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

                                   FORM 10-QSB

(Mark One)
[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934
      For the quarterly period ended March 31, 2005

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
      For the transition period from ________________ to _________________

                         Commission file number 0-28555

                               KORE HOLDINGS, INC.
  -----------------------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

               NEVADA                                  86-0960464
-------------------------------------          ----------------------------
(State or other jurisdiction of              (IRS Employer Identification No.)
incorporation or organization)

                   41667 Yosemite Pines Dr., Oakhurst CA 93644
  -----------------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (559) 692-2474
  -----------------------------------------------------------------------------
                           (Issuer's telephone number)



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


                      APPLICABLE ONLY TO CORPORATE ISSUERS
State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date: 4,919,422 Common Shares $0.001 par
value as of March 31, 2005.

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [ X ]


<PAGE>


                         PART I -- FINANCIAL INFORMATION

Item 1.  Financial Statements.

The information required by Item 310(b) of Regulation S-B is attached hereto as
Exhibit One.

Item 2.  Management's Discussion and Analysis or Plan of Operation.

THE FOLLOWING DISCUSSION OF THE FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF
THE COMPANY SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND
NOTES THERETO INCLUDED ELSEWHERE IN THIS REPORT.

THIS DISCUSSION CONTAINS FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND
UNCERTAINTIES, AND THE COMPANY'S ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE
ANTICIPATED IN THESE FORWARD-LOOKING STATEMENTS AS A RESULT OF CERTAIN FACTORS,
INCLUDING, BUT NOT LIMITED TO COMPETITION AND OVERALL MARKET AND ECONOMIC
CONDITIONS.

RESULTS OF CONTINUING OPERATIONS

                                                   Six Months Ended
                                                        March 31

                                                 2005                2004

      Revenue                               $     201,741     $  1,212,216
      Cost of revenue                                   -          670,592
                                            ------------------------------

      Gross profit                                201,741          541,624
      Operating expenses                          242,799          369,060
                                            -------------------------------

      Income (Loss) from
          continuing operations                   (41,058)          172,564
      Income from discontinued
         Operations                                32,318                  -
                                            -------------------------------
      Net income (loss)                     $      (8,740)     $    172,564

      Gross profit margin                             100%               45%

      Income (Loss) per share from
         continuing operations              $       (0.01)     $       0.04

      Income (Loss) per share from
         discontinued operations            $        0.01      $       0.04

      Weighted average number of
         common shares outstanding              4,919,4 22        4,469,422

For the six months ended March 31, 2005, the Company generated $201,714 of
revenue, $(41,058) of net loss from continuing operations, one time income from
discontinued operations of $32,318, a net loss of $(8,740) and $(0.01) in net
loss per weighted average common share based upon a weighted average of
4,919,422 common shares outstanding. All of the Company's revenue for this
period was from its mortgage business.

For the six months ended March 31, 2004, the Company generated $1,212,216 of
revenue, $541,624 of gross profit, $172,564 of net income, and $0.04 in earnings
per weighted average common share based upon a weighted average of 4,469,422
common shares outstanding.. All of the Company's revenue for this period was
from its mortgage business.

Revenue for the six months ended March 31, 2005, decreased $1,010,475,622 from
the same period last year. Cost of revenue for the six months ended March 31,
2005, decreased $670,592 from the same period last year. Operating expenses for
the six months ended March 31, 2005, decreased $126,261 from the same period
last year. Income from continuing operations for the six months ended March 31,
2005, decreased $213,622 from the same period last year. In the six months ended
March 31, 2005, income from discontinued operations increased 32,318 from the
same period last year. In the six months ended March 31, 2005, net income
decreased $184,304.

