UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

      X    QUARTERLY REPORT  UNDER TO SECTION 13 OR 15(d) OF THE   SECURITIES
           EXCHANGE ACT OF 1934

               For the quarterly period ended December 31, 2003

           _ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
                        For the transition period from to
                        Commission File Number 000-24541

                          CORGENIX MEDICAL CORPORATION
                 (Name of Small Business Issuer in its Charter)

              Nevada                           93-1223466
  (State or other jurisdiction of    (I.R.S. Employer Identification
  incorporation or organization)                  No.)


                12061 Tejon Street, Westminster, Colorado 80234

         (Address of principal executive offices, including zip code)

                                 (303) 457-4345


               (Issuer's telephone number, including area code)


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


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


The number of shares of Common Stock outstanding in the public float was
2,785,185 as of December 31, 2003.


Transitional Small Business Disclosure Format.     Yes _     No   X
                                                                  -

<PAGE>



                                        3
                                        2
                          CORGENIX MEDICAL CORPORATION


                                December 31, 2003





                                TABLE OF CONTENTS


                                                                         Page


                                     Part I


                              Financial Information


      Item 1.   Consolidated Financial Statements                       3


      Item 2.   Management's Discussion and Analysis of Financial
                Condition and Results of Operations                    12



      Item 3.  Controls and Procedures                                 17




                                     Part II


                                Other Information


      Item 1.   Legal Proceedings                                      22


      Item 2.   Changes in Securities and Use of Proceeds              22


      Item 3.   Defaults Upon Senior Securities                        22


      Item 4.   Submission of Matters to a Vote of Security Holders    22


      Item 5.   Other Information                                      22


      Item 6.   Exhibits and Reports on Form 8-K                       22


      Certifications                                                   25


      Signature Page                                                   28




<PAGE>




                                     PART I
                   Item 1. Consolidated Financial Statements
                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES
                           Consolidated Balance Sheets

-------------------------------------------------------------------------------

                                                  December 31,       June 30,
                                                       2003           2003
                                                  ------------     -----------
                                                   (Unaudited)
                     Assets

Current Assets:
   Cash and equivalents                           $ 255,223          342,377

   Accounts receivable, less allowance for
    doubtful accounts of  $13,000                   592,304          628,717
   Inventories                                      833,065          815,222
   Prepaid expenses                                  42,258           42,788
                                                  ----------------------------

                    Total current assets          1,722,850        1,829,104

Equipment:
   Capitalized software costs                       122,855          122,855
   Machinery and laboratory equipment               585,935          585,935
   Furniture, fixtures, leaseholds and office       509,597          503,787
equipment                                         ----------------------------
                                                  1,218,387        1,212,577

   Accumulated depreciation and amortization       (852,484)        (789,564)
                                                  ----------------------------
                    Net equipment                   365,903          423,013
                                                  ----------------------------

Intangible assets:
   Patents, net of accumulated amortization of      135,318          172,566
    $982,226 and $944,978
   Goodwill, net of accumulated amortization of      13,677           13,677
    $44,979                                       ----------------------------

                     Net intangible assets          148,995          186,243
                                                  ----------------------------

   Due from officer                                  12,000           12,000
   Other assets                                     111,890          105,356
                                                  ----------------------------

                     Total assets                 $2,361,638       2,555,716
                                                  ============================


      Liabilities and Stockholders' Equity

Current liabilities:
   Current portion of notes payable               $ 521,459         378,683

   Current portion of capital lease obligations     82,435           95,881
   Accounts payable                                495,081          618,934
   Accrued payroll and related liabilities         180,917          180,630
   Accrued interest                                113,147           99,660
   Accrued liabilities                             138,110          105,392
                                                  ----------------------------

                       Total current liabilities 1,531,149        1,479,180

Notes payable, less current portion                306,981          373,167
Capital lease obligations, less current portion     26,759           61,504
                                                  -----------------------------

                       Total liabilities        1,864,889         1,913,851

Redeemable common stock, 880,282 shares issued
   and outstanding, aggregate    redemption
   value of  $500,000, net of unaccreted
   discount and issuance costs of $108,197 and
   $151,474                                       391,803          348,526

Stockholders' equity:
   Preferred stock, $0.001 par value.
   Authorized 5,000,000 shares, none issued or
   outstanding                                       -                 -
   Common stock, $0.001 par value.  Authorized
   40,000,000 shares; issued and outstanding
   5,299,671 and 5,271,192 shares at December 31
   and June 30, respectively                       4,419             4,391

   Additional paid-in-capital                  4,937,468         4,930,576
   Accumulated deficit                        (4,826,475)       (4,642,297)
   Accumulated other comprehensive income/(loss) (10,466)              669
                                                -----------------------------

                   Total stockholders' equity    104,946           293,339
                                                -----------------------------
                   Total liabilities and
                    stockholders' equity      $2,361,638         2,555,716
                                             ==================================
See accompanying notes to consolidated financial statements.


<PAGE>




                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES
        Consolidated Statements of Operations and Comprehensive Income

                            Three Months Ended           Six Months Ended
                        December 31, December 31,     December 31,  December 31,
                           2003         2002              2003         2002
                        ------------------------------------------------------
                              (Unaudited)                     (Unaudited)
Net sales               $1,186,738   1,323,529       2,389,068       2,733,569
Cost of sales              446,129     464,353         917,805         876,173
                        ------------------------------------------------------

       Gross profit     $  740,609     859,176       1,471,263       1,857,396


Operating expenses:
   Selling and marketing   340,381     392,645         654,093         701,660

   Research and development182,341     215,252         370,228         425,234

   General and
     administrative        270,487     326,631         540,047         627,051
                       --------------------------------------------------------
         Total expenses    793,209     934,528       1,564,368       1,753,945


Operating income/(loss) $  (52,600)    (75,352)        (93,105)        103,451

Interest expense, net       22,920      23,283          47,795          53,341

                       --------------------------------------------------------

     Net income/(loss)  $  (75,520)    (98,635)       (140,900)         50,110


 Accretion of discount on
   redeemable common stock  21,639      22,551          43,278          43,279
                        -------------------------------------------------------

Net income (loss)
 available to common
 stockholders           $  (97,159)   (121,186)       (184,178)         6,831
                       ========================================================

 Net income (loss) per
share, basic            $    (0.02)      (0.03)         (0.03)             *

 Net income (loss) per
share, diluted          $    (0.02)      (0.03)          (0.03)            *

Weighted average shares
   outstanding,
      Basic (note 3)     5,299,163   5,223,197        5,296,820     5,216,259

Weighted average shares
   outstanding,          5,299,163   5,223,197        5,296,820     5,234,804
    diluted (note 3)     =========   =========        =========     =========

     Net income (loss)  $  (75,520)   (98,635)         (140,900)       50,110


Other comprehensive income
(loss)-  foreign currency  (10,698)    (4,991)          (11,135)      (28,937)
                         ------------------------------------------------------
translation (loss)

 Total comprehensive
   income (loss)         $ (86,218)  (103,626)         (152,035)      21,173
                        =======================================================
See accompanying notes to consolidated financial statements.
*- Less than $0.01 per share


<PAGE>


                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES
                 Consolidated Statement of Stockholders' Equity
                   For the six months ended December 31, 2003

                     Common                         Accumulated
                     Stock,  Additional               other         Total
                     $0.001   paid-in  Accumulated comprehensive  stockholders'
                      par     capital   deficit    income (loss)     equity
                    -------- --------------------------------------------------


Balance at June 30,
2003                 4,391  $ 4,930,576 (4,642,297)     669          293,339

Issuance of common
  stock and stock options
  for services          28        6,892                                6,920
Foreign currency translation                         (11,135)        (11,135)
Accretion of discount
  on redeemable common stock                         (43,278)        (43,278)
Net loss                                            (140,900)       (140,900)
                   ------------------------------------------------------------

Balance at
December 31, 2003    4,419  $ 4,937,468 (4,826,475)  (10,466)       104,946




<PAGE>



                                       28
                          CORGENIX MEDICAL CORPORATION
                                AND SUBSIDIARIES



                      Consolidated Statements of Cash Flows
-------------------------------------------------------------------------------

                                                     Six Months Ended
                                               December  31,    December 31,
                                                  2003              2002
                                               --------------------------------
                                                        (Unaudited)
Cash flows from operating activities:
  Net income (loss)                          $ (140,900)            50,110

  Adjustments to reconcile net income
 to net cash used in operating activities:
       Depreciation and amortization            100,167            103,197
       Equity instruments issued
       for services                               6,920             16,930
  Changes in operating assets and liabilities:
       Accounts receivable                       36,413           (120,814)
       Inventories                              (17,843)           (12,332)
       Prepaid expenses and
        other assets                             (6,004)           (42,522)
       Accounts payable                        (123,853)          (108,313)
       Accrued payroll and
        related liabilities                         287             21,384
       Accrued interest and
        other liabilities                        46,205             43,019
                                               --------------------------------

