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

                                   FORM 10-QSB

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

                    For the Quarter Ended September 30, 2003

                                       or

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

             For the transition period from __________ to __________

                        Commission File Number 000-32741

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

         NEVADA                                                  84-1394211
-------------------------------                             --------------------
(State or other jurisdiction of                             (I.R.S. Employer
incorporation or organization)                              Identification No.)

              1390 South 1100 East #204, Salt Lake City, Utah 84111
              -----------------------------------------------------
                    (Address of principal executive offices)

                                 (801) 322-0253
                           ---------------------------
                           (Issuer's telephone number)

         Check whether the issuer (1) filed all reports  required to be filed by
Section 13 or 15(d) of the  Securities  Exchange  Act of 1934 during the past 12
months (or for such shorter period that the registrant was required to file such
reports),  and (2) has been subject to such filing  requirements for the past 90
days.  Yes [X]   No [ ]


                      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.

           Class                          Outstanding as of September 30, 2003
-----------------------------             -------------------------------------
Common Stock, $.001 par value                         3,382,117


                                       -1-

<PAGE>
<TABLE>
<CAPTION>

                                        TABLE OF CONTENTS

Heading                                                                                                   Page
-------                                                                                                   ----
                                          PART  I.  FINANCIAL INFORMATION

<S>          <C>                                                                                           <C>
Item 1.      Financial Statements.....................................................................      3

                  Balance Sheets - September 30, 2003 (unaudited) and December 31, 2002...............      4

                  Statements of Operations  - nine months ended September 30, 2003
                    and 2002 and the period from the date of inception of the development
                    stage on January 1, 1958 to September 30, 2003 (unaudited)........................      5

                  Statements of Changes in Stockholders' Equity - for the period from
                  inception of the development stage on January 1, 1958 to
                  September 30, 2003 .................................................................      6

                  Statements of Cash Flows  -  three months ended September 30, 2003
                    and 2002 and the period from inception of the development stage
                    on January 1, 1958 to September 30, 2003 (unaudited)..............................      8

                  Notes to Financial Statements ......................................................     10

Item 2.      Management's Discussion and Analysis or Results of Operations............................     14

Item 3.      Controls and Procedures..................................................................     16


                                            PART II. OTHER INFORMATION

Item 1.      Legal Proceedings........................................................................     16

Item 2.      Changes in Securities and Use of Proceeds................................................     17

Item 3.      Defaults Upon Senior Securities..........................................................     17

Item 4.      Submission of Matters to a Vote of Securities Holders....................................     17

Item 5.      Other Information........................................................................     17

Item 6.      Exhibits and Reports on Form 8-K.........................................................     17

             Signatures...............................................................................     18
</TABLE>

                                                        -2-

<PAGE>



                                     PART I

Item 1.  Financial Statements

         The accompanying  balance sheet of Treasure  Mountain  Holdings Inc. at
September 30, 2003, related  statements of operations,  changes in stockholders'
equity and cash flows for the three months ended September 30, 2003 and 2002 and
the period January l, 1958 (date of inception of development stage) to September
30,  2003,  have been  prepared by  management  in  conformity  with  accounting
principles  generally  accepted in the U.S. In the  opinion of  management,  all
adjustments  considered  necessary  for a fair  presentation  of the  results of
operations  and financial  position have been included and all such  adjustments
are of a normal  recurring  nature.  Operating  results  for the  quarter  ended
September 30, 2003,  are not  necessarily  indicative of the results that can be
expected for the fiscal year ending December 31, 2003.



                                      -3-
<PAGE>
<TABLE>
<CAPTION>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                                 BALANCE SHEETS
                    September 30, 2003 and December 31, 2002


                                                                        Sept 30,     Dec 31,
                                                                         2003         2002
                                                                       ---------    ---------
ASSETS
CURRENT ASSETS
<S>                                                                    <C>          <C>
   Cash                                                                $     812    $   3,255
                                                                       ---------    ---------

   Total Current Assets                                                $     812    $   3,255
                                                                       =========    =========

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES

   Note payable - related parties                                          3,538         --
   Accounts payable                                                         --            800
                                                                       ---------    ---------

       Total Current Liabilities                                           3,538          800
                                                                       ---------    ---------

STOCKHOLDERS' EQUITY

   Common stock
       50,000,000 shares authorized, at $0.001 par value,
       3,382,117 shares issued and outstanding at September 30,2003;
       2,582,117 at December 31, 2002                                      3,382        2,182
   Capital in excess of par value                                        684,370      667,570
    Deficit accumulated during development stage                        (690,478)    (667,297)
                                                                       ---------    ---------

       Total Stockholders' Equity (Deficiency)                            (2,726)       2,455
                                                                       ---------    ---------

                                                                       $     812    $   3,255
                                                                       =========    =========
</TABLE>

   The accompanying notes are an integral part of these financial statements.