                                                      Three Months Ended
                                                              March 31

                                                    2005                2004

                    Revenue                        $     201,724   $   600,044
                    Cost of revenue                           -        529,198
                                                   ---------------------------

                    Gross profit                         201,724       300,508
                    Operating expenses                   194,213       163,177
                                                   ---------------------------
                    Income (loss) from
                    continuing operations                 7,538        137,331
                    Income from discontinued
                    Operations                           32,318              -
                                                   ---------------------------

                    Net income (loss)              $     39,846     $  137,331

                    Gross profit margin                    100%            50%

                    Income (Loss) per share from
                    continuing operations          $      0.01      $     0.03

                    Income (Loss) per share from
                    discontinued operations        $      0.01      $     0.03

                    Number of common shares
                    Outstanding                      4,919,422       4,919,422

For the three months ended March 31, 2005, the Company generated $201,724, of
revenue, $3,980 of net income from continuing operations, one time income from
discontinued operations of $32,318, net income of $39,846 and $0.01 in earnings
per fully diluted common share based upon 4,919,422 fully diluted common shares
outstanding. All of the Company's revenue for this period was from its mortgage
business.

For the three months ended March 31, 2004, the Company generated $600,044 of
revenue, $300,508 of gross profit, $137,331 of net income, and $0.03 in earnings
per fully diluted common share based upon 4,919,422 fully diluted common shares
out standing. All of the Company's revenue for this period was from its mortgage
business.

Revenue for the three months ended March 31, 200, decreased $398,320 from the
same period last year. Cost of revenue for the three months ended March 31,
2005, decreased $529,198 from the same period last year. Operating expenses for
the three months ended March 31, 2005, increased $31,036 from the same period
last year. Income from continuing operations for the three months ended March
31, 2005, decreased $129,739 from the same period last year. In the three months
ended March 31, 2005, income from discontinued operations increased 32,318 from
the same period last year. In the three months ended March 31, 2005, net income
decreased $97,485.

MANAGEMENT'S DISCUSSION

The Company attributes the decrease in revenue, operating expenses and income
from continuing operations for the for the six and three months ended March 31,
2005, to discontinuation of its mortgage business in California. The decrease in
cost of revenue is due to the discontinuation of its mortgage business in
California and the fact that its secondary lender for its mortgage business in
the Washington D.C. area pays all of the cost of revenue.

Item 3. Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures

The term "disclosure controls and procedures" is defined in Rules 13a-15(e) and
15d-15(e) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). This term refers to the controls and procedures of a company that are
designed to ensure that information required to be disclosed by a company in the
reports that it files under the Exchange Act is recorded, processed, summarized,
and reported within the required time periods. Our Chief Executive Officer and
our Chief Financial Officer have evaluated the effectiveness of our disclosure
controls and procedures as of the end of the period covered by this annual
report. They have concluded that, as of that date, our disclosure controls and
procedures were effective at ensuring that required information will be
disclosed on a timely basis in our reports filed under the Exchange Act.

(b) Changes in Internal Control over Financial Reporting

No change in our internal control over financial reporting (as defined in Rules
13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the period
covered by this report that has materially affected, or is reasonably likely to
materially affect, our internal control over financial reporting.

                          PART II -- OTHER INFORMATION

Item 1.  Legal Proceedings.

There are no pending or threatened legal proceedings against the Company or any
of its subsidiaries.

Item 2.  Changes in Securities.

NONE

Item 3.  Defaults Upon Senior Securities

NONE

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

NONE

Item 5.  Other Information.

The Company is still in the due diligence phase of the purchase of the Franklin
Hydro facility located in Malone New York.

The Company's purchase of Tract #4 of the Fiatt Coal Mine in Fulton County,
Illinois is in escrow subject to the satisfaction of certain contingencies by
the seller. There can be no guarantee that the contingencies will be satisfied
or that the closing of the purchase will be finalized. The purchase of
additional coal tracts pursuant to existing options is contingent upon
satisfaction of the escrow by the seller to the satisfaction of the Company.

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

INDEX TO EXHIBITS.

EXHIBIT
NUMBER         DESCRIPTION OF DOCUMENT
               -------------------------------------------------------
      1        KORE HOLDINGS, INC. AND SUBSIDIARIES FINANCIAL STATEMENTS
  31.01        Section 302 Certifications
  32.01        Section 906 Certifications

On May 30, 2002, the Company filed a Form 8-K to report the acquisition of First
Washington Financial Corporation.

