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<SEC-DOCUMENT>0001078782-03-000230.txt : 20031105
<SEC-HEADER>0001078782-03-000230.hdr.sgml : 20031105
<ACCEPTANCE-DATETIME>20031105164432
ACCESSION NUMBER:		0001078782-03-000230
CONFORMED SUBMISSION TYPE:	10QSB
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20030930
FILED AS OF DATE:		20031105

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:		03979915

	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>frame903qsb.htm
<DESCRIPTION>SEPTEMBER 30, 2003 10-QSB
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>U</TITLE>
<META NAME="author" CONTENT="Trent Waddoups">
<META NAME="date" CONTENT="10/16/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<BR>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Washington, D.C. &nbsp;20549</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FORM 10-QSB</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ X ] &nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the quarterly period ended September 30, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ &nbsp;&nbsp;] &nbsp;&nbsp;&nbsp;&nbsp;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;to</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Commission File No. <B>033-02783-S</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>FRAMEWAVES, INC.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Exact name of small business issuer as specified in its charter)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=139.2>&nbsp;</TD><TD valign=top width=312><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Nevada</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(State or other jurisdiction of incorporation or organization)</P>
</TD><TD valign=top width=228><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>82-0404220</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(IRS Employer Identification No.)</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>1981 East 4800 South, Suite 100, Salt Lake City, Utah, 84117</B></P>
<P style="margin:0pt; padding-right:-26.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;(Address of principal executive offices)</P>
<P style="margin:0pt; padding-right:-26.5pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>(801) 272-9294</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Issuer&#146;s telephone number)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-right:-26.45pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:0.55pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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 [ &nbsp;]</P>
<P style="margin:0pt; padding-right:0.55pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:0.55pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:0.55pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>APPLICABLE ONLY TO CORPORATE ISSUERS:</B></P>
<P style="margin:0pt; padding-right:0.55pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:0.55pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>State the number of shares outstanding of each of the issuer&#146;s classes of common equity, as of the most recent practicable date: </P>
<P style="margin:0pt; padding-right:0.55pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:0.55pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>At September 30, 2003 there were 1,208,994 shares of common stock, par value $.001 issued and outstanding.</P>
<P style="margin:0pt; padding-right:0.55pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:0.55pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Transitional Small Business Format: &nbsp;Yes [ &nbsp;&nbsp;] &nbsp;No [ X ]</P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman" align=center>#</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FORM 10-QSB</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC.</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>INDEX</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=79.2>&nbsp;</TD><TD valign=top width=426.8>&nbsp;</TD><TD valign=top width=107.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>Page</P>
</TD></TR>
<TR><TD valign=top width=79.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>PART I.</P>
</TD><TD valign=top width=426.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Financial Information</P>
</TD><TD valign=top width=107.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
</TD></TR>
<TR><TD valign=top width=79.2>&nbsp;</TD><TD valign=top width=426.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 1. &nbsp;Unaudited Financial Statements</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consolidated Balance Sheets &#150; September 30, 2003 and December 31, 2002</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2003 and 2002, and for the period December 31, 1993 (Quasi-Reorganization) Through March 31, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consolidated Statements of Stockholders&#146; Equity for the Period December 31, 1993 (Quasi-Reorganization) Through September 30, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2003 and 2002, and for the period December 31, 1993 (Quasi-Reorganization) Through September 30, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Notes to Consolidated Financial Statements</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 2. &nbsp;Management&#146;s Discussion and Analysis of Financial Condition or Plan of Operation</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 3. &nbsp;Controls and Procedures</P>
</TD><TD valign=top width=107.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>3</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>4</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>6</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>8</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>9</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>12</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>13</P>
</TD></TR>
<TR><TD valign=top width=79.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>PART II.</P>
</TD><TD valign=top width=426.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Other Information</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 6. &nbsp;Exhibits and Reports on Form 8-K</P>
</TD><TD valign=top width=107.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>14</P>
</TD></TR>
<TR><TD valign=top width=79.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
</TD><TD valign=top width=426.8><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Signatures</P>
</TD><TD valign=top width=107.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>14</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(Inapplicable items have been omitted)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman" align=center>#</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>PART I.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Financial Information</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 1. &nbsp;Financial Statements (unaudited)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In the opinion of management, the accompanying unaudited financial statements included in this Form 10-QSB reflect all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of the results of operations for the periods presented. &nbsp;The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman" align=center>#</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>CONSOLIDATED BALANCE SHEETS</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>SEPTEMBER 30, 2003 AND DECEMBER 31, 2002</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">September 30,</P>
<P style="margin:0pt; padding-left:288pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">December 31, </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 &nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Assets</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Current Assets:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Cash</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&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;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ 2,053</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ 2,090</U></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Total current assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;2,053</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;2,090</U></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Total Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ 2,053</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ 2,090</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>Liabilities and Stockholders' Equity</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Current Liabilities: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Accounts payable &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ 5,302</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ 1,626</U></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Total current liabilities &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;5,302</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;1,626</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Stockholders' Equity:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Common stock, $.001 par value</P>
