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**UNITED STATESSECURITIES AND EXCHANGE COMMISSION** Washington, D.C. 20549

AMENDMENT NO. 2 TO FORM 10-QSB

**x**  Quarterly
  Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  For the quarterly period ended JUNE 30, 2003

 ̈Transition
  Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
  For the transition period ________ to ________

Commission File Number 0-50119

IMAGE INNOVATIONS HOLDINGS INC.
  
  (Exact name of small Business Issuer as specified in its charter)

|NEVADA                                          | 91-1898414                       
|----------------------------------------------- | ---------------------------------
|(State or other jurisdiction of                 | (IRS Employer Identification No.)
|incorporation or organization)                  |                                  
|                                                |                                  
|SUITE 1109, 100 PARK ROYAL                      |                                  
|WEST VANCOUVER, BRITISH COLUMBIA                |                                  
|CANADA                                          | V7T 1A2                          
|(Address of principal executive offices)        | (Zip Code)                       
|                                                |                                  
|Issuers telephone number, including area code: | (604) 925-5283                   

BUSANDA EXPLORATIONS INC. 1550 Ostler Court North Vancouver, British Columbia, Canada V7G 2P1 Telephone: 604-990-2072 
  (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 Securities Exchange Act of 1934 during
  the preceding 12 months (or for such shorter period that the issuer was required
  to file such reports), and (2) has been subject to such filing requirements
  for the past 90 days **x** Yes  ̈
  No

State the number of shares outstanding of each of the issuers
  classes of common stock, as of the latest practicable date: 18,170,000 Shares
  of $0.001 par value Common Stock outstanding as of September 30, 2003.

Transitional Small Business Disclosure Format (check one):
  Yes  ̈No **x**

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THIS AMENDMENT NO. 2 TO QUARTERLY REPORT ON FORM 10-QSB
  HEREBY AMENDS ITEM 1 OF PART I OF THE QUARTERLY REPORT ON FORM 10-QSB FOR THE
  SIX MONTHS ENDED JUNE 30, 2003 FILED BY IMAGE INNOVATIONS HOLDINGS INC. (FORMERLY
  BUSANDA EXPLORATIONS INC.) WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST
  19, 2003, AS AMENDED OCTOBER 15, 2003, TO INCLUDE REVISED FINANCIAL STATEMENTS
  FOR THE SIX MONTHS ENDED JUNE 30, 2003.

PART I - FINANCIAL INFORMATION

ITEM 1.             
  FINANCIAL STATEMENTS.

2

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BUSANDA EXPLORATIONS INC. Consolidated Balance Sheet
  (Unaudited)

|                                                         |   |          |  
|-------------------------------------------------------- | - | -------- | -
|                                                         |   | June 30  |  
|                                                         |   | 2003     |  
|ASSETS                                                   |   |          |  
|                                                         |   |          |  
|Current Assets                                           |   |          |  
|Cash                                                     | $ | 33,983   |  
|Prepaid
      Expenses                                   |   | 120,480  |  
|                                                         |   | 154,463  |  
|                                                         |   |          |  
|Office Equipment                                         |   | 4,481    |  
|                                                         |   |          |  
|                                                         | $ | 158,944  |  
|                                                         |   |          |  
|LIABILITIES AND SHAREHOLDER'S DEFICIENCY                 |   |          |  
|                                                         |   |          |  
|Current Liabilities                                      |   |          |  
|Accounts
      Payable                                   | $ | 19,219   |  
|Stockholder
      Advances                               |   | 23,750   |  
|Demand
      Loan HE Capital                             |   | 351,840  |  
|                                                         |   | 384,809  |  
|                                                         |   |          |  
|Shareholders Deficiency                                  |   |          |  
|Common
      Stock                                       |   | 18,170   |  
|50,000,000
      authorized shares, par value $          |   |          |  
|18,170,000
      shares issued and outstanding           |   |          |  
|                                                         |   |          |  
|Additional
      Paid in Capital (Defecit)               |   | (39,547  | )
|                                                         |   |          |  
|Preferred
      Stock                                    |   |          |  
|1,000,000
      authorized preferred shares, par value $ |   |          |  
|Nil
      shares issued and outstanding                  |   |          |  
|Accumulated
      Deficit                                |   | (214,488 | )
|                                                         |   | (235,865 | )
|                                                         |   |          |  
|                                                         | $ | 158,944  |  