      Net cash
      used in operating activities              (98,608)           (49,341)
                                               --------------------------------

Cash flows used in investing activities:
      Purchases of equipment                     (5,809)          (19,966)
                                               --------------------------------

Cash flows from financing activities:
  Proceeds from issuance of common
  stock, redeemable common stock
  and warrants                                      -            500,000
  Proceeds from issuance of notes
  payable                                       165,936           19,100
  Payments on notes payable                     (89,347)        (188,952)
  Payments on capital lease obligations         (48,190)         (45,988)
  Payments for costs of issuance of
  common stock                                     -             (15,247)
                                               --------------------------------

       Net cash provided  by
       financing activities                      28,399          268,913
                                               --------------------------------

       Net increase (decrease) in cash and
       cash equivalents                         (76,019)        199,606


Impact of foreign currency translation
adjustment on cash                              (11,135)       (28,937)

Cash and cash equivalents at beginning
of period                                       342,377        164,378

                                               --------------------------------
Cash and cash equivalents at end of
period                                         $255,223        335,047
                                               ================================

Supplemental cash flow disclosures:

   Cash paid for interest                      $ 29,234        32,939
                                               ---------      ----------
Noncash investing and financing
activity--
    Equipment acquired under capital leases        -          47,477
                                                  ---         ---------

See accompanying notes to consolidated financial statements.


<PAGE>


                 CORGENIX MEDICAL CORPORATION AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.        DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Corgenix Medical Corporation ("Corgenix" or the "Company") is engaged in the
research, development, manufacture, and marketing of in vitro (outside the body)
diagnostic products for use in disease detection and prevention (the
"Diagnostics Products Business"). The Company currently sells 142 Diagnostic
Products (the "Diagnostic Products") on a worldwide basis to hospitals, clinical
laboratories, commercial reference laboratories, and research institutions.

The Company's corporate headquarters is located in Westminster, Colorado.
Corgenix has two wholly owned operating subsidiaries:

o     Corgenix, Inc., ("Corgenix, Inc."), established in 1990 and located in
           Westminster, Colorado. Corgenix, Inc. is responsible for sales and
           marketing activities for North America and Japan, and also conducts
           product development, product support, regulatory affairs and
           product manufacturing of the Diagnostic Products.

o          Corgenix (UK) Ltd., ("Corgenix UK"), is located in Peterborough,
           England. Corgenix UK manages the Diagnostic Business' international
           sales and marketing activities except for distribution in North
           America and Japan which is under the responsibility of Corgenix, Inc.

On August 5, 2003, the Company entered into a letter of intent to merge with
Genesis Bioventures, Inc. ("Genesis" or "GBI") a biomedical development company
focused on the development of diagnostic tests. Under the terms of the letter of
intent, Genesis will issue 14,000,000 Genesis shares in exchange for 100% of
Corgenix's outstanding shares. The terms of the letter of intent also provide
that Corgenix's current management team will assume the responsibility of
managing the combined entity, which will be known as Genesis Bioventures, Inc.
The letter of intent was amended on October 21, 2003 and as a result, the
parties are seeking to complete a definitive agreement on or about February 29
of 2004 and to close the transaction in the summer of 2004.

The proposed merger is subject to the satisfaction of a number of contingencies,
including satisfactory due diligence investigations by each company, negotiation
and execution of mutually acceptable definitive merger documentation, approval
by both company's boards of directors and stockholders, and customary closing
conditions. Based on the terms of the October 21, 2003 amended letter of intent,
the merger is subject to GBI advancing to Corgenix $500,000 out of a capital
raise of at least $2,000,000 on or about November 30, 2003 as a condition to
signing a definitive merger agreement. Under further terms of the amended letter
of intent, GBI and Corgenix have agreed to raise a minimum of $6,000,000 of
capital on or about March 31, 2004 to provide the combined companies with
sufficient funding with which to continue to develop and further commercialize
their respective technologies and product lines. The foregoing dates and amounts
of these provisions may be waived at the discretion of Corgenix. Pursuant to the
above, the Company recently announced that a fund raising effort, led by a full
service investment bank specializing in the biotech industry, is in progress and
is expected to close in February.

The accompanying consolidated financial statements have been prepared without
audit and in accordance with accounting principles generally accepted in the
United States of America for interim financial information and with the
instructions to Form 10-QSB and Article 10 of Regulation S-X. Accordingly, they
do not include all of the information and footnotes required by accounting
principles generally accepted in the United States of America for complete
financial statements. In the opinion of the Company, the financial statements
include all adjustments (consisting of normal recurring accruals and
adjustments) required to present fairly the Company's financial position at
December 31, 2003 and June 30, 2003 and the results of operations for each of
the three and six month periods ended December 31, 2003 and 2002, and the cash
flows for each of the six month periods then ended. The operating results for
the three and six months ended December 31, 2003 are not necessarily indicative
of the results that may be expected for the year ended June 30, 2004. For
further information, refer to the consolidated financial statements and
footnotes thereto included in the Company's annual report on Form 10-KSB for the
fiscal year ended June 30, 2003.Management of the Company has made a number of
estimates and assumptions relating to the reporting of assets and liabilities
and the disclosure of contingent assets and liabilities to prepare these
financial statements in conformity with accounting principles generally accepted
in the United States of America. Significant assumptions inherent in the
preparation of the accompanying financial statements include, but are not
limited to, revenue recognition and allowances for doubtful accounts, the
provision for excess and obsolete inventories, and commitments and
contingencies. Actual results could differ from those estimates.

  2.  SOFTWARE

The Company accounts for its internally developed software in compliance with
Statement of Position 98-1 ("SOP 98-1"), Accounting for the Costs of Computer
Software Developed or Obtained for Internal Use. SOP 98-1 defines the types of
computer software project costs that may be capitalized. All other costs are
expensed in the period incurred. In order for costs to be capitalized, the
computer software project must be intended to create a new system or add
identifiable functionality to an existing system.In the quarter ended December
31, 2001, the Company began development of a business-to-business web site
(Corgenix On Line) for its core business reference laboratory and hospital
customers and potential customers worldwide. The website is intended eventually
to allow customers to place orders for the Company's diagnostic products, pay
for said orders, and track the status of such orders. It will also give full
specification and details on all of the Company's diagnostic test kits. To date,
all products and enhancements thereto have utilized proven technology. The
direct internal and external costs of developing the related software, other
than initial design and other costs incurred during the preliminary project
stage, were capitalized until the software was completed at the end of September
2002. Through September 2002, all products and enhancements thereto utilized
proven technology. Such capitalized amounts, which amounted to $122,855, began
to be amortized on a straight-line basis over a three-year period commencing in
October 2002. No further additions to this project are anticipated.

3.         EARNINGS  (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the
weighted average number of common shares outstanding. Diluted earnings (loss)
per share is computed by dividing net income (loss) by the weighted average
number of common shares outstanding increased for potentially dilutive common
shares outstanding during the period. The dilutive effect of stock options and
their equivalents is calculated using the treasury stock method. For the three
and six months ended December 31, 2003 and 2002, options and warrants to
purchase common stock totaling 1,391,219 shares in 2003, both for the three and
for the six months, and 1,131,219 shares in 2002, both for the three and six
months, respectively, are not included in the calculation of weighted average
common shares-diluted below as their effect would be anti-dilutive.

The components of basic and diluted earnings (loss) per share are as follows:

                               3 months   3 months     6 months      6 months
                                 ended     ended        ended          ended
                             December 31, December 31, December 31, December 31,
                                 2003       2002         2003           2002
                             --------------------------------------------------

Net  income  (loss)  available
to common shareholders       $(97,159)   (121,186)    (184,178)       6,831
                             ==================================================

Common and common equivalent shares outstanding:
  Historical common shares
   outstanding for basic
   income  (loss) per share at
   beginning of  period      5,294,477   4,333,095    5,271,192      4,333,095
  Weighted average common
   shares issued during
   the period                    4,686     890,102       25,628        883,164
                               ------------------------------------------------


  Weighted average common
  shares-basic               5,299,163     5,223,197  5,296,820       5,216,259
  Dilutive effect of
  potentially dilutive
   securities
       Outstanding                -            -          -             18,545
                               ------------------------------------------------

  Weighted average common
     shares-diluted
                             5,299,163     5,223,197  5,296,820       5,234,804
   Net income(loss) per
     share-basic           $. (0.02)           (0.03)     (0.03)           *
                             ===================================================

   Net income(loss)per
     share-diluted         $  (0.02)           (0.03)     (0.03)           *
                             ==================================================


*-less than ($0.01) per share
4.     INCOME  TAXES

A valuation allowance was provided for deferred tax assets, as the Company is
unable to conclude under relevant accounting standards that it is more likely
than not that deferred tax assets will be realizable.

