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<SEC-DOCUMENT>0001078782-04-000329.txt : 20041220
<SEC-HEADER>0001078782-04-000329.hdr.sgml : 20041220
<ACCEPTANCE-DATETIME>20041220171341
ACCESSION NUMBER:		0001078782-04-000329
CONFORMED SUBMISSION TYPE:	10KSB/A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20041220
DATE AS OF CHANGE:		20041220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FRAMEWAVES INC
		CENTRAL INDEX KEY:			0000788611
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS REPAIR SERVICES [7600]
		IRS NUMBER:				820404220
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10KSB/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	033-02783-S
		FILM NUMBER:		041214852

	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>10KSB/A
<SEQUENCE>1
<FILENAME>frame1203ksba.htm
<DESCRIPTION>AMENDED DECEMBER 31, 2003 10-KSB
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>U</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="12/20/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<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, DC 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-KSB/A</B></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">[X]</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2003</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">[ &nbsp;]</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Transition report pursuant to section 13 or 15(d) of the Securities Exchange act of 1934 for the transition period from &nbsp;&nbsp;&nbsp;to</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>Commission File No. &nbsp;33-2783-S</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>FRAMEWAVES, INC.</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Name of Small Business Issuer as specified in its charter)</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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nevada &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82-0404220</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(State or Other Jurisdiction of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IRS Employer</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incorporation or Organization) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification No.)</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"><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><B>1981 East 4800 South, Suite 100, Salt Lake City, Utah, 84117</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>(Address of Principal Executive Offices and Zip Code)</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>(801) 272-9294</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>Issuer's Telephone Number: &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">Securities registered under Section 12(b) of the Act: &nbsp;None</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">Securities registered under Section 12(g) of the Act: &nbsp;None</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">Check whether the issuer (1) filed all reports required to be filed by sections 13 or 15(d) of the Exchange Act during the past 12 months (or 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. &nbsp;Yes [X ] No [ &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">Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B in this form<B>, </B>and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-KSB or any amendment to this Form 10-KSB. &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">The Registrant's revenue for its most recent fiscal<B> </B>year was $0.</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 issuer&#146;s common stock is listed on the Over the Counter Bulletin Board under the symbol FWAV. &nbsp;There was a minimal market and limited trading volume for the issuer&#146;s common stock during fiscal year 2003. &nbsp;The aggregate market value of the issuer&#146;s common stock held by non-affiliates at December 31, 2003 is deemed to be $12,725.</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 December 31, 2003, the Registrant had outstanding 1,208,994 shares of common stock, par value $0.001.</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">Transitional Small Business Format: &nbsp;&nbsp;Yes [ &nbsp;&nbsp;] &nbsp;&nbsp;No [ X ]</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">Documents incorporated by reference: &nbsp;None.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></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>FORM 10-KSB</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>DECEMBER 31, 2002</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>INDEX</P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=73.2>&nbsp;</TD><TD valign=top width=510><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
</TD><TD valign=top width=54><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=73.2><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=510><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 1. &nbsp;Description of Business</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">Item 2. &nbsp;Description of Property</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">Item 3. &nbsp;Legal Proceedings</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">Item 4. &nbsp;Submission of Matters to a Vote of Security Holders</P>
</TD><TD valign=top width=54><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" 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; 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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>5</P>
</TD></TR>
<TR><TD valign=top width=73.2><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=510><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Item 5. &nbsp;Market for Common Equity and Related Stockholder Matters</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">Item 6. &nbsp;Management&#146;s Discussion and Analysis or Plan of Operation</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">Item 7. &nbsp;Financial Statements</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">Item 8. &nbsp;Changes In and Disagreements with Accountants on Accounting and Financial Disclosure</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">Item 8A. Controls and Procedures</P>
</TD><TD valign=top width=54><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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>7</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>7</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>7</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>8</P>
</TD></TR>
<TR><TD valign=top width=73.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>PART III</P>
</TD><TD valign=top width=510><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Item 9. &nbsp;Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act</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 10. &nbsp;Executive Compensation</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 11. &nbsp;Security Ownership of Certain Beneficial Owners and Management</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">Item 12. &nbsp;Certain Relationships and Related Transactions</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 13. &nbsp;Exhibits and Reports on Form 8-K</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 14. &nbsp;Principal Accountant Fees and Services</P>
</TD><TD valign=top width=54><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; 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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>10</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=right>10</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>10</P>
</TD></TR>
<TR><TD valign=top width=73.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
</TD><TD valign=top width=510><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>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
</TD><TD valign=top width=54><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>
</TD></TR>
</TABLE>
<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"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; line-height:13pt; 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 headings &#148;Ite
m 1. &nbsp;Description of Business,&#148; and &#147;Item 6. &nbsp;Management&#146;s Discussion and Analysis of Financial Condition and Results 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; 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"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>AMENDMENT &#150; </B>This report is being amended solely to include a conformed signature on our Independent Auditors&#146; Report that was inadvertently left out of the original filing.</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 1. Description of Business</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>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 and directors other obligations, however, the officers and directors have maintained their business contacts with certain interior designers. &nbsp;Further, FrameWaves intends to use Corners as an operating subsidiary and actively pursue t
he 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; line-height:13pt; 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&#146; 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 no operations and has yet to engage in any contract negotiations 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; line-height:13pt; 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>Raw Materials and Principal Suppliers</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 has yet to engage in any contract negotiations with any suppliers of custom frames or raw materials for such frames. &nbsp;Accordingly, the Company is unable to predict the sources and availability of raw materials and the names of any principal suppliers. &nbsp;Notwithstanding, Management believes that there are numerous reliable sources for custom frames and raw materials for such frames.</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>Governmental Regulation</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">There is no meaningful government regulation that directly affects FrameWaves&#146; business. &nbsp;However, FrameWaves&#146; potential suppliers are subject to federal, state, local or foreign environmental laws and regulations relating to the handling and management of certain chemicals used and generated in manufacturing frame products. &nbsp;Management believes that it is reasonably likely that the trend in environmental litigation and regulation will continue toward stricter standards and that changes in the laws and regulations could indirectly affect FrameWaves in the form of higher purchasing costs.</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>Competition</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 custom framing industry is highly competitive, and includes a large number of wholesale, retail and other specialized competitors, none of which dominate the market. &nbsp;A number of the companies competing directly with FrameWaves have superior knowledge and experience, including established contacts and networks, as well as financial and other resources greater than those of the Company. &nbsp;These factors create a highly competitive environment in which the Company's future customers will continuously evaluate which product suppliers to use, resulting in pricing pressures and the need for ongoing improvements in customer service.