On January 18, 2005, the Company filled an Amended Form 8-K amending its Form
8-K filed on May 30, 2002, to report the acquisition of First Washington
Financial Corporation.

                                   SIGNATURES

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

                               KORE HOLDINGS. INC.
                               (Registrant)
 Date May 23, 2005             /s/Denis C. Tseklenis
     ------------              ------------------------
                               Denis C. Tseklenis
                               Chief Executive Officer
                               Chairman of the Board

 <PAGE>

                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)

                             CONDENSED CONSOLIDATED
                              FINANCIAL STATEMENTS

                             MARCH 31, 2005 AND 2004

===============================================================================




                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)

              INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED):


BALANCE SHEET AS OF MARCH 31, 2005 (UNAUDITED)

STATEMENTS OF INCOME (OPERATIONS) FOR THE SIX AND THREE MONTHS ENDED MARCH 31,
     2005 AND 2004 (UNAUDITED)


STATEMENTS OF CASH FLOWS FOR SIX MONTHS ENDED
    MARCH 31, 2005 AND 2004 (UNAUDITED)


NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

<PAGE>
                      KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
                                  BALANCE SHEET
                                 MARCH 31, 2005

                                     ASSETS

                                                           (UNAUDITED)
                                                              MARCH 31
                                                               2005
                                                     ---------------------
CURRENT ASSETS
    Cash and cash equivalents                         $           39,448

    Commissions receivable                                           300

    Prepaid expenses and other assets                               1,575
                                                     ---------------------


               Total current assets                                41,323
                                                      ---------------------

PROPERTY AND EQUIPMENT - Net                                     5,740,128

OTHER ASSETS
    Land and coal reserves                                      14,045,079
    Restricted cash                                                234,240
    Goodwill                                                     2,827,572
    Licenses, net of amortization                                  358,334
                                                      ---------------------

                                                                17,465,225
                                                      ---------------------

TOTAL ASSETS                                               $    23,246,676
                                                      =====================


                 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

CURRENT LIABILITIES
    Accounts payable and accrued expenses               $           27,949
    Due to officer                                                  24,400
                                                     ------------------------

              Total current liabilities                             52,349
                                                      ------------------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY (DEFICIT)
   Class A Preferred Stock, $.001 par value,
   10,000,000 shares authorized at
   March 31, 2005 and 1,000,000 issued and
   outstanding at March 31, 2005                                      1,000

   Class B Preferred Stock , no par value,
   90,000,000 shares authorized at March
   31, 2005, and 13,635,999shares issued
   and outstanding at March 31, 2005                                      -

   First Washington Class A Preferred Stock,
   no par value, 500,000 shares authorized
   at March 31, 2005 and 500,000 shares issued
   and outstanding at March 31, 2005                                     -

   Common stock, $.001 par value 400,000,000
   shares authorized at March 31, 2005
   and 4,919,422 shares issued and outstanding
   at March 31, 2005                                                   4,919

   Additional paid-in capital                                     28,138,326
   Accumulated deficit                                            (4,949,918)
                                                       ------------------------

          Total stockholders' equity (deficit)                    23,194,327
                                                       ------------------------

TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)                                             $    23,246,676
                                                       ========================


           See accompanying notes to condensed consolidated financial
                                  statements.

<PAGE>
                      KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
                        STATEMENTS OF INCOME (OPERATIONS)
                       SIX MONTHS ENDED THREE MONTHS ENDED
                             MARCH 31, 2005 AND 2004


                                SIX MONTHS                      THREE MONTHS

                             2005            2004           2005         2004

OPERATING REVENUE      $    201,741    $   1,212,216   $    201,741  $  600,044


COST OF OPERATIONS                -          670,592              -     299,536
                       --------------------------------------------------------


GROSS PROFIT                201,741          541,624        201,741     300,508

OPERATING EXPENSES

   General and
     administrative         184,603          354,595        168,217     155,895

   Depreciation              58,196           14,465         25,996       7,282
                      ----------------------------------------------------------


Total operating expenses    242,799          369,060        194,213     163,177
                     ----------------------------------------------------------