5.    SEGMENT INFORMATION

The Company has two segments of business: domestic and international operations.
International operations primarily transact sales with customers in Europe and
continents other than North America, while domestic operations transact sales
primarily in North America. Sales to Chugai, emanating from the United States,
have historically also been included in the domestic business segment. The
following table sets forth selected financial data for these segments for the
three and six month periods ended December 31, 2003 and 2002.

               Three Months Ended December 31,     Six Months Ended December 31,
               Domestic  International  Total  Domestic   International   Total

Net
sales
    2003   $  921,292     265,446    1,186,738  1,851,487  537,581  2,389,068
    2002   $1,026,374     297,155    1,323,529  2,157,892  575,677  2,733,569
           ----------    --------    ---------- --------   -------- ----------

Net income
(loss)
    2003   $ (100,541)     47,206      (75,520)  (249,172) 108,272   (140,900)
    2002   $ (153,061)     54,426      (98,635)   (71,201) 121,311     50,110
           ==========    ========     =========   ======== =========  ========
Depreciation
and amortization
    2003   $  50,106          513       50,619     99,141    1,026    100,167
    2002   $  56,332          480       56,812    102,236      961    103,197
           ==========    ========      =======    =======  =========  ========
Interest expense, net
    2003   $ (20,691)      (2,229)     (22,920)   (42,286)  (5,509)   (47,795)
    2002   $ (22,126)      (1,157)     (23,283)   (44,158)  (9,183)   (53,341)
           ==========    ========       =======    ======= =========  ========
Segment
assets
    2003   $2,028,277     333,361     2,361,638 2,028,277   333,361   2,361,638
June 30,
    2003   $2,097,844     457,872     2,555,716 2,097,844   457,872   2,555,716
           ==========     =======    ========== =========  =========  =========

6.    REDEEMABLE COMMON STOCK

On July 1, 2002, the Company entered into an agreement (MBL Agreement) with
Medical & Biological Laboratories Co., Ltd. (MBL), a strategic partner and
manufacturer of autoimmune diagnostic kits located in Nagoya, Japan, under which
the Company sold 880,282 shares of its $.001 par value common stock to MBL for
gross proceeds of $500,000. Net proceeds to the Company after issuance costs
were $484,746. Under the MBL Agreement, MBL was also granted a put option which
could cause the Company to repurchase, at a future date, the common stock sold
to MBL under the MBL Agreement. Thus, the common stock sold has been designated
"redeemable common stock." The put option requires the stock to be repurchased
at the original purchase price, payable in either a lump-sum purchase or
financed over a six-month period. The put option is exercisable by MBL any time
after the termination or expiration of the distribution agreement between the
Company and RhiGene, MBL's U.S. subsidiary, upon any merger or consolidation of
the Company with another corporation wherein in the Company's stockholders own
less than 50% of the surviving corporation or upon any sale or other disposition
of all or substantially all of the Company's assets. MBL has voted in favor of
the GBI merger and has given no indication whatsoever that it intends to
exercise its put option upon the consummation of the planned merger. The present
distribution agreement with RhiGene expires on March 31, 2005, though the
distribution agreement may be renewed or extended prior to that time.

Pursuant to the agreement with MBL, as long as MBL holds at least 50% of the
common stock purchased under the MBL agreement, MBL must give its written
consent with respect to the payment of any dividend, the repurchase of any of
the Company's equity securities, the liquidation or dissolution of the Company
or the amendment of any provision of the Company's Articles of Incorporation or
Bylaws which would adversely affect the rights of MBL under the stock purchase
transaction documents. MBL was granted standard anti-dilution rights with
respect to stock issuances not registered under the Securities Act. MBL also
received standard piggyback registration rights along with certain demand
registration rights.

In addition, as part of the MBL Agreement and for no additional consideration,
MBL was issued warrants to purchase an additional 880,282 shares of common stock
at a price of $.568 per share, which is equal to an aggregate amount of
$500,000. These warrants expire on July 3, 2007 and may be exercised in whole or
in part at any time prior to their expiration. The estimated fair value of the
warrant upon issuance was calculated as $401,809 using the Black-Scholes model
with the following assumptions: no expected dividend yield, 143% volatility,
risk free interest rate of 4.2% and an expected life of five years. The gross
proceeds of $500,000 were allocated $277,221 to redeemable common stock and
$222,779 to the related warrants based on the relative fair values of the
respective instruments to the fair value of the aggregate transaction. Issuance
costs and the discount attributed to the warrants upon issuance are being
accreted on the interest method over the 33-month period prior to the presently
expected first date on which the put option may be exercised, which is the
present expiration date of the distribution agreement between the Company and
RhiGene.


   7.  STOCK PLANS

Effective January 1, 1999, the Company adopted an Employee Stock Purchase Plan
("ESPP") to provide eligible employees an opportunity to purchase shares of its
common stock through payroll deductions, up to 10% of eligible compensation. The
ESPP is registered under Section 423 of the Internal Revenue Code of 1986. Each
quarter, participant account balances are used to purchase shares of stock at
the lesser of 85% of the fair value of shares on the first business day (grant
date) and last business day (exercise date) of each quarter. No right to
purchase shares shall be granted if, immediately after the grant, the employee
would own stock aggregating 5% or more of the total combined voting power or
value of all classes of stock. A total of 60,000 common shares were registered
with the Securities and Exchange Commission (SEC) for purchase under the ESPP.
During September 2002, the Company determined that it had inadvertently issued
and registered more common stock under the ESPP than had heretofore been
authorized by stockholders of the Company. On December 11, 2002, the Company's
stockholders approved the Amended and Restated Employee Stock Purchase Plan
("AR-ESPP"). 200,000 shares of Corgenix common stock are reserved for issuance
under the AR-ESPP. Compensation expense is recognized for the fair value of the
employees purchase rights. Compensation expense recognized for the 15% discount
on shares purchased under the AR-ESPP amounted to $768 and $513 for the three
months and $1,040 and $1,157 for the six months ended December 31, 2003 and
2002, respectively. There were 5,194 and 12,637 shares issued under the AR-ESPP
during the three months and 28,449 and 18,336 shares issued during the six
months ended December 31, 2003 and 2002, respectively.

In October 1999 and July 2000 the Company reserved a total of 200,000 shares of
its common stock for an Incentive Stock Option Plan ("1999 ISP") for employees,
directors and consultants. Options are granted at the discretion of the board of
directors with an exercise price equal to or greater than the market value of
the Company's common stock on the grant date. On December 11, 2002, the
Company's stockholders approved the Amended and Restated 1999 Incentive Stock
Plan ("AR-1999-ISP"). 800,000 shares of Corgenix common stock are reserved for
issuance under the AR-1999-ISP.

Had the Company determined compensation cost based on the fair value at the date
of grant for its stock options under SFAS No. 123, the Company's net income
(loss) would have been increased to the pro forma amounts indicated as follows:

                                 Three    Three   Six      Six
                                 Months  Months   Months   Months
                                 Ended    Ended   Ended    Ended
                                -----------------------------------
                                December December December December
                                    31,     31,     31,      31,
                                -----------------------------------
                                  2003     2002     2003     2002
                                -----------------------------------
                                -----------------------------------

  Net income (loss)available
  to common stockholders as
  reported                     $(97,159) (121,186) (184,178)  6,831
  Net income (loss)available
  to common stockholders
  pro forma                    (112,266) (134,401) (214,392)(19,599)
  Net income (loss) per
  share as reported               (0.02)    (0.03)    (0.03)    *
  Net income (loss) per
  share pro forma                 (0.02)    (0.03)    (0.04)    *

    *-Less than $0.01 per share

    Fair value was determined using the Black Scholes option - pricing model.
    There were no stock options granted during the six months ended December 31,
    2003.

<page>
                                     Item 2.




                          CORGENIX MEDICAL CORPORATION
                    Management's Discussion and Analysis of
                 Financial Condition and Results of Operations


     The following discussion should be read in conjunction with the
consolidated financial statements and accompanying notes included elsewhere
herein.


      General


            Since the Company's inception, we have been primarily involved in
the research, development, manufacturing and marketing/distribution of
diagnostic tests for sale to hospitals, clinical laboratories, commercial
reference laboratories and research institutions. We currently market 142
products covering autoimmune disorders, vascular diseases, infectious diseases
and liver disease. Our products are sold in the United States, the UK and other
countries through our marketing and sales organization that includes contract
sales representatives, internationally through an extensive distributor network,
and to several significant OEM partners. We manufacture products for inventory
based upon expected sales demand, shipping products to customers, usually within
24 hours of receipt of orders. Accordingly, we do not operate with a customer
order backlog. Except for the fiscal year ended June 30, 1997 and the six months
ended December 31, 2003, we have experienced revenue growth since our inception,
primarily from sales of products and contract revenues from strategic partners.
Contract revenues consist of licensing fees and milestone payments from research
and development agreements with strategic partners.