</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">Management believes that competition in the custom framing industry is generally a function of timeliness of delivery, price, quality, reliability, product design, product availability and customer service. &nbsp;Management further believes that FrameWaves can compete favorably with other custom framing companies by: (i) interfacing directly with designers and consumers and customizing frames to clients&#146; &nbsp;specifications; (ii) utilizing its officers&#146; business contacts, (iii) providing a broad range of products and services; and (iv) developing strong name recognition within the custom framing community. &nbsp;However, the Company is in its development stage and has not yet entered into the market, and there is no assurance that the Company can successfully enter and compete in the custom framing market.</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>Employees</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 currently has no employees. &nbsp;Executive officers will devote only such time to the affairs of the Company as they deem appropriate, which is estimated to be approximately 20 hours per month per </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">person. &nbsp;The need for employees will be addressed at such time operations prove successful.</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 2. Description of Property</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 utilizes office space at 1981 East 4800 South, Suite 100, Salt Lake City, Utah, 84117, provided by Thomas A. Thomsen, an officer and director of the Company. &nbsp;The Company does not pay rent for this office space. &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"><B>Item 3. Legal Proceedings</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 is not a party to any legal proceedings, and to the best of its knowledge, no such proceedings by or against the Company have been threatened.</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 4. Submission of Matters to a Vote of Security Holders</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">None </P>
<P style="margin:0pt; padding-left: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" align=center><B>PART II</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 5. Market for Common Equity and Related Stockholder Matters</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">Our common stock is listed on the Over the Counter Bulletin Board under the symbol FWAV. &nbsp;There is currently no trading volume for our securities. &nbsp;At December 31, 2003, the Company had 472 shareholders owning 1,208,994 shares of FrameWaves&#146; issued and outstanding common stock, of which 68,994 are free trading. &nbsp;The balance are restricted stock as that term is used in Rule 144.</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:324pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>CLOSING BID</B></P>
<B><P style="margin:0pt; padding-left:324pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">CLOSING ASK</B></P>
<P style="margin:0pt; padding-left:324pt; text-indent:-324pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>2003</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">High</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Low</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">High</B></P>
<B><P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Low</B></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:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">January 2 through March 31</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">April 1 through June 30</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.15</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-252pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">July 1 through September 30</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.11</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.05</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-432pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">October 1 through December 31</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.11</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.11</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.05</P>
<P style="margin:0pt; padding-left:432pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.05</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:324pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>CLOSING BID</B></P>
<B><P style="margin:0pt; padding-left:324pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">CLOSING ASK</B></P>
<P style="margin:0pt; padding-left:324pt; text-indent:-324pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>2002</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">High</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Low</B></P>
<B><P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">High</B></P>
<B><P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Low</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">May 10 (first available) through</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">June 28</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.25 &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; 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;.20</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1.50</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1.25</P>
<P style="margin:0pt; padding-left:396pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">July 1 through September 30</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.25</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.25</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:396pt; text-indent:-72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1.50</P>
<P style="margin:0pt; padding-left:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1.50</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-396pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-432pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">October 1 through December 31</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.35</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">.10</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:432pt; text-indent:-108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">3.00</P>
<P style="margin:0pt; padding-left:432pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1.50</P>
<P style="margin:0pt; padding-left:432pt; text-indent:-432pt; 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 above quotations, as provided by the National Quotation Bureau, LLC, represent prices between dealers and do not include retail markup, markdown or commission. &nbsp;In addition, these quotations do not represent actual transactions.</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 has not paid any dividends since its inception, and it is not likely that any dividends on its common stock will be declared at any time in the foreseeable future. &nbsp;Any dividends will be subject to the discretion of FrameWaves' Board of Directors, and will depend upon, among other things, the operating and financial condition of FrameWaves, its capital requirements and general business conditions. &nbsp;Our ability to pay dividends is also subject to limitations imposed by Nevada law. Under Nevada law, </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">dividends may be paid to the extent that a corporation&#146;s assets exceed its liabilities and it is able to pay its debts as they become due in the usual course of business. &nbsp;There can be no assurance that any dividends on FrameWaves common stock will be paid in the future.</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>Recent Sales of Unregistered Securities.</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 following is a detailed list of securities sold within the past three years without registration under the Securities Act. &nbsp;All issuances are numerically reported in post-split form.</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 December of 2000, the Company issued 42,969 shares pursuant to shareholder approval of a hundred (100) to one (1) reverse split of the Company&#146;s issued and outstanding common stock whereby shareholder ownership that was fractionalized or reduced below a round lot of 100 shares were rounded up to the nearest whole share or round lot of 100 shares, respectively.</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 December of 2000, the Company issued 1,000,000 shares of restricted common stock to officers and directors of the Company in exchange for 1,500 shares of Corners&#146; common stock. &nbsp;The following table details the recipient&#146;s name, amount of stock received, and consideration paid. &nbsp;All shares were issued in a private transaction, not involving any public solicitation or commissions, and without registration in reliance on the exemption provided by Section 4(2) of the Securities Act.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=271.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Name</U></P>
</TD><TD valign=top width=180><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Amount Received</U></P>
</TD><TD valign=top width=187.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><U>Consideration Paid</U></P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen</P>
</TD><TD valign=top width=180><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">333,334 shares</P>
</TD><TD valign=top width=187.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>500 shares of Corners, Inc. common stock</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dianne Hatton-Ward</P>
</TD><TD valign=top width=180><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">333,333 shares</P>
</TD><TD valign=top width=187.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>500 shares of Corners, Inc. common stock</P>
</TD></TR>
<TR><TD valign=top width=271.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
</TD><TD valign=top width=180><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">333,333 shares</P>