INCOME (LOSS) BEFORE
  INCOME TAXES              (41,058)         172,564          7,528     137,331

 Provision for income taxes       -                -              -          -
                     ----------------------------------------------------------


INCOME (LOSS) FROM
  CONTINUING OPERATIONS     (41,058)         172,564          7,528     137,331


 Income from discontinued operations
   (net of income taxes)     32,318                -         32,318          -
                     ----------------------------------------------------------


NET INCOME (LOSS)      $     (8,740)       $ 172,564    $    39,846   $ 137,331
                     ==========================================================


BASIC AND DILUTED INCOME
  (LOSS) PER SHARE
    Basic from continuing
      operations       $      (0.01)       $    0.04    $      0.01   $    0.03
                     ==========================================================

    Diluted from continuing
      operations       $      (0.01)       $    0.04    $      0.01   $    0.03
                     ==========================================================

    Basic from discontinued
      operations       $       0.01        $    0.04    $      0.01   $    0.03
                     ==========================================================

    Diluted from discontinued
      operations       $       0.01        $    0.04    $      0.01   $    0.03
                     ==========================================================


WEIGHTED AVERAGE NUMBER OF BASIC COMMON
   SHARES OUTSTANDING     4,919,422        4,469,422      4,919,422   4,919,422
                     ==========================================================


WEIGHTED AVERAGE NUMBER OF DILUTED COMMON
   SHARES OUTSTANDING     4,919,422        4,469,422      4,919,422   4,919,422
                     ==========================================================




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


<PAGE>
                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
                            STATEMENTS OF CASH FLOWS
                                SIX MONTHS ENDED
                             MARCH 31, 2005 AND 2004

                                                 2005                    2004
                                             ---------------------------------

CASH FLOW FROM OPERATING ACTIVITIES
Continuing Operations:
   Net income (loss)                         $      (41,058)     $      172,564
                                             ----------------------------------
   Adjustments to reconcile net income
   (loss) to net cash provided by
   operating activities:

       Depreciation and amortization                 60,196              14,465

  Changes in assets and liabilities

      (Increase) decrease in commissions
      receivable                                     47,574             (57,978)

      (Increase) in prepaid assets                   (1,575)                  -

      (Decrease) in accounts payable
         and accrued liabilities                    (33,889)             (2,681)
                                             ----------------------------------


     Total adjustments                               72,306             (46,194)
                                             ----------------------------------

     Net cash provided by operating
     activities - continuing
     operations                                      31,248             126,370
                                             ----------------------------------

Discontinued Operations:

     Income from discontinued operations             32,318                   -

     Impairment of goodwill                          31,840                   -
                                            ------------------------------------


     Net cash provided by operating
     activities - discontinued operations            64,158                   -
                                            -----------------------------------

CASH FLOWS FROM INVESTING ACTIVITIES

     Advance receivable, net                              -              4,500

     Capital expenditures                            (6,543)                 -
                                            -----------------------------------


       Net cash provided by (used in)
       investing activities                          (6,543)             4,500
                                           ------------------------------------

CASH FLOWS FROM FINANCING ACTIVITIES

     Contributions of equity                              -            143,500

     Dividends distribution, net                   (346,658)                 -

     Due to officer                                  24,400                  -
                                           ------------------------------------

       Net cash provided by (used in)
       financing activities                        (322,258)           143,500
                                           ------------------------------------

NET INCREASE (DECREASE) IN
    CASH AND CASH EQUIVALENTS                      (233,395)           274,370

CASH AND CASH EQUIVALENTS -

    BEGINNING OF PERIOD                             272,843            249,993
                                          -------------------------------------


CASH AND CASH EQUIVALENTS - END OF PERIOD $          39,448      $     524,363
                                          =====================================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
     Cash paid during the period for:

         Interest paid                    $           4,340      $           -
                                          =====================================

SUPPLEMENTAL DISCLOSURE OF NONCASH INFORMATION:

     Preferred stock issued for land
     and coal reserves                    $     14,045,079       $           -
                                          ====================================




               The accompanying notes are an integral part of the
                        condensed financial statements.