      In fiscal year 1996, we began adding third-party OEM licensed products to
our diagnostic product line. Currently we sell 128 products licensed from or
manufactured by third party manufacturers. We expect to expand our relationships
with other companies in the future to gain access to additional products.

      Although we have experienced growth in revenues every year except 1997 and
the six months ended December 31, 2003, there can be no assurance that, in the
future, we will sustain revenue growth, current revenue levels, or achieve or
maintain profitability. Our results of operations may fluctuate significantly
from period-to-period as the result of several factors, including: (i) whether
and when new products are successfully developed and introduced, (ii) market
acceptance of current or new products, (iii) seasonal customer demand, (iv)
whether and when we receive R&D milestone payments and license fees from
strategic partners, (v) changes in reimbursement policies for the products that
we sell, (vi) competitive pressures on average selling prices for the products
that we sell, and (vii) changes in the mix of products that we sell.

      Critical Accounting Policies

      The Company's consolidated financial statements are prepared in accordance
with accounting principles generally accepted in the United States of America
("GAAP"). We believe that the policies identified below are critical to the
understanding of our results of operations. The preparation of financial
statements in conformity with GAAP requires our management to make estimates and
assumptions that affect reported amounts of assets, liabilities, disclosure of
contingent assets and liabilities at the date of the financial statements and
reported amounts of revenues and expenses during the reporting period.
Management has made estimates and assumptions based on these policies. We do not
believe that there is a great likelihood that materially different amounts would
be reported if different assumptions were used. However, the application of
these policies involves judgments and assumptions as to future events and, as a
result, actual results could differ significantly from those estimates.




      Revenue Recognition

      Revenue is recognized upon shipment of products. Revenue from research and
development contracts represents amounts earned pursuant to agreements to
perform research and development activities for third parties and is recognized
as earned as it becomes billable under the respective agreement.

      Equipment and Software

      Equipment and software are recorded at cost. Equipment under capital
leases is recorded initially at the present value of the minimum lease payments.
Depreciation and amortization is calculated primarily using the straight-line
method over the estimated useful lives of the respective assets which range from
3 to 7 years. The internal and external costs of developing and enhancing
software costs related to website development, other than initial design and
other costs incurred during the preliminary project stage, are capitalized until
the software has been completed. Such capitalized amounts are amortized
commencing when the website is placed in service on a straight-line basis over a
three-year period. When assets are sold, retired or otherwise disposed of, the
cost and related accumulated depreciation are eliminated from the accounts and a
gain or loss is recognized. Repair and maintenance costs are expensed as
incurred. We evaluate the realizability of our long-lived assets, including
property and equipment, whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable.

      Results of Operations


       Three Months Ended December 31, 2003 compared to 2002

      Net sales. Net sales for the three months ended December 31, 2003 were
$1,186,738, a $136,791 or 10.3% decrease from $1,323,529 in the prior year.
Domestic sales decreased 10.2% while sales to international distributors
decreased 10.7% from period to period. The principal reason for the decrease was
the loss of $96,390 in sales of Hyaluronic Acid Test Kits ("HA") to Fujirebio
(formerly Chugai) as a result of the loss of Fujirebio in November 2002 as the
principal HA customer for distribution in Japan. Sales to Fujirebio since
November 2002 have been nil. Fujirebio has not placed nor forecasted any orders
for HA product since November 2002 and we are not projecting any future orders
by Fujirebio of HA. The Company expects that the loss of HA sales to Fujirebio
will eventually be made up via international and domestic sales of HA. The
remaining fluctuation in overall sales is due to individually minor changes in
other product lines.


      Cost of sales. Gross profit, as a percentage of sales, increased slightly
to 62.4% for the quarter ended December 31, 2003 from 61.6% in 2002 primarily
due to increased sales of HA to customers other than Fujirebio. Said sales were
made at a higher margin than that formerly sold to Fujirebio. This was partially
offset by higher raw material costs associated with the new manufacturing format
of the Company's main product line.


      Selling and marketing. Selling and marketing expenses decreased 13.3% or
$52,264 to $340,381 for the quarter ended December 31, 2003 from $392,645 in
2002. The majority of this decrease involved decreases in labor-related and
consulting costs resulting from cost controls and reductions put into place on
August 1, 2003. The remainder of the change resulted from individually minor
changes in other selling and marketing expenses.

      Research and development. Research and development expenses decreased
$32,911 or 15.3% to $182,341 for the quarter ended December 31, 2003 from
$215,252 in 2002. The majority of this decrease involved decreases in
labor-related costs resulting from the August 1, 2003 company-wide cost controls
and reductions mentioned above. In addition, there were reductions in purchases
and development costs related to a recently ended development project.


      General and administrative. General and administrative expenses decreased
$56,144 or 17.2% to $270,487 for the quarter ended December 31, 2003 from
$326,631 in 2002, primarily due, as stated above, to cost controls and
reductions which were recently put in place. As a result, the largest reductions
came in two primary categories, outside services and printing expense. The
remaining fluctuation is due to individually minor changes in other general and
administrative expenses.

      Interest expense. Interest expense decreased $363 or 1.6% to $22,920 for
the quarter ended December 31, 2003 from $23,283 in 2002 due primarily to a
decrease in interest-bearing debt in addition to lower interest rates.

      Accretion of discount on redeemable common stock. This item represents the
accretion of the discount on redeemable common stock over the 33 month period
from the date the stock was issued to the presently expected first date on which
the related embedded put option may be exercised. The redeemable common stock
was issued in July 2002.

      Six Months Ended December 31, 2003 and 2002

      Net sales. Net sales for the six months ended December 31, 2003 were
$2,389,068, a $344,501 or 12.6% decrease from $2,733,569 in the prior year.
Domestic sales decreased 14.2% while sales to international distributors
decreased 6.6% from period to period. The principal reason for the decrease was
the loss of $248,000 in sales of HA to Fujirebio. Fujirebio has not placed nor
forecasted any orders for HA product since November 2002 and we are not
projecting any future orders by Fujirebio of HA. The Company continues to expect
that the loss of HA sales to Fujirebio will eventually be made up via domestic
and international sales of HA. The remaining fluctuation in overall sales is due
to individually minor changes in other product lines.

      Cost of sales. Gross profit, as a percentage of sales, decreased to 61.6%
for the six months ended December 31, 2003 from 67.9% in 2002 primarily due to
higher raw material costs associated with the new manufacturing format of the
Company's main product line, offset somewhat by increased sales of HA, at higher
margins, to customers other than Fujirebio.

      Selling and marketing. Selling and marketing expenses decreased 6.8% or
$47,567 to $654,093 for the six months ended December 31, 2003 from $701,660 in
2002. The majority of this decline involved decreases in labor-related and
consulting costs resulting from cost controls and reductions put into place on
August 1, 2003. The remainder of this change resulted from individually minor
changes in other selling and marketing expenses.

      Research and development. Research and development expenses decreased
$55,006 or 12.9% to $370,228 for the six months ended December 31, 2003 from
$425,234 in 2002. The majority of this decrease involved decreases in
labor-related costs resulting from the August 1, 2003 company-wide cost controls
and reductions mentioned above. In addition, there were reductions in purchases
and development costs related to a recently ended development project.

      General and administrative. General and administrative expenses decreased
$87,004 or 13.9% to $540,047 for the six months ended December 31, 2003 from
$627,051 in 2002, primarily due to cost controls and reductions which were
recently put in place. As a result of said cost controls, the largest reductions
came in two primary categories, ouside services and printing expenses. The
remaining fluctuation is due to individually minor changes in other general and
administrative expenses.

      Interest expense. Interest expense decreased $5,546 or 10.4% to $47,795
for the six months ended December 31, 2003 from $53,341 in 2002 due primarily to
a decrease in interest-bearing debt in addition to lower interest rates.

      Accretion of discount on redeemable common stock. This item represents the
accretion of the discount on redeemable common stock over the 33 month period
from the date the stock was issued to the presently expected first date on which
the related embedded put option may be exercised. The redeemable common stock
was issued in July 2002.

      Liquidity and Capital Resources

      Cash used in operating activities was $98,587 for the six months ended
December 31, 2003 compared to cash used in operating activities of $49,341
during the prior fiscal year's first six months. The cash used in operations
resulted primarily from a substantial decrease in accounts payable plus a small
increase in inventories. The decrease in accounts payable resulted primarily
from a concerted attempt to bring balances due vendors more current. The Company
believes that uncollectible accounts receivable will not have a significant
effect on future liquidity, as a significant portion of its accounts receivable
are due from enterprises with substantial financial resources.

