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**UNITED STATES
  SECURITIES 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 SEPTEMBER 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 November 10, 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
  NINE MONTHS ENDED SEPTEMBER 30, 2003 ORIGINALLY FILED BY IMAGE INNOVATIONS HOLDINGS
  INC. (FORMERLY BUSANDA EXPLORATIONS INC.) WITH THE SECURITIES AND EXCHANGE COMMISSION
  ON NOVEMBER 14, 2003, AS AMENDED ON NOVEMBER 21, 2003, TO INCLUDE REVISED FINANCIAL
  STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2003.

PART I - FINANCIAL INFORMATION

ITEM 1.             
  FINANCIAL STATEMENTS.

2

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IMAGE INNOVATIONS HOLDINGS INC. Consolidated Balance Sheet
  (Unaudited)

|                                                         |   | September
      30 |  
|-------------------------------------------------------- | - | ------------------ | -
|                                                         |   | 2003               |  
|ASSETS                                                   |   |                    |  
|                                                         |   |                    |  
|Current Assets                                           |   |                    |  
|Cash                                                     | $ | 284,033            |  
|Prepaid
      Expenses                                   |   | 158,750            |  
|                                                         |   | 442,783            |  
|Office
      Equipment                                   |   | 7,900              |  
|                                                         |   |                    |  
|                                                         | $ | 450,683            |  
|                                                         |   |                    |  
|LIABILITIES AND SHAREHOLDER'S DEFICIENCY                 |   |                    |  
|                                                         |   |                    |  
|Current Liabilities                                      |   |                    |  
|Accounts Payable                                         | $ | 14,701             |  
|Demand
      Loan HE Capital                             |   | 822,384            |  
|                                                         |   | 837,085            |  
|                                                         |   |                    |  
|Shareholders Deficiency                                  |   |                    |  
|                                                         |   |                    |  
|Common Stock                                             |   | 18,170             |  
|50,000,000
      authorized shares, par value $          |   |                    |  
|18,170,000 shares
      issued and outstanding           |   |                    |  
|                                                         |   |                    |  
|Additional
      Paid In Capital                         | $ | (39,547            | )
|                                                         |   |                    |  
|Preferred Stock                                          |   |                    |  
|1,000,000
      authorized preferred shares, par value $ |   |                    |  
|Nil shares issued
      and outstanding                  |   |                    |  
|Accumulated
      Deficit                                |   | (365,025           | )
|                                                         |   | (386,402           | )
|                                                         | $ | 450,683            |  

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

F-1

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IMAGE INNOVATIONS HOLDINGS INC. Consolidated Statement of Operations
  (Unaudited)

|                                            |   | Three
      Months Ended |   |   | Nine
      Months Ended |  
|------------------------------------------- | - | ------------------------ | - | - | ----------------------- | -
|                                            |   | September 30             |   |   | September 30            |  
|                                            |   | 2003                     |   |   | 2003                    |  
|                                            |   |                          |   |   |                         |  
|Revenues:                                   |   |                          |   |   |                         |  
|Revenues                                    | $ | -                        |   | $ | -                       |  
|                                            |   |                          |   |   |                         |  
|Expenses:                                   |   |                          |   |   |                         |  
|Legal
      & Professional Fees             |   | 1,260                    |   |   | 2,786                   |  
|Communications                              |   | 3,175                    |   |   | 10,068                  |  
|Depreciation                                |   | 502                      |   |   | 656                     |  
|Insurance                                   |   | -                        |   |   | 10,284                  |  
|Office
      Rent & Utilities               |   | 6,679                    |   |   | 13,759                  |  
|Payroll & Consulting
      fees             |   | 89,900                   |   |   | 202,186                 |  
|Product
      Development                   |   | 22,985                   |   |   | 38,330                  |  
|Other
      Expenses                        |   | 26,036                   |   |   | 66,956                  |  
|                                            |   | 150,537                  |   |   | 345,025                 |  
|                                            |   |                          |   |   |                         |  
|Loss before Taxes                           |   | (150,537                 | ) |   | (345,025                | )
|                                            |   |                          |   |   |                         |  
|Provision for Income Taxes:                 |   |                          |   |   |                         |  
|Income
      Tax                            |   | -                        |   |   | -                       |  
|                                            |   |                          |   |   |                         |  
|Net Income
      (Loss)                     | $ | (150,537                 | ) | $ | (345,025                | )
|                                            |   |                          |   |   |                         |  
|Basic and Diluted Earnings Per Common Share | $ | (0.01                    | ) | $ | (0.02                   | )
|                                            |   |                          |   |   |                         |  
|Weighted Average number of Common Shares    |   |                          |   |   |                         |  
|used
      in per share calculations        |   | 18,170,000               |   |   | 18,170,000              |  

The accompanying notes are integral part of consolidated financial
  statements.

