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<SEC-DOCUMENT>0001078782-02-000108.txt : 20020513
<SEC-HEADER>0001078782-02-000108.hdr.sgml : 20020513
ACCESSION NUMBER:		0001078782-02-000108
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20020331
FILED AS OF DATE:		20020513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRAMEWAVES INC
		CENTRAL INDEX KEY:			0000788611
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MANAGEMENT SERVICES [8741]
		IRS NUMBER:				820404220
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10QSB
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-02783-S
		FILM NUMBER:		02642614

	BUSINESS ADDRESS:	
		STREET 1:		1981 EAST 4800 SOUTH SUITE 100
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84117

	MAIL ADDRESS:	
		STREET 1:		1981 EAST 4800 SOUTH SUITE 100
		CITY:			SALT LAKE CITY
		STATE:			UT
		ZIP:			84117

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MESSIDOR LTD
		DATE OF NAME CHANGE:	20010122
</SEC-HEADER>
<DOCUMENT>
<TYPE>10QSB
<SEQUENCE>1
<FILENAME>frame302qsb.htm
<DESCRIPTION>MARCH 31, 2002 10-QSB
<TEXT>
<HTML>
<HEAD>
<META NAME="Generator" CONTENT="WordPerfect 9">
<META NAME="Author" CONTENT="Trent Waddoups">
<TITLE>FRAMEWAVES, INC</TITLE>
</HEAD>
<BODY TEXT="#000000" LINK="#0000ff" VLINK="#551a8b" ALINK="#ff0000" BGCOLOR="#c0c0c0">

<P><STRONG>U.S. SECURITIES AND EXCHANGE COMMISSION</STRONG></P>

<P><STRONG>Washington, D.C.  20549</STRONG><BR>
</P>

<P><STRONG>FORM 10-QSB</STRONG></P>

<P>     [ X ]     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934          For the quarterly period ended March 31, 2002</P>

<P>     [   ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934          For the transition period from     to</P>

<P>Commission File No. <STRONG>33-2783-S</STRONG></P>

<P><STRONG>                                                                        FRAMEWAVES, INC.</STRONG></P>

<P>                                        (Exact name of small business issuer as specified in its charter)<BR>
<BR>

<TABLE BORDER="1" WIDTH="100%">
<TR><TD><STRONG>Nevada</STRONG></P>

<P>(State or other jurisdiction of incorporation or organization)</TD>
<TD><STRONG>82-0404220</STRONG></P>

<P> (IRS Employer Identification No.)</TD></TR></TABLE>

<P><STRONG>1981 East 4800 South, Suite 100, Salt Lake City, Utah, 84117</STRONG></P>

<P> (Address of principal executive offices)</P>

<P><STRONG>(801) 272-9294</STRONG></P>

<P>(Issuer's telephone number)<BR>
</P>

<P>Not Applicable</P>

<P>(Former name, address and fiscal year, if changed since last report)</P>

<P>Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the
preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes [ X] No [  ]</P>

<P>APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING
FIVE YEARS:</P>

<P>Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13, or 15(d) of the
Exchange Act subsequent to the distribution of securities under a plan confirmed by a court. Yes [  ] No [ ]</P>

<P>APPLICABLE ONLY TO CORPORATE ISSUERS:</P>

<P>State the number of shares outstanding of each of the issuer's classes of common equity, as of March 31, 2002: 1,208,994
shares of common stock.</P>