</TD><TD valign=top width=187.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>500 shares of Corners, Inc. common stock</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">In November of 2000, the Company issued 100,000 shares of restricted common stock to Thomas A. Thomsen, an officer and director of the Company, in exchange for $5,000 cash and $5,000 in services performed on behalf of the Company by resurrecting and reviving it from dormancy and making necessary and timely cash advances. &nbsp;The shares were issued in a private transaction, not involving any public solicitation or commissions, and without registration in reliance on the exemption provided by Section 4(2) of the Securities Act.</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. Management&#146;s Discussion and Analysis or Plan of Operation</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>Years Ended December 31, 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 did not generate any revenue during the years ended December 31, 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 at December 31, 2003 were $5,955 compared to general and administrative expenses of $5,366 for the year ended December 31, 2002. &nbsp;Expenses in both years were largely due to accounting, legal and other professional costs.</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">As a result of the foregoing, the Company realized net losses of $5,955 for the year ended December 31, 2003 and $5,366 for the year ended December 31, 2002. &nbsp;The Company&#146;s net loss is attributable to a lack of business and ongoing professional costs associated with preparing the Company&#146;s public reports.</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>Years Ended December 31, 2002 and 2001</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 did not generate any revenue during the year ended December 31, 2002 compared to revenue of $1,267 for the year ended December 31, 2001.</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 at December 31, 2002 were $5,366 compared to general and administrative expenses of $7,250 for the year ended December 31, 2001. Expenses in both years were largely due to accounting, legal and other professional costs.</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 December 31, 2003, assets consisted of &nbsp;$2,040 in cash. &nbsp;Liabilities consisted of $2,617 in accounts payable leaving the Company without any working capital. &nbsp;At December 31, 2002, the Company&#146;s assets consisted of $2,090 in cash. &nbsp;Liabilities in 2002 consisted of &nbsp;$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">Currently, the Company has no material commitments for capital expenditures. &nbsp;Management anticipates that operating expenses for the next twelve months will be approximately $5,000 to $6,000. &nbsp;Management believes that it does not have sufficient cash to meet its immediate operational needs and will require additional capital to cover ongoing operating expenses. &nbsp;Management may attempt to raise additional capital for its current operational needs through loans from its officers, debt financing, equity financing or a combination of financing options. &nbsp;However, there are no existing understandings, commitments or agreements for such an infusion; nor can there be assurances to that effect.</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 7. Financial Statements </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 financial statements of the Company appear at the end of this report beginning with the Index to Financial Statements on page 13.</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 8. &nbsp;Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</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">None.</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 8A. &nbsp;Controls and Procedures</B></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">(a)</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Evaluation of Disclosure Controls and Procedures. &nbsp;The Company's management, with the participation of the chief executive officer and the chief financial officer, carried out an evaluation of the effectiveness of the Company's &quot;disclosure, controls and procedures&quot; (as defined in the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;) Rules 13a-15(3) and 15-d-15(3) as of the end of the period covered by this annual report (the &quot;Evaluation Date&quot;). &nbsp;Based upon that evaluation, the chief executive officer and the chief financial officer concluded that, as of the Evaluation Date, the Company's disclosure, controls and procedures are effective, providing them with material information relating to the Company as required to be disclosed in the reports the Company files or submits under the Exchange Act on a timely basis.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(b)</P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Changes in Internal Control over Financial Reporting. &nbsp;There were no changes in the Company's internal controls over financial reporting, known to the chief executive officer or the chief financial officer, that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.</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>PART III</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 9. Directors, Executive Officers, Promoters and Control Persons &nbsp;</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 following table sets forth the name, age, and position of each officer and director of the Company. &nbsp;All directors hold office until the next annual meeting of stockholders or until their successors are duly</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">elected and qualified. Officers serve at the discretion of the Board of Directors.</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>The Company has no audit committee financial expert, as defined under Section 228.401, serving on its audit committee because it has no audit committee and is not required to have an audit committee because it is not a listed security as defined in Section 240.10A-3.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=193.2><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>Name</U></P>
</TD><TD valign=top width=47.267><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>Age</U></P>
</TD><TD valign=top width=246.733><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>Positions</U></P>
</TD><TD valign=top width=149.8><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>Since</U></P>
</TD></TR>
<TR><TD valign=top width=193.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen</P>
</TD><TD valign=top width=47.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">28</P>
</TD><TD valign=top width=246.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">President and Director</P>
</TD><TD valign=top width=149.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November, 2000</P>
</TD></TR>
<TR><TD valign=top width=193.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dianne Hatton-Ward</P>
</TD><TD valign=top width=47.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">47</P>
</TD><TD valign=top width=246.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Vice President and Director</P>
</TD><TD valign=top width=149.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November, 2000</P>
</TD></TR>
<TR><TD valign=top width=193.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage</P>
</TD><TD valign=top width=47.267><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">42</P>
</TD><TD valign=top width=246.733><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Secretary/ Treasurer and Director</P>
</TD><TD valign=top width=149.8><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">November, 2000</P>
</TD></TR>
</TABLE>
<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">The following is information on the business experience of each officer and director.</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>Thomas A. Thomsen</B>, President and Director. &nbsp;Mr. Thomsen graduated from the University of Utah in May of 2000 with a BS in Finance. &nbsp;Since March of 1999, Mr. Thomsen has worked for Interwest Transfer Company, and provides stock analysis, issuances and transfers. &nbsp;From 1990 to 1999, Mr. Thomsen was employed by the Granite School District whereby he provided security and maintenance for Granger High School.</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>Dianne Hatton-Ward</B>, Vice President and Director. &nbsp;Ms. Hatton-Ward is currently a part-time student at Westminster College. &nbsp;Since 1994, Ms. Hatton-Ward has worked as control scheduler for Qwest Communications International, Inc., a telecommunications company, where she is responsible for the design and support of several applications like client interfacing, job applications and job-flows.</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>Susan Santage</B>, Secretary, Treasurer<B> </B>and Director. &nbsp;Ms. Santage graduated from Salt Lake Community College in 1989 with an AAS in Graphic Design. &nbsp;In 1984, Ms. Santage graduated from the Salt Lake School of Interior Design. &nbsp;From 1989 to the present date, Ms. Santage has engaged in freelance graphic design where she has contracted with several companies including Break-thru Industries, KLCY Radio Station, Phoenix Aviation, Inc., and the Salt Lake Community College.</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 10. Executive Compensation</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 has no agreement or understanding, express or implied, with any director, officer or principal stockholder, or their affiliates or associates, regarding compensation in the form of salary, bonuses, stocks, options, warrants or any other form of remuneration, for services performed on behalf of the Company. &nbsp;Nor are there compensatory plans or arrangements, including payments to any officer in relation to resignation, retirement, or other termination of employment, or any change in control of the Company, or a change in the officer&#146;s responsibilities following a change in control 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"><B>Item 11. Security Ownership of Certain Beneficial Owners and Management</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The following table sets forth as of December 31, 2003, the name and shareholdings of each person known to us that either directly or beneficially holds more than 5% of our 1,208,994 issued and outstanding shares of common stock, par value $.001. The table also lists the name and shareholdings of each director and of all officers and directors as a group. &nbsp;Except as otherwise indicated, the persons named in the table have sole voting and dispositive power with respect to all shares beneficially owned, subject to community property laws where applicable.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Name and Address of Directors,</B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Executive Officers and 5% Beneficial Owners</B></P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Amount and Nature of Beneficial Ownership</B></P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Percent of Class of Common Stock</B></P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Thomas A. Thomsen &nbsp;(1) (2)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1981 East 4800 South, Suite 100 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Salt Lake City, Utah &nbsp;84117<B> </B></P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>86,285</P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>7.1%</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Dianne Hatton-Ward &nbsp;(1)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1981 East 4800 South, Suite 100 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Salt Lake City, Utah &nbsp;84117</P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>333,333</P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>27.6%</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Susan Santage &nbsp;(1)</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1981 East 4800 South, Suite 100 </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Salt Lake City, Utah &nbsp;84117</P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>333,333</P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>27.6%</P>
