---

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

**FORM 10-KSB**

[ X ]	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934

For the fiscal year ended **September 30, 2003**

[    ]	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934





**NEVADA**                                                            
**87-0403828**              
(State or other jurisdiction of                                                
(IRS Employer
                
incorporation or organization)                                             
Identification No.)

Registrant's telephone number, including area code:**(801) 497.9075**

Indicate by check mark whether the Registrant (1) has 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 Registrant was required to file such reports, and (2) has been
subject to such filing requirements for the past 90 days.   **[ X] Yes     [    ] No**

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. **[ X ]**

Revenue for the year ended September 30, 2003:   $0.

As of December 18, 2003 it is unclear as to the aggregate market value of the voting and non-voting stock held by
non-affiliates of the Registrant.  This is due to the low or almost non-existing trading of the Registrant's Securities.

As of December 18, 2003 the number of shares outstanding of the Registrant's Common Stock was 546,271.
 .



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---

General

Zynex Medical Holdings, Inc., formerly Fox River Holdings, Inc., formerly Arizona Ventures, Inc., formerly China
Global  Development,  Inc.; formerly  iBonzai.com,Inc.; (the  "Company"), was initially organized on December 26, 1991
as a Delaware  corporation under the name of Life Medical  Technologies,  Inc. The Company engaged in the  business of
bringing  new medical  product technology  to the health care market place.  In 1995,  the Company cut back its operations
and  eliminated  most  staffing.  From  1996 to  1999,  the  Company maintained  a  skeleton  crew to  maintain  and ship
existing  orders.  By mid 1997, all employees were laid off.  By 1999, all remaining  assets were distributed to its wholly
owned  subsidiary  (see  below) and sold off to two of its former employees.  Subsequently, all subsidiaries were either sold
off or allowed to lapse into  nonexistence.  At December 31, 1999, only the parent corporation, Life Medical
Technologies,Inc. remained.

In May  2000,  the  Company  acquired  all the of equity of  Virtual  Market Solutions.com,  Inc. (VMS), a
privately-held  Nevada  corporation  doing  business as iBonZai.com  ("iBonzai").   As  a  result  of  the  acquisition,  iBonZai
became  a  wholly-owned subsidiary of the Company.  Due to the change in the Internet industry following the U.S.  market
break in the spring of 2000, VMS experienced substantial  obstacles  in  developing  its  business as a provider of broadband
backbone,  billing services and technical support to Internet service providers.  As  the  general  and  Internet  industry and
 economic   conditions   continued  to deteriorate during the first half of 2001,  management  suspended operations and laid
off all its  employees.  Following  the  events  of  September  11,  2001, the Company rescinded the acquisition  of VMS in
an effort  to  complete  a  restructure  of the  Company's capital and shed itself of debt.     As part of the rescission,  VMS
retained all assets of the Company and the associated debt.**** As such,  9,250,000 shares of the Company's common stock was
rescinded,  and the Company's  additional  paid-in capital,  and accumulated deficit was returned to the books.

On  January 10,  2002,  the Company  was merged into  Ibonzai.com,  Inc. a Nevada corporation,  for the purposes
of changing  corporate  domicile.  On January 15, 2002,  the  Company  changed  its name to China  Global  Development,
Inc., effected a 1 for 25 reverse stock split and authorized a change in capitalization   to 100,000,000 shares of  common  stock
having a par  value of $.001 per share and  10,000,000 shares of preferred stock having a par value of $.001 per share.

On February 7, 2002, the Company acquired all of the issued and outstanding  shares of Rainbow  Light  Global
Corporation,  a British  Virgin  Islands  Corporation ("Rainbow") and changed its fiscal year end from December 31th to
September 30th .  Due to renewed deteriorations in the U.S. financial equity markets, the Company was unable to raise
any capital to fund its new acquisition.  Consequently, effective September 27, 2002  the Company rescinded the
acquisition of Rainbow and canceled all shares issued for that acquisition.

On November 14, 2002, a majority of the shareholders consented to change the Company's name to Arizona
Ventures, Inc. and effected a 1 to 10 reverse split of the common stock of the company.  There was no change to the
capitalization of the Company.