                                      -4-
<PAGE>

<TABLE>
<CAPTION>
                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                            STATEMENTS OF OPERATIONS
             For the Three and Nine Months Ended September 30, 2003
           and 2002 and the Period January 1, 1958 (date of inception
                   of development stage) to September 30, 2003
-----------------------------------------------------------------------------------------------------

                                           Three Months           Nine Months
                                     Sept 30,    Sept 30,     Sept 30,    Sept 30,      Jan 1, 1958
                                      2003         2002         2003        2002     to Sept 30, 2003
                                   ---------    ---------    ---------    ---------  ----------------
<S>                                <C>          <C>          <C>          <C>          <C>
REVENUES                           $     200    $   1,000    $   2,297    $   7,200    $  10,697

EXPENSES                               8,013        9,888       25,478       26,055      678,400
                                   ---------    ---------    ---------    ---------    ---------

NET PROFIT (LOSS) -
      before other income             (7,813)      (8,880)     (23,181)     (18,855)    (667,703)

SETTLEMENT OF DEBT                      --           --           --           --         19,000

NET PROFIT (LOSS)                  $  (7,813)   $  (8,880)   $ (23,181)   $ (18,855)   $(648,703)
                                   =========    =========    =========    =========    =========

NET LOSS PER COMMON
     SHARE

   Basic and diluted               $    --      $    (.01)   $    (.01)   $    (.02)        --
                                   ---------    ---------    ---------    ---------    ---------


AVERAGE OUTSTANDING
    SHARES - (stated in 1,000's)

    Basic                              2,849        1,222        2,715        1,222         --
                                   ---------    ---------    ---------    ---------    ---------
</TABLE>



   The accompanying notes are an integral part of these financial statements.

                                      -5-
<PAGE>

<TABLE>
<CAPTION>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                  STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                For the Period January 1, 1958 (date of inception
                   of development stage) to September 30, 2003
-----------------------------------------------------------------------------------------------------------------
(Split Table)
                                                               Common Stock           Capital in
                                                        --------------------------     Excess of     Accumulated
                                                           Shares         Amount       Par Value       Deficit
                                                        -----------     ----------    -----------    -----------
<S>                                                          <C>                <C>       <C>            <C>
Balance January 1, 1958                                      14,810             15        126,154        (41,775)

Net operating loss for the years ended
    December 31, 1958                                          --             --             --          (43,600)
    December 31, 1959                                          --             --             --          (28,619)
    December 31, 1960                                          --             --             --          (42,175)
    December 31, 1961                                          --             --             --          (23,449)
Issuance of common shares for services - 1969                   400           --            2,000           --
Net operating loss for the year ended
   December 31, 1969                                           --             --             --           (2,000)
Issuance of common shares for payment
   of accounts payable - 1970                                 9,720             10         52,064           --
Issuance of common shares for cash - 1970                     1,000              1          4,999           --
Issuance of common shares for all
  outstanding stock of Queen Hills - 1970                    32,000             32        159,968           --
Net operating loss for the year ended
   December 31, 1970                                           --             --             --           (9,670)
Issuance of common shares for cash and
   payment of accounts payable - 1972                           550              1          1,374           --
Issuance of common shares for cash and
   payment of accounts payable - 1973                         2,900              3          4,667           --
Net operating loss for the year ended
   December 31, 1975                                           --             --             --         (160,000)
Issuance of common shares for services - 1985                 3,630              4         18,146           --
Issuance of common shares for all outstanding
    stock of Notch Peak Corp - 1985                          40,331             40        201,617           --
Net operating loss for the year ended
   December 31, 1985                                           --             --             --          (18,150)
Net operating loss for the year ended
   December 31, 1988                                           --             --             --         (201,657)
Issuance of common shares for services - 1997            22,610,000         22,610          7,390           --
Issuance of common shares for cash - 1997                   100,000            100          9,900           --
Issuance of additional common shares
   resulting from stock split - 1997                         31,206             31            (31)          --
Net operating loss for the year ended
   December 31, 1997                                           --             --             --          (64,560)
Contributions to capital - 1997                                --             --              750           --