      Net cash used by investing activities, the purchase of equipment, was
$5,809 for the six months ended December 31, 2003 compared to $19,966 for the
prior fiscal year's first six months. The decrease was mainly attributable to
reduced spending on manufacturing and laboratory equipment.

      Net cash provided by financing activities amounted to $28,377 for the six
months ended December 31, 2003 a substantial reduction from the $268,913
provided in the prior fiscal year. This decrease in cash provided over the
comparable prior year was primarily due to there not being any proceeds from the
issuance of redeemable common stock and warrants in the current period. This was
partially offset by increased proceeds from the issuance of notes payable during
the current period as a result of increased draws on the Company's bank line of
credit.

      Historically, we have financed our operations primarily through long-term
debt and by sales of redeemable common, and common stock. In fiscal 2003 we
raised $500,000 before offering costs (see MBL Agreement under Redeemable Common
Stock above) through a private sale of redeemable common stock and warrants.

      We have also received financing for operations from sales of diagnostic
products and agreements with strategic partners. Accounts receivable decreased
$36,413 or 5.8% to $592,304 at December 31, 2003 from $628,717 at June 30, 2003.
This slight decrease correlates with the overall improvement in the financial
well being of our customer base as the economy began to improve, thus
facilitating more timely payments from our customers. At December 31, 2003, our
accounts payable decreased $123,853 or 20% to $495,081 from $618,934 at June 30,
2003 primarily as a result of a concerted effort to bring accounts payable more
current.

      Our future capital requirements will depend on a number of factors,
including the proposed merger with GBI, our profitability or lack thereof, the
rate at which we grow our business and our investment in proprietary research
activities, the ability of our current and future strategic partners to fund
outside research and development activities, our success in increasing sales of
both existing and new products and collaborations, expenses associated with
unforeseen litigation, regulatory changes, competition, technological
developments, general economic conditions and potential other future merger and
acquisition activity. Our principal sources of liquidity have been cash provided
from operating and financing activities, cash raised from the private sale of
redeemable common and common stock, and long- term debt financing. The Company
and GBI are currently in the latter stages of a merger-related financing. Both
companies are confident that it will be successfully completed in the near
future and they are proceeding with the intent to complete the proposed merger
in the summer of 2004. If, for any reason, the merger-related financing and the
planned merger do not occur, we will definitely need to implement new expense
reductions and seek new debt agreements and/or sell additional equity securities
in fiscal year 2004 to generate additional operating capital, to develop the
markets and obtain the regulatory approvals for the HA products in the United
States, and to pursue all of our strategic objectives. We believe that our
current availability of cash, working capital, future proceeds from the issuance
of common stock, debt financing and expected cash flows from operations
resulting from, if necessary, further expense reductions, will be adequate to
meet our ongoing needs for at least the next twelve months. At December 31,
2003, cash on hand amounted to $255,223 compared to $342,377 at June 30, 2003.
At December 31, 2003, the Company had available borrowings under its $400,000
bank line of credit of approximately $245,000 and was fully drawn on the line.
The borrowings at June 30, 2003 were limited to a maximum of $279,500 based upon
the calculation of the accounts receivable borrowing base. In addition, and as
part of the letter of intent with GBI, the Company expects proceeds of $500,000
in convertible debt financing from GBI to occur in February 2004. Additionally,
the Company expects the merger with GBI and the approximately $6-8 million
equity raise to occur in the summer of 2004. This estimate of our future capital
requirements is a forward-looking statement that is based on assumptions that
involve varying risks and uncertainties. Actual results may differ significantly
from our estimates.
      .
      Recently Issued Accounting Pronouncements

              In November 2002, the FASB issued Interpretation No. 45,
Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
Indirect Guarantees of Indebtedness of Others (the Interpretation), which
addresses the disclosure to be made by a guarantor in its interim and annual
financial statements about its obligations under guarantees. The Interpretation
also requires the recognition of a liability by a guarantor at the inception of
certain guarantees. The Interpretation requires the guarantor to recognize a
liability for the non-contingent component of the guarantee, this is the
obligation to stand ready to perform in the event that specified triggering
events or conditions occur. The initial measurement of this liability is the
fair value of the guarantee at inception. The recognition of the liability is
required even if it is not probable that payments will be required under the
guarantee or if the guarantee was issued with a premium payment or as part of a
transaction with multiple elements. The Company is required to adopt the
disclosure provisions of the Interpretation beginning with its fiscal 2003
consolidated financial statements, and will apply the recognition and
measurement provisions for all guarantees entered into or modified after
December 31, 2002. As the Company has not guaranteed any indebtedness of others,
the impact of the adoption is not expected to have any impact on the Company's
consolidated financial statements.

      In January 2003, the Financial Accounting Standards Board issued FASB
Interpretation No. 46, "Consolidation of Variable Interest Entities" (FIN No.
46). This interpretation clarifies existing accounting principles related to the
preparation of consolidated financial statements when the equity investors in an
entity do not have the characteristics of a controlling financial interest or
when the equity at risk is not sufficient for the entity to finance its
activities without additional subordinated financial support from other parties.
FIN No. 46 requires a company to evaluate all existing arrangements to identify
situations where a company has a "variable interest" (commonly evidenced by a
guarantee arrangement or other commitment to provide financial support) in a
"variable interest entity" (commonly a thinly capitalized entity) and further
determine when such variable interests require a company to consolidate the
variable interest entities' financial statement with its own. The Company is
required to perform this assessment by December 31, 2003 and consolidate any
variable interest entities for which it will absorb a majority of the entities'
expected losses or receive a majority of the expected residual gains. The
Company does not have variable interest entities that it may be required to
consolidate.

      In May 2003, the FASB issued SFAS No. 150, "Accounting for Certain
Financial Instruments with Characteristics of Both Liabilities and Equity" (SFAS
No. 150). This statement establishes standards for how an entity classifies and
measures certain financial instruments with characteristics of both liabilities
and equity. This statement applies specifically to a number of financial
instruments that companies have historically presented within their financial
statements either as equity or between the liabilities section and the equity
section, rather than as liabilities. This statement is effective for financial
instruments entered into or modified after May 31, 2003, and is otherwise
effective at the beginning of the first interim period beginning after June 15,
2003 which was subsequently extended. Management does not expect the adoption of
SFAS 150 to have a material impact on its financial condition, results of
operations or cash flows.












                                       Item 3.

                               Controls and Procedures

Evaluation of disclosure controls and procedures. The Company, under the
supervision and with the participation of the Company's management, including
its Chief Executive Officer and Chief Financial Officer, recently (the
"Evaluation Date") carried out an evaluation of the effectiveness of the design
and operation of the Company's disclosure controls and procedures (as defined in
Rules 240.13a-14(c) and 15d-14(c) under the Securities Exchange Act of 1934 (the
"Exchange Act"). Based upon this evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that, as of the Evaluation Date, the Company's
disclosure controls and procedures were effective for the purposes of recording,
processing, summarizing and timely reporting information required to be
disclosed by the Company in the reports that it files under the Securities
Exchange Act of 1934 and that such information is accumulated and communicated
to the Company's management in order to allow timely decisions regarding
required disclosure.

Changes in internal controls. There have been no significant changes in the
Company's internal controls or in other factors that could significantly affect
the Company's disclosure controls and procedures subsequent to the Evaluation
Date, nor were there any significant deficiencies or material weaknesses in the
Company's internal controls.


      Forward-Looking Statements and Risk Factors

      This 10-QSB includes statements that are not purely historical and are
"forward-looking statements" within the meaning of Section 21E of the Securities
Act of 1934, as amended, including statements regarding our expectations,
beliefs, intentions or strategies regarding the future. All statements other
than historical fact contained in this 10-QSB, including, without limitation,
statements regarding future product developments, acquisition strategies,
strategic partnership expectations, technological developments, the availability
of necessary components, research and development programs and distribution
plans, are forward-looking statements. All forward-looking statements included
in this 10-QSB are based on information available to us on the date hereof, and
we assume no obligation to update such forward-looking statements. Although we
believe that the assumptions and expectations reflected in such forward-looking
statements are reasonable, we can give no assurance that such expectations will
prove to have been correct or that we will take any actions that may presently
be planned.