Effective April 23, 2003, the Company executed an agreement to acquire all the equity of Fox River Graphics, Inc.,
("FRG") a privately-held Illinois corporation.  Additionally, in anticipation of the acquisition, the Company was able to
convert approximately $575,000 in debt for the issuance of approximately 4.6 million shares of common stock.  On August
7, 2003, the name of the Company was changed to Fox River Holdings, Inc. and obtained the  new trading symbol of FXRH
on the OTC Bulletin Board.  For the period ending June 30, 2003, the Company reported that no acquisitions or mergers had
been completed and later abandoned all efforts to close on the FRG acquisition.

Due to the abandonment of the FRG acquisition, or any other acquisition or merger, management  agreed with the
former creditors to rescind their debt conversion.  This resulted in the cancellation of approximately 3.2 million shares of
common stock and a renewal of approximately $358,000 debt on the Company's books.  However, these creditors have
expressed a willingness to forgive the debt in exchange for issuance of common stock, but only after the Company has
successfully restructured its debt.

On December 2, 2003, management obtained shareholder approval to effect a reverse split of 1 to 40, effective
immediately, of its common stock and to change the name of the corporation to Zynex Medical Holdings, Inc.

The Company is currently searching for a new business opportunity to acquire or merge with.

**ITEM 2.  DESCRIPTION OF PROPERTY**

The Company currently maintains its corporate presence from the office of the Company's legal counsel and pays
no rent or expenses.

**ITEM 3.  LEGAL PROCEEDINGS**

The Company is not aware of any pending legal proceedings against it, and is not engaged in any legal proceedings
against any party.

**ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS**

In October 2002,a majority of the shareholders consented to a 1 to 10 reverse split and a change of name to Arizona
Ventures, Inc. effective November 14, 2002.

On August 7, 2003, a majority of the shareholders consented to change the name to Fox River Holdings, Inc.

Subsequent to the end of the fiscal year, on December 2, 2003, a majority of the shareholders consented to
a reverse split on a 1 to 40 basis of the common stock and name change of the Company.



---

---

The  company  currently has issued and  outstanding 21,573,624  shares of common stock owned by approximately
199  shareholders of record.  During the preceding two fiscal years the Company has not paid any dividends on its Common
Stock, and the Company does not  anticipate  that it will pay dividends in the  foreseeable future.  The future payment of
dividends,  if any, on the common stock is within the  discretion  of the Board of  Directors  and will  depend  on the
Company's earnings,  its capital requirements,  and financial condition and other relevant factors. A history of the stock price
of the Company is as follows:

|Period       | High | Low 
|------------ | ---- | ----
|2000         |      |     
|1st  Quarter | $0   | $0  
|2nd  Quarter | 7.25 | 4.38
|3rd  Quarter | 6.25 | 2.38
|4th  Quarter | 4.13 | 0.88
|             |      |     
|2001         |      |     
|1st  Quarter | $.21 | $.17
|2nd Quarter  | .04  | .03 
|3rd  Quarter | .04  | .03 
|4th  Quarter | .03  | .02 
|             |      |     
|2002         |      |     
|1st Quarter  | N/A  | N/A 
|2nd Quarter  | N/A  | N/A 
|3rd Quarter  | N/A  | N/A 
|4th Quarter  | N/A  | N/A 
|             |      |     
|2003         |      |     
|1st Quarter  |      |     
|2nd Quarter  |      |     
|3rd Quarter  |      |     

The Company has been researching the historical stock quotes under this symbol and has been unable to obtain the
historical  information.

The foregoing  quotes do not reflect the 1:25 reverse split  effected on January 15, 2002 or the 1:10 reverse split
effected on November 14, 2002. The Company's shares currently trade on the OTC:BB under the symbol
ZYNX.

**ITEM 6.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION** 
**AND RESULTS OF OPERATIONS**

**Financial Condition**

The Company  reported no revenues for either the year ended September 30, 2003 or September 30, 2002.  The
absence of revenues were a  result of  the rescission of  the acquisition of Rainbow and the abandonment of the acquisition
of Fox River Holdings, Inc.

As a result of the  foregoing, total stockholders equity for the  year ended September  30, 2003 was ($891,106), as
compared to ($961,219) at September 30, 2002.  The Company has no operating capital for future operations.

**Liquidity and Capital Resources**

As of September 30, 2003 and September 30, 2002, the Company had no cash,  current assets or assets of any kind,
but had  liabilities  $891,106 as of September 30, 2003 and $961,219 as of September 30, 2002.  The decrease in liabilities
was due to the conversion of approximately $171,000 in debt to 1.2 million shares of common stock of the Company.