Balance December 31, 1997                                22,846,547         22,847        588,998       (635,655)

</TABLE>

                                      -6-
<PAGE>

<TABLE>
<CAPTION>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                 STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY -
          (Continued) For the Period January 1, 1958 (date of inception
                   of development stage) to September 30, 2003
----------------------------------------------------------------------------------------------------------------
(continued)
                                                               Common Stock           Capital in
                                                        --------------------------     Excess of     Accumulated
                                                           Shares         Amount       Par Value       Deficit
                                                        -----------     ----------    -----------    -----------

<S>                                                    <C>              <C>           <C>            <C>
Contributions to capital - 1998                                --             --              450           --
Net operating loss for the year ended
    December 31, 1998                                          --             --             --             (573)
Contributions to capital - settlement
   of debt - related party                                     --             --            5,000           --
Net operating profit for the year ended
   December 31, 1999                                           --             --             --           18,497
Common shares returned and canceled
   by related parties as capital
   contribution - September 27, 2000                    (21,909,000)       (21,909)        21,909           --
Net operating loss for the year ended
   December 31, 2000                                           --             --             --           (6,618)
Net operating loss for the year ended
   December 31, 2001                                           --             --             --          (16,926)
Issuance of common shares for payment
   of debt at $.10 - March 29, 2002                         284,570            284         28,173           --
Issuance of common shares for expenses
   at $.025 - related parties - August 9, 2002              640,000            640         15,360           --
Issuance of common shares for expenses at
   $.025 - related parties - December 30, 2002              320,000            320          7,680           --
Net operating loss for the year ended
    December 31, 2002                                          --             --             --          (26,022)

Balance December 31, 2002                                 2,182,117          2,182        667,570       (667,297)

Issuance of common shares for expenses
    at $.015                                              1,200,000          1,200         16,800           --
Net operating loss for the nine
  months ended September 30, 2003                              --             --             --          (23,181)

Balance September 30, 2003                                3,382,117    $     3,382    $   684,370    $  (690,478)
                                                        ===========    ===========    ===========    ===========

</TABLE>

   The accompanying notes are an integral part of these financial statements.

                                      -7-
<PAGE>
<TABLE>
<CAPTION>
                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                             STATEMENT OF CASH FLOWS
                  For the Nine Months Ended September 30, 2003
                and 2002 and the Period January 1, 1958 (date of
              inception of development stage) to September 30, 2003

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


                                                    Sept 30,      Sept 30,   Jan 1, 1958 to
                                                      2003         2002      Sept 30, 2003
                                                    ---------    ---------   -------------
CASH FLOWS FROM
   OPERATING ACTIVITIES
<S>                                                 <C>          <C>          <C>
   Net profit (loss)                                $ (23,181)   $ (18,855)   $(648,703)


       Adjustments to reconcile net loss to
       net cash provided by operating activities

              Settlement of debt                         --           --        (19,000)
              Changes in accounts payable               2,738          643       55,995
        Issuance common stock for expenses             18,000       16,000      596,320
          Contribution to capital - expenses             --           --          1,200
                                                    ---------    ---------    ---------
               Net Change in Cash from Operations      (2,443)      (2,212)     (14,188)
                                                    ---------    ---------    ---------

CASH FLOWS FROM INVESTING
   ACTIVITIES
                                                         --           --           --
                                                    ---------    ---------    ---------

CASH FLOWS FROM FINANCING
   ACTIVITIES

       Proceeds from issuance of common stock            --           --         15,000
                                                    ---------    ---------    ---------


    Net Increase  (Decrease) in Cash                   (2,443)      (2,212)         812

   Cash at Beginning of Period                          3,255        5,834         --
                                                    ---------    ---------    ---------

   Cash at End of Period                            $     812    $   3,622    $     812
                                                    =========    =========    =========
</TABLE>