<PAGE>


                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                             MARCH 31, 2005 AND 2004


NOTE 1-  ORGANIZATION AND BASIS OF PRESENTATION

The condensed  consolidated  unaudited  interim  financial  statements  included
herein have been prepared,  without audit, pursuant to the rules and regulations
of the Securities and Exchange Commission. The consolidated financial statements
and  notes  are  presented  as  permitted  on  Form  10-QSB  and do not  contain
information included in the Company's annual consolidated  statements and notes.
Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with accounting  principles generally accepted
in the United States of America have been condensed or omitted  pursuant to such
rules and  regulations,  although the Company  believes that the disclosures are
adequate to make the information  presented not misleading.  The results for the
six months  ended  March 31, 2005 may not be  indicative  of the results for the
entire year.

The Company on October 16,  2004,  changed its name to Kore  Holdings,  Inc. The
Company,  at  that  time,  increased  its  authorized  common  stock  shares  to
400,000,000 and its preferred stock to 100,000,000.

These  statements  reflect  all  adjustments,  consisting  of  normal  recurring
adjustments  which,  in the  opinion  of  management,  are  necessary  for  fair
presentation of the information contained herein.

Kore  Holdings,  Inc.  and  Subsidiaries  is a power  provider  and  marketer of
alternative energy and financial services.  The Company is in the initial stages
of implementing its business plan.

On May 17, 2002, the Company acquired First Washington Financial Corporation,  a
company  which  provides  financial  services  in  Bethesda,   Maryland  ("First
Washington").  First  Washington,  is a mortgage  company whose emphasis lies in
residential   mortgages  in  the  greater  Washington  D.C.  service  area.  The
combination  was treated as a purchase with First  Washington  becoming a wholly
owned  subsidiary of Volt,  Inc.  Volt,  Inc.  recognized  an  intangible  asset
(goodwill)  which  represented  the amount of value received over the net assets
acquired.


<PAGE>


                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004


NOTE 1-  ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED)

The operations of First Washington were included in the consolidated  statements
of income for the year ended  September  30, 2002 from the date of inception May
17,  2002 to  September  30,  2002.  There  was no  predecessor  entity of First
Washington.  The fair value of the  transaction was recorded based on the number
of shares issued to First Washington  (2,000,000) at the fair value of the stock
of Volt on the date of  acquisition  net of a discount since the stock issued in
the  acquisition  was  restricted  stock  ($1.50).  The  cost of the net  assets
purchased and  liabilities  assumed  approximated  zero,  however,  the value of
$3,000,000  was based on the mortgage  company's  future  earnings.  The Company
acquired  Opportunity  Knocks,  LLC.  during the third fiscal quarter of 2002 to
rehab HUD homes and other properties in Washington,  D.C., Maryland and Virginia
under the HUD Gift Program.  This acquisition was done  simultaneously  with the
acquisition  of First  Washington,  and  Opportunity  Knocks  is a wholly  owned
subsidiary of the Company.

In fiscal  2003,  the Company  expanded its  financial  services  business,  and
brought  in two  businesses,  that  operationally  failed to meet the  Company's
business model.  Subsequent to these agreements being in force, the Company spun
them out.  Additionally,  the  Washington  Metropolitan  Area market had not met
Company  expectations,  so the Company's  subsidiary First  Washington  acquired
Yosemite Brokerage, Inc. in Oakhurst, California, a few miles from the Company's
headquarters.  The  Company had issued  Preferred  Stock Class B, which has been
cancelled by the Company.

In July 2003 (effective  August 1, 2003),  First  Washington  acquired  Yosemite
Brokerage,  Inc.  ("Yosemite"),  a California  corporation for 500,000 shares of
First  Washington  Class A Preferred  Stock.  The  acquisition  was recorded for
accounting  purposes  as  a  purchase  acquisition.   The  Company  valued  this
transaction  at $200,000  ($.40 per share),  which  included the  recognition of
$31,840 in goodwill.