<P style="margin:0pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;100,000,000 shares </P>
<P style="margin:0pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;authorized, 1,208,994</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;issued and outstanding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;1,209 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;1,209</P>
<P style="margin:0pt; text-indent:28.8pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Additional paid-in capital &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">26,983 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">26,983</P>
<P style="margin:0pt; text-indent:28.8pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Deficit accumulated during the</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-12.45pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;development stage &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-12.45pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>(31,441</U>) &nbsp;</P>
<P style="margin:0pt; padding-right:-12.45pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>(27,728</U>)</P>
<P style="margin:0pt; padding-right:-12.45pt; text-indent:28.8pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-12.45pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Total Stockholders' Equity &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-12.45pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;(3,249</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-12.45pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;464</U></P>
<P style="margin:0pt; padding-right:-12.45pt; text-indent:28.8pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-12.45pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Total Liabilities and Stockholders'</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-12.45pt; text-indent:28.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;Equity &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;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-12.45pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ 2,053</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-12.45pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ 2,090</U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>The accompanying notes are an integral </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>part of the financial statements.</P>
<BR>
<BR>
<BR>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>CONSOLIDATED STATEMENTS OF OPERATIONS</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2003 AND 2002</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>AND THE PERIOD DECEMBER 31, 1993 (Quasi-Reorganization)</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>THROUGH SEPTEMBER 30, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; padding-left:504pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For The Period</P>
<P style="margin:0pt; padding-left:504pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;December 31, 1993</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;For The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;For The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;For The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;For The &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:108pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Quasi-</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Three Months &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Three Months &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Nine Months &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:108pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Nine Months &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:36pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;Ended &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;Ended &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;Ended &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:108pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;Ended &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:108pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Through</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">September 30, &nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">September 30, &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">September 30, &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:144pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">September 30, &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30,</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;2003 &nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; text-indent:108pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;2002 &nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; text-indent:216pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;2003 &nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;2002 &nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 &nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; padding-left:144pt; text-indent:504pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Revenues</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$ &nbsp;&nbsp;&nbsp;-- </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$ &nbsp;&nbsp;&nbsp;-- &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$ &nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$ &nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; text-indent:576pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">$ &nbsp;1,267</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Expenses, general</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">And administrative</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;401</U> &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;1,058</U> &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;3,713</U> &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;3,452</U></P>
<P style="margin:0pt; text-indent:576pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>&nbsp;&nbsp;32,708</U> <U>&nbsp;</U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Operating Loss</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;(401) </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;(1,058) &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3,713)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:396pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(3,452)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:540pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; text-indent:576pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(31,441)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Other Income </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin:0pt; text-indent:576pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(Expense)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Net Loss</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$ &nbsp;(401</U>) &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$(1,508</U>) </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;<U>$(3,713</U>)</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$(3,452</U>)</P>
<P style="margin:0pt; text-indent:576pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>$(31,441</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Net Loss per Share</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;--</U> &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:432pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; text-indent:468pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; text-indent:576pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;(.03</U>)<U> </U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FOR THE PERIOD DECEMBER 31, 1993 (Quasi - Reorganization) THROUGH SEPTEMBER 30, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-left:468pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deficit</P>