    The accompanying notes are an integral part of these financial statements

                                      -8-
<PAGE>

<TABLE>
<CAPTION>


                        TREASURE MOUNTAIN HOLDINGS, INC.
                          ( Development Stage Company)
                      STATEMENTS OF CASH FLOWS (Continued)
                    Period January 1, 1958 (Date of Inception
                  of development stage) to September 30, 2003
--------------------------------------------------------------------------------


SCHEDULE OF NONCASH OPERATING, INVESTING, AND FINANCING  ACTIVITIES
<S>                                                                                            <C>
Issuance of 400 common shares for services  - 1969                                             $  2,000
Issuance of 9,720 common shares for payment  of accounts payable - 1970                          52,074
Issuance of 32,000 common shares for all  outstanding stock of Queen Hills - 1970               160,000
Issuance of 550 common shares for cash and  payment of accounts payable  - 1972                   1,375
Issuance of 2,900 common shares for cash and   payment of accounts payable - 1973                 4,670
Issuance of 3,630  common shares for services - 1985                                             18,150
Issuance of 40,331 common shares for all outstanding  stock of Notch Peak Corp  - 1985          201,657
Issuance of 22,610,000 common shares for services - 1997                                         30,000
Issuance of 284,570 common shares for payment of debt - 2002                                     28,457
Issuance of 960,000 common shares for expenses - 2002                                            24,000
Issuance of 400,000 common shares for expenses - 2003                                             6,000
Issuance of 800,000 common shares for expenses - 2003                                            12,000
</TABLE>






   The accompanying notes are an integral part of these financial statements.

                                      -9-
<PAGE>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2003
--------------------------------------------------------------------------------

1.     ORGANIZATION

The Company was incorporated under the laws of the State of Utah on July 2, 1954
with authorized common stock of 1,000,000 shares at a par value of $.10 with the
name  "Treasure  Mountain  Mining  Company" and on March 21, 1970 the authorized
common stock was  increased to  10,000,000  shares with a par value of $.10.  On
February 11, 1997 the name was changed to "Treasure Mountain Holdings, Inc." and
the authorized  common  capital stock was increased to 50,000,000  shares with a
par value of $.001.  On April 1, 1997 the domicile was changed from the State of
Utah to the State of Nevada.

The Company has been engaged in the activity of the  development  and operations
of mining  properties and in 1957 the operations  were abandoned and the Company
became  inactive.  The  Company has been in the  developmental  stage since that
date.

2.     SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Methods
------------------

The  Company  recognizes  income and  expenses  based on the  accrual  method of
accounting.

Dividend Policy
---------------

The Company has not yet adopted a policy regarding payment of dividends.

Income Taxes
------------

The Company utilizes the liability method of accounting for income taxes.  Under
the liability method deferred tax assets and liabilities are determined based on
the differences  between financial reporting and the tax bases of the assets and
liabilities  and are measured  using the enacted tax rates and laws that will be
in effect,  when the differences are expected to reverse.  An allowance  against
deferred tax assets is recorded,  when it is more likely than not, that such tax
benefits will not be realized.

On September 30, 2003,  the Company had a net operating loss available for carry
forward of $321,040.  The income tax benefit of  approximately  $96,000 from the
loss carry forward has been fully offset by a valuation  reserve because the use
of the future tax benefit is undeterminable since the Company has no operations.
The loss carryover expires in the years from 2003 through 2024.

Financial Instruments
---------------------

The  carrying  amounts of  financial  instruments,  including  cash and accounts
payable, are considered by management to be their estimated fair values.


                                      -10-
<PAGE>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2003

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


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Basic and Diluted Net Income (Loss) Per Share
---------------------------------------------

Basic net income  (loss) per share  amounts are  computed  based on the weighted
average  number of shares  actually  outstanding.  Diluted net income (loss) per
share amounts are computed  using the weighted  average  number of common shares
and common  equivalent  shares  outstanding  as if shares had been issued on the
exercise of any common share rights unless the exercise becomes antidilutive and
then the diluted income (loss) per shares is not shown.

Advertising and Market Development
----------------------------------

The Company expenses advertising and market development costs as incurred.

Financial and Concentrations Risk
---------------------------------

The Company does not have any concentration or related financial credit risk.

Revenue Recognition
-------------------

Revenue is recognized on the sale and delivery of a product or the completion of
services provided.