The Company has three other power related wholly-owned  subsidiaries,  Sun Volt,
Inc.,  Sun  Electronics,  Inc.  and  Arcadian  Renewable  Power,  Inc.  Arcadian
Renewable  Power,  Inc. is the corporation  that holds the Altamont Wind Farm in
the Altamont Pass in Livermore, California.

<PAGE>
                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004


NOTE 2-           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The  condensed  consolidated  balance  sheet for March  31,  2005 and  condensed
consolidated  statements of income and cash flows for the six months ended March
31,  2005  includes  Kore  Holdings,  Inc.  and its  wholly-owned  subsidiaries.
Intercompany transactions and balances have been eliminated in consolidation.

 Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America,  requires management to make
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities and disclosures of contingent  assets and liabilities at the date of
the  financial  statements  and the  reported  amounts of revenues  and expenses
during the reporting period. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company  considers all highly liquid debt  instruments and other  short-term
investments  with an initial maturity of three months or less to be cash or cash
equivalents.

The Company  maintains cash and cash  equivalent  balances at several  financial
institutions  which are insured by the Federal Deposit Insurance  Corporation up
to $100,000.

The Company has $234,240 in  restricted  cash that is expected to be received in
the next two years.



<PAGE>

                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004

NOTE 2-           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Property and Equipment

Property and equipment are stated at cost.  Depreciation  is computed  primarily
using the straight-line method over the estimated useful life of the assets.

                  Furniture and fixtures                       5-7 years
                  Office and computer equipment                3-5 years
                  Wind Farm                                    40 years

Revenue Recognition

For the Company's  power  division,  sold  merchandise  and revenue was recorded
under the accrual method of accounting.

For the Company's  financial  services  division,  they record commission income
upon the closing of their respective transactions.

Advertising

Advertising costs are typically  expensed as incurred.  Advertising  expense was
approximately  $181 and  $10,720  for the six months  ending  March 31, 2005 and
2004, respectively.

 Income Taxes

The income tax  benefit is  computed on the pretax loss based on the current tax
law.  Deferred  income taxes are recognized for the tax  consequences  in future
years of differences  between the tax basis of assets and  liabilities and their
financial  reporting  amounts at each  year-end  based on  enacted  tax laws and
statutory tax rates.


<PAGE>




                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004


NOTE 2-           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


Fair Value of Financial Instruments

The carrying  amount  reported in the condensed  consolidated  balance sheet for
cash and cash equivalents, advances receivable, commissions receivable, accounts
payable and accrued expenses  approximate fair value because of the immediate or
short-term maturity of these financial instruments.

 Earnings (Loss) Per Share of Common Stock

Historical  net income  (loss) per common  share is computed  using the weighted
average number of common shares  outstanding.  Diluted  earnings per share (EPS)
includes  additional  dilution  from  common  stock  equivalents,  such as stock
issuable pursuant to the exercise of stock options and warrants.

The following is a reconciliation of the computation for basic and diluted EPS:

                                                        2005          2004

            Net income loss                          $  (8,740)    $ 172,564

            Weighted-average common shares
              outstanding
                 Basic                               4,919,422     4,469,422

            Weighted average common stock
              equivalents
                 Stock options                               -             -
                 Warrants                                    -             -
                                                     ------------------------

            Weighted-average common
              shares outatanding
                 Diluted                             4,919,422      4,469,422
                                                     ========================

The  Company  has no  potentially  dilutive  securities,  such as options or
warrants  currently                   issued and outstanding.

<PAGE>

                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004


NOTE 2-           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Recent Accounting Pronouncements

In June 2001, the FASB issued  Statement No. 142 "Goodwill and Other  Intangible
Assets".  This  statement  addresses  financial  accounting  and  reporting  for
acquired goodwill and other intangible assets and supersedes APB Opinion No. 17,
Intangible  Assets.  It  addresses  how  intangible  assets  that  are  acquired
individually  or with a group  of other  assets  (but not  those  acquired  in a
business combination) should be accounted for in financial statements upon their
acquisition.  This statement  also  addresses how goodwill and other  intangible
assets should be accounted for after they have been initially  recognized in the
financial  statements.  This  statement  has been  considered  when  determining
impairment of goodwill in certain transactions.  During fiscal 2004, the Company
recognized $31,840 of goodwill acquired in the Yosemite  transaction.  There was
an impairment of goodwill  during the six months ended March 31, 2005 of $31,840
upon the disposition.