      Certain factors that could cause actual results to differ materially from
those expected include the following:

      Losses   Incurred;   Future   Capital   Needs;   Risks  Relating  to  the
Professional Products Business; Uncertainty of Additional Funding

      We have incurred operating losses and negative cash flow from operations
for most of our history. Losses incurred since our inception have aggregated
$4,826,475 and there can be no assurance that we will be able to generate
positive cash flows to fund our operations in the future or to pursue our
strategic objectives. Assuming no significant uses of cash in acquisition
activities or other significant changes, we believe that we will have sufficient
cash to satisfy our needs for at least the next twelve months. If we are not
able to operate profitably and generate positive cash flows sufficient for both
the diagnostic business and the consumer products business, we may need to raise
additional capital to fund our operations. If we do not successfully complete
the GBI-related merger financing or consummate the GBI merger itself and if we
need additional financing to meet our requirements, there can be no assurance
that we will be able to obtain such financing on terms satisfactory to us, if at
all. Alternatively, any additional equity financing may be dilutive to existing
stockholders, and debt financing, if available, may include restrictive
covenants. If adequate funds are not available, we might be required to limit
our research and development activities or our selling and marketing activities
any of which could have a material adverse effect on the future of the business.





      Dependence on Collaborative  Relationships  and Third Parties for Product
Development and Commercialization

      We have historically entered into licensing and research and development
agreements with collaborative partners, from which we derived a significant
percentage of our revenues in past years. Pursuant to these agreements, our
collaborative partners have specific responsibilities for the costs of
development, promotion, regulatory approval and/or sale of our products. We will
continue to rely on future collaborative partners for the development of
products and technologies. There can be no assurance that we will be able to
negotiate such collaborative arrangements on acceptable terms, if at all, or
that current or future collaborative arrangements will be successful. To the
extent that we are not able to establish such arrangements, we could experience
increased capital requirements or be forced to undertake such activities at our
own expense. The amount and timing of resources that any of these partners
devotes to these activities will generally be based on progress by us in our
product development efforts. Usually, collaborative arrangements may be
terminated by the partner upon prior notice without cause and there can be no
assurance that any of these partners will perform its contractual obligations or
that it will not terminate its agreement. With respect to any products
manufactured by third parties, there can be no assurance that any third-party
manufacturer will perform acceptably or that failures by third parties will not
delay clinical trials or the submission of products for regulatory approval or
impair our ability to deliver products on a timely basis.

      No Assurance of Successful or Timely Development of Additional Products

      Our business strategy includes the development of additional diagnostic
products. Our success in developing new products will depend on our ability to
achieve scientific and technological advances and to translate these advances
into commercially competitive products on a timely basis. Development of new
products requires significant research, development and testing efforts. We have
limited resources to devote to the development of products and, consequently, a
delay in the development of one product or the use of resources for product
development efforts that prove unsuccessful may delay or jeopardize the
development of other products. Any delay in the development, introduction and
marketing of future products could result in such products being marketed at a
time when their cost and performance characteristics would not enable them to
compete effectively in their respective markets. If we are unable, for
technological or other reasons, to complete the development and introduction of
any new product or if any new product is not approved or cleared for marketing
or does not achieve a significant level of market acceptance, our results of
operations could be materially and adversely affected.

      Competition in the Diagnostics Industry

      Competition in the human medical diagnostics industry is, and is expected
to remain, significant. Our competitors range from development stage diagnostics
companies to major domestic and international pharmaceutical companies. Many of
these companies have financial, technical, marketing, sales, manufacturing,
distribution and other resources significantly greater than ours. In addition,
many of these companies have name recognition, established positions in the
market and long standing relationships with customers and distributors.
Moreover, the diagnostics industry has recently experienced a period of
consolidation, during which many of the large domestic and international
pharmaceutical companies have been acquiring mid-sized diagnostics companies,
further increasing the concentration of resources. There can be no assurance
that technologies will not be introduced that could be directly competitive with
or superior to our technologies.

      Governmental Regulation of Diagnostics Products

      The testing, manufacture and sale of our products is subject to regulation
by numerous governmental authorities, principally the FDA and certain foreign
regulatory agencies. Pursuant to the Federal Food, Drug, and Cosmetic Act, and
the regulations promulgated there under, the FDA regulates the preclinical and
clinical testing, manufacture, labeling, distribution and promotion of medical
devices. We are not able to commence marketing or commercial sales in the United
States of new products under development until we receive clearance from the
FDA. The testing for, preparation of and subsequent FDA regulatory review of
required filings can be a lengthy, expensive and uncertain process.
Noncompliance with applicable requirements can result in, among other
consequences, fines, injunctions, civil penalties, recall or seizure of
products, repair, replacement or refund of the cost of products, total or
partial suspension of production, failure of the government to grant premarket
clearance or pre-market approval for devices, withdrawal of marketing clearances
or approvals, and criminal prosecution.

      There can be no assurance that we will be able to obtain necessary
regulatory approvals or clearances for our products on a timely basis, if at
all, and delays in receipt of or failure to receive such approvals or
clearances, the loss of previously received approvals or clearances, limitations
on intended use imposed as a condition of such approvals or clearances or
failure to comply with existing or future regulatory requirements could have a
material adverse effect on our business.

      Dependence on Distribution  Partners for Sales of Diagnostic  Products in
International Markets

      We have entered into distribution agreements with collaborative partners
in which we have granted distribution rights for certain of our products to
these partners within specific international geographic areas. Pursuant to these
agreements, our collaborative partners have certain responsibilities for market
development, promotion, and sales of the products. If any of these partners
fails to perform its contractual obligations or terminates its agreement, this
could have a material adverse effect on our business, financial condition and
results of operations.



      Governmental Regulation of Manufacturing and Other Activities

      As a manufacturer of medical devices for marketing in the United States,
we are required to adhere to applicable regulations setting forth detailed good
manufacturing practice requirements, which include testing, control and
documentation requirements. We must also comply with Medical Device Report
("MDR") requirements, which require that a manufacturer report to the United
States Food and Drug Administration ("FDA") any incident in which its product
may have caused or contributed to a death or serious injury, or in which its
product malfunctioned and, if the malfunction were to recur, it would be likely
to cause or contribute to a death or serious injury. We are also subject to
routine inspection by the FDA for compliance with FDA Quality System Regulation
("QSR") requirements, MDR requirements and other applicable regulations. The FDA
has recently implemented new QSR requirements, including the addition of design
controls that will likely increase the cost of compliance. Labeling and
promotional activities are subject to scrutiny by the FDA and, in certain
circumstances, by the Federal Trade Commission. We may incur significant costs
to comply with laws and regulations in the future, which may have a material
adverse effect upon our business, financial condition and results of operations.

      Regulation Related to Foreign Markets

      Distribution of diagnostic products outside the United States is subject
to extensive government regulation. These regulations, including the
requirements for approvals or clearance to market, the time required for
regulatory review and the sanctions imposed for violations, vary from country to
country. We may be required to incur significant costs in obtaining or
maintaining foreign regulatory approvals. In addition, the export of certain of
our products that have not yet been cleared for domestic commercial distribution
may be subject to FDA export restrictions. Failure to obtain necessary
regulatory approval or the failure to comply with regulatory requirements could
have a material adverse effect on our business, financial condition and results
of operations.

      Uncertain  Availability  of  Third  Party  Reimbursement  for  Diagnostic
      Products

      In the United States, health care providers that purchase diagnostic
products, such as hospitals and physicians, generally rely on third party
payers, principally private health insurance plans, federal Medicare and state
Medicaid, to reimburse all or part of the cost of the procedure. Third party
payers are increasingly scrutinizing and challenging the prices charged for
medical products and services and they can affect the pricing or the relative
attractiveness of the product. Decreases in reimbursement amounts for tests
performed using our diagnostic products, failure by physicians and other users
to obtain reimbursement from third party payers, or changes in government and
private third party payers' policies regarding reimbursement of tests utilizing
diagnostic products, may affect our ability to sell our diagnostic products
profitably. Market acceptance of our products in international markets is also
dependent, in part, upon the availability of reimbursement within prevailing
health care payment systems.

      Uncertainty of Protection of Patents, Trade Secrets and Trademarks

      Our success depends, in part, on our ability to obtain patents and license
patent rights, to maintain trade secret protection and to operate without
infringing on the proprietary rights of others. There can be no assurance that
our issued patents will afford meaningful protection against a competitor, or
that patents issued to us will not be infringed upon or designed around by
others, or that others will not obtain patents that we would need to license or
design around. We could incur substantial costs in defending the Company or our
licensees in litigation brought by others. Our business could be adversely
affected.

      Risks Regarding Potential Future Acquisitions

      Our growth strategy includes the desire to acquire complementary
companies, products or technologies. There is no assurance that we will be able
to identify appropriate companies or technologies to be acquired, to negotiate
satisfactory terms for such an acquisition, or to obtain sufficient capital to
make such acquisitions. Moreover, because of limited cash resources, we will be
unable to acquire any significant companies or technologies for cash and our
ability to effect acquisitions in exchange for our capital stock may depend upon
the market prices for our Common Stock. If we do complete one or more
acquisitions, a number of risks arise, such as short-term negative effects on
our reported operating results, diversion of management's attention,
unanticipated problems or legal liabilities, and difficulties in the integration
of potentially dissimilar operations. The occurrence of some or all of these
risks could have a material adverse effect on our business, financial condition
and results of operations.