The accompanying notes are integral part of the consolidated
  financial statements. 
  F-1

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BUSANDA EXPLORATIONS INC. Consolidated Statement of Operations 
  (Unaudited)

|                                            |   |                    |   |   |                  |  
|------------------------------------------- | - | ------------------ | - | - | ---------------- | -
|                                            |   | Three Months Ended |   |   | Six Months Ended |  
|                                            |   | June 30            |   |   | June 30          |  
|                                            |   | 2003               |   |   | 2003             |  
|                                            |   |                    |   |   |                  |  
|Revenues:                                   |   |                    |   |   |                  |  
|Revenues                                    | $ | -                  |   | $ | -                |  
|                                            |   | -                  |   |   | -                |  
|                                            |   |                    |   |   |                  |  
|Expenses:                                   |   |                    |   |   |                  |  
|Legal
      & Professional Fees             |   | 750                |   |   | 1,821            |  
|Communications                              |   | 3,514              |   |   | 6,893            |  
|Depreciation                                |   | 151                |   |   | 154              |  
|Insurance                                   |   | 10,284             |   |   | 10,284           |  
|Office
      Rent & Utilities               |   | 6,680              |   |   | 7,080            |  
|Payroll                                     |   | 69,244             |   |   | 112,286          |  
|Product
      Development                   |   | 11,567             |   |   | 15,345           |  
|Other
      Expenses                        |   | 21,293             |   |   | 40,625           |  
|                                            |   | 123,483            |   |   | 194,488          |  
|                                            |   |                    |   |   |                  |  
|Loss before Taxes                           |   | (123,483           | ) |   | (194,488         | )
|                                            |   |                    |   |   |                  |  
|Provision for Income Taxes:                 |   |                    |   |   |                  |  
|Income
      Tax                            |   | -                  |   |   | -                |  
|                                            |   |                    |   |   |                  |  
|Net Income
      (Loss)                     | $ | (123,483           | ) | $ | (194,488         | )
|                                            |   |                    |   |   |                  |  
|Basic and Diluted Earnings Per Common Share | $ | (0.01              | ) | $ | (0.02            | )
|Weighted Average number of Common Shares    |   |                    |   |   |                  |  
|used
      in per share calculations        |   | 8,318,100          |   |   | 8,236,550        |  

The accompanying notes are integral part of consolidated financial
  statements. 
  F-2

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BUSANDA EXPLORATIONS INC. Consolidated Statement of Changes in Shareholders' Equity 
  (Unaudited)

|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|---------------------------------------- | ---------- | - | - | --------------- |  | - | --------------- | - | - | ----------- | - | - | ------------- | -
|                                         |            |   | $ | 0.001           |  |   | Additional      |   |   | Accumulated |   |   | Shareholders' |  
|                                         | Shares     |   |   | Par
      Value |  |   | Paid-In Capital |   |   | Deficit     |   |   | Equity        |  
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Issued by Image on incorporation -       |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|January
      14, 2003                   | 1,000      |   | $ | -               |  | $ | 1,000           |   | $ | -           |   | $ | 1,000         |  
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Prior Image share capital, replaced      |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|by
      Busanda share capital upon      |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|consolidation
      under reverse        |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|takeover
      accounting                | (1,000     | ) |   | -               |  |   | -               |   |   | -           |   |   | -             |  
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Current Image share capital, replaced    |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|by
      Busanda share capital upon      |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|consolidation
      under reverse        |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|takeover
      accounting                | 18,170,000 |   |   | 18,170          |  |   | (1,000          | ) |   | (17,170     | ) |   | -             |  
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Net monetary liabilities of Busanda      |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|acquired
      by Image                  | -          |   |   | -               |  |   | -               |   |   | (22,377     | ) |   | (22,377       | )
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Transferred to Accumulated
      Paid In |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Capital                                  |            |   |   |                 |  |   | (39,547         | ) |   | (39,547     | ) |   |               |  
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Adjustment
      to Retained Deficit to  |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|recognize
      costs related to the     |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|transaction                              |            |   |   |                 |  |   |                 |   |   | (20,000     | ) |   | (20,000       | )
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Net Income (Loss)                        | -          |   |   | -               |  |   | -               |   |   | (194,488    | ) |   | (194,488      | )
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|                                         |            |   |   |                 |  |   |                 |   |   |             |   |   |               |  
|Balance,
      June 30, 2003             | 18,170,000 |   | $ | 18,170          |  | $ | (39,547         | ) | $ | (214,488    | ) | $ | (235,865      | )