<P style="margin:0pt; padding-left:468pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Accumulated</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:360pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Additional</P>
<P style="margin:0pt; padding-left:360pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;During the </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;Common Stock &nbsp;&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:252pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Paid-in</P>
<P style="margin:0pt; padding-left:252pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Development</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:216pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;Shares &nbsp;</U>&nbsp;&nbsp;<U>&nbsp;Amount </U>&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:216pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;Capital </U></P>
<P style="margin:0pt; padding-left:216pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;Stage &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 1993</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">65,600</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ &nbsp;&nbsp;&nbsp;&nbsp;66</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$ &nbsp;&nbsp;&nbsp;(66)</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$ &nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss accumulated for</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">the period December 31, 1993 </P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(quasi-reorganization)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">through December 31, 2000</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:432pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(16,379)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued for cash</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">and services at $.10/ share </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">on November 3, 2000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">100,000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;9,900 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Contribution by shareholder </P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">for Company expenses paid</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">directly by shareholder &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;9,817 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued in </P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">acquisition of subsidiary,</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Corners, Inc. on </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">December 27, 2000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1,000,000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued due to </P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">rounding up shareholders with </P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">less than 100 shares after</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">100 for 1 reverse stock split</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">effective December 27, 2000 &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42,969</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:468pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2000 &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1,208,569 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,209 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;19,518 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(16,379)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY &#150; CONTINUED</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FOR THE PERIOD DECEMBER 31, 1993 (Quasi - Reorganization) THROUGH SEPTEMBER 30, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-left:468pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deficit</P>
<P style="margin:0pt; padding-left:468pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Accumulated</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:360pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Additional</P>
<P style="margin:0pt; padding-left:360pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;During the </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;Common Stock &nbsp;&nbsp;</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:252pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Paid-in</P>
<P style="margin:0pt; padding-left:252pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Development</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:216pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;Shares &nbsp;</U>&nbsp;&nbsp;<U>&nbsp;Amount </U>&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:216pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;Capital </U></P>
<P style="margin:0pt; padding-left:216pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;Stage &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued due to </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;stock split adjustment &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Contribution by shareholder</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;for Company expenses paid</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;directly by shareholder &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;2,121 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss for the year ended</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;December 31, 2001 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;(5,983</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2001</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208,994 &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,209 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">21,639 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(22,362)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Contribution by shareholder</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;for Company expenses paid</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;directly by shareholder &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;5,344 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss for the year</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;ended December 31, 2002 </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;(5,366</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2002</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208,994 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,209 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">26,983 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(27,728)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss for the nine months</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;ended September 30, 2003 </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;<U>&nbsp;&nbsp;(3,713</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, September 30, 2003</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1,208,994</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ 1,209</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ 26,983</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:540pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$(31,441</U>)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>The accompanying notes are an integral part of the financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>CONSOLIDATED STATEMENTS OF CASH FLOWS</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FOR THE NINE MONTHS ENDED SEPTEMBER, 2003 AND 2002</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>AND THE PERIOD DECEMBER 31, 1993 (Quasi-Reorganization)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>TO SEPTEMBER 30, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-left:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;For the period</P>
<P style="margin:0pt; padding-left:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 1993</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;For the</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;For the</P>
<P style="margin:0pt; padding-left:144pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Quasi &#150;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Nine Months</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Nine Months &nbsp;</P>
<P style="margin:0pt; padding-left:144pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Reorganization)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ended</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ended</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through</P>
