTER>
</TD>
<TD></TD>
<TD><CENTER>-</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD>   Common Stock, Par Value $.001 Per Share, </TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>       100,000,000 Shares Authorized, 10,549,877 Shares</TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>      Issued and Outstanding Respectively</TD>
<TD></TD>
<TD ALIGN="RIGHT">	10,550 </TD>
<TD></TD>
<TD>	545 </TD></TR>
<TR VALIGN="TOP"><TD>      </TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>   Additional Paid-in Capital</TD>
<TD></TD>
<TD ALIGN="RIGHT">	3,031,989 </TD>
<TD></TD>
<TD>	2,501,319 </TD></TR>
<TR VALIGN="TOP"><TD>   Accumulated Deficit</TD>
<TD></TD>
<TD ALIGN="RIGHT"><U>	(3,404,649)</U></TD>
<TD></TD>
<TD><U>	(3,392,970)</U></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>  TOTAL STOCKHOLDERS' EQUITY (DEFICIT)</TD>
<TD></TD>
<TD ALIGN="RIGHT">	(362,110)</TD>
<TD></TD>
<TD>	(891,106)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>   </TD>
<TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>  TOTAL LIABILITIES AND

<P>  STOCKHOLDERS EQUITY (DEFICIT)</TD>
<TD></TD>
<TD ALIGN="RIGHT"></P>
<BR WP="BR1"><BR WP="BR2">$<CENTER>-</CENTER>
</TD>
<TD></TD>
<TD>
<BR WP="BR1"><BR WP="BR2">$<CENTER>-</CENTER>
</TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<hr color="#0000FF">
<p>
<BR WP="BR1"><BR WP="BR2">
</p>
<P align="center"><STRONG></STRONG><CENTER><STRONG><FONT SIZE="+1">Zynex Medical Holdings, Inc.<br>
</FONT></STRONG></CENTER>(fka Fox River Holdings, Inc.)<CENTER><br>
Statement of Operations<br>
Unaudited</CENTER><BR WP="BR2">
</P>

<TABLE BORDER="0" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD COLSPAN="2"><U></U><STRONG><U><CENTER></STRONG>For the Three Months Ended<STRONG></CENTER>
	</U></STRONG></TD></TR>
<TR VALIGN="TOP"><TD><STRONG></TD>
<TD><CENTER></STRONG>December 31,</CENTER>