F-2

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IMAGE INNOVATIONS HOLDINGS INC. Consolidated Statement of Changes in Shareholders' Equity 
  (Unaudited)

|                                         |            |   |   |                 |  |   | Paid-In              |   |   |             |   |   |               |  
|---------------------------------------- | ---------- | - | - | --------------- |  | - | -------------------- | - | - | ----------- | - | - | ------------- | -
|                                         |            |   |   | $0.001          |  |   | Capital              |   |   | Accumulated |   |   | Shareholders' |  
|                                         | Shares     |   |   | Par
      Value |  |   | (No
      par value) |   |   | 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)                  | -          |   |   | -               |  |   | -                    |   |   | (345,025    | ) |   | (345,025      | )
|                                         |            |   |   |                 |  |   |                      |   |   |             |   |   |               |  
|Balance,
      September 30, 2003        | 18,170,000 |   | $ | 18,170          |  | $ | (39,547              | ) | $ | (365,025    | ) | $ | (386,402      | )

The accompanying notes are integral part of consolidated financial
  statements.

F-3

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IMAGE INNOVATIONS HOLDINGS INC. Consolidated Statement of Cash Flows
  (Unaudited)

|                                                    |   | Three
      Months Ended |   |   | Nine
      Months Ended |  
|--------------------------------------------------- | - | ------------------------ | - | - | ----------------------- | -
|                                                    |   | September 30             |   |   | September 30            |  
|                                                    |   | 2003                     |   |   | 2003                    |  
|                                                    |   |                          |   |   |                         |  
|Cash Flows from Operating Activities:               |   |                          |   |   |                         |  
|Net Income (Loss)                                   | $ | (150,537                 | ) | $ | (345,025                | )
|Adjustments to reconcile
      net loss to net cash |   |                          |   |   |                         |  
|provided (used)
      to operating activities:      |   |                          |   |   |                         |  
|Depreciation                                        |   | 502                      |   |   | 656                     |  
|Increase
      (Decrease) in Working Capital        |   | (66,538                  | ) |   | (201,049                | )
|Total
      Adjustments                             |   | (66,036                  | ) |   | (200,393                | )
|Net Cash Used in Operating Activities               |   | (216,573                 | ) |   | (545,418                | )
|                                                    |   |                          |   |   |                         |  
|                                                    |   |                          |   |   |                         |  
|Cash Flows from Investing Activities:               |   |                          |   |   |                         |  
|Office
      Equipment                              |   | (3,921                   | ) |   | (8,556                  | )
|Net Cash Used
      in Investing Activities         |   | (3,921                   | ) |   | (8,556                  | )
|                                                    |   |                          |   |   |                         |  
|Cash Flows from Financing Activities:               |   |                          |   |   |                         |  
|Demand Loan HE Capital                              |   | 470,544                  |   |   | 822,384                 |  
|Issuance of Stock
      for Cash                    |   | -                        |   |   | 1,000                   |  
|Cash Component of
      Net Liabilities             |   |                          |   |   |                         |  
|of
      Busanda Acquired                           |   | -                        |   |   | 14,623                  |  
|Net Cash Provided
      for Financing Activities    |   | 470,544                  |   |   | 838,007                 |  
|Net Increase
      (Decrease) in Cash               |   | 250,050                  |   |   | 284,033                 |  
|                                                    |   |                          |   |   |                         |  
|Cash Balance,
      Begin Period                    | $ | 33,983                   |   |   | -                       |  
|Cash Balance,
      End Period                      | $ | 284,033                  |   | $ | 284,033                 |  
|                                                    |   |                          |   |   |                         |  
|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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IMAGE INNOVATIONS HOLDINGS INC. 
  Notes to Consolidated Financial Statements 
  As at September 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 Image Innovations Holdings Inc. formerly
          Busanda Explorations Inc. (Image Holdings) (the Acquisition).
          The consolidated financial statements of Image Holdings 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 Image Holdings.
        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 Image Holdings,
          and so are now the majority shareholders of Image Holdings. Also, as
          Image Holdings 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 Image Holdings 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 Image Holdings and reflect the share
          capital structure of Image Holdings. However, they reflect the financial
          statements of Image and account for the Acquisition as an acquisition
          of Image Holdings 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 September 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
        Image Holdings 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. Image Holdings 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 September 30, 2003. Image
          Holdings 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 September 30, 2003.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  