</TD></TR>
<TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Directors and Executive Officers as a Group: &nbsp;Three Persons</P>
</TD><TD valign=top width=168><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>1,102,951</P>
</TD><TD valign=top width=144><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>62.3%</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(1)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Officer and director of the Company.</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(2)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Mr. Thomsen owns 83,334 shares directly, and 2,951 shares indirectly through European Holdings, Inc. &nbsp;Mr. Thomsen owns and controls European Holdings, Inc.</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 12. &nbsp;Certain Relationships and Related Transactions</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 utilizes office space at 1981 East 4800 South, Suite 100, Salt Lake City, Utah, 84117, provided by Thomas A. Thomsen, an officer and director of the Company. &nbsp;The Company does not pay rent for this office space.</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 13. &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-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit</B></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:117pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Title</B></P>
<B><P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Location</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=150><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.1</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; line-height:13pt; font-family:Times New Roman; font-size:11pt">31.2</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">32.1</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; line-height:13pt; font-family:Times New Roman; font-size:11pt">32.2</P>
</TD><TD valign=top width=342><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 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">Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 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">Certification of the Principal Executive Officer &nbsp;pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 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">Certification of the Principal Financial Officer pursuant to U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</P>
</TD><TD valign=top width=132><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</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; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</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">Attached</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; line-height:13pt; font-family:Times New Roman; font-size:11pt">Attached</P>
</TD></TR>
<TR><TD valign=top width=150>&nbsp;</TD><TD valign=top width=342>&nbsp;</TD><TD valign=top width=132>&nbsp;</TD></TR>
<TR><TD valign=top width=150>&nbsp;</TD><TD valign=top width=342>&nbsp;</TD><TD valign=top width=132>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>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">FrameWaves did not file any reports on Form 8-K during the last three months of the period reflected 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" align=justify><B>Item 14. Principal Accountant Fees and Services</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Audit Fee</U></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal account for the audit of FrameWaves, Inc. and Subsidiary&#146;s annual financial statement and review of financial statements included in FrameWaves, Inc. and Subsidiary&#146;s 10-QSB reports and services normally provided by the accountant in connection with statutory and regulatory filings or engagements were $2,130 for fiscal year ended 2002 and $2,335 for fiscal year ended 2003.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Audit-Related Fees</U></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>There were no fees for other audit related services for fiscal year ended 2003.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Tax Fees</U></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>There were no fees for tax compliance, tax advice and tax planning for the fiscal years 2003 and 2002.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>All Other Fees</U></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">There were no other aggregate fees billed in either of the last two fiscal years for products and services provided by the principal accountant, other than the services reported above.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">We do not have an audit committee currently serving and as a result our board of directors performs the duties of an audit committee. &nbsp;Our board of directors will evaluate and approve in advance, the scope and cost of the engagement of an auditor before the auditor renders audit and non-audit services. &nbsp;We do not rely on pre-approval policies and procedures.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>SIGNATURES</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
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<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>FRAMEWAVES, INC.</B></P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: December 20, 2004</P>
<P style="margin:0pt; text-indent:252pt; 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">/s/Thomas A. Thomsen &nbsp;</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: December 20, 2004</P>
<P style="margin:0pt; text-indent:252pt; 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">/s/Susan Santage &nbsp;</P>
<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">In accordance with the Exchange Act, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.</P>
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<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: December 20, 2004</P>
</TD><TD valign=top width=319.2><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">/s/Thomas A. Thomsen</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Director &nbsp;</P>
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<TR><TD valign=top width=319.2><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">Date: December 20, 2004</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/Susan Santage</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Director &nbsp;</P>
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<TR><TD valign=top width=319.2><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">Date: March 18, 2004</P>
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<TR><TD valign=top width=319.2><P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
</TD><TD valign=top width=319.2><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/Dianne Hatton-Ward</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Director</P>
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<P style="margin:0pt; text-indent:134.25pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:159pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(A Development Stage Company)</P>
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<P style="margin:0pt; text-indent:177.85pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>TABLE OF CONTENTS</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Page</U></P>
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<P style="margin:0pt; padding-left:252pt; text-indent:-252pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Independent Auditor&#146;s Report</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>14</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Financial Statements:</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consolidated Balance Sheets</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>15</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consolidated Statements of Operations</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>16</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consolidated Statements of Stockholders' Equity</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>17</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Consolidated Statements of Cash Flows</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:216pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;&nbsp;</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>&nbsp;Notes to Consolidated Financial Statements</P>
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<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center><B>Burnham &amp; Schumm, P.C.</B></P>
<P style="margin:0pt; line-height:10pt; font-family:Times New Roman; font-size:8pt" align=center><U>CERTIFIED PUBLIC ACCOUNTANTS</U></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>1981 East Murray Holladay Road</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman" align=justify>A Professional Corporation</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>Suite 245</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman" align=justify>Officers:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>Salt Lake City, Utah &nbsp;84117</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman" align=justify>Lonnie K. Burnham, C.P.A.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>Phone (801) 272-0111</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman" align=justify>Ted Schumm, C.P.A.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Fax (801) 272-0125</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>INDEPENDENT AUDITOR&#146;S REPORT</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>To the Board of Directors and Stockholders</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>of FrameWaves, Inc. and Subsidiary</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We have audited the accompanying consolidated balance sheets of FrameWaves, Inc. (a Nevada corporation) and subsidiary as of December 31, 2003 and 2002, and the related consolidated statements of income, stockholders&#146; equity and cash flows for the years ended December 31, 2003, 2002 and 2001. &nbsp;These consolidated financial statements are the responsibility of the Company&#146;s management. &nbsp;Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>We conducted our audits in accordance with U.S. generally accepted auditing standards. &nbsp;Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. &nbsp;An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. &nbsp;We believe that our audits provide a reasonable basis for our opinion.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of FrameWaves, Inc. and subsidiary as of December 31, 2003 and 2002, and the results of their operations and their cash flows for the years ended December 31, 2003, 2002 and 2001 in conformity with U.S. generally accepted accounting principles.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>/s/ Burnham &amp; Schumm</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Salt Lake City, Utah</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>March 6, 2004</P>