<P>Transitional Small Business Format:  Yes [   ]  No [ X ]</P>

<P><STRONG>FORM 10-QSB</STRONG></P>

<P><STRONG>FRAMEWAVES, INC</STRONG>.</P>

<P><STRONG>INDEX</STRONG>
<TABLE BORDER="1" WIDTH="100%">
<TR><TD>PART I.</TD>
<TD>Financial Information</TD>
<TD>Page</TD></TR>
<TR><TD></TD>
<TD>Item I.  Financial Statements
(unaudited) </TD>
<TD>3</TD></TR>
<TR><TD></TD>
<TD>Consolidated Balance Sheets - March
31, 2002 (unaudited) and December 31,
2001</TD>
<TD>3</TD></TR>
<TR><TD></TD>
<TD>Consolidated Statements of Operations
(unaudited) for the Three months ended
March 31, 2002 and 2001. </TD>
<TD>4</TD></TR>
<TR><TD></TD>
<TD>Consolidated Statements of
Stockholders' Equity (unaudited) for the
Period December 31, 1993
(Quasi-Reorganization) Through March
31, 2002.</TD>
<TD>5</TD></TR>
<TR><TD></TD>
<TD>Consolidated Statements of Cash Flows
(unaudited) for the Three Months Ended
March 31, 2002 and 2001, and for the
period December 31, 1993
(Quasi-Reorganization) Through March
31, 2002.</TD>
<TD>7</TD></TR>
<TR><TD></TD>
<TD>Notes to Consolidated Financial
Statements</TD>
<TD>8</TD></TR>
<TR><TD></TD>
<TD>Item 2.  Management's Discussion and
Analysis of Financial Condition or Plan
of Operation</TD>
<TD>10</TD></TR></TABLE>

<TABLE BORDER="1" WIDTH="100%">
<TR><TD>PART II.</TD>
<TD>Other Information</TD>
<TD></TD></TR>
<TR><TD></TD>
<TD>Item 6.  Exhibits and Reports on Form
8-K</TD>
<TD>11</TD></TR></TABLE>

<TABLE BORDER="1" WIDTH="100%">
<TR><TD><BR>
</TD>
<TD>Signatures</TD>
<TD>11</TD></TR></TABLE>

<P>(Inapplicable items have been omitted)</P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><STRONG>FRAMEWAVES, INC. AND SUBSIDIARY    </STRONG></P>

<P><STRONG>(A Development Stage Company)</STRONG></P>

<P><STRONG>CONSOLIDATED BALANCE SHEETS</STRONG></P>

<P><STRONG>MARCH 31, 2002 AND DECEMBER 31, 2001</STRONG><BR>
<BR>
</P>

<P>
<TABLE BORDER="1" WIDTH="100%">
<TR VALIGN="TOP"><TD><STRONG>    </STRONG></TD>
<TD><STRONG>March 31,</STRONG></TD>
<TD><STRONG>December 31,</STRONG></TD></TR>
<TR VALIGN="TOP"><TD><STRONG>     Assets           </STRONG></TD>
<TD><STRONG>2002           </STRONG></TD>
<TD><STRONG>2001    </STRONG></TD></TR>
<TR VALIGN="TOP"><TD>Current Assets:</TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>  Cash                                                          </TD>
<TD>$ 2,118</TD>
<TD>$ 2,127</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Total current assets                                   </TD>
<TD>2,118</TD>
<TD>2,127</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Total Assets                                   </TD>
<TD>$ 2,118       </TD>
<TD>$ 2,127</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>========</TD>
<TD>========</TD></TR>
<TR VALIGN="TOP"><TD><STRONG>Liabilities and Stockholders' Equity</STRONG></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>Current Liabilities:                    </TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>Accounts payable                                           </TD>
<TD>$ 1,641</TD>
<TD>$ 1,641</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Total current liabilities                      </TD>
<TD>1,641           </TD>
<TD>1,641</TD></TR>
<TR VALIGN="TOP"><TD>Stockholders' Equity:</TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>Common stock, $.001 par value 100,000,000 shares
authorized, 1,208,994 issued and outstanding </TD>
<TD>1,209</TD>
<TD>1,209</TD></TR>
<TR VALIGN="TOP"><TD> Additional paid-in capital                </TD>
<TD>21,639        </TD>
<TD>21,639</TD></TR>
<TR VALIGN="TOP"><TD>Deficit accumulated during the development stage
</TD>
<TD>(22,371)      </TD>
<TD>(22,362)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Total Stockholders' Equity                          </TD>
<TD>477</TD>
<TD>486</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Total Liabilities and Stockholders' Equity</TD>
<TD>$ 2,118</TD>
<TD>$ 2,127</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>========</TD>
<TD>========</TD></TR></TABLE>