Statement of Cash Flows
-----------------------

For the  purposes of the  statement  of cash flows,  the Company  considers  all
highly  liquid  investments  with a maturity of three  months or less to be cash
equivalents.

Estimates and Assumptions
-------------------------

Management uses estimates and assumptions in preparing  financial  statements in
accordance with generally accepted  accounting  principles.  Those estimates and
assumptions  affect the  reported  amounts of the  assets and  liabilities,  the
disclosure of contingent  assets and liabilities,  and the reported revenues and
expenses.  Actual  results  could vary from the  estimates  that were assumed in
preparing these financial statements.

Recent Accounting Pronouncements
--------------------------------

The  Company  does not  expect  that the  adoption  of other  recent  accounting
pronouncements will have a material impact on its financial statements.

                                      -11-
<PAGE>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2003
--------------------------------------------------------------------------------


3.  LICENSE AGREEMENT

On August 11, 2001 the  Company  entered  into an  exclusive  worldwide  license
agreement  to  market a devise  known  as "Java  Stir" to be used in the  coffee
industry  venues.  The terms of the  agreement  includes a 5%  royalty  for each
10,000  units sold for a period of 10 years  with a minimum  royalty of $1,000 a
year for the  first two years and  $1,500 a year for the  remaining  years.  The
minimum  royalty began on January 1, 2003 and the first yearly  royalty  payment
was reduced from $1,000 to $200.

4.  CAPITAL STOCK

The Company was  incorporated  in 1954 and became  inactive in 1957.  During the
following years errors  developed in the stock records and therefore the Company
issued 14,281 shares to be held in escrow by the transfer  agent in the event of
any valid claims for shares not recorded in the Company records.

During  2003 the  Company  issued  common  shares to the  officers-directors  as
outlined in note 6.

On October 28, 1997 the Company  completed a reverse  common  stock split of one
share for 100 shares  outstanding and on October 10, 2000 a forward common stock
split of two shares for each  outstanding  share.  This report has been prepared
showing after stock split shares at $.001 par value from inception.

5.   WARRANTS

On  September  27,  2000 the board of  directors  of the  Company  approved  the
issuance  of  warrants  entitling  the  holders  to  purchase  up  to  3,000,000
restricted  common shares of the Company,  at $.25 per share, at any time before
18 months from the date the  warrant is  granted.  At the date of this report no
warrants had been issued.

6.  SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

Officers-directors  and  their  controlled  entities  have  acquired  93% of the
outstanding common capital stock.

An officer has made a 6% interest,  demand, loan to the Company of $3,500, which
is convertible  into common capital stock,  at any time, at $.005 per share,  at
the option of the note holder.

On March 29, 2002 the Company issued  284,570  common shares to related  parties
for the payment of notes payable due them. On August 9, 2002 the Company  issued
640,000  common shares at $.025 to related  parties as payment for expenses paid
for the Company.  On December 30, 2002 the Company  issued 320,000 common shares
at $.025 to related parties as payment for expenses paid for the Company. During
2003 the Company issued  1,200,000  common shares at $.015 for expenses paid for
the Company.

                                      -12-
<PAGE>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                               September 30, 2003

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


7.  GOING CONCERN

The  Company  intends to acquire  interests  in various  business  opportunities
which,  in the  opinion of  management,  will  provide a profit to the  Company,
however,  the Company does not have the working capital to be successful in this
effort and to service its debt which raises  substantial doubt about its ability
to continue as a going concern.

Continuation  of the  Company as a going  concern is  dependent  upon  obtaining
additional  working  capital and the  management  of the Company has developed a
strategy,  which it believes will accomplish this objective  through  additional
equity funding and long term financing, which will enable the Company to operate
for the coming year.

8.  FINANCIAL STATEMENTS

The accompanying  balance sheets of Treasure Mountain Holdings Inc. at September
30, 2003 and December 31, 2002, and the related  statements of  operations,  and
cash flows for the three and nine months ended  September  30, 2003 and 2002 and
the period January l, 1958 (date of inception of development stage) to September
30, 2003 have been  prepared by the  Company's  management  in  conformity  with
accounting principles generally accepted in the United States of America. In the
opinion  of  management,   all  adjustments  considered  necessary  for  a  fair
presentation  of the results of  operations  and  financial  position  have been
included and all such adjustments are of a normal recurring nature.