The Company has no assets and is currently in the process of looking for business opportunities to merge with or
acquire. During the next twelve months, the Company will need to raise additional capital through private funding to meet
the financial needs of being a reporting company and to meet the obligations of the current accounts payable. In the  past,
the  Company  has  funded  its  operations  from  the sale of its products,  the sale of common  stock and loans from  various
sources.    The Company is currently searching for a business opportunity to acquire or merge. There is no guarantee that the
Company will be successful in obtaining necessary funding to develop any business opportunities.

**Results of Operations**

The Company reported a net loss of $145,618for the year ended September 30, 2003, compared to a loss of $94,752 for the
previous year.  During the year, the Company issued 20 million (pre-split) shares of common stock for services rendered to
the Company valued at $20,000.  The Company anticipates very little or no overhead from future operations except for those
expenses associated with being a reporting company until a successor business can be acquired or merged with.

**ITEM 7.  FINANCIAL STATEMENTS**

(a)(1)	The following financial statements of the Company and its subsidiaries have been filed as part of this report.

Independent Auditors' Report

Balance Sheets as of September 30, 2003 and September 30, 2002.

Statements of Operations for the years ended September 30, 2003 and September 30, 2002.

Statement of Stockholders' Equity for the period from January 1, 2002 to September 30, 2003.

Statement of Cash Flows for the years ended September 30, 2003 and September 30, 2002.

(2)	Schedules are omitted because of the absence of conditions under which they are required or because the
required information is given in the financial statements or notes thereto.

---

INDEPENDENT AUDITORS' REPORT

To the Board of Directors and Stockholders of
Zynex Medical Holdings, Inc.
(Formerly Fox River Holdings, Inc.)
(Formerly Arizona Ventures, Inc.)

We have audited the accompanying balance sheets of Zynex Medical Holdings, Inc., (a Nevada
Corporation) as of September 30, 2003 and September 30, 2002, and the related statements of
income, retained earnings, and cash flows for the years then ended.  These financial statements are
the responsibility of the Company's management.  Our responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards, in the United
States of America.  Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement.  An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation.  We believe
that our audits provide a reasonable basis for our opinion.

The accompanying financial statements have been prepared assuming that Zynex Medical Holdings,
Inc., will continue as a going concern.  As discussed in Note #4 to the financial statements, Zynex
Medical Holdings, Inc.,  has suffered recurring losses from operations and has a net capital
deficiency that raises substantial doubt about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also described in Note #4.  The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.

Bierwolf, Nilson & Associates
Salt Lake City, UT
January 5, 2003

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**Zynex Medical Holdings, Inc.**(Formerly Fox River Holdings, Inc.)
Balance Sheet

|                                                                                                                                                        | September 30,


2003 | September 30,


2002
|------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | --------------------
|**Assets**                                                                                                                                             
|Total Assets                                                                                                                                            | $-                   | $-                  
|                                                                                                                                                        |                      |                     
|**Liabilities and Stockholders' Equity**                                                                                                               
|Current Liabilities                                                                                                                                     |                      |                     
|Accounts Payable                                                                                                                                        | $	10,093             | $	4,025             
|Interest Payable                                                                                                                                        | 110,097              | -                   
|Short-Term Loans                                                                                                                                        | 470,683              | 461,229             
|Shareholder Loans                                                                                                                                       | 300,233              | 495,965             
|Total Current Liabilities                                                                                                                               | 891,106              | 961,219             
|                                                                                                                                                        |                      |                     
|Stockholders' Equity                                                                                                                                    |                      |                     
|Preferred Stock; 10,000,000 Shares Authorized at 

$.001 Par Value; No Shares Issued and Outstanding                                                    | -                    | -                   
|Common Stock; 100,000,000 Shares Authorized at

$.001 Par Value; 544,722 and 9,335 Shares Issued
and Outstanding, Respectively - Retroactively Restated | 545                  | 10                  
|Additional Paid-In Capital - Retroactively Restated                                                                                                     | 2,501,319            | 2,286,121           
|Accumulated Deficit                                                                                                                                     | (3,392,970)          | (3,247,350)         
|Total Stockholders' Equity                                                                                                                              | (891,106)            | (961,219)           
|Total Liabilities and Stockholders' Equity                                                                                                              | $-                   | $-                  
|                                                                                                                                                        |                      |                     
|                                                                                                                                                        |                      |                     