The accompanying notes are integral part of consolidated financial
  statements. 
  F-3

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BUSANDA EXPLORATIONS INC. Consolidated Statement of Cash Flows 
  (Unaudited)

|                                                    |   |                    |   |  |   |                  |  
|--------------------------------------------------- | - | ------------------ | - |  | - | ---------------- | -
|                                                    |   | Three Months Ended |   |  |   | Six Months Ended |  
|                                                    |   | June 30            |   |  |   | June 30          |  
|                                                    |   | 2003               |   |  |   | 2003             |  
|                                                    |   |                    |   |  |   |                  |  
|Cash Flows from Operating Activities:               |   |                    |   |  |   |                  |  
|Net
      Income (Loss)                             | $ | (123,483           | ) |  | $ | (194,488         | )
|Adjustments
      to reconcile net loss to net cash |   |                    |   |  |   |                  |  
|provided
      (used) to operating activities:      |   |                    |   |  |   |                  |  
|Depreciation                                        |   | 151                |   |  |   | 154              |  
|Increase
      (Decrease) in Working Capital        |   | (115,762           | ) |  |   | (134,511         | )
|Total
      Adjustments                             |   | (115,611           | ) |  |   | (134,357         | )
|Net Cash Used in Operating Activities               |   | (239,094           | ) |  |   | (328,845         | )
|                                                    |   |                    |   |  |   |                  |  
|                                                    |   |                    |   |  |   |                  |  
|Cash Flows from Investing Activities:               |   |                    |   |  |   |                  |  
|Office
      Equipment                              |   | (2,913             | ) |  |   | (4,635           | )
|Net
      Cash Used in Investing Activities         |   | (2,913             | ) |  |   | (4,635           | )
|                                                    |   |                    |   |  |   |                  |  
|                                                    |   |                    |   |  |   |                  |  
|Cash Flows from Financing Activities:               |   |                    |   |  |   |                  |  
|Demand
      Loan HE Capital                        |   | 247,921            |   |  |   | 351,840          |  
|Issuance
      of Stock for Cash                    |   | -                  |   |  |   | 1,000            |  
|Cash
      Component of Net Liabilities             |   |                    |   |  |   |                  |  
|of
      Busanda Acquired                           |   | 14,623             |   |  |   | 14,623           |  
|Net Cash Provided
      for Financing Activities    |   | 262,544            |   |  |   | 367,463          |  
|Net Increase
      (Decrease) in Cash               |   | 20,537             |   |  |   | 33,983           |  
|                                                    |   |                    |   |  |   |                  |  
|Cash Balance,
      Begin Period                    |   | 13,446             |   |  |   | -                |  
|Cash Balance,
      End Period                      | $ | 33,983             |   |  | $ | 33,983           |  
|                                                    |   |                    |   |  |   |                  |  
|Supplemental Disclosures:                           |   |                    |   |  |   |                  |  
|Cash
      Paid for interest                        | $ | -                  |   |  | $ | -                |  
|Cash
      Paid for income taxes                    | $ | -                  |   |  | $ | -                |  

The accompanying notes are integral part of consolidated financial
  statements. 
  F-4