Operating  results for the quarter ended September 30, 2003, are not necessarily
indicative of the results that can be expected for the year ending  December 31,
2003.


                                      -13-
<PAGE>

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

         The  following  information  should  be read in  conjunction  with  the
financial statements and notes thereto appearing elsewhere in this Form 10-QSB.

         We were organized in 1954 to engage in the business of mining, milling,
processing and marketing various minerals, primarily tungsten. We engaged in the
mining business for a period of time, but then became inactive. We are deemed to
be a development stage company with minimal assets.

         On August 11,  2001,  we  executed a License  Agreement  to acquire the
worldwide,  exclusive license to make, manufacture,  sell, attach a trademark or
trade name to, and to exercise  incidents of ownership in and to all  interests,
proprietary rights and improvement in and to the "Java Stir" product.  Under the
terms of the agreement, we paid $500 for such rights and agreed to pay a royalty
of 5% of gross  revenues for each 10,000 Java Stirs sold by us or our designees.
The term of the  agreement  is for ten years.  We must pay a minimum  royalty of
$1,000  for each of the first two years of the  agreement  and  $1,500  for each
remaining  year.  We  renegotiated  the  agreement to defer the initial  royalty
payment until  January 1, 2003,  and to reduce the minimum  royalty  amount from
$1,000 to $200, which we have paid. The License Agreement for this year has been
extended until January 1, 2004.

         Java Stir is the only  swizzle  stick  made  exclusively  for  stirring
coffee. The base color of the Java Stir is coffee brown or black and consists of
a sculptured  coffee bean  attached to a thin acrylic stick made of ABS plastic.
The Java Stir can be custom imprinted on the paddle part, an area  approximately
1/2 inch by 1/2 inch, with a company's logo and/or message  pursuant to customer
specifications.  Custom  molding is available  upon request.  The Java Stir will
offer a company logo imprinted on the plastic circular  diameter (paddle) of the
stir stick  combined  with a gold or silver foil  finish for a sharp  noticeable
finish.  We are still  seeking  an  alternative  manufacturing  source  based in
Knwloon Bay, China. Management believes this will enable us to be more effective
in marketing the JavaStir product.

         Presently, necessary operating funds are being provided by our officers
and  directors.  Certain costs and expenses  associated  with our operations and
expenses have been arranged for by a director in exchange for notes payable.  It
is  anticipated  that some future  expenses may be handled in a similar  manner.
However,  unless  we are  able  to  secure  sufficient  financing  and  reliable
manufacturing  there is  substantial  doubt  about our  ability to continue as a
going concern.

         At  September  30, 2003 and  December  31,  2002,  we had total  assets
consisting  of cash of $812  and  $3,255,  respectively.  Total  liabilities  at
September  30, 2003 and  December  31, 2002 were $3,538 and $800,  respectively.
Liabilities  at September 30, 2003  consisted of a demand notes in the amount of
$3,500 issued to one of our directors.  The notes bears interest at 6% per annum
and are  convertible  into shares of our common stock at a  conversion  price of
$.005 per share.  Liabilities  at  December  31,  2002  consisted  primarily  of
professional fees.

          The Company  realized  revenues of $200 during the three month  period
ended September 30, 2003, compared to $1,000 revenues for the corresponding 2002
period. For the nine-month period ended September 30, 2003, we realized revenues
of $2,297  compared  to  $7,200  revenues  for the  corresponding  2002  period.
Revenues  for the third  quarter and the first nine months of 2003 were  derived
from  custom  design  work.  Revenues  for the third  quarter and the first nine
months of 2002 were the result of  creating  designs  for  special  orders to be
delivered.  Total expenses were $8,013 for the third quarter of 2003 compared to

                                      -14-
<PAGE>

$9,888 for the  corresponding  2002 period.  Total expenses were $17,465 for the
first nine months of 2003 compared to $16,175 for the corresponding 2002 period.
Expenses  during the third  quarter  and the first nine  months of 2003 were for
accrued rents,  services,  general  operating  expenses and  professional  fees.
Expenses  during the third quarter and the first nine months of 2002 period were
for accrued rents, services, general operating expenses and professional fees.

         Our net loss for the third  quarter of 2003 was $7,813  compared with a
net loss of $8,880 for the third  quarter of 2002.  The decrease in our net loss
is due to a small  decrease in expenses in 2003. Our net loss for the first nine
months of 2003 was  $23,181  compared  with a net loss of $18,881  for the first
nine  months  of 2002.  The  increase  in our net loss is due to a  decrease  in
revenues.