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<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:159pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Development Stage Company)</P>
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<P style="margin:0pt; text-indent:145.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">CONSOLIDATED BALANCE SHEET</P>
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<P style="margin:0pt; text-indent:161.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">DECEMBER 31, 2003 and 2002</P>
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<P style="margin:0pt; padding-left:36pt; padding-right:36pt; 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">&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:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;December 31, </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;December 31,</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;2003 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;2002 &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;___________</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;___________ </P>
<P style="margin:0pt; text-indent:72pt; 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;&nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>Assets</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">Current Assets:</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:14.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:72pt; 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;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;<U>$ 2,040</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ 2,090</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">Total current assets &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:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;<U>$ 2,040</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ 2,090</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">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:-13pt; text-indent:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;<U>$ 2,040</U> &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ 2,090</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"><U>Liabilities and Stockholders' Equity</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">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-top:0pt; margin-bottom:-13pt; padding-left:14.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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:-13pt; padding-left:14.4pt; text-indent:291.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;<U>$ 2,617</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:14.4pt; text-indent:381.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ 1,626</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">Total current liabilities &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;2,617</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;1,626</U> </P>
<P style="margin:0pt; text-indent:14.4pt; 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">Stockholders' Equity:</P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $.001 par value</P>
<P style="margin:0pt; text-indent:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">100,000,000 shares authorized,</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1,208,994 issued and outstanding &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;1,209 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,209</P>
<P style="margin:0pt; padding-left:396pt; text-indent:-367.2pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:14.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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:-13pt; text-indent:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;31,897</P>
<P style="margin:0pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">26,983</P>
<P style="margin:0pt; text-indent:14.4pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:14.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Deficit accumulated during the</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:28.8pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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:0pt; text-indent:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;<U>(33,683</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>(27,728</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">Total stockholders' equity &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;(577</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;464</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">Total Liabilities and Stockholders'</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:50.4pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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:0pt; text-indent:306.3pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;<U>$ 2,040</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ 2,090</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-left:-1.05pt; font-family:Times New Roman; font-size:12pt"><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; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>The accompanying notes are an integral part of the consolidated financial statements.</B></P>
<P style="margin:0pt; padding-left:-1.05pt; text-indent:234.5pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
<BR></P>
<P style="margin:0pt; text-indent:134.75pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">FRAMEWAVES, INC. AND SUBSIDIARY</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:15.45pt; 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;</P>
<P style="margin:0pt; text-indent:159.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(A Development Stage Company)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; text-indent:111pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">CONSOLIDATED STATEMENTS OF OPERATIONS</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001</P>
<P style="margin:0pt; padding-left:369pt; 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; text-indent:342pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period</P>
<P style="margin:0pt; text-indent:342pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,</P>
<P style="margin:0pt; text-indent:342pt; 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;1993</P>
<P style="margin:0pt; text-indent:342pt; 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;(Quasi -</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:342pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization)</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:342pt; 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;Through</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:342pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; 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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>2003</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>2002</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>2001</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>2003</U> &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Revenues &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; 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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; 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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$ &nbsp;1,267 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$ &nbsp;1,267</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Expenses, general</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">and administrative </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;5,955</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;5,366</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;7,250</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;34,950</U></P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:15.45pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Operating loss</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(5,955) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(5,366) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(5,983) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(33,683)</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Other income </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;(expense) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:108pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">__<U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">__<U> &nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">__<U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">__<U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net Loss &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ (5,955</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$(5,366</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ (5,983</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$(33,683</U>)</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss per share &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:180pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(.03</U>)</P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>The accompanying notes are an integral part of the consolidated financial statements.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<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; 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>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY</P>
<P style="margin:0pt; text-indent:15.45pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:235.95pt; font-family:Times New Roman; font-size:11pt"><B><BR></B></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-2.9pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:360pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deficit</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Accumulated</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:432pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-2.9pt; text-indent:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;Additional</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;During the</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-2.9pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;<U>Common Stock</U> &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Development</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stage</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:144pt; 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; padding-right:-2.9pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;__________</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;__________ </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:36pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 1993</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:171pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65,600</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:243pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$ &nbsp;&nbsp;66</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:297pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$ &nbsp;&nbsp;(66)</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">$ &nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><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:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">the period December 31, 1993 </P>