<P style="margin:0pt; padding-left:144pt; text-indent:288pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30,</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30,</P>
<P style="margin:0pt; padding-left:144pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">September 30,</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 &nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:144pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 &nbsp;&nbsp;&nbsp;&nbsp;</U>&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:144pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 &nbsp;</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;operating activities:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Net loss &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;$ (3,713)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;$(3,452)</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(31,441)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Adjustments to </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;reconcile net income</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;to cash provided by</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;operating activities: &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Contribution from &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;Shareholder</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,282 &nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Common stock issued</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;for services</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Increase in </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;accounts payable</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;3,676</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;3,425</U></P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;5,302</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net cash used </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;by operating </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;activities:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37</U>)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;(27</U>)</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;(3,857</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;investing activities:</P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Cash received in</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition of subsidiary</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;financing activities:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;5,000</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net increase</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;(decrease) in cash</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27)</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,053</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash, beginning </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;of period &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;2,090</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;2,127</U></P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash, end of period</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;<U>$ &nbsp;2,053</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ 2,100</U> </P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;2,053</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interest paid &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Income taxes paid &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>The accompanying notes are an integral part of the financial statements.</P>
<BR>
<BR>
<BR>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1.</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Summary of Business and Significant Accounting Policies</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">a.</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Summary of Business</U></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company was incorporated under the laws of the State of Nevada on December 23, 1985. &nbsp;The Company was formed to pursue business opportunities. &nbsp;The Company was unsuccessful in its operations. &nbsp;During 1993, Management determined it was in the best interest of the Company to discontinue its previous operations. &nbsp;The Company is considered to have re-entered into a new development stage on December 31, 1993. &nbsp;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 &#147;fresh start&#148; for accounting purposes.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">b.</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Principles of Consolidation</U></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The consolidated financial statements contain the accounts of the Company and its wholly-owned subsidiary, Corners, Inc. &nbsp;All significant intercompany balances and transactions have been eliminated.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">c.</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Cash Flows</U></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">d.</P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Net Loss Per Share</U></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The net loss per share calculation is based on the weighted average number of shares outstanding during the period.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:72pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>a.</U></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Use of Estimates</U></P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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. &nbsp;Accordingly, actual results could differ from those estimates.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Notes to Financial Statements - Continued</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">2.</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Quasi-Reorganization</U></P>
<P style="margin:0pt; padding-left:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>December 7, 2000, the shareholders of the Company approved to adopt quasi-reorganization accounting procedures. &nbsp;Quasi-reorganization accounting allowed the Company to eliminate its previous accumulated deficit of approximately $235,000 against additional paid-in capital. &nbsp;Therefore, the adoption of quasi-reorganization accounting procedures gave the Company a &#147;fresh start&#148; for accounting purposes. &nbsp;The Company is also considered as re-entering a new development stage on December 31, 1993, as it discontinued all of its previous operations. &nbsp;These financial statements have been restated to reflect the change. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Stock Split</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On December 27, 2000, the Company approved a 100 for 1 reverse split of the issued and outstanding common stock but no shareholder&#146;s ownership shall be less than 100 shares. &nbsp;An additional 43,394 shares were issued as a result of rounding up to the 100 share minimum.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The 100 for 1 reverse split has been retroactively applied in the accompanying financial statements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">4.</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Amended Articles of Incorporation</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On December 27, 2000, the Company amended its articles of incorporation to change its name from Messidor Limited to FrameWaves, Inc. &nbsp;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. &nbsp;At September 30, 2003, no preferred stock has been issued by the Company. &nbsp;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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">5.</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Issuance of Common Stock</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">6.</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Stock Options and Warrants</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has designated 2,000,000 shares of its authorized and unissued common stock to a future stock option plan. &nbsp;At September 30, 2003, there are no options or warrants outstanding to acquire the Company&#146;s common stock.</P>