---



|                                    | September 30,

2003 | September 30,

2002
|----------------------------------- | ------------------- | -------------------
|Revenues                            | $-                  | $-                 
|                                    |                     |                    
|Operating Expenses                  |                     |                    
|General & Administrative            | 35,521              | 22,720             
|Total Operating Expenses            | 35,521              | 22,720             
|Operating Income (Loss)             | (35,521)            | (22,720)           
|                                    |                     |                    
|Other Income (Expenses)             |                     |                    
|Interest (Expenses)                 | (110,097)           | (72,032)           
|Total Other Income (Expenses)       | (110,097)           | (72,032)           
|Net (Loss)                          | $	(145,618)         | $	(94,752)         
|Basic and Diluted Income Per Share  | $	(0.01)            | $	(0.70)           
|Weighted Average Shares Outstanding | 21,502,461          | 135,029            
|                                    |                     |                    
|                                    |                     |                    

---







| | Preferred Stock | Common Stock | Paid-In


Capital | Accumulated

Deficit
| | --------------- | ------------ | ----------------- | --------------------
| | Stock           | Amount       | Stock             | Amount              

|Balance, January 1, 2002,

Retroactively Restated                           | - | $- | 535       | $	1   | $	2,194,232 | $	(3,152,598)
|--------------------------------------------------------------------------- | - | -- | --------- | ----- | ----------- | -------------
|Acquisition of Rainbow Global

Retroactively Restated                       | - | -  | 112,500   | 113   | 44,887      | -            
|Shares Issued to Satisfy Debt 

at $.01 Per Share

Retroactively Restated   | - | -  | 3,750     | 4     | 9,894       | -            
|Shares Issued to Satisfy Debt

at $4.00 Per Share

Retroactively Restated   | - | -  | 50        | -     | 80,000      | -            
|Recission of Purchase

Agreement of Rainbow

Global Retroactively

Restated | - | -  | (112,500) | (113) | (44,887)    | -            
|Shares Issued for Services

at $.001Per Share

Retroactively Restated       | - | -  | 5,000     | 5     | 1,995       | -            
|Net (Loss) for the Year Ended

September 30, 2002                           | - | -  | -         | -     | -           | (94,752)     
|Balance, September 30, 2002

Retroactively Restated                         | - | -  | 9,335     | 10    | 2,286,121   | (3,247,350)  
|Shares Issued for Services 

at $.001 Per Share

Retroactively Restated     | - | -  | 500,000   | 500   | 19,500      | -            
|Shares Issued to Satisfy Debt

at $.15 Per Share

Retroactively Restated    | - | -  | 30,000    | 30    | 171,570     | -            
|Shares Issued to Satisfy Debt

at $.11 Per Share

Retroactively Restated    | - | -  | 85,357    | 85    | 382,315     | -            
|Acquisition of Fox River

Graphics Retroactively

Restated                  | - | -  | 400,000   | 400   | 15,600      | -            
|Cancellation of Acquisition

of Fox River Graphics

Retroactively Restated  | - | -  | (350,000) | (350) | (13,650)    | -            

---



**Zynex Medical Holdings, Inc.**



|                                                                                 | Preferred Stock | Common Stock | Paid-In


Capital | Accumulated

Deficit
|-------------------------------------------------------------------------------- | --------------- | ------------ | ----------------- | --------------------
|                                                                                 | Stock           | Amount       | Stock             | Amount              
|Acquisition of Fox River

Graphics, Inc. Retroactively

Restated                 | -               | -            | 300,000           | 300                 
|Shares Cancelled in Debt

Conversion at $.11 Per

Share Retroactively

Restated  | -               | -            | (79,970)          | (80)                
|Cancellation of Acquisition

of Fox River Graphics,

Inc. Retroactively Restated | -               | -            | (350,000)         | (350)               
|Rounding Adjustment                                                              | -               | -            | 1,549             | -                   
|Net Loss for the Year Ended

September 30, 2003                                  | -               | -            | -                 | -                   
|Balance, September 30, 2003

Retroactively Restated                              | -               | $-           | 546,271           | $
	545              
|                                                                                 |                 |              |                   |                     

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**Zynex Medical Holdings, Inc.**

|                                                                                         | September 30,


2003 | September 30,

2002
|---------------------------------------------------------------------------------------- | -------------------- | -------------------
|Cash Flows from Operating Activities                                                     |                      |                    
|Net Income (Loss)                                                                        | $	(145,618)          | $	(94,752)         
|Adjustments to Reconcile Operating Income to Net Cash