<P> The accompanying notes are an integral  part of the financial statements.</P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><STRONG>FRAMEWAVES, INC. AND SUBSIDIARY</STRONG></P>

<P><STRONG>(A Development Stage Company)</STRONG></P>

<P><STRONG>CONSOLIDATED STATEMENTS OF OPERATIONS</STRONG></P>

<P><STRONG>FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001</STRONG><BR>
<BR>

<TABLE BORDER="1" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><STRONG>For the Three Months
Ended  March 31,</STRONG></TD>
<TD><STRONG>For the Three Months
Ended March 31,         </STRONG></TD>
<TD><STRONG>For the period December
31, 1993 (Quasi -
Reorganization) Through
March 31,</STRONG></TD></TR>
<TR VALIGN="TOP"><TD>                             </TD>
<TD><STRONG>2002</STRONG></TD>
<TD><STRONG>2001</STRONG></TD>
<TD><STRONG>2002</STRONG></TD></TR>
<TR VALIGN="TOP"><TD>Revenues</TD>
<TD>$     --</TD>
<TD>$    --   </TD>
<TD>$  1,267</TD></TR>
<TR VALIGN="TOP"><TD>Expenses, general and
administrative             </TD>
<TD>9         </TD>
<TD>5,020</TD>
<TD>23,638</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Operating loss  </TD>
<TD>(9)   </TD>
<TD>(5,020)</TD>
<TD>(22,371)</TD></TR>
<TR VALIGN="TOP"><TD>Other income (expense)</TD>
<TD>--</TD>
<TD>--</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Net Loss    </TD>
<TD>$     (9)      </TD>
<TD>$(5,020)</TD>
<TD>$(22,371)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>========</TD>
<TD>========</TD>
<TD>========</TD></TR>
<TR VALIGN="TOP"><TD>Net loss per share  </TD>
<TD>$     --       </TD>
<TD>$    --         </TD>
<TD>$   (.02)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>========</TD>
<TD>========</TD>
<TD>========</TD></TR></TABLE>

<P> The accompanying notes are an integral  part of the financial statements.</P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><STRONG>FRAMEWAVES, INC. AND SUBSIDIARY</STRONG></P>

<P><STRONG>(A Development Stage Company)</STRONG></P>

<P><STRONG>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY</STRONG></P>

<P><STRONG>FOR THE PERIOD DECEMBER 31, 1993 (Quasi - Reorganization)</STRONG></P>

<P><STRONG>THROUGH MARCH 31, 2002</STRONG></P>

<TABLE BORDER="1" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><STRONG>Common Stock</STRONG></TD>
<TD><STRONG></STRONG></TD>
<TD><STRONG>Additional Paid-in
Capital</STRONG></TD>
<TD><STRONG>Deficit Accumulated
During the
Development Stage   </STRONG></TD></TR>
<TR VALIGN="TOP"><TD>      </TD>
<TD><STRONG>Shares</STRONG></TD>
<TD><STRONG>Amount</STRONG></TD>
<TD><STRONG></STRONG></TD>
<TD><STRONG></STRONG></TD></TR>
<TR VALIGN="TOP"><TD>Balance, December 31,
1993                 </TD>
<TD>65,600</TD>
<TD>$     66</TD>
<TD>$    (66)       </TD>
<TD>$     --</TD></TR>
<TR VALIGN="TOP"><TD>Net loss accumulated
for the period
December 31, 1993
(quasi-reorganization)
through December 31,
1999</TD>
<TD>--</TD>
<TD>--</TD>
<TD>--</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Balance, December 31,
1999</TD>
<TD>65,600</TD>
<TD>66</TD>
<TD>(66)</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD>Common stock issued
for cash and services at
$.10/ share on
November 3, 2000</TD>
<TD>100,000</TD>
<TD>100</TD>
<TD>9,900</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD>Contribution by
shareholder for
Company expenses
paid directly by
shareholder</TD>
<TD>--</TD>
<TD>--</TD>
<TD>9,817</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD>Common stock issued
in acquisition of
subsidiary, Corners,
Inc. on December 27,
2000</TD>
<TD>1,000,000</TD>
<TD>1,000</TD>
<TD>(90)</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD>Common stock issued
due to rounding up
shareholders with less
than 100 shares after
100 for 1 reverse stock
split effective December
27, 2000</TD>
<TD>42,969</TD>
<TD>43</TD>
<TD>(43)</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD>Net loss for the year
ended December 31,
2000</TD>
<TD>--</TD>
<TD>--</TD>
<TD>--</TD>
<TD>(16,379)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Balance, December 31,
2000</TD>
<TD>1,208,569</TD>
<TD>1,209</TD>
<TD>19,518</TD>
<TD>(16,379)</TD></TR>
<TR VALIGN="TOP"><TD>Common stock issued
due to stock split
adjustment</TD>
<TD>425</TD>
<TD>--</TD>
<TD>--</TD>
<TD>--</TD></TR></TABLE>