<P><U><CENTER>2003<STRONG></CENTER>
	</U></STRONG></TD>
<TD><STRONG><CENTER></STRONG>December 31,</CENTER>
</P>

<P><U><CENTER>2002<STRONG></CENTER>
	</U></STRONG></TD></TR>
<TR VALIGN="TOP"><TD><STRONG><U></STRONG>Revenue</U></TD>
<TD><U>$<CENTER>-</CENTER>
	</U></TD>
<TD><U>$<CENTER>-</CENTER>
	</U></TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><U>Expenses</U></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD>     General &amp; Administrative</TD>
<TD><U>	11,676 </U></TD>
<TD><U>	20,492 </U></TD></TR>
<TR VALIGN="TOP"><TD>          Total Expenses</TD>
<TD><U>	11,676 </U></TD>
<TD><U>	20,492 </U></TD></TR>
<TR VALIGN="TOP"><TD>          Loss from Operations</TD>
<TD>	(11,676)</TD>
<TD>	(20,492)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD><U>Other Income (Expenses)<STRONG></U></STRONG></TD>
<TD ALIGN="RIGHT"><STRONG></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD></STRONG>     Interest Expense</TD>
<TD><U><CENTER>-</CENTER>
	</U></TD>
<TD><U>	(29,405)</U></TD></TR>
<TR VALIGN="TOP"><TD>Total Other Income (Expenses)</TD>
<TD><U>	(11,676)</U></TD>
<TD><U>	(29,405)</U></TD></TR>
<TR VALIGN="TOP"><TD>Net Income (Loss)</TD>
<TD>$	(11,676)</TD>
<TD>$	(49,897)</TD></TR>
<TR VALIGN="TOP"><TD>Loss per Common Share</TD>
<TD>$	(0.03)</TD>
<TD>$	(0.01)</TD></TR>
<TR VALIGN="TOP"><TD>Weighted Average Outstanding Shares</TD>
<TD>	17,919,443 </TD>
<TD>	10,373,681 </TD></TR></TABLE>
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1">
<hr color="#0000FF">
<p align="center"><BR WP="BR2">
<FONT SIZE="+1">Zynex Medical Holdings, Inc.<br>
</FONT>(fka Fox River Holdings, Inc.<CENTER><br>
Statement of Cash Flows<br>
Unaudited</CENTER></p>
<TABLE BORDER="0" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD ALIGN="CENTER">December 31,
2003</TD>
<TD ALIGN="CENTER">December 31,
2002</TD></TR>
<TR VALIGN="TOP"><TD><U>Cash Flows from Operating Activities</U></TD>
<TD ALIGN="RIGHT"></TD>
<TD ALIGN="RIGHT"></TD></TR>
<TR VALIGN="TOP"><TD>   Net Income (Loss)</TD>
<TD>$	(11,676)</TD>
<TD>$	(49,897)</TD></TR>
<TR VALIGN="TOP"><TD>   Changes in Operating Assets &amp; Liabilities;</TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>      Stock Issued for Services</TD>
<TD>	10,000 </TD>
<TD>	20,000 </TD></TR>
<TR VALIGN="TOP"><TD>      Increase (Decrease in Accounts Payable)</TD>
<TD>	(1,676)</TD>
<TD>	492 </TD></TR>
<TR VALIGN="TOP"><TD>      Increase (Decrease) In Interest Payable</TD>
<TD><U><CENTER>-</CENTER>
	</U></TD>
<TD><U>	29,405 </U></TD></TR>
<TR VALIGN="TOP"><TD>   Net Cash (Used) by Operating Activities</TD>
<TD><CENTER>-</CENTER>
</TD>
<TD><CENTER>-</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD><U>Cash Flows from Investing Activities</U></TD>
<TD><U><CENTER>-</CENTER>
	</U></TD>
<TD><U><CENTER>-</CENTER>
	</U></TD></TR>
<TR VALIGN="TOP"><TD>   Net Cash Provided by Investing Activities</TD>
<TD><CENTER>-</CENTER>
</TD>
<TD><CENTER>-</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD><U>Cash Flows from Financing Activities</U></TD>
<TD><U><CENTER>-</CENTER>
	</U></TD>
<TD><U><CENTER>-</CENTER>
	</U></TD></TR>
<TR VALIGN="TOP"><TD>   Net Cash Provided by Financing Activities</TD>
<TD><CENTER>-</CENTER>
	</TD>
<TD><CENTER>-</CENTER>
	</TD></TR>
<TR VALIGN="TOP"><TD>   Increase (Decrease) in Cash</TD>
<TD><CENTER>-</CENTER>
</TD>
<TD><CENTER>-</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD>   Cash, Beginning of Year</TD>
<TD><U><CENTER>-</CENTER>
	</U></TD>
<TD><U><CENTER>-</CENTER>
	</U></TD></TR>
<TR VALIGN="TOP"><TD>   Cash, Ending of Year</TD>
<TD>$<CENTER>-</CENTER>
	</TD>
<TD>$<CENTER>-</CENTER>
	</TD></TR>
<TR VALIGN="TOP"><TD><U>Supplemental Cash Disclosure</U></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>   Interest</TD>
<TD>$<CENTER>-</CENTER>
</TD>
<TD>$<CENTER>-</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD>   Taxes</TD>
<TD><CENTER>-</CENTER>
</TD>
<TD><CENTER>-</CENTER>
</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD></TD>
<TD></TD></TR></TABLE>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<hr color="#0000FF">
<p>
<BR WP="BR1"><BR WP="BR2">
</p>
<P align="center"><CENTER><STRONG><FONT SIZE="+1">Zynex Medical Holdings, Inc.<br>
</FONT></STRONG></CENTER>(fka Fox River Holdings, Inc.)<CENTER><br>
Notes to the Financial Statements<br>
December 31, 2003</CENTER></P>

<P><U>NOTE 1  - Interim Financial Statements</U></P>

<P>The financial statements for the three months ended December 31, 2003 were prepared from the
books and records of the company.  Management believes that all adjustments have been made to
the financial statements to make a fair presentation of the financial condition of the company as of
December 31, 2003.  The results of the three months are not indicative of a full year of operation for
the Company.</P>

<P>Certain information and footnote disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been condensed or omitted.  It is
suggested that these financial statements be read in conjunction with the financial statements and
notes thereto included in the Company's September 30, 2003 audited financial statements.  The
results of operations for the periods ended December 31, 2003 are not necessarily indicative of the
operating results for the full year.</P>

<BR WP="BR1"><STRONG>ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS.</STRONG>
<P>	<U>Liquidity and Capital Resources.</U>  The Company has no assets and is currently in the process
of looking for business opportunities to merge with or acquire.  At minimum, the Company will need
to raise additional capital through private funding to meet the financial needs of being a reporting
company and to meet the obligations of the current accounts payable. In the past, the company has
funded its operations from the sale of its products, the sale of common stock and loans from various
sources.</P>

<P>	<U>Results of Operation.</U>  The Company reported a net loss of $11,676 and a net loss of $49,897<FONT COLOR="#ff0000">
</FONT>for the quarters ended December 31, 2003, and December 31, 2002, respectively.  Two of the
accounts payable agreed to forgive their debt in the amount of $8,458 collectively.  The Company
anticipates very little or no overhead from future operations unless the acquisition of Zynex is
successful.</P>