Provided by Operating Activities; |                      |                    
|Stock Issued for Services                                                                | 20,000               | 2,000              
|Changes in Current Assets and Liabilities;                                               |                      |                    
|Increase (Decrease) in Accounts Payable                                                  | 6,068                | (1,280)            
|Increase (Decrease) in Interest Payable                                                  | 110,097              | (132,246)          
|Net Cash Provided (Used) by Operating Activities                                         | (9,453)              | (226,278)          
|Cash Flows from Investing Activities                                                     | -                    | -                  
|Net Cash Provided (Used) by Investing Activities                                         | -                    | -                  
|Cash Flows from Financing Activities                                                     |                      |                    
|Increase in Short Term Loans                                                             | 9,453                | 99,729             
|Increase in Shareholder Loans                                                            | -                    | 126,549            
|Net Cash Provided (Used) by Financing Activities                                         | 9,453                | 226,278            
|Increase (Decrease) in Cash                                                              | -                    | -                  
|Cash at Beginning of Period                                                              | -                    | -                  
|Cash at End of Period                                                                    | $-                   | $-                 
|Supplemental Disclosure                                                                  |                      |                    
|Convert Debentures into Common Stock                                                     | $	195,732            | $	9,095            
|Stock for Services                                                                       | 20,000               | 2,000              

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**Zynex Medical Holdings, Inc.**

NOTE 1 - Organization and History

Zynex Medical Holdings, Inc., (formerly Fox River Holdings, Inc.) ("the Company") was organized
under the provisions of the state of Delaware on December 26, 1991 as Life Medical Technologies,
Inc.  From inception to December 31, 1995, the Company operated as a development stage company
according to the provisions of SFAS 7, "Accounting and Reporting of Development Stage
Enterprises".  At December 31, 1999, the Company's financial statements consisted of no assets or
liabilities, however, the Company had common stock issued in the amount of $25,424; additional
paid in capital of $1,838,110; and an accumulated deficit of $(1,863,534).

On January 10, 2002, the Company was merged into Ibonzai.com, Inc., a Nevada Corporation, for
the purposes of changing corporate domicile.  On January 15, 2002, the Company changed its name
to China Global Development, Inc., and effected a 1 for 25 reverse stock split.  Capitalization was
changed to 100,000,000 shares of common stock having a par value of $.001 per share and
10,000,000 shares of preferred stock having a par value of $.001 per share.

On February 7, 2002, the Company acquired all of the issued and outstanding  shares of Rainbow
Light  Global  Corporation,  a British  Virgin  Islands  Corporation ("Rainbow") and changed its
fiscal year end from December 30th to September 30th .  Due to renewed deteriorations in the U.S.
financial equity markets, the Company was unable to raise any capital to fund its new acquisition.
Consequently, effective September 27, 2002  the Company rescinded the acquisition of Rainbow and
canceled all shares issued for that acquisition.

On November 14, 2002, the Company changed its name to Arizona Ventures, Inc., and effected a
1 for 10 reverse stock split.  Capitalization remained at 100,000,000 shares of common stock with
a par value of $.001 per share and 10,000,000 shares of preferred stock with a par value of $.001 per
share.

Effective April 23, 2003, the Company executed an agreement to acquire all the equity of Fox
River Graphics, Inc., ("FRG") a privately-held Illinois corporation.  Additionally, in anticipation of
the acquisition, the Company was able to convert approximately $575,000 in debt for the issuance

of approximately 4.6 million shares of common stock.  On August 7, 2003, the name of the
Company was changed to Fox River Holdings, Inc. and obtained the  new trading symbol of FXRH
on the OTC Bulletin Board.  For the period ending June 30, 2003, the Company reported that no
acquisitions or mergers had been completed and later abandoned all efforts to close on the FRG
acquisition.

Due to the abandonment of the FRG acquisition, or any other acquisition or merger,
management  agreed with the former creditors to rescind their debt conversion.  This resulted in the
cancellation of approximately 3.2 million shares of common stock and a renewal of approximately

---

**Zynex Medical Holdings, Inc.**

$358,000 debt on the Company's books.  However, these creditors have expressed a willingness to
forgive the debt in exchange for issuance of common stock, but only after the Company has
successfully restructured its debt.