      Dependence on Suppliers

      The components of our products include chemical and packaging supplies
that are generally available from several suppliers, except certain antibodies,
which we purchases from single suppliers. We mitigate the risk of a loss of
supply by maintaining a sufficient supply of such antibodies to ensure an
uninterrupted supply for at least three months. We have also qualified second
vendors for all critical raw materials and believe that we can substitute a new
supplier with respect to any of these components in a timely manner. However,
there can be no assurances that we will be able to substitute a new supplier in
a timely manner and failure to do so could have a material adverse effect on our
business, financial condition and results of operations.

      Limited Manufacturing Experience with Certain Products

      Although we have manufactured over twelve million diagnostic tests based
on our proprietary applications of ELISA (enzyme linked immuno-absorbent assay)
technology, certain of our diagnostic products in consideration for future
development, incorporate technologies with which we have little manufacturing
experience. Assuming successful development and receipt of required regulatory
approvals, significant work may be required to scale up production for each new
product prior to such product's commercialization. There can be no assurance
that such work can be completed in a timely manner and that such new products
can be manufactured cost-effectively, to regulatory standards or in sufficient
volume.

      Seasonality of Products; Quarterly Fluctuations in Results of Operations

      Our revenue and operating results have historically been minimally subject
to quarterly fluctuations. There can be no assurance that such seasonality in
our results of operations will not have a material adverse effect on our
business.

      Dependence on Key Personnel

      Because of the specialized nature of our business, our success will be
highly dependent upon our ability to attract and retain qualified scientific and
executive personnel. In particular, we believe our success will depend to a
significant extent on the efforts and abilities of Dr. Luis R. Lopez and
Douglass T. Simpson, who would be difficult to replace. There can be no
assurance that we will be successful in attracting and retaining such skilled
personnel, who are generally in high demand by other companies. The loss of,
inability to attract, or poor performance by key scientific and executive
personnel may have a material adverse effect on our business, financial
condition and results of operations.

      Product Liability Exposure and Limited Insurance

      The testing, manufacturing and marketing of medical diagnostic devices
entails an inherent risk of product liability claims. To date, we have
experienced no product liability claims, but any such claims arising in the
future could have a material adverse effect on our business, financial condition
and results of operations. Our product liability insurance coverage is currently
limited to $2 million. Potential product liability claims may exceed the amount
of our insurance coverage or may be excluded from coverage under the terms of
our policy or limited by other claims under our umbrella insurance policy.
Additionally, there can be no assurance that we can renew our existing insurance
at a cost and level of coverage comparable to that presently in effect, if at
all. In the event that we are held liable for a claim against which we are not
insured or for damages exceeding the limits of our insurance coverage, such
claim could have a material adverse effect on our business, financial condition
and results of operations.

      Limited Public Market;  Possible Volatility in Stock Prices;  Penny Stock
      Rules

      There has, to date, been no active public market for our Common Stock, and
there can be no assurance that an active public market will develop or be
sustained. Although our Common Stock has been traded on the OTC Bulletin
Board(R) since February 1998, the trading has been sporadic with generally
insignificant volume.

      Moreover, the over-the-counter markets for securities of very small
companies historically have experienced extreme price and volume fluctuations
during certain periods. These broad market fluctuations and other factors, such
as new product developments and trends in our industry and the investment
markets and economic conditions generally, as well as quarterly variation in our
results of operations, may adversely affect the market price of our Common
Stock. In addition, our Common Stock is subject to rules adopted by the
Securities and Exchange Commission regulating broker-dealer practices in
connection with transactions in "penny stocks." As a result, many brokers are
unwilling to engage in transactions in our Common Stock because of the added
disclosure requirements.

      Risks Associated with Exchange Rates

      Our financial statements are presented in US dollars. At the end of each
fiscal quarter and the fiscal year, we convert the financial statements of
Corgenix UK, which operates in pounds sterling, into US dollars, and consolidate
them with results from Corgenix, Inc. We may, from time to time, also need to
exchange currency from income generated by Corgenix UK. Foreign exchange rates
are volatile and can change in an unknown and unpredictable fashion. Should the
foreign exchange rates change to levels different than anticipated by us, our
business, financial condition and results of operations may be materially
adversely affected.



<PAGE>





                          CORGENIX MEDICAL CORPORATION


                                     Part II


                                Other Information





Item 1.    Legal Proceedings


      Corgenix is not a party to any material litigation or legal proceedings.


Item 2.    Changes in Securities and Use of Proceeds


       None

Item 3.    Defaults Upon Senior Securities


      None


Item 4.    Submission of Matters to a Vote of Security Holders


      None


Item 5.    Other Information


      None

Item 6.  Exhibits and Reports on Form 8-K.

a. Index to and Description of Exhibits



Exhibit
Number   Description of Exhibit

2.1      Agreement  and Plan of Merger  dated as of May 12,  1998 by
         and  among  Gray  Wolf   Technologies,   Inc.,   Gray  Wolf
         Acquisition  Corp.  and  REAADS  Medical   Products,   Inc.
         (filed with the  Company's  Registration  Statement on Form
         10-SB  filed  June 29,  1998,  and  incorporated  herein by
         reference).
2.2      First Amendment to Agreement and Plan of Merger dated as
         of May 22, 1998 by and among Gray Wolf Technologies, Inc.,
         Gray Wolf Acquisition Corp. and REAADS Medical Products,
         Inc. (filed  with the Company's Registration Statement on
         Form 10-SB filed June 29, 1998, and incorporated herein by
         reference).
2.3      Second Amendment to Agreement and Plan of Merger dated as of June 17,
         1998 by and among the Company and TransGlobal Financial Corporation
         (filed with the Company's Registration Statement on Form 10-SB filed
         June 29, 1998, and incorporated herein by reference).
3.1      Articles of Incorporation, as amended (filed with the Company's
         Registration Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
3.2      Bylaws (filed with the Company's Registration Statement on Form 10-SB
         filed June 29, 1998, and incorporated herein by reference).

10.4     License Agreement dated June 30, 2001 between Chugai
         Diagnostic Science Co., Ltd. and Corgenix Medical
         Corporation (filed with the Company's Form 10-KSB, and
         incorporated herein by reference).

10.5     Office Lease dated May 5, 2001 between Crossroads West
         LLC/Decook Metrotech LLC and Corgenix, Inc. (filed with
         the Company's Form-10KSB, and incorporated herein by
         reference).
10.6     Guarantee dated November 1, 1997 between William George Fleming,
         Douglass Simpson and Geoffrey Vernon Callen (filed with the Company's
         Registration Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
10.7     Employment Agreement dated April 1, 2001 between Luis R. Lopez and the
         Company filed with the Company's Form 10-KSB, and incorporated herein
         by reference.