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|BUSANDA
      EXPLORATIONS INC. 
      Notes to Consolidated Financial Statements 
      As at June 30, 2003
|------------------------------------------------------------------------------------------------------------

|1. | Basis of preparation and presentation:
      The accompanying consolidated financial statements have
        been prepared to reflect the legal acquisition on June 30, 2003 of Image
        Innovations Inc. (Image) by Busanda Explorations Inc. (Busanda)
        (the Acquisition). The consolidated financial statements of
        Busanda give effect to the Acquisition under which the shareholders of
        Image Innovations exchanged all of their common shares of Image Innovations
        for common shares of Busanda.
      Notwithstanding its legal form, the Acquisition has
        been accounted for as a reverse takeover, as the former shareholders of
        Image own in aggregate approximately 55% of the common shares of Busanda,
        and so are now the majority shareholders of Busanda. Also, as Busanda
        was an inactive company with nominal net non-monetary assets, the Acquisition
        has been accounted for as an issuance of stock by Image accompanied by
        a recapitalization (see note 3 Common Stock). The net monetary liabilities
        of Busanda acquired by Image have been charged to the accumulated deficit.
      As required under reverse takeover accounting, these
        financial statements have been issued under the name of Busanda and reflect
        the share capital structure of Busanda. However, they reflect the financial
        statements of Image and account for the Acquisition as an acquisition
        of Busanda by Image. The consolidated financial statements therefore include:
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|   | Image was incorporated on January 14, 2003. The
      consolidated statement of operations has been prepared for the period from
      this date to June 30, 2003. No comparative information has been provided
      as this is the first year of operations for Image.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|2. | Summary of Significant Accounting Policies:
      Organization
      Busanda was incorporated under the laws of the State
        of Nevada on March 3, 1998 for the purpose to promote and carry on any
        lawful business for which a corporation may be incorporated under the
        laws of the State of Nevada. Busanda has a total of 50,000,000 authorized
        common shares with a par value of $.001 per share and with 18,170,000
        common shares issued and outstanding as of June 30, 2003. Busanda has
        a total of 1,000,000 authorized preferred shares with a par value of $.01
        per share, there were no preferred shares issued and outstanding as of
        June 30, 2003.
      The consolidated financial statements for Busanda Explorations
        Inc. (the Company) included herein                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

F-5

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|BUSANDA
      EXPLORATIONS INC. 
      Notes to Consolidated Financial Statements 
      As at June 30, 2003
|------------------------------------------------------------------------------------------------------------

| | are unaudited but reflect, in managements
        opinion, all adjustments, consisting only of normal recurring adjustments,
        that are necessary for a fair presentation of the Companys financial
        position and the results of its operations for the interim periods presented
        and are necessary to ensure that the financial statements of the company
        are not misleading.
      Busanda had entered into an agreement to purchase mineral
        property claims in the Laird Mining Division, British Columbia, Canada,
        but lost the claim due to lack of funding. Busanda has no other business.
      Image was incorporated under the laws of the State of
        Delaware on January 14, 2003 for the purpose to promote and carry on any
        lawful business for which a corporation may be incorporated under the
        laws of the State of Delaware. Image has a total of 1,500 authorized common
        shares with no par value and has 1,000 common shares issued and outstanding
        as of June 30, 2003.
      Image has been established to become a recognized player
        in the field of promotional licensing and branding. Images goal
        is to add value to a wide variety of relatively low cost, but desirable
        or essential products, by endorsing them with the brand logos of sports
        teams and/or household trademarks.
      On February 11, 2003, Image entered into a retail license
        agreement with NHL Enterprises, L.P. to market Images products under
        the National Hockey League brand.
      Image has submitted a proposal to National Football
        League Properties to obtain a license to market Images products
        under the NFL brand.
      Development Stage Enterprise
      The
        accompanying financial statements have been prepared on a going concern
        basis, which contemplates the realization of assets and the satisfaction
        of liabilities and commitments in the normal course of business. As at
        June 30, 2003, the Company had no revenues, and has accumulated operating
        losses since its inception. The continuation of the Company is dependent
        upon achieving a profitable level of operations as well as maintaining
        existing long-term financing. Management plans to raise equity capital
        to finance the operations and capital requirements of the Company. The
        Company has committed all of its net working capital as at June 30, 2003
        to complete the development of the Company’s business plan. It plans
        to continue the design, installation and operation of promotional licensing
        and branding and marketing efforts to commence the operation of its newly
        chosen line of business and to secure further long-term financing. While
        the Company is expending its best efforts to achieve the above plans,
        there is no assurance that any such activity will generate funds that
        will be available to sustain operations.
      Earnings per Common Share
      The consolidated Busanda adopted Financial Accounting
        Standards (SFAS) No. 128, Earnings Per Share, which simplifies
        the computation of earnings per share requiring the restatement of all
        prior periods.
      Basic earnings per share are computed on the basis of
        the weighted average number of common shares outstanding during each year.
      Diluted earnings per share are computed on the basis
        of the weighted average number of common shares and dilutive securities
        outstanding. Dilutive securities having an anti-dilutive effect on diluted
        earnings per share are excluded from the calculation.
      Fair Value of Financial Instruments
      The Financial Accounting Standards Board (FASB)
        Statement No. 107 Disclosure About Fair Value of Financial Instruments
        is a part of a continuing process by the FASB to improve information on
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-6