On October 3, 2001, the FASB issued Statement of Financial  Accounting Standards
No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS
144"),  that is  applicable  to  financial  statements  issued for fiscal  years
beginning  after  December  15, 2001.  The FASB's new rules on asset  impairment
supersede SFAS 121,  "Accounting for the Impairment of Long-Lived Assets and for
Long-Lived  Assets to Be Disposed  Of," and  portions of  Accounting  Principles
Board Opinion 30,  "Reporting the Results of Operations." This Standard provides
a  single  accounting  model  for  long-lived  assets  to  be  disposed  of  and
significantly  changes  the  criteria  that would have to be met to  classify an
asset  as  held-for-sale.  Classification  as  held-for-  sale  is an  important
distinction since such assets are not depreciated and are stated at the lower of
fair value and carrying  amount.  This Standard also  requires  expected  future
operating losses from discontinued  operations to be displayed in the period (s)
in which the losses are  incurred,  rather  than as of the  measurement  date as
presently required.


<PAGE>


                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004


NOTE 2-           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Recent Accounting Pronouncements

On  December  16,  2004,  the  Financial  Accounting  Standards  Board  ("FASB")
published  Statement of Financial  Accounting  Standards No. 123 (Revised 2004),
Share-Based  Payment ("SFAS 123R").  SFAS 123R requires that  compensation  cost
related to  share-based  payment  transactions  be  recognized  in the financial
statements.  Share-based  payment  transactions  within  the  scope of SFAS 123R
include stock options,  restricted stock plans,  performance-based awards, stock
appreciation  rights,  and employee share purchase plans. The provisions of SFAS
123R are effective  for small  business  issuers as of the first interim  period
that begins after December 15, 2005. Accordingly, the Company will implement the
revised  standard  in the fourth  quarter of fiscal  year 2005.  Currently,  the
Company accounts for its share-based  payment  transactions under the provisions
of APB 25, which does not  necessarily  require the  recognition of compensation
cost in the financial  statements.  Management is assessing the  implications of
this revised  standard,  which may  materially  impact the Company's  results of
operations in the fourth quarter of fiscal year 2005 and thereafter.

Reclassifications

Certain  amounts for the six months ended March 31, 2004 have been  reclassified
to  conform  with  the   presentation  of  the  March  31,  2005  amounts.   The
reclassifications  have no effect on net income for the six months  ended  March
31, 2004.

<PAGE>


                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004


NOTE 3-  PROPERTY AND EQUIPMENT

                  Property and equipment consist of the following at March 31,
2005:

                  Wind Farm                                $5,700,000
                  Furniture and fixtures                        8,001
                  Computer and office equipment                84,459

                  Less:  accumulated depreciation          __ (52,332)
                  Net book value                           $5,740,128

Depreciation  expense  for the six  months  ended  March  31,  2005 and 2004 was
$10,196 and $14,565,  respectively.  There is no depreciation  recognized on the
Wind Farm as it is non operational until placed in service.

The Company upon  acquisition of the Wind Farm, has classified  this asset under
property and  equipment.  The Wind Farm  consists of hundreds of  nonoperational
turbines located in California.  The Company has received independent valuations
on the Wind Farm that have valued it in excess of $14,000,000. The Company would
need to spend in excess of  $5,000,000  to bring these  assets into  operational
use, at which time the Company would depreciate them over their estimated useful
life of 40 years. Consequently,  there is no depreciation recognized on the Wind
Farm for the six months ended March 31, 2005 and 2004.

NOTE 4-  INTANGIBLE ASSET

The Company in November  2003 issued  1,000 shares of its common stock valued at
$500,000 for exclusive rights to distribute  generators in northern  California,
Hawaii and other  agreed  territories.  Additionally,  the Company  received the
non-exclusive  rights to acquire the generators at prevailing  wholesale  prices
for distribution and the  non-exclusive  license to use the name,  trademark and
trade names of the  manufacturer  or  distributor of the power  generators.  The
license  agreements are being  amortized  over the five year life.  Amortization
charged to expense for the six months ended March 31, 2005 was $50,000.