F-5

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IMAGE INNOVATIONS HOLDINGS INC. 
  Notes to Consolidated Financial Statements 
  As at September 30, 2003

| | The consolidated financial statements for Image Holdings
        included herein are unaudited but reflect, in managements opinion,
        all adjustments, consisting only of normal recurring adjustments, that
        are necessary for a fair presentation of Image Holdings' 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.
      Prior to the Acquisition Image Holdings then Busanda
        Explorations Inc., 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. Image Holdings had no other business.
        Image Holdings was therefore an inactive company with nominal net non-monetary
        assets, the shares of which were and continue to be publicly traded on
        the OTC Bulletin Board.
      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.
      Image has entered into a license agreement with NHL
        Enterprises, LP for the license of the National Hockey League name and
        other NHL logos and indicia for use in connection with batteries and other
        battery related products. The license is a non-exclusive license for the
        United States. The license is for a term expiring December 31, 2004.
      Image has also entered into a letter of intent with
        NFL Properties LLC for the grant of a license to use the National Football
        League mark and other related marks in connection with batteries, flashlights
        with batteries, e-badge with batteries, radios with batteries, and universal
        remote controls with batteries. The license will be limited to the United
        States. The license will be for a term expiring March 31, 2004 and is
        subject to the execution of a definitive license agreement with NFL Properties
        LLC.
      Image has also entered into a license agreement with
        Riddell Sports Group. Riddell is the official supplier of Football helmets
        to the NFL and supplies helmets to most football teams of the NCAA and
        the CFL. Under the terms of the agreement Image Innovations Inc. will
        manufacture and distribute a pocket size AM/FM radio with ear jacks, replicating
        Riddell-style football helmet. The initial term of the agreement is for
        one year with renewal terms up to the year 2005 if certain conditions
        are fulfilled.
      Image plans to pursue negotiations with further sports
        leagues and sports teams to obtain additional license rights.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-6

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IMAGE INNOVATIONS HOLDINGS INC. 
  Notes to Consolidated Financial Statements 
  As at September 30, 2003

|   | 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 September 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 September 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 consolidated financial statements. The carrying amounts reported
          in the balance sheets for The consolidated Image Holdings assets
          and liabilities approximate their fair values as of September 30, 2003.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|3. | Common Stock
        Image Holdings has authorized 50,000,000 common shares. At September
          30, 2003, Image Holdings has issued 18,170,000 shares of common stock
          to various investors.
        Image Holdings has authorized 1,000,000 preferred shares. At September
          30, 2003 no preferred shares have been issued.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

F-7

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IMAGE INNOVATIONS HOLDINGS INC. 
  Notes to Consolidated Financial Statements 
  As at September 30, 2003

|4. | Demand Loan HE Capital
        We have been dependent upon H.E. Capital S.A., a related party in
          order to fund the business of Image to date. H.E. Capital has agreed
          to advance funds to Image in order to finance the start-up of our business
          operations pursuant to a loan agreement between H.E. Capital and Image.
          H.E. Capital has advanced to Image a total of $822,384 as of September
          30, 2003. The loans are secured by a general security agreement granted
          by Image against all of its assets. There is no assurance that H.E.
          Capital will advance additional amounts in order to fund the business
          of Image.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|5. | Restatement
      Subsequent to the issuance of the Company's September 30, 2003 financial
        statements, management determined that it should restate its September
        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 |  
| | Accounts Payable           |  | 7,508         |   |  | 19,219   |  
| | Additional Paid In Capital |  | 0             |   |  | (39,547  | )
| | Accumulated Deficit        |  | (397,379      | ) |  | (365,025 | )

|6. | Subsequent Events
        There were no material subsequent events that have occurred since
          the balance sheet date that warrants disclosure in these consolidated
          financial statements.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-8

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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.
|    |                                                                                      

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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                | 

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