<P>The accompanying notes are an integral part of the financial statements.</P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><STRONG>FRAMEWAVES, INC. AND SUBSIDIARY</STRONG></P>

<P><STRONG>(A Development Stage Company)</STRONG></P>

<P><STRONG>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - CONTINUED</STRONG></P>

<P><STRONG>FOR THE PERIOD DECEMBER 31, 1993 (Quasi - Reorganization)</STRONG></P>

<P><STRONG>THROUGH MARCH 31, 2002</STRONG><BR>
</P>

<TABLE BORDER="1" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><STRONG>Common Stock     </STRONG></TD>
<TD><STRONG></STRONG></TD>
<TD><STRONG>Additional Paid-in
Capital</STRONG></TD>
<TD><STRONG>Deficit Accumulated
During the
Development Stage</STRONG></TD></TR>
<TR VALIGN="TOP"><TD> </TD>
<TD><STRONG>Shares</STRONG></TD>
<TD><STRONG>Amount     </STRONG></TD>
<TD><STRONG></STRONG></TD>
<TD><STRONG></STRONG></TD></TR>
<TR VALIGN="TOP"><TD>Contribution by
shareholder for
Company expenses
paid directly by
shareholder</TD>
<TD>--</TD>
<TD>--</TD>
<TD>2,121</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD>Net loss for the year
ended December 31,
2001</TD>
<TD>--</TD>
<TD>--</TD>
<TD>--</TD>
<TD>(5,983)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Balance, December 31,
2001</TD>
<TD>1,208,994</TD>
<TD>1,209</TD>
<TD>21,639</TD>
<TD>(22,362)</TD></TR>
<TR VALIGN="TOP"><TD>Net loss for the three
months ended March
31, 2002</TD>
<TD>--</TD>
<TD>--</TD>
<TD>--</TD>
<TD>(9)</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Balance, March 31,
2002
           </TD>
<TD>1,208,994</TD>
<TD>$ 1,209</TD>
<TD>$ 21,639</TD>
<TD>$(22,371)</TD></TR></TABLE>

<P>The accompanying notes are an integral part of the financial statements.</P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P><STRONG>FRAMEWAVES, INC. AND SUBSIDIARY                   </STRONG></P>

<P><STRONG>(A Development Stage Company)</STRONG></P>

<P><STRONG>CONSOLIDATED STATEMENTS OF CASH FLOWS</STRONG></P>

<P><STRONG>FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001</STRONG></P>