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|BUSANDA
      EXPLORATIONS INC. 
      Notes to Consolidated Financial Statements 
      As at June 30, 2003
|------------------------------------------------------------------------------------------------------------

|   | consolidated financial statements. The
        carrying amounts reported in the balance sheets for The consolidated Busandas
        assets and liabilities approximate their fair values as of June 30, 2003.                                                                                                                                                                                                                                                                                                
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|3. | Common Stock
        Busanda has authorized 50,000,000 common shares. At June 30, 2003,
          Busanda has issued 18,170,000 shares of common stock to various investors.
        Busanda has authorized 1,000,000 preferred shares. At June 30, 2003
          no preferred shares have been issued.                                                                                                                                                                                                       
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|4. | Restatement
      Subsequent to the issuance of the Company's June 30, 2003 financial statements,
        management determined that it should restate its June 30, 2003 financial
        statements and related disclosures. This reinstatement is being made to
        reflect the basis of presentation as described in Note 1 and to properly
        record the reverse takeover accounting as described in Note 1.
      A summary of the
        significant effects of the restatement is as follows:
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

| |                            |  | As Previously |  |  | As       | 
| | -------------------------- |  | ------------- |  |  | -------- | 
| |                            |  | Reported      |  |  | Restated | 
| | Prepaid Expenses           |  | 129,397       |  |  | 120,480  | 
| | Goodwill                   |  | 29,397        |  |  | 0        | 
| | Additional Paid In Capital |  | 62,145        |  |  | 39,547   | 
| | Accumulated Defecit        |  | 264,886       |  |  | 214,865  | 

|5. | Subsequent Events
        Subsequent to June 30, 2003, Busanda has changed its name to Image
          Innovations Holdings Inc. There were no other material subsequent events
          that have occurred since the balance sheet date that warrants disclosure
          in these consolidated financial statements.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-7

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PART II--OTHER INFORMATION

ITEM 6.             
  EXHIBITS AND REPORTS ON FORM 8-K

EXHIBITS REQUIRED BY ITEM 601

|Exhibit
      Number |  | Description
      of Exhibit                                                                                                                                     
|-------------------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
|                     |  |                                                                                                                                                                  
|31.1                 |  | Certification of Chief Executive
      Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1)                                                     
|                     |  |                                                                                                                                                                  
|31.2                 |  | Certification of Chief Financial
      Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (1)                                                     
|                     |  |                                                                                                                                                                  
|32.1                 |  | Certification of Chief Executive
      Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
      906 of the Sarbanes-Oxley Act of 2002 (1)
|                     |  |                                                                                                                                                                  
|32.2                 |  | Certification of Chief Financial
      Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
      906 of the Sarbanes-Oxley Act of 2002 (1)

|    |                                                                                      
|--- | -------------------------------------------------------------------------------------
|(1) | Filed as an Exhibit to this Amendment No. 2 to Quarterly Report
      on Form 10-QSB.
|    |                                                                                      

3

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SIGNATURES

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

IMAGE INNOVATIONS HOLDINGS INC.

|Date: | FEBRUARY 19, 2004           | 
|----- | --------------------------- | 
|      |                             | 
|      |                             | 
|      |                             | 
|By:   | /s/
      Alain Kardos      | 
|      | ALAIN KARDOS                | 
|      | PRESIDENT,                  | 
|      | CHIEF EXECUTIVE OFFICER     | 
|      | AND DIRECTOR                | 
|      |                             | 
|      |                             | 
|By:   | /s/
      Christopher Smith | 
|      | CHRISTOPHER SMITH           | 
|      | CHIEF FINANCIAL OFFICER,    | 
|      | AND DIRECTOR                | 

4

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