<P style="margin:0pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">(quasi-reorganization)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">through December 31, 1999</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:171pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:243pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:306pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; padding-right:-2.9pt; 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-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.45pt; 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; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-2.9pt; text-indent:18pt; line-height:14pt; font-family:Times New Roman; font-size:11pt">on November 3, 2000 &nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-2.9pt; text-indent:171pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;100,000</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:243pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;100</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:306pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">9,900</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; padding-right:-2.9pt; 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-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">for Company expenses paid</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">directly by shareholder</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:171pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:243pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:306pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">9,817</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; padding-right:-2.9pt; 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-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">acquisition of subsidiary,</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Corners, Inc. on</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">December 27, 2000</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:171pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1,000,000</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:243pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1,000</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:306pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;(90)</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; padding-right:-2.9pt; 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;</P>
<P style="margin:0pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">rounding up shareholders with </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">less than 100 shares after</P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.45pt; 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; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">effective December 27, 2000</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:171pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;42,969</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:243pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;43</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:306pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;(43)</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; padding-right:-2.9pt; 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; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;ended December 31, 2000</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:171pt; 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; padding-right:-2.9pt; text-indent:243pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:306pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;--</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;(16,379)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:171pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">________</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:243pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">_____</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:306pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">_____</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">________ </P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>1,208,569</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ 1,209</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ 19,518</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>$ (16,379</U>)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:6pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>The accompanying notes are an integral part of the consolidated financial statements.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<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; 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>CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - CONTINUED</P>
<P style="margin:0pt; text-indent:15.45pt; 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>YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-2.9pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:360pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deficit</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Accumulated</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:432pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-2.9pt; text-indent:288pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;Additional</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:360pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;During the</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-right:-2.9pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;Common Stock &nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Development</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stage</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:144pt; 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; padding-right:-2.9pt; text-indent:288pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;_________</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:360pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;___________ </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,208,569 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ 1,209 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ 19,518 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:378pt; 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:12pt"><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Contribution by shareholder </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">directly by shareholder</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:171.35pt; 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:243.35pt; 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:297.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,121</P>
<P style="margin:0pt; text-indent:396pt; 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">Common stock issued due </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">to stock split adjustment</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:171.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:243.35pt; 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:297.35pt; 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; text-indent:396pt; 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:12pt"><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, 2001</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:171.35pt; 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:243.35pt; 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:297.35pt; 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:0pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5983)</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:171.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1,208,994</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:243.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;1,209</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:297.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;21,639</P>
<P style="margin:0pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;(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-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">directly by shareholder</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:171.35pt; 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:243.35pt; 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:297.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,344</P>
<P style="margin:0pt; text-indent:378pt; 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">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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">ended December 31, 2002</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:171.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">_<U> &nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;_</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:243.35pt; 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:297.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">___<U> &nbsp;&nbsp;-- &nbsp;&nbsp;</U>&nbsp;</P>
<P style="margin:0pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&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:171.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">1,208,994</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:243.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;1,209</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:297.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;26,983</P>
<P style="margin:0pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;(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">Contribution by shareholder </P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">directly by shareholder</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:171.35pt; 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:243.35pt; 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:297.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,914</P>
<P style="margin:0pt; text-indent:378pt; 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: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;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:15.1pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">ended December 31, 2003</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:171.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">_<U> &nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;_</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:243.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;</U>&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:297.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;__<U> &nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;</U>&nbsp;</P>