<P>         </P>

<P>
<TABLE BORDER="1" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><STRONG>For the Three Months
Ended March 31,      </STRONG></TD>
<TD><STRONG>For the Three Months
Ended March 31,        </STRONG></TD>
<TD><STRONG>For the period December
31, 1993 (Quasi -
Reorganization) Through
March 31,</STRONG></TD></TR>
<TR VALIGN="TOP"><TD>                        </TD>
<TD><STRONG>2002</STRONG></TD>
<TD><STRONG>2001</STRONG></TD>
<TD><STRONG>2002</STRONG></TD></TR>
<TR VALIGN="TOP"><TD>Cash flows from operating
activities:</TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>  Net loss</TD>
<TD>$     (9)</TD>
<TD>$(5,020)</TD>
<TD>$(22,371)  </TD></TR>
<TR VALIGN="TOP"><TD>Adjustments to reconcile net
income to cash provided by
operating activities:    </TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>    Contribution from
shareholder</TD>
<TD>--</TD>
<TD>--</TD>
<TD>11,938   </TD></TR>
<TR VALIGN="TOP"><TD>    Common stock issued  for
services</TD>
<TD>--</TD>
<TD>--</TD>
<TD>5,000</TD></TR>
<TR VALIGN="TOP"><TD>    Increase in accounts
payable</TD>
<TD>--</TD>
<TD>--</TD>
<TD>1,641</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>  Net cash used by operating
activities:</TD>
<TD>(9)</TD>
<TD>(5,020)</TD>
<TD>(3,792)</TD></TR>
<TR VALIGN="TOP"><TD>Cash flows from investing
activities: </TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>  Cash received in acquisition
of subsidiary</TD>
<TD>--</TD>
<TD>--</TD>
<TD>910    </TD></TR>
<TR VALIGN="TOP"><TD>Cash flows from financing
activities:</TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR VALIGN="TOP"><TD>  Issuance of common stock</TD>
<TD>--</TD>
<TD>--</TD>
<TD>5,000</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Net increase in cash</TD>
<TD>(9)</TD>
<TD>(5,020)</TD>
<TD>2,118</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>========</TD>
<TD>========</TD>
<TD>========</TD></TR></TABLE>

<P>The accompanying notes are an integral part of the financial statements.</P>

<BR WP="BR1"><BR WP="BR2">
<BR WP="BR1"><BR WP="BR2">
<P>  FRAMEWAVES, INC. AND SUBSIDIARY                   </P>

<P>(A Development Stage Company)</P>

<P>CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED</P>

<P>FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001<BR>
</P>

<P>
<TABLE BORDER="1" WIDTH="100%">
<TR VALIGN="TOP"><TD></TD>
<TD><STRONG>For the Three Months
Ended March 31,</STRONG></TD>
<TD><STRONG>For the Three Months
Ended March 31,        </STRONG></TD>
<TD><STRONG>For the period December
31, 1993 (Quasi -
Reorganization) Through
March 31,               </STRONG></TD></TR>
<TR VALIGN="TOP"><TD>                               </TD>
<TD><STRONG>2002</STRONG></TD>
<TD><STRONG>2001</STRONG></TD>
<TD><STRONG>2002 </STRONG></TD></TR>
<TR VALIGN="TOP"><TD>Cash, beginning of period</TD>
<TD> 2,127</TD>
<TD>5,910</TD>
<TD>--</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>_________</TD>
<TD>_________</TD>
<TD>_________</TD></TR>
<TR VALIGN="TOP"><TD>Cash, end of period</TD>
<TD>$  2,118</TD>
<TD>$   890</TD>
<TD>$  2,118</TD></TR>
<TR VALIGN="TOP"><TD></TD>
<TD>========</TD>
<TD>========</TD>
<TD>========</TD></TR>
<TR VALIGN="TOP"><TD>Interest paid</TD>
<TD>$     --</TD>
<TD>$     --</TD>
<TD>$    --</TD></TR>
<TR VALIGN="TOP"><TD>Income taxes paid</TD>
<TD>$     --</TD>
<TD>$     --</TD>
<TD>$    --</TD></TR></TABLE>

<P> The accompanying notes are an integral part of the financial statements.<BR>
<BR>
</P>

<P><STRONG>FRAMEWAVES, INC. AND SUBSIDIARY               </STRONG></P>

<P><STRONG> (A Development Stage Company)</STRONG></P>

<P><STRONG> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</STRONG><BR>
</P>