<P>	<U>Plan of Operations.</U>  Subsequent to year end, on January 27, 2004, the Company signed an
Acquisition Agreement to acquire all the equity of Zynex Medical, Inc. ("Zynex").   In anticipation
of this agreement Thomas Sandgaard has been appointed to the Board of Directors.   Pursuant to the
transaction the shareholders of Zynex will be issued an aggregate of 19.5 million shares of common
stock.  There is no guarantee that the Company will be successful in completing this acquisition or
developing any business opportunities.  In anticipation of this acquisition, the Company was able to
negotiate the forgiveness of approximately $8,458 in accounts payable, $327,000 in notes payable
and $134,000 in associated interest.</P>

<P><STRONG>ITEM 3 - CONTROLS AND PROCEDURES.</STRONG></P>

<P>	(a) Evaluation of disclosure controls and procedures.  As of December 31, 2003, the
Company's principal executive officer and its principal financial officer, based on their evaluation
of the Company's disclosure controls over financial reporting and procedures (as defined in
Exchange Act Rules 13a-14 (c)) for the filing of this Quarterly Report on Form 10-QSB, have
concluded that the Company's disclosure controls over financial reporting  and procedures are
adequate and effective for the purposes set forth in the definition in Exchange Act rules.</P>

<P>	(b) Changes in internal controls over financial reporting.  There were no significant changes
in the Company's internal controls over financial reporting or in other factors that could significantly
affect the Company's internal controls subsequent to the date of their evaluation.</P>

<BR WP="BR1"><BR WP="BR2">
<hr color="#0000FF">
<P><CENTER><STRONG>PART II</STRONG></CENTER>
</P>

<P><STRONG>OTHER INFORMATION</STRONG></P>

<P>Item 1.	Legal Proceedings	None </P>

<P>Item 2.	Changes in Securities</P>

<P>	Effective April 23, 2002, the Company executed an agreement to acquire all the equity
of Fox River Graphics, Inc. ("FRG") a privately-held Illinois corporation.  In anticipation of the
acquisition , the Company converted approximately $575,000 in debt for issuance of approximately
4.6 million (pre-split) shares of common stock and issued, but held in escrow for completion of
acquisition, 14 million shares of common stock.   During November 2003, the Company abandoned
the FRG acquisition,  the former creditors agreed to rescind their debt conversion.  This resulted in
approximately 3.4 million (pre-split) shares being returned to treasury and a renewal of
approximately $358,000 in debt on the Company's books. Also the 14 million in anticipation of
closing was canceled and returned to treasury.   Subsequent to year end, the Company successfully
converted approximately $358,000 in debt for issuance of approximately 2.6 million (post-split)
shares of common stock.</P>

<P>	In December  2003, the shareholders of the Company consented to a reverse of 40 to 1
of the common stock.  Any certificate less than 100 shares was not subject to the split and no
certificate greater than 100 shares was to be reversed below 100 shares.  On December 4, 2003, the
President of the Company was issued 10,000,000 shares of common stock for services rendered to
the Company.  On December 18, 2003, 2,000 shares were issued to one of the Company's
shareholders for conversion of approximately $85,000 in debt.  Subsequent to year end
approximately 2.6 millions shares of common stock were issued for approximately $360,000 in debt.
These issuances were exempt from registration as a private issuer transaction pursuant to Section
4(2) of the Securities Act of 1933.  As a result of these issuances and the reverse split of common
stock the Company's outstanding shares of common stock changed from 544,721 (post-split) at the
beginning of the period to 10,549,877 at the end of the quarter.<BR WP="BR2">
</P>

<P>Item 3.	Defaults Upon Senior Securities	None<BR WP="BR2">
 </P>

<P>Item 4.	Submission of Matters to a Vote of Security Holders</P>

<P>	In December 2003, the shareholders of the Company consented to a 40:1 reverse split the
common stock.  Any certificate less than 100 shares was not subject to the split and no certificate
greater than 100 shares was to be reversed below 100 shares</P>

<P>	Effective December 19, 2003, shareholders voted to change the name of the Company
to Zynex Medical Holdings, Inc.  The Company has been issued the new symbol of ZYNX.</P>

<P>Item 5.	Other Information</P>

<P>	On January 27, 2004, the Company signed an Acquisition Agreement to acquire all the
equity of Zynex Medical, Inc. ("Zynex").   In anticipation of this agreement Thomas Sandgaard has
been appointed to the Board of Directors.  Upon the closing of the acquisition, Mr. Sandgaard will
be appointed President and CEO of the Company and the Company's current president will resign
as officer and director.  Pursuant to the transaction the shareholders of Zynex will be issued an
aggregate of 19.5 million shares of common stock.</P>