<P style="margin:0pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>_ &nbsp;(5,955)_</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Balance, December 31, 2003</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:171.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>1,208,994</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:243.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;1,209</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:297.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;31,897</U> </P>
<P style="margin:0pt; text-indent:378pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ (33,683</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; 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" align=center><B>The accompanying notes are an integral part of the consolidated financial statements.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<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; 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>CONSOLIDATED STATEMENTS OF CASH FLOWS</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>YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:260.55pt; 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:0pt; padding-right:-9.35pt; text-indent:370.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;For the period</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:370.5pt; padding-right:-9.35pt; text-indent:-370.5pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:370.5pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;December 31, 1993</P>
<P style="margin:0pt; padding-left:370.5pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Quasi -</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:260.55pt; 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; padding-right:-9.35pt; text-indent:370.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:152.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:370.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:152.9pt; 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; padding-right:-9.35pt; text-indent:370.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:455.3pt; 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; padding-right:-2.9pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2003</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2002</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;<U>2001</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2003</U> &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:152.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">operating activities:</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:27pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net loss &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ (5,955) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(5,366) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$ (5,983) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(33,683)</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Adjustments to </P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;reconcile net income</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;to cash provided by</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;operating activities: &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Contribution from </P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholder &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,914 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,344 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,121 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,196</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Common stock issued</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;for services &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-- &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in </P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;accounts payable &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;(15</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;2,617</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net cash used </P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">by operating </P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">activities: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;(37</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;(3,783</U>) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;(3,870</U>) </P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">investing activities:</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:177.85pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Cash received in</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition of</P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;subsidiary &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash flows from </P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">financing activities:</P>
<P style="margin:0pt; padding-left:15.45pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;Issuance of </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;common stock &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;5,000</U></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; 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>The accompanying notes are an integral part of the consolidated financial statements.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR>
<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; 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>CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=center><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>YEARS ENDED DECEMBER 31, 2003, 2002 AND 2001</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:260.55pt; 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:0pt; padding-right:-9.35pt; text-indent:370.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;For the period</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:370.5pt; padding-right:-9.35pt; text-indent:-370.5pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-left:370.5pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;December 31, 1993</P>
<P style="margin:0pt; padding-left:370.5pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Quasi -</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:260.55pt; 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; padding-right:-9.35pt; text-indent:370.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reorganization)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:152.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:370.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Through</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:152.9pt; 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; padding-right:-9.35pt; text-indent:370.5pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31,</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:455.3pt; 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; padding-right:-2.9pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-2.9pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2003</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2002</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;<U>2001</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>2003</U> &nbsp;&nbsp;</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Net increase (decrease)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;in cash</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:234pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37)</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;(3,783)</P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;&nbsp;2,040</P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash, beginning </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:15.45pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">of period</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;<U>&nbsp;&nbsp;&nbsp;2,090</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:234pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;<U>&nbsp;2,127</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;<U>&nbsp;&nbsp;5,910</U> </P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">&nbsp;&nbsp;</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:469.05pt; padding-right:-9.35pt; text-indent:-469.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Cash, end of period</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:469.05pt; padding-right:-9.35pt; text-indent:-325.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;2,040</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:469.05pt; padding-right:-9.35pt; text-indent:-235.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ 2,090</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:469.05pt; padding-right:-9.35pt; text-indent:-145.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;2,127</U></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:469.05pt; padding-right:-9.35pt; text-indent:-73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;2,040</U></P>
<P style="margin:0pt; padding-left:469.05pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-9.35pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Interest paid</P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:234pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-right:-9.35pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; padding-right:-9.35pt; 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">Income taxes paid</P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:234pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U> </P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:324pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; text-indent:396pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><U>$ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;--</U></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>&nbsp;</P>
<P style="margin:0pt; padding-right:-2.9pt; text-indent:18pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-right:-2.9pt; 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; 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>The accompanying notes are an integral part of the consolidated financial statements.</B></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; 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>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1.</P>
<P style="margin:0pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Summary of Business and Significant Accounting Policies</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a.</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Summary of Business</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; 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 <FONT FACE="WP TypographicSymbols">A</FONT>fresh start<FONT FACE="WP TypographicSymbols">@</FONT> for accounting purposes.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b. &nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Principles of Consolidation</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; 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" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c.</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Cash Flows</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; 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" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>d.</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Net Loss Per Share</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:73.05pt; 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" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:37.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>e.</P>