<P>1. Summary of Business and Significant Accounting Policies</P>

<P>a. Summary of Business</P>

<P>The Company was incorporated under the laws of the State of Nevada on December 23, 1985.  The Company was formed
to pursue business opportunities.  The Company was unsuccessful in its operations.  During 1993, Management determined
it was in the best interest of the Company to discontinue its previous operations.  The Company is considered to have
re-entered into a new development stage on December 31, 1993.  Because the Company discontinued its previous
operations and is selling new potential business opportunities, the Company adopted quasi-reorganization accounting
procedures to provide the Company a "fresh start" for accounting purposes.</P>

<P>b.   Principles of Consolidation</P>

<P>The consolidated financial statements contain the accounts of the Company and its wholly-owned subsidiary, Corners, Inc.
All significant intercompany balances and transactions have been eliminated.</P>

<P>c. Cash Flows</P>

<P>For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a
maturity of three months or less to be cash or cash equivalents.</P>

<P>d. Net Loss Per Share</P>

<P>The net loss per share calculation is based on the weighted average number of shares outstanding during the period.</P>

<P>e. Use of Estimates</P>

<P>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.  Accordingly, actual results could
differ from those estimates.<BR>
<BR>
<BR>
<STRONG>FRAMEWAVES, INC. AND SUBSIDIARY               </STRONG></P>

<P><STRONG> (A Development Stage Company)</STRONG></P>

<P><STRONG> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</STRONG></P>

<P>Notes to Financial Statements - Continued</P>

<P>2.   Quasi-Reorganization</P>

<P>December 7, 2000, the shareholders of the Company approved to  adopt quasi-reorganization accounting procedures.
Quasi-reorganization accounting allowed the Company to eliminate its previous accumulated deficit of approximately
$235,000 against additional paid-in capital. Therefore, the adoption of quasi-reorganization accounting procedures gave the
Company a "fresh start" for accounting purposes.  The Company is also considered as re-entering a new development stage
on December 31, 1993, as it discontinued all of its previous operations.  These financial statements have been restated to
reflect the change. </P>

<P>Stock Split</P>

<P>On December 27, 2000, the Company approved a 100 for 1 reverse split of the issued and outstanding common stock but
no shareholder's ownership shall be less than 100 shares.  An additional 43,394 shares were issued as a result of rounding
up to the 100 share minimum.</P>

<P>The 100 for 1 reverse split has been retroactively applied in the accompanying financial statements.</P>

<P>Amended Articles of Incorporation</P>

<P>On December 27, 2000, the Company amended its articles of incorporation to change its name from Messidor Limited to
FrameWaves, Inc.  In addition, the Company decreased its authorized shares from 500,000,000 to 110,000,000 shares of
stock of which 100,000,000 shall be designated common stock and 10,000,000 shall be designated preferred stock.  At
March 31, 2001, no preferred stock has been issued by the Company.  The Company has the authorization to issue the
preferred stock in one or more series and to determine the voting rights, preferences as to dividends and liquidation,
conversion rights, and other rights of each series.</P>

<P>5.   Issuance of Common Stock</P>

<P>On November 3, 2000, the Company issued 100,000 shares of its $.001  par  value  common  stock for  an  aggregate  price
of  $10,000. $5,000 was received in cash and $5,000 for services rendered.</P>

<P>6. Stock Options and Warrants</P>

<P>The Company has designated 2,000,000 shares of its authorized and unissued common stock to a future stock option plan.
At March 31, 2002, there are no options or warrants outstanding to acquire the Company's common stock.<BR>
<BR>
<STRONG></STRONG></P>

<P><STRONG>FRAMEWAVES, INC. AND SUBSIDIARY               </STRONG></P>

<P><STRONG> (A Development Stage Company)</STRONG></P>

<P><STRONG> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</STRONG></P>

<P>Notes to Financial Statements - Continued</P>

<P>7. Acquisition of Subsidiary</P>

<P>On December 27, 2000, the Company acquired 100% of the outstanding common shares of Corners, Inc. in exchange for
the issuance of 1,000,000 shares of its previously authorized but unissued common stock.  Corners, Inc. was purchased at
book value of $910 or $.001 per share.  The acquisition has been accounted for on the purchase method and 100% of the
purchase price was allocated to cash.  Corners, Inc. did not have any significant revenues or expenses during the year ended
December 31, 2000; therefore, pro forma condensed statement of operations is not presented.</P>