10.8     Employment Agreement dated April 1, 2001 between Douglass T. Simpson
         and the Company filed with the Company's Form 10-KSB, and incorporated
         herein by reference.
10.9     Employment Agreement dated April 1, 2001 between Ann L. Steinbarger and
         the Company filed with the Company's Form 10-KSB, and incorporated
         herein by reference.
10.10    Employment Agreement dated April 1, 2001 between Taryn G. Reynolds and
         the Company filed with the Company's Form 10-KSB, and incorporated
         herein by reference.
10.11    Employment Agreement dated April 1, 2001 between Catherine (O'Sullivan)
         Fink and the Company filed with the Company's Form 10-KSB, and
         incorporated herein by reference.
10.12    Consulting Contract dated May 22, 1998 between Wm. George Fleming, Bond
         Bio-Tech, Ltd. and the Company (filed as Exhibit 10.16 to the Company's
         Registration Statement on Form 10-SB filed June 29, 1998, and
         incorporated herein by reference).
10.13    Stock Purchase Agreement dated September 1, 1993 between
         Chugai Pharmaceutical Co., Ltd. and REAADS Medical
         Products, Inc. (filed as Exhibit 10.17 to the Company's
         Registration Statement on Form 10-SB filed June 29, 1998,
         and incorporated herein by reference).
10.14    Note dated January 6, 1997 between REAADS Medical Products, Inc. and
         Eagle Bank (filed with the Company's Registration Statement on Form
         10-SB filed June 29, 1998, and incorporated herein by reference).
10.15    Form of Indemnification Agreement between the Company and its directors
         and officers (filed with the Company's Registration Statement on Form
         10-SB/A-1 filed September 24, 1998 and incorporated herein by
         reference).
10.16    Warrant agreement dated June 1, 2000 between the Company and Taryn G.
         Reynolds filed with the Company's Form 10-KSB, and incorporated herein
         by reference.
10.17    Employment Agreement dated March 1, 2001 between William H. Critchfield
         and the Company (filed with the Company's filing on Form 10-QSB for the
         fiscal quarter ended March 31, 2001).
10.19    Consulting Agreement dated September 29, 2002 between Eiji Matsuura,
         PhD and the Company filed with the Company's Form 10-QSB, and
         incorporated herein by reference.
10.20    License Agreement dated September 29, 2002 between Eiji Matsuura, PhD
         and the Company filed with the Company's Form 10-QSB, and incorporated
         herein by reference.
10.21    Extension to Business Development & Consulting Services Agreement dated
         November 27, 2002 by and between Ascendiant capital Group, LLC and the
         Company filed with the Company's Form 10-QSB, and incorporated herein
         by reference.
10.22    Employee Stock Compensation Plan
10.23    Amended and Restated 1999 Incentive Stock Plan
10.24    Amended and Restated Employee Stock Purchase Plan
21.1     Amended Subsidiaries of the Registrant (filed as Exhibit
         21.1 to the Company's Registration Statement on Form 10-SB filed June
         29, 1998).
21.2     Promissory note dated October 1, 2001 between W.G. Fleming
         and Corgenix UK, Ltd. filed with the Company's Form
         10-QSB, and incorporated herein by reference.
21.3     Promissory note dated October 1, 2001 between W.G. Fleming
         and Corgenix UK, Ltd. filed with the Company's Form
         10-QSB, and incorporated herein by reference.
21.4     Warrant Agreement dated October 11, 2001 between Phillips V. Bradford
         and the Company filed with the Company's Form 10-QSB, and incorporated
         herein by reference.
21.5     Warrant Agreement dated October 11, 2001 between Charles F. Ferris and
         the Company filed with the Company's Form 10-QSB, and incorporated
         herein by reference.
21.6     Underlease Agreement dated October 3, 2001 between G.V. Callen, A.G.
         Pirmohamed and Corgenix UK, Ltd. filed with the Company's Form 10-QSB,
         and incorporated herein by reference.
21.7     Distribution Agreement and OEM Agreement dated March 14, 2002 between
         RhiGene, Inc. and the Company filed with the Company's Form 10-QSB, and
         incorporated herein by reference.
21.8     Distribution and OEM Agreement dated March 14, 2002 between RhiGene,
         Inc., and the Company filed with the Company's Form 10-QSB, and
         incorporated herein by reference.
99.1*    Certificate of Corgenix Medical Corporation's Chief Executive Officer,
         President and Chief Financial Officer pursuant to section 906 of the
         Sarbanes-Oxley Act of 2002.
* Filed Herewith
---------------------------------------
      (b)  Reports on Form 8-K.

           None.


<page>
                               CERTIFICATIONS

I, Luis R. Lopez, Chief Executive Officer, certify that:

1.         I have reviewed this quarterly report on Form 10-QSB of Corgenix
           Medical Corporation.

2.         Based on my knowledge, this quarterly report does not contain any
           untrue statement of a material fact or omit to state a material fact
           necessary to make the statements made, in light of the circumstances
           under which such statements were made, not misleading with respect to
           the period covered by this quarterly report.

3.         Based on my knowledge, the financial statements, and other financial
           information included in this quarterly report, fairly present in all
           material respects the financial condition, results of operations and
           cash flows of the registrant as of, and for, the periods presented in
           this quarterly report;

4.         The registrant's other certifying officers and I are responsible for
           establishing and maintaining disclosure controls and procedures (as
           defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
           and we have:

(a)        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 quarterly report is being prepared;
(b)        designed such internal control over financial reporting, or caused
           such internal control over financial reporting to be designed under
           our 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;
(c)        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 a date
           within 90 days prior to the filing date of this quarterly report (the
           "Evaluation Date") based on such evaluation; and
(d)        disclosed in this report any change in the registrant's internal
           control over financial reporting that occurred during the
           registrant's most recent fiscal half-year that has materially
           affected, or is reasonably likely to materially affect, the
           registrant's internal control over financial reporting; and

5.         The registrant's other certifying officers and I have disclosed to
           the registrant's auditors and the audit committee of registrant's
           board of directors:

(a)        all significant deficiencies and material weaknesses in the design or
           operation of internal controls which are reasonably likely to
           adversely affect the registrant's ability to record, process,
           summarize and report financial information; and
(b)        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; and


   Date:  February 11, 2004


      /S/Luis R. Lopez
      Chief Executive Officer
<page>

I, William H. Critchfield, Chief Financial Officer, certify that:

   1. I have reviewed this quarterly report on Form 10-QSB of Corgenix Medical
   Corporation.

2.    Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this quarterly report.

3.         Based on my knowledge, the financial statements, and other financial
           information included in this quarterly report, fairly present in all
           material respects the financial condition, results of operations and
           cash flows of the registrant as of, and for, the periods presented in
           this quarterly report;

4.         The registrant's other certifying officers and I are responsible for
           establishing and maintaining disclosure controls and procedures (as
           defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
           and we have:

a.         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 quarterly report is being prepared;
b.         designed such internal control over financial reporting, or caused
           such internal control over financial reporting to be designed under
           our 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;
c.         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 a date
           within 90 days prior to the filing date of this quarterly report (the
           "Evaluation Date") based on such evaluation; and
d.         disclosed in this report any change in the registrant's internal
           control over financial reporting that occurred during the
           registrant's most recent fiscal half-year that has materially
           affected, or is reasonably likely to materially affect, the
           registrant's internal control over financial reporting; and

5.         The registrant's other certifying officers and I have disclosed to
           the registrant's auditors and the audit committee of registrant's
           board of directors:

a.         all significant deficiencies and material weaknesses in the design or
           operation of internal controls which are reasonably likely to
           adversely affect the registrant's ability to record, process,
           summarize and report financial information; and
b.         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; and



   Date:  February 11, 2004


      /S/William H. Critchfield
      Chief Financial Officer





<page>

I, Douglass T. Simpson, President, certify that:

   1. I have reviewed this quarterly report on Form 10-QSB of Corgenix Medical
   Corporation.

2.    Based on my knowledge, this quarterly report does not contain any untrue
      statement of a material fact or omit to state a material fact necessary to
      make the statements made, in light of the circumstances under which such
      statements were made, not misleading with respect to the period covered by
      this quarterly report.

3.         Based on my knowledge, the financial statements, and other financial
           information included in this quarterly report, fairly present in all
           material respects the financial condition, results of operations and
           cash flows of the registrant as of, and for, the periods presented in
           this quarterly report;

4.         The registrant's other certifying officers and I are responsible for
           establishing and maintaining disclosure controls and procedures (as
           defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
           and we have:

a.         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 quarterly report is being prepared;
b.         designed such internal control over financial reporting, or caused
           such internal control over financial reporting to be designed under
           our 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;
c.         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 a date
           within 90 days prior to the filing date of this quarterly report (the
           "Evaluation Date") based on such evaluation; and
d.         disclosed in this report any change in the registrant's internal
           control over financial reporting that occurred during the
           registrant's most recent fiscal half-year that has materially
           affected, or is reasonably likely to materially affect, the
           registrant's internal control over financial reporting; and

5.         The registrant's other certifying officers and I have disclosed to
           the registrant's auditors and the audit committee of registrant's
           board of directors:

a.         all significant deficiencies and material weaknesses in the design or
           operation of internal controls which are reasonably likely to
           adversely affect the registrant's ability to record, process,
           summarize and report financial information; and
b.         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; and



   Date:  February 11, 2004


      /S/Douglass T. Simpson
      President


<page>

Exhibit 99.1

                                  CERTIFICATION
             PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
                     SUBSECTIONS (a) AND (b) OF SECTION 1350,
                      CHAPTER 63 OF TITLE 18, UNITED STATES CODE

Pursuant to section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and
(b) of section 1350, chapter 63 of Title 18, United States Code), each of the
undersigned officers of Corgenix Medical Corporation, a Nevada corporation (the
"Company"), does hereby certify with respect to the Quarterly Report of the
Company on Form 10-QSB for the quarter ended September 30, 2002 as filed with
the Securities an Exchange Commission (the "10-QSB Report") that:

i.              the 10-QSB Report fully complies with the requirements of
                section 13(a) or 15(d) of the Securities Exchange Act of 1934;
                and

ii.             the information contained in the 10-QSB Report fairly presents,
                in all material respects, the financial condition and results of
                operations of the Company.


           Dated:    February 11, 2004



/S/Luis R. Lopez
Chief Executive Officer


/S/William H. Critchfield
Chief Financial Officer


/S/Douglass T. Simpson
President



                                   SIGNATURES


      In accordance with the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.



                                    CORGENIX MEDICAL CORPORATION



February 11, 2004                      By:/s/ Luis R. Lopez
                                          Luis R. Lopez, M.D.
                                          Chairman and Chief Executive Officer