<BR>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(A Development Stage Company)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Notes to Financial Statements - Continued</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">7.</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Acquisition of Subsidiary</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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. &nbsp;Corners, Inc. was purchased at book value of $910 or $.001 per share. &nbsp;The acquisition has been accounted for on the purchase method and 100% of the purchase price was allocated to cash. &nbsp;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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">8.</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Income Taxes</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company has had no taxable income under Federal or State tax laws.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 2. &nbsp;Management&#146;s Discussion and Analysis of Financial Condition or Plan of Operation</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>Forward-Looking Statement Notice</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">When used in this report, the words &#147;may,&#148; &#147;will,&#148; &#147;expect,&#148; &#147;anticipate,&#148; &#147;continue,&#148; &#147;estimate,&#148; &#147;project,&#148; &#147;intend,&#148; 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&#146;s future plans of operations, business strategy, operating results, and financial position. &nbsp;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. &nbsp;Such factors are discussed under the &#147;Item 2. &nbs
p;Management&#146;s Discussion and Analysis of Financial Condition or Plan of Operations,&#148; and also include general economic factors and conditions that may directly or indirectly impact the Company&#146;s financial condition or results of operations.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>Description of Business</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>History</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FrameWaves, Inc. (the &#147;Company&#148; or &#147;FrameWaves&#148;) was originally incorporated under the name of Messidor Limited on December 23, 1985 as a development stage company for the purpose of engaging in all lawful transactions permitted under the State of Nevada, including the acquisition of various business opportunities to provide profit and maximize shareholder value. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">On December 27, 2000, the shareholders, at a special meeting, changed the Company&#146;s name from Messidor Limited to FrameWaves, Inc. &nbsp;The shareholders also approved the acquisition of Corners, Inc. (&#147;Corners&#148;), a Nevada corporation, whereby the Company exchanged 1,000,000 shares of the Company&#146;s common stock for all of Corner&#146;s issued and outstanding shares of common stock. &nbsp;Corners had incorporated on November 17, 1998 in the State of Nevada to provide custom framing for interior designers in conjunction with business contacts provided by Corners&#146; officers and directors. &nbsp;Since its inception, Corners has had limited operations due to its officers&#146; and directors&#146; other obligations, however, the officers and directors have maintained their business contacts with certain interior designers. &nbsp;FrameWaves intends to use Corners as an operating subsidiary and actively pursu
e the custom framing business by utilizing Corners&#146; business contacts to procure contracts for future operations, and to engage in a comprehensive and aggressive marketing campaign, including but not limited to, soliciting unknown but potential business contacts through direct mailings, media, and other mediums that will generate leads to contracts for future operations</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>Principal Products and Services</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FrameWaves principal product and service consists of providing customized frames to interior designers and retail consumers. &nbsp;This will be accomplished by interfacing directly with designers and consumers where they will be presented with a selection of FrameWaves&#146; materials and styles in order to determine the type and quality of frame desired. &nbsp;FrameWaves will then customize frames to the clients&#146; specifications. &nbsp;Such customization might entail the ordering, designing, manufacturing, or the subcontracting of work in order to meet the clients&#146; needs. &nbsp;This product and service will allow FrameWaves to be a complete and professional supplier of customized frames to the interior designers and retail customers. &nbsp;However, the Company is a development stage company with sporadic operations and has yet to establish any significant contracts with frame suppliers, interior designers or retail
 consumers.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><B>Marketing</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FrameWaves intends to market its product and service to interior designers and retail consumers through established business contacts of the officers and directors, direct mailing program targeting interior designers, and word of mouth. &nbsp;FrameWaves might also market its products and services by advertising in widely distributed magazines that Management considers influential among designers and consumers. These advertisements will focus on FrameWaves&#146; ability to be a complete and professional supplier of customized frames. &nbsp;However, the Company is in its development stage and has not yet launched any of the above marketing strategies, and there is no assurance that such marketing strategies will be launched in the future. &nbsp;Additionally, the Company cannot predict whether it will, in the future, be dependent upon one or a few major customers.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Result of Operations, Three Month and Nine Month Periods Ended September 30, 2003 and 2002</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company generated no revenue during the three month and nine month periods ended September 30, 2003 and 2002.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">General and administrative expenses for the three months ended September 30, 2003 were $401 compared to general and administrative expenses of $1,058 during the three months ended September 30, 2002. &nbsp;Expenses consisted of general corporate administration, legal and professional fees, and accounting and auditing costs. &nbsp;As a result of these factors, the Company realized a net loss of $101 for the three months ended September 30, 2003 and a net loss $1,058 for the comparable period in 2002. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expenses for the nine months ended September 30, 2003 were $3,713 compared to general and administrative expenses of $3,452 during the nine months ended September 30, 2002. &nbsp;Expenses consisted of general corporate administration, legal and professional fees, and accounting and auditing costs. &nbsp;As a result of these factors, the Company realized a net loss of $3,713 for the nine months ended September 30, 2003 and a net loss $3,452 for the comparable period in 2002.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cumulative net loss from quasi-reorganization on December 31, 1993 through September 30, 2003 was $31,441.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Liquidity and Capital Resources</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">At September 30, 2003, the Company&#146;s total assets consisted of $2,053 in cash. &nbsp;Total current liabilities at September 30, 2003 consisted of $5,302 in accounts payable. &nbsp;At December 31, 2002, the Company had total assets consisting of $2,090 in cash and total liabilities consisting of $1,626 in accounts payable.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company has no material commitments for the next twelve months and believes that its current liquidity needs can be met with the cash on hand. &nbsp;In the past, the Company has relied on capital contributions from shareholders to supplement operating capital when necessary. &nbsp;The Company anticipates that should it become necessary, it will receive sufficient contributions from shareholders to continue operations for at least the next twelve months. &nbsp;However, there are no agreements or understandings to this effect. &nbsp;&nbsp;&nbsp;Should the Company require additional capital, it may sell common stock, take loans from officers, directors or shareholders or enter into debt financing agreements.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 3. &nbsp;Controls and Procedures</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Within the 90-day period prior to the date of this report, we evaluated the effectiveness and operation of our disclosure controls and procedures under the supervision of our Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14 of the Securities Exchange Act of 1934. &nbsp;Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that we maintain proper and effective procedures for gathering, analyzing and disclosing all information in a timely fashion that is required to be disclosed in its Exchange Act reports. &nbsp;There have been no significant changes in internal controls or other factors that could significantly affect internal controls subsequent to the date we carried out our evaluation. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>PART II. &nbsp;Other Information</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Item 6. &nbsp;Exhibits and Reports on Form 8-K.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Reports on Form 8-K: &nbsp;No reports on Form 8-K were filed by FrameWaves during the quarter ended September 30, 2003.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Exhibits:<B> </B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Number </B></P>