<P>8. Income Taxes</P>

<P>The Company has had no taxable income under Federal or State tax laws.<BR>
</P>

<P><STRONG>Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF</STRONG> <STRONG>FINANCIAL CONDITION OR PLAN OF
OPERATION</STRONG></P>

<P>Forward-Looking Statement Notice</P>

<P>When used in this report, the words "may," "will," "expect," "anticipate," "continue," "estimate," "project," "intend," and
similar expressions are intended to identify forward-looking statements within the meaning of Section 27a of the Securities
Act of 1933 and Section 21e of the Securities Exchange Act of 1934 regarding events, conditions, and financial trends that
may affect the Company's future plans of operations, business strategy, operating results, and financial position.  Persons
reviewing this report are cautioned that any forward-looking statements are not guarantees of future performance and are
subject to risks and uncertainties and that actual results may differ materially from those included within the
forward-looking statements as a result of various factors.  Such factors are discussed under the "Item 2.  Management's
Discussion and Analysis of Financial Condition or Plan of Operations," and also include general economic factors and
conditions that may directly or indirectly impact the Company's financial condition or results of operations.</P>

<P>The Company's principal product and service consists of providing customized frames to interior designers and retail
consumers.  This will be accomplished by interfacing directly with designers and consumers where they will be presented
with a selection of FrameWaves' materials and styles in order to determine the type and quality of frame desired.
FrameWaves will then customize frames to the clients' specifications.  Such customization might entail the ordering,
designing, manufacturing, or the subcontracting of work in order to meet the clients' needs.  This product and service will
allow FrameWaves to be a complete and professional supplier of customized frames to the interior designers and retail
customers.  However, the Company is a development stage company with limited operations and has yet to generate
revenue from any contract negotiations with frame suppliers, interior designers or retail consumers.<BR>
</P>

<P><STRONG>Three Month periods Ended March 31, 2002 and 2001</STRONG></P>

<P>The Company had no revenue for the three-month periods ended March, 31, 2002 and 2001.</P>

<P>General and administrative expenses for the three month periods ended March 31, 2002 and 2001, consisted of general
corporate administration, legal and professional expenses, and accounting and auditing costs.  These expenses were $5,020
and $9 for the three-month periods ended March 31, 2002 and 2001 respectively. Expenses were higher for this period in
2002 because the Company began limited operations.</P>

<P>As a result of the foregoing factors, the Company realized a net loss of $5,020 for the three months ended March 31, 2002
as compared to a net loss of $9 for the same period in 2001.</P>

<P><STRONG>Liquidity and Capital Resources</STRONG></P>

<P>At March 31, 2002 the Company had $2,118 cash in hand and total current liabilities of $1,641 compared to $2,127 cash in
hand and $1,641 in current liabilities for the period ending December 31, 2001.</P>

<P>The Company anticipates it will begin to generate revenue in the near future, and believes that its current cash needs can be
met with the cash on hand and continued operations.  However, should the Company find it necessary to raise additional
capital, the Company may sell common stock of the Company, take loans from officers, directors or shareholders or enter
into debt financing agreements.</P>

<P><STRONG>PART II.  OTHER INFORMATION</STRONG></P>

<P><STRONG>Item 6.  Exhibits and Reports on Form 8-K.</STRONG></P>

<P>Reports on Form 8-K:  No reports on Form 8-K were filed by the Company during the quarter ended Sept. 30, 2001.</P>

<P>Exhibits:<STRONG> </STRONG>None</P>

<P><STRONG>SIGNATURES</STRONG></P>

<P>In accordance with the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned
thereunto duly authorized.</P>

<P>                                          <STRONG>FRAMEWAVES, INC.</STRONG></P>

<P>Date: March 9, 2002         By: /s/ Thomas A. Thomsen</P>

<P>                                         Thomas A. Thomsen</P>

<P>                                         President </P>

<P>Date: March 9, 2002         By: /s/ Susan Santage</P>

<P>                                          Susan Santage</P>

<P>                                          Treasurer</P>

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