         In the  opinion of  management,  inflation  has not and will not have a
material effect on the operations in the immediate future.

Plan of Operation

         Prior  to  entering  into  the  license  agreement,  we  were  actively
investigating  possible  business  opportunities  with the  intent to acquire or
merge  with one or more  business  ventures.  Although  we may,  in the  future,
consider  possible  merger and acquisition  candidates,  management is presently
focusing on developing a marketing  plan for the production and sale of the Java
Stir product.  However,  because we currently lack adequate  funds,  it has been
necessary for the officers and directors to advance funds and to accrue expenses
until such time as alternative  funding can be arranged.  Management  intends to
hold expenses to a minimum and to obtain  services on a  contingency  basis when
possible. On May 17, 2002, the Board of Directors  authorized,  as of January 1,
2002,  the  accrual of rent  expense in the amount of $500 per month  payable to
George I. Norman III, our  President  and a director (in the name of the Alewine
Limited  Liability  Company) and Lane Clissold,  our  Secretary/Treasurer  and a
director.  The Board also  authorized on May 17, 2002 the accrual of services in
the amount of $1,500 per month payable to Messrs.  Norman and Clissold. On March
31, 2003,  we issued an  aggregate of 400,000  shares of common stock to related
parties as payment for accrued  rent and  services.  On September  30, 2003,  we
issued an  aggregate  of 800,000  shares of common  stock to related  parties as
payment for accrued rent and services.  Directors  have agreed to defer any cash
compensation until such time as business conditions permit such expenditures.

         We are evaluating the viability of our product. During the remainder of
2003,  we will  endeavor  to  complete a business  plan for the  production  and
marketing of the Java Stir. Management  anticipates that it may need the help of
consultants in the  development  of its business plan and ultimate  marketing of
the product.  However,  consultants can only be employed as business  conditions
warrant and adequate  funding is  available.  Also,  only as  financing  becomes
available, will we be able perform certain marketing studies and market tests to
determine  the viability of the product and a product line. To date, we have not
had sufficient capital and resources to perform any marketing studies and market
tests to further  determine  the  viability  of the  product or a product  line.
Marketing to date has been posting web pages of the JavaStir  stir stick product
on our internet site with an 800 telephone number and a corporate email address.
We have had limited success and limited revenues resulting from creating designs
for special orders.  We have been attempting by the way of small orders from our
web site to produce and market the Java Stir.

         Management  estimates  that we need a minimum of  $25,000  to  finalize
development of the Java Stir and commence more meaningful  marketing.  As of the
date hereof, we have not entered into any agreement or arrangement to secure the
requisite funding. There can be no assurance that we will be able to obtain such
funding when and if needed, or that such funding, if available,  can be obtained
on acceptable terms.

                                      -15-
<PAGE>

Net Operating Loss

         We have accumulated  approximately $321,040 of net operating loss carry
forwards as of September  30,  2003.  The income tax benefit of $96,000 from the
loss carry forward has been fully offset by a valuation  reserve because the use
of the  future  tax  benefit  is  undeterminable  as we have  had  only  limited
operations.  The loss carryforward  expires in the years from 2003 through 2024.
The use of these  losses  to  reduce  future  income  taxes  will  depend on the
generation  of  sufficient  taxable  income prior to the  expiration  of the net
operating loss carryforwards.  In the event of certain changes in control, there
will be an annual  limitation on the amount of net operating loss  carryforwards
which can be used.

Forward-looking and Cautionary Statements

         This report includes "forward-looking statements" within the meaning of
Section 27A of the  Securities  Act of 1933,  and Section 21E of the  Securities
Exchange  Act of 1934.  These  forward-looking  statements  may  relate  to such
matters as  anticipated  financial  performance,  future  revenues or  earnings,
business prospects,  projected ventures, new products and services,  anticipated
market  performance  and similar  matters.  When used in this report,  the words
"may,"  "will,"  "expect,"  "anticipate,"   "continue,"  "estimate,"  "project,"
"intend,"  and similar  expressions  are  intended  to identify  forward-looking
statements  regarding events,  conditions,  and financial trends that may affect
our future  plans of  operations,  business  strategy,  operating  results,  and
financial position. We caution readers that a variety of factors could cause our
actual  results  to differ  materially  from the  anticipated  results  or other
matters expressed in forward-looking statements.  These risks and uncertainties,
many of which are beyond our control, include:

         *    the sufficiency of existing  capital  resources and our ability to
              raise  additional  capital  to fund cash  requirements  for future
              operations;

         *    uncertainties  involved in the rate of growth of our  business and
              acceptance of our products and services;

         *    volatility of the stock market, particularly within the technology
              sector; and * general economic conditions.