On December 2, 2003, management obtained shareholder approval to effect a reverse split
of 1 to 40, effective immediately, of its common stock and to change the name of the corporation
to Zynex Medical Holdings, Inc.

The Company is currently searching for a new business opportunity to acquire or merge with.

NOTE 2 - Significant Accounting Policies

A.	The Company uses the accrual method of accounting.

B.	Revenues and directly related expenses are recognized in the period when the goods are
shipped to the customer.

C.	Primary Earnings Per Share amounts are based on the weighted average number of shares
outstanding at the dates of the financial statements.  Fully Diluted Earnings Per Shares shall
be shown on stock options and other convertible issues that may be exercised within ten
years of the financial statement dates.

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

The Company accounts for income taxes as related in Statement of Financial Standards No. 109
"Accounting for Income Taxes".

Statement of Financial Accounting Standards No. 109 " Accounting for Income Taxes" requires an
asset and liability approach for financial accounting and reporting for income tax purposes.  This
statement recognizes (a) the amount of taxes payable or refundable for the current year and (b)
deferred tax liabilities and assets for future tax consequences of events that have been recognized
in the financial statements or tax returns.



---

**Zynex Medical Holdings, Inc.**

NOTE 3 - Income Taxes - continued

The Company has cumulative net operating loss carryforwards of over $3,300,000 at September 30,
2003.  No effect has been shown in the financial statements for the net operating loss carryforwards
as the likelihood of future tax benefit from such net operating loss carryforwards is highly
improbable.  Accordingly, the potential tax benefits of the net operating loss carryforwards,
estimated based upon current tax rates at September 30, 2003 and September 30, 2002 have been
offset by valuation reserves of the same amount.

The Company's financial statements are prepared using generally accepted accounting principles
applicable to a going concern which contemplates the realization of assets and liquidation of
liabilities in the normal course of business.  Currently, the Company does not have significant cash
or other material assets, nor does it have an established source of revenue sufficient to cover its
operating costs and to allow it to continue as a going concern.  The Company is currently seeking
equity funding through private placements to raise sufficient funds to satisfy current debt.

NOTE 5 - Net Earnings (Loss) Per Share

Basic earnings (loss) per common share (BEPS) is based on the weighted average number of
common shares outstanding during each period.  Diluted earnings (loss) per common share is based
on shares outstanding (computed as under BEPS) and dilutive potential common shares.

The following data shows the shares used in the computing loss per common share including dilutive
potential common stock;

Common shares outstanding during the entire period.			21,502,461

Weighted average shares paid for, but not issued during the period.	-

Weighted average number of common shares used in basic EPS dilutive effect of options.	21,502,461

Weighted average number of common shares and dilutive potential common shares used in diluted EPS.			21,502,461

---

**Zynex Medical Holdings, Inc.**

NOTE 6 - Short Term Loans

Effective September 30, 2002, all of the Company's short term loans were renegotiated to include
accrued interest, at that date, as part of the principal balance.  Accordingly, $84,729 of accrued
interest has been reclassified as principal.

|The Company has the following short term debt:                                                   | 2003      | 2002     
|------------------------------------------------------------------------------------------------ | --------- | ---------
|Short term loan, dated September 30, 2003, plus
interest, payable annually at 18%, due on demand | $	135,050 | $	135,050
|Short term loan, dated September 30, 2002, plus
interest, payable annually at 8%, due on demand  | 297,680   | 297,680  
|Short term loan, dated September 30, 2002, plus
interest, payable annually at 8%, due on demand  | 11,890    | 11,890   
|Short term loan, dated September 30, 2002, plus
interest, payable annually at 8%, due on demand  | 1,609     | 1,609    
|Short term loan, dated September 30, 2002, plus
interest, payable annually at 8%, due on demand  | 15,000    | 15,000   
|Short term loan, dated January 14, 2003, plus interest,
payable annually at 10%, due on demand   | 5,250     | -        
|Short term loan, dated March 6, 2003, plus interest,
payable annually at 10%, due on demand      | 1,210     | -        
|Short term loan, dated April 25, 2003, plus interest,

payable annually at 10%, due on demand    | 1,880     | -        
|Short term loan, dated May 15, 2003, plus interest,
payable annually at 10%, due on demand       | 1,114     | -        
|Total Short Term Loans                                                                           | $	470,683 | $	461,229



---



**Zynex Medical Holdings, Inc.**

During  2001 and 2002, shareholders of the Company loaned the Company a total of $376,491.  The
notes are unsecured, bear interest at rates between 8% and 18%, and are due on demand.  On
September 30, 2002, new promissory notes were signed which included accrued interest as part of
the principal balances of the notes at that date.  Accordingly, accrued interest of $119,474 was
reclassified as part of the principal balance of the notes.  At September 30, 2003, there was $59,129
of accrued interest associated with notes totaling $300,233.