<P style="margin:0pt; text-indent:73.05pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Use of Estimates</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:72pt; padding-right:-2.9pt; 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; padding-right:-2.9pt; 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" align=justify>2. &nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Quasi-Reorganization</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; 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 </P>
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<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)</P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>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" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; text-indent:-38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<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:38.6pt; 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" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; 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" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; text-indent:-38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amended Articles of Incorporation</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; 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 December 31, 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; text-indent:241.4pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5. &nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Issuance of Common Stock</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; 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 &nbsp;par &nbsp;value &nbsp;common &nbsp;stock &nbsp;for &nbsp;an &nbsp;aggregate &nbsp;price of &nbsp;$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" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>6.</P>
<P style="margin:0pt; text-indent:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Stock Options and Warrants</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; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">The Company has designated 2,000,000 shares of its authorized and unissued common stock to a future stock option plan. &nbsp;At December 31, 2003, there are no options or warrants outstanding to acquire the Company&#146;s common stock.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; text-indent:-38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acquisition of Subsidiary</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; padding-left:38.6pt; 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;</P>
<P style="margin:0pt; padding-left:38.6pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>8.</P>
<P style="margin:0pt; text-indent:38.6pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><U>Income Taxes</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; padding-right:-2.9pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $33,683 that may be offset against future federal income taxes. If not used, the carryforwards will expire between 2020 and 2023. Due to the Company being in the development stage and incurring net operating losses, a valuation allowance has been provided to reduce the deferred tax assets from the net operating losses to zero. Therefore, there are no tax benefits recognized in the accompanying statement of operations.</P>
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<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>frame1203ksbaex311.htm
<DESCRIPTION>EX 31.1 SECTION 302 CEO CERTIFICATIONS
<TEXT>
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<TITLE>Exhibit 31</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="03/11/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><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 pursuant to Rule 13a-14(a) or Rule 15d-14(a) </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>of the Securities Exchange Act of 1934, as amended</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>I, Thomas A. Thomsen Chief Executive Officer of Framewaves, Inc. (the &quot;Company&quot;), certify that:</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>1. I have reviewed this annual report on Form 10-KSB/A of the Company;</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>2. Based on my knowledge, this 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" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3. Based on my knowledge, the financial statements, and other financial information included in this 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 report;</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>4. As the registrant's certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and I have:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 report is being prepared;</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>d)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the &nbsp;registrant's internal control over financial reporting.</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>5. As the registrant's certifying officer, I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</P>
<P style="margin:0pt; padding-left:54pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>
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<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/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>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: December 20, 2004</P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>3
<FILENAME>frame1203ksbaex312.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="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="03/11/2004">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR>
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<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; 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 pursuant to Rule 13a-14(a) or Rule 15d-14(a) </B></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>of the Securities Exchange Act of 1934, as amended</B></P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">I, Susan Santage Chief Financial Officer of Framewaves, Inc. (the &quot;Company&quot;), certify that:</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>1. I have reviewed this annual report on Form 10-KSB/A of the Company;</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>2. Based on my knowledge, this 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" align=justify><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>3. Based on my knowledge, the financial statements, and other financial information included in this 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 report;</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>4. As the registrant's certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and I have:</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>a)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, 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 report is being prepared;</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>c)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</P>
<P style="margin:0pt; padding-left:54pt; text-indent:-18pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>d)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the &nbsp;registrant's internal control over financial reporting.</P>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>5. As the registrant's certifying officer, I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">a)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; padding-left:54pt; text-indent:-18pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>b)</P>
<P style="margin:0pt; padding-left:54pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>
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<P style="margin:0pt; text-indent:252pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: December 20, 2004</P>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>4
<FILENAME>frame1203ksbaex321.htm
<DESCRIPTION>EX 32.1 SECTION 906 CEO CERTIFICATIONS
<TEXT>
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<TITLE>Exhibit 32</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="03/11/2004">
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit 32.1</B></P>
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<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>
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>In connection with the Annual Report of Framewaves, Inc. a Nevada corporation (the &#147;Company&#148;), on Form 10-KSB/A for the annual period ending December 31, 2003 as filed with the Securities and Exchange Commission (the &#147;Report&#148;), I, Thomas A. Thomsen, Chief Executive Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350), that to my knowledge:</P>
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<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</P>
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<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. </P>
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<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/Thomas A. Thomsen</P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Executive Officer </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: December 20, 2004</P>
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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>frame1203ksbaex322.htm
<DESCRIPTION>EX 32.2 SECTION 906 CFO CERTIFICATIONS
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Exhibit 32</TITLE>
<META NAME="author" CONTENT="Janna Dee George-Rose">
<META NAME="date" CONTENT="03/11/2004">
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<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt"><B>Exhibit 32.2</B></P>
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<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>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">In connection with the Annual Report of Framewaves, Inc. a Nevada corporation (the &#147;Company&#148;), on Form 10-KSB/A for the annual period ending December 31, 2003 as filed with the Securities and Exchange Commission (the &#147;Report&#148;), I, Susan Santage, Chief Financial Officer of the Company, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350), that to my knowledge:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. </P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
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<P style="margin:0pt; text-indent:288pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">/s/Susan Santage</P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Chief Financial Officer </P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt">Date: December 20, 2004</P>
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