         Although we believe the expectations reflected in these forward-looking
statements are reasonable,  such  expectations  cannot guarantee future results,
levels of activity, performance or achievements.


Item 3.   Controls and Procedures.

         As of the end of the period  covered by this report,  we carried out an
evaluation,  under the  supervision  and with the  participation  of management,
including our chief executive officer and principal  financial  officer,  of the
effectiveness  of the  design  and  operation  of our  disclosure  controls  and
procedures  as  defined  in Rules  13a-15(e)  and  15d-15(e)  of the  Securities
Exchange Act of 1934.  Based upon that evaluation,  our chief executive  officer
and principal  financial  officer  concluded  that our  disclosure  controls and
procedures  are  effective  to cause the  material  information  required  to be
disclosed  by us in the reports that we file or submit under the Exchange Act to
be  recorded,  processed,  summarized  and  reported  within  the  time  periods
specified in the SEC's rules and forms.  There have been no significant  changes
in our internal  controls or in other factors which could  significantly  affect
internal controls subsequent to the date we carried out our evaluation.

                                      -16-
<PAGE>


                                     PART II

Item 1.           Legal Proceedings

         There are no material pending legal proceedings to which we are a party
or to which any of our property is subject and, to the best of our knowledge, no
such actions against us are contemplated or threatened.


Item 2.           Changes In Securities and Use of Proceeds

         On  September,  30 2003,  we issued an aggregate  of 800,000  shares of
authorized,  but previously  unissued common stock for accrued rent and services
in the amount of  $12,000.  The shares  were  valued at $.015 per share and were
issued to George I. Norman III, Lane Clissold,  and to Alewine Limited Liability
Company.

         The above shares were issued in a private transaction to persons having
knowledge  about  Treasure  Mountain  Holdings  and  our  business   operations.
Accordingly,   we  relied  upon  the  exemptions  from  registration  under  the
Securities Act of 1933, as amended, provided by Section 4(2) of that Act.
The shares are deemed to be "restricted securities."


Item 3.           Defaults Upon Senior Securities

         This Item is not applicable.

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

         This Item is not applicable.

Item 5.           Other Information

         This Item is not applicable.

Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits

                           Exhibit 31.1     Certification of C.E.O.  Pursuant to
                                            Section  302 of  the  Sarbanes-Oxley
                                            Act of 2002.

                           Exhibit 31.2     Certification      of      Principal
                                            Accounting   Officer   Pursuant   to
                                            Section  302 of  the  Sarbanes-Oxley
                                            Act of 2002.

                           Exhibit          32.1    Certification    of   C.E.O.
                                            Pursuant to 18 U.S.C.  Section 1350,
                                            as Adopted  Pursuant  to Section 906
                                            of the Sarbanes-Oxley Act of 2002.

                           Exhibit          32.2   Certification   of  Principal
                                            Accounting  Officer  Pursuant  to 18
                                            U.S.C.   Section  1350,  as  Adopted
                                            Pursuant   to  Section  906  of  the
                                            Sarbanes-Oxley Act of 2002.
         (b) Reports on Form 8-K

                  No  report  on Form 8-K was filed by the  Company  during  the
                  three-month period ended September 30, 2003.

                                      -17-
<PAGE>




                                   SIGNATURES


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

                                   TREASURE MOUNTAIN HOLDINGS, INC.



Date: November 14, 2003            By:  /S/ GEORGE I. NORMAN, III
                                      ------------------------------------------
                                            George I. Norman, III
                                            President, C.E.O. and Director




Date: November 14, 2003            By: /S/ LANE CLISSOLD
                                      ------------------------------------------
                                           Lane Clissold
                                           Secretary/Treasurer, and Director
                                           (Principal Accounting Officer)



                                      -18-