NOTE 8 - Stockholders' Equity

On November 14, 2002, the Company issued 5,000 post split shares at par value for services
provided by the President of the Company in locating business investors.

During the third fiscal quarter, in anticipation of completion of an acquisition with Fox River
Graphics, Inc.("FRG"), a privately-held Illinois corporation, the Company issued approximately
115,357 post split (effective December 2, 2003) shares in satisfaction of  $554,000 in notes payable.
However, the Company has abandoned all efforts to successfully complete the acquisition.
Approximately 79,970 post split shares of common stock issued for debt conversion has been
canceled and returned to treasury, and $358,200 of the associated debt has been reinstated on the
books with interest accruing for the fourth fiscal quarter as of July 1, 2003.

Effective April 23, 2003, the Company executed an agreement to acquire all the equity of Fox
River Graphics, Inc., ("FRG") a privately-held Illinois corporation.  Additionally, in anticipation of
the acquisition, the Company was able to convert approximately $575,000 in debt for the issuance

of approximately 4.6 million shares of common stock.  On August 7, 2003, the name of the
Company was changed to Fox River Holdings, Inc. and obtained the  new trading symbol of FXRH
on the OTC Bulletin Board.  For the period ending June 30, 2003, the Company reported that no
acquisitions or mergers had been completed and later abandoned all efforts to close on the FRG
acquisition.

Due to the abandonment of the FRG acquisition, or any other acquisition or merger,
management  agreed with the former creditors to rescind their debt conversion.  This resulted in the
cancellation of approximately 3.2 million shares of common stock and a renewal of approximately

$358,000 debt on the Company's books.  However, these creditors have expressed a willingness to
forgive the debt in exchange for issuance of common stock, but only after the Company has
successfully restructured its debt.

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**Zynex Medical Holdings, Inc.**

On December 2, 2003, the Company affected a on for forty (1:40) reverse split of its common stock.
Any certificate less than 100 shares was not subject to the split, which resulted in a rounding
difference of 1,397 shares.  At this time the Company amended its articles of incorporation to reflect
a name change to Zynex Medical Holdings, Inc.

Following the year end, the Company issued its president 10,000,000 shares of common stock for
accepting the position of sole officer and director of the Company.  These shares were issued at par
value and have a value of $10,000.

**ITEM 8. 	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON** **ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 8A.**  **CONTROLS AND PROCEDURES**

(a) Evaluation of disclosure controls and procedures.  The Company's principal executive
officer and its principal financial officer, based on their evaluation of the Company's disclosure
controls and procedures (as defined in Exchange Act Rules 13a-14 (c) as of a date within 90 days
prior to the filing of this Annual Report on Form 10KSB, have concluded that the Company's
disclosure controls and procedures are adequate and effective for the purposes set forth in the
definition in Exchange Act rules.

(b) Changes in internal controls.  There were no significant changes in the Company's
internal controls or in other factors that could significantly affect the Company's internal controls
subsequent to the date of their evaluation.



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**ITEM 9. 	DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT**

The following information is furnished with respect to the Company's Board of Directors and
executive officers.  There are no family relationship between or among any of the Company's
directors or executive officers.

Directors and Executive Officers

|Name                                                                | Age | Director


Since | Position with Company      
|------------------------------------------------------------------- | --- | ---------------- | ---------------------------
|Paul F. Beatty

4766 South Holladay Boulevard

Holladay, Utah 84117 | 61  | 2002             | President, CEO and Director

**ITEM 10.  EXECUTIVE COMPENSATION**

Compensation  of Executive  Officers and Directors.

During the year 2003, Paul F. Beatty, President and sole director was issued 20,000,000 pre
reverse split shares of common stock valued at $20,000 for past services rendered on behalf of the
Company.

Employment Agreements and Other Compensation Arrangements

None.

Compensation of Non-Employee Directors

None.

**ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND**
**MANAGEMENT**

|Name and Address of


Beneficial Owner                        | Amount and Nature of


Beneficial Ownership | Percentage of Class
|------------------------------------------------------------- | ------------------------------------------- | -------------------
|Paul F. Beatty

4766 Holladay Boulevard

Holladay, Utah 84117 | 505,000 (post) Common                       | 94%                

During the year 2003, Paul F. Beatty, President and sole director was issued 20,000,000 pre
reverse split shares of common stock for past services rendered on behalf of the Company.

**ITEM 13.  EXHIBITS, AND REPORTS ON FORM 8-K**

(a)	Exhibits

32.1 	Written Statement of Chief Executive Officer and Chief Financial Officer with
respect to compliance with Section 13(a) or 15(d) of  the Securities Exchange Act
of 1934.

(1)	Changes in control of registrant filed October 29, 2002.

(2)	Other events effecting a 1 to 10 reverse split filed November 14, 2002.

3)	Changes in control of registrant and other events filed April 30, 2003.

(4)	Subsequent to year end, an 8-K was filed December 6, 2003 to effectuate a 1:40
reverse of the common stock of the Company.

**ITEM 14.  PRINCIPLE ACCOUNTANT FEES AND SERVICES.**

Audit Fees

The aggregate fees billed for professional services rendered by the Company's principal
accountant for the audit of the annual financial statements included in the quarterly reports and other
fees that are normally provided by the accountant in connection with statutory and regulatory filings
or engagements for the fiscal years ended September 30, 2003 and 2002 were $8,456 and $12,535
respectfully.

Audit-Related Fees

The aggregate fees billed for assurance and related services by the Company's principal
accountant that are reasonably related to the performance of the audit or review of the financial
statements, other than those previously reported in this Item 14, for the fiscal years ended September
30, 2003 and 2002 were $0 and $0, respectfully.

Tax Fees

The aggregate fees billed for assurance and related services by the principal accountant for
tax compliance, tax advice and tax planning for the fiscal years ended September 30, 2003 and 2002
were $0 and $0, respectfully.

All Other Fees

The Company's Board of Directors functions as its audit committee.  All of the services
described above in this Item 14 were approved in advance by the Board of Directors.

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Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

By:	 Paul F. Beatty/s/	 Paul F. Beatty

Dated: January 8,  2004

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons of behalf of the Registrant and in the capacities and on the dates
indicated.

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SIGNATURE		TITLE	DATE

/s/ Paul F. Beatty		President and Director
(Principal Executive and
 Financial Officer)	January 8, 2004

I, Paul F. Beatty, certify that:

1. I have reviewed this annual report on Form 10-KSB of Zynex Medical Holdings, Inc.
(formerly Fox River Holdings, Inc.);

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

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

4. I am responsible for establishing and maintaining disclosure controls and procedures (as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) Designed such disclosure controls and procedures to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which
this annual report is being prepared.

b) Evaluated the effectiveness of the registrant's disclosure controls and procedures
as of a date within 90 days prior to the filing date of this annual report (the
"Evaluation Date"); and

c) Presented in this annual report our conclusions about the effectiveness of the
disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. I have disclosed, based on my most recent evaluation, to the registrant's auditors and the
audit committee of registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies in the design or operation of internal controls which
could adversely affect the registrant's ability to record, process, summarize and report
financial data and have identified for the registrant's auditors any material
weaknesses in internal controls; and

b) Any fraud, whether or not material, that involves management or other employees
who have a significant role in the registrant's internal controls; and

6.  I have indicated in this annual report whether or not there were significant changes in
internal controls or in other factors that could significantly affect internal controls subsequent to the
date of our most recent evaluation, including any corrective actions with regard to significant
deficiencies and material weaknesses.

Date:   January 8, 2004                                                   /s/
Paul F. Beatty
Chief Executive Officer
                                                                                            And Principal Accounting Officer

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EXHIBIT 32.1



In connection with the Annual Report of Zynex Medical Holdings, Inc. (formerly Fox River
Holdings, Inc.), on Form 10-KSB for the period ending September 30, 2003 as filed with the
Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Paul F.
Beatty, Chief Executive Officer and Principal Accounting Officer  of the Company, certify, pursuant
to 18 U.S.C. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of section 13 (a) or 15 (d) of the Securities
Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial
condition and result of operations of the Company.

Date: January 8, 2004

Paul F. Beatty, Chief Executive Officer And Principal Accounting Officer

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