	Subsequent to the end of the first fiscal quarter, 10,500,001 shares of common stock that
were previously issued to the current president have been canceled and returned to treasury.
<P>Item 6.	Exhibits and Reports on Form 8-K</P>

<P>			31.  Written Statement of Chief Executive Officer and Chief Financial Officer with
respect to compliance with Section 302 of the Sarbanes-Oxley Act of 2002.</P>

<P>			32.  Written Statement of Chief Executive Officer and Chief Financial Officer with
respect to compliance with Section 13(a) or 15(d) of  the Securities Exchange Act of
1934 and pursuant to 18 U.S.C.1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002</P>

<P>	(b) Reports on Form 8-K.   The Company filed the following reports on Form 8-K.</P>

<P>	     (1) Changes in control of registrant and Other Events filed November 21, 2003.</P>

<P>	     (2) Changes in control of registrant filed January 27, 2004.</P>

<BR WP="BR1"><BR WP="BR2">
<hr color="#0000FF">
<p>
<BR WP="BR1"><BR WP="BR2">
<CENTER><STRONG>SIGNATURES</STRONG></CENTER>
</p>
<P>	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 authorized officer.
<BR WP="BR1"><BR WP="BR2">
</P>

<P>Dated February 10, 2004	Zynex Medical Holdings, Inc.<BR WP="BR2">
</P>

<P>		By: /s/ Paul F. Beatty</P>

<P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"></P>

<hr color="#0000FF">
<P><STRONG>Exhibit 31</STRONG></P>

<P ALIGN="CENTER"><STRONG>SECTION 302 CERTIFICATION</STRONG></P>

<P>I, Paul Beatty, certify that:</P>

<P>	1. I have reviewed this quarterly report on Form 10-QSB of Zynex Medical Holdings, Inc.;</P>

<P>	2. Based on my knowledge, this quarterly report does not contain any untrue statement of a
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.</P>

<P>	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;</P>

<P>4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as
defined in Exchange Act Rules 12a-15(f) and 15d-15(f))  for the registrant and have:</P>

<P>	a) Designed such disclosure controls and procedures or caused such controls and procedures
to be designed under my supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to me by others within
those entities, particularly during the period in which this quarterly report is being prepared.</P>

<P>     	b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and
presented in this report my conclusions about the effectiveness of the disclosure controls and
procedures as of the end of the period covered by this quarterly report based on such
evaluations; and </P>

<P>			c) Disclosed in this report any change in the small business issuer's internal control over
financial reporting that occurred during the small business issuer's most recent fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the registrant's
internal control over financial reporting.</P>

<P>	5. I have disclosed, based on my most recent evaluation of internal control over financial
reporting,  to the registrant's auditors and the audit committee of registrant's board of directors (or
persons performing the equivalent functions):</P>

<P>     	a) All significant deficiencies and material weaknesses in the design or operation of internal
controls over financial reporting which could adversely affect the registrant's ability to
record, process, summarize and report financial data and have identified for the registrant's
auditors any material weaknesses in internal controls over financial reporting; and</P>

<P>     	b) Any fraud, whether or not material, that involves management or other employees who
have a significant role in the registrant's internal controls over financial reporting.<BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
</P>

<P>Date: February 10, 2004&nbsp;                                                      <U><br>
</U></P>

<P>                                                      <U>/s/</U> Paul F. Beatty<br>
Chief Executive Officer
                                                                                          and Principal Accounting Officer</P>

<BR WP="BR1"><BR WP="BR2">
<hr color="#0000FF">
<P>EXHIBIT 32

<BR WP="BR1"><BR WP="BR2">
</P>

<P><CENTER>CERTIFICATION PURSUANT TO<br>
18 U.S.C. SECTION 1350,<br>
AS ADOPTED PURSUANT BY<br>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</CENTER>
</P>

<BR WP="BR1">         In connection with the Quarterly Report of Zynex Medical Holdings, Inc., on Form 10-QSB
for the period ending December 31, 2003 as filed with the Securities and Exchange Commission on
the date hereof (the <EM>"Report"</EM>), the undersigned, Paul F. Beatty, Chief Executive Officer and Principal
Accounting Officer  of the Company, certify, pursuant to 18 U.S.C.1350, as adopted pursuant to
ss. 906 of the Sarbanes-Oxley Act of 2002, that:
<P>	(1) The Report fully complies with the requirements of section 13 (a) or 15 (d) of the
Securities Exchange Act of 1934; and </P>

<P>	(2) The information contained in the Report fairly presents, in all material respects, the
financial condition and result of operations of the Company. </P>

<BR WP="BR2">
<P>Date: February 10, 2004 	<U>/s/</U> Paul F. Beatty<br>
</P>

<P>Chief Executive Officer and Principal Accounting Officer</P>

<BR WP="BR1"><BR WP="BR2">
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