<PAGE>

                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004


NOTE 5-  LAND AND COAL RESERVES

The  Company  acquired  coal tract #4 of the Fiatt  coal mine in Fulton  County,
Illinois. The tract consists of approximately 100 acres of land and surface area
with a tonnage of  4,356,000  tons of coal fines having a thickness of a 50 foot
average  using 200  pounds/sht  tn and  which are  certified  and  appraised  at
$69,696,020.  The Company  issued  13,635,999  shares of its Class B convertible
preferred stock valued at $14,045,079.

NOTE 6-  STOCKHOLDERS' EQUITY

Common and Preferred Stock

On January 1, 2003, the Company issued a board resolution for the  authorization
of a new class of preferred  stock,  Class B Preferred  Stock, no par value. The
Company authorized the issuance of 125,000 shares of Class B Preferred Stock. On
December 1, 2004 the Company  authorized an additional  89,875,000 shares of its
Class B Preferred Stock.

On  July  1,  2003,  First   Washington   issued  a  board  resolution  for  the
authorization of a new class of preferred stock, Class A Preferred Stock, no par
value.  First  Washington  authorized  the issuance of 500,000 shares of Class A
Preferred Stock.

In July 2003 (effective August 1, 2003),  First Washington issued 500,000 shares
of  the  Class  A  Preferred   Stock,  to  acquire  Yosemite   Brokerage,   Inc.
("Yosemite"). The acquisition was recorded for accounting purposes as a purchase
acquisition.  The  transaction  was valued at $200,000  ($.40 per share),  which
included  goodwill of $31,840.  As of January 1, 2005,  the  companies  mutually
agreed to rescind the agreement.  All assets and liabilities were distributed to
the owner and the shares were cancelled.

In November  2003, the Company  issued  1,000,000  shares of common stock for an
intangible asset (see Note 4). The value for the asset was $500,000.

The Company issued 13,635,999 shares of its Class B convertible  preferred stock
valued at $14,045,079.

<PAGE>

                       KORE HOLDINGS INC. AND SUBSIDIARIES
                      (FORMERLY VOLT INC. AND SUBSIDIARIES)
        NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
                                   (CONTINUED)
                             MARCH 31, 2005 AND 2004


NOTE 7-  RELATED PARTY TRANSACTIONS

Yosemite Brokerage,  rents space from its officer.  The lease commenced February
1, 2000 and runs through January 31, 2005. The monthly rents commenced at $5,600
per month and calls for  increase  annually up to 3%.  Rent  expense for the six
months ended March 31, 2005 and 2004 was $16,800 and $33,600, respectively. This
agreement terminated January 1, 2005.

NOTE 8-  PROVISION FOR INCOME TAXES

Deferred  income taxes will be  determined  using the  liability  method for the
temporary differences between the financial reporting basis and income tax basis
of the Company's assets and liabilities.  Deferred income taxes will be measured
based on the tax rates  expected to be in effect when the temporary  differences
are included in the Company's  consolidated tax return.  Deferred tax assets and
liabilities  are  recognized  based  on  anticipated   future  tax  consequences
attributable to differences  between  financial  statement  carrying  amounts of
assets and liabilities and their respective tax bases.

At March 31, 2005 and 2004, deferred tax assets consist of the following:

                                                  2005                   2004

   Net operating loss carryforwards            $ 530,640             $ 139,963
   Less:  valuation allowance                   (530,640)             (139,963)
                                               --------------------------------
                                               $      -0-            $      -0-
                                               =================================

At March  31,  2005 and  2004,  the  Company  had  federal  net  operating  loss
carryforwards   in  the   approximate   amounts  of  $1,608,000   and  $424,129,
respectively, available to offset future taxable income. The Company established
valuation  allowances equal to the full amount of the deferred tax assets due to
the uncertainty of the utilization of the operating losses in future periods.