</TD><TD valign=top width=420><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Title</B></P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Location</B></P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.1</P>
</TD><TD valign=top width=420><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Chief Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.2</P>
</TD><TD valign=top width=420><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Chief Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act of 2002</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">32.1</P>
</TD><TD valign=top width=420><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Chief Executive Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
</TD></TR>
<TR><TD valign=top width=96><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">32.2</P>
</TD><TD valign=top width=420><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of Chief Financial Officer pursuant to section 906 of the Sarbanes-Oxley Act of 2002</P>
</TD><TD valign=top width=108><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>FRAMEWAVES, INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: November 5, 2003</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/<U>Thomas A. Thomsen</U></P>
<P style="margin:0pt; padding-left:216pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">President </P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: November 5, 2003</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/ <U>Susan Santage</U></P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<BR>
<BR>
<BR>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>frame903qsbex311.htm
<DESCRIPTION>EX 31.1 SECTION 302 CEO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31</TITLE>
<META NAME="date" CONTENT="11/05/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Exhibit 31.1</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Certification Pursuant to 18 U.S.C. Section 1350, As Adopted</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">I, Thomas A. Thomsen, the Chief Executive Officer of FrameWaves, Inc. (the &#147;Company&#148;), certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1. I have reviewed this quarterly report on Form 10-QSB/A of the Company;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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 report; </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">4. The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">a) all significant deficiencies in the design or operation of internal controls 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; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November 5, 2003</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/<U>Thomas A. Thomsen</U></P>
<P style="margin:0pt; padding-left:216pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen </P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer</P>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>4
<FILENAME>frame903qsbex312.htm
<DESCRIPTION>EX 31.2 SECTION 302 CFO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Exhibit 31</TITLE>
<META NAME="date" CONTENT="11/05/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit 31.2</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Certification Pursuant to 18 U.S.C. Section 1350, As Adopted</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002</B></P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">I, Susan Santage, the Chief Financial Officer of FrameWaves, Inc. (the &#147;Company&#148;), certify that:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1. I have reviewed this quarterly report on Form 10-QSB/A of the Company;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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 report; </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">4. The registrant&#146;s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is being prepared;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">b) evaluated the effectiveness of the registrant's disclosure controls and procedures as of a date within 90 days prior to the filing date of this quarterly report (the &#147;Evaluation Date&#148;); and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">a) all significant deficiencies in the design or operation of internal controls 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; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal controls; and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">6. The registrant's other certifying officers and I have indicated in this quarterly report whether or not there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November 5, 2003</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Susan Santage</U></P>
<P style="margin:0pt; padding-left:216pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer</P>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>frame903qsbex321.htm
<DESCRIPTION>EX 32.2 SECTION 906 CEO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>EXHIBIT 32</TITLE>
<META NAME="date" CONTENT="11/05/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>EXHIBIT 32.1</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CERTIFICATION PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>18 U.S.C. SECTION 1350,</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>AS ADOPTED PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In connection with the Quarterly Report of FrameWaves, Inc. (the &#147;Company&#148;) on Form 10-QSB for the period ended September 30, 2003 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Thomas A. Thomsen, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/<U>Thomas A. Thomsen</U></P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen</P>
<P style="margin:0pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer</P>
<P style="margin:0pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November 5, 2003</P>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>6
<FILENAME>frame903qsbex322.htm
<DESCRIPTION>EX 32.2 SECTION 906 CFO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>EXHIBIT 32</TITLE>
<META NAME="date" CONTENT="11/05/2003">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>EXHIBIT 32.2</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>CERTIFICATION PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>18 U.S.C. SECTION 1350,</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>AS ADOPTED PURSUANT TO</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:101.25pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In connection with the Quarterly Report of FrameWaves, Inc. (the &#147;Company&#148;) on Form 10-QSB for the period ended September 30, 2003 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Susan Santage, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge: </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(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 style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:216pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>/s/ Susan Santage </U></P>
<P style="margin:0pt; padding-left:180pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
<P style="margin:0pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer</P>
<P style="margin:0pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November 5, 2003</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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