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 March 31, 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 March 31, 2003

         Common Stock, $.001 par value                 2,582,117

                                       -1-

<PAGE>


<TABLE>
<CAPTION>

                                                 TABLE OF CONTENTS

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

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

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

                  Statements of Operations  -  three months ended March 31, 2003
                    and 2002 and the period from the date of inception of the development
                    stage on January 1, 1958 to March 31, 2003 (unaudited)............................      5

                  Statements of Changes in Stockholders'  Equity - from the date
                    of inception of the development stage on January 1, 1958 to
                    March 31, 2003 (unaudited)........................................................      6

                  Statements of Cash Flows - three  months  ended March 31, 2003
                    and 2002 and the period from  inception  of the  development
                    stage on January 1, 1958 to March 31, 2003 (unaudited)............................      8

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

Item 2.      Management's Discussion and Analysis and 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................................................     16

Item 3.      Defaults Upon Senior Securities..........................................................     16

Item 4.      Submission of Matters to a Vote of Securities Holders....................................     16

Item 5.      Other Information........................................................................     16

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

             Signatures...............................................................................     18

             Certifications...........................................................................     19
</TABLE>

                                       -2-

<PAGE>



                                                      PART I

Item 1.           Financial Statements

         The accompanying  balance sheets of Treasure  Mountain Holdings Inc. at
March 31, 2003,  related  statements  of  operations,  changes in  stockholders'
equity and cash flows for the three months ended March 31, 2003 and 2002 and the
period  January l, 1958 (date of  inception of  development  stage) to March 31,
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 March 31, 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
                      March 31, 2003 and December 31, 2002
=======================================================================================


                                                              Mar 31,        Dec 31,
                                                               2003           2002
                                                            -----------    -----------
ASSETS
CURRENT ASSETS

<S>                                                         <C>            <C>
   Cash                                                     $     5,044    $     3,255
                                                            -----------    -----------

       Total Current Assets                                 $     5,044    $     3,255
                                                            ===========    ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES

      Note payable - related party - demand                       2,500           --
   Accounts payable                                                --              800
                                                            -----------    -----------

          Total Current Liabilities                               2,500            800
                                                            -----------    -----------

STOCKHOLDERS' EQUITY

     Common stock
       50,000,000 shares authorized, at $0.001 par value,
      2,182,117    shares issued and outstanding
      at December 31; 2,582,117 shares at March 31                2,582          2,182

   Capital in excess of par value                               673,170        667,570

    Accumulated deficit  - Note 1                              (673,208)      (667,297)
                                                            -----------    -----------

       Total Stockholders' Equity                                 2,544          2,455
                                                            -----------    -----------

                                                            $     5,044    $     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 Months Ended March 31, 2003 and 2002
              and the Period January 1, 1958 (date of inception of
                      development stage) to March 31, 2003
=====================================================================================
                                             Mar 31,       Mar 31,      Jan 1, 1958
                                              2003          2002      to Mar 31, 2003
                                          -----------    -----------  ---------------
<S>                                       <C>            <C>           <C>
REVENUES                                  $       787    $     5,000   $     9,187

EXPENSES                                        6,698          3,205       659,620
                                          -----------    -----------   -----------

NET PROFIT (LOSS) - before other income        (5,911)         1,795      (650,433)

GAIN FROM SETTLEMENT OF DEBT                     --             --          19,000


NET PROFIT (LOSS)                         $    (5,911)   $     1,795   $  (631,433)
                                          ===========    ===========   ===========



NET LOSS PER COMMON SHARE

   Basic                                  $      --      $      --
                                          -----------    -----------



AVERAGE OUTSTANDING SHARES

    Basic                                   2,382,117        937,547
                                           -----------   -----------

</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 March 31, 2003
====================================================================================================


                                                                          Capital in
                                                     Common Stock          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>
    The accompanying notes are an integral part of these financial statements

                                       -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 March 31, 2003
========================================================================================================
                                                                               Capital in
                                                          Common Stock          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                                          400,000            400          5,600          --
Net operating loss for three months ended
    March 31, 2003                                      --             --             --          (5,911)


Balance March 31, 2003                             2,582,117    $     2,582    $   673,170   $  (673,208)
                                                 ===========    ===========    ===========   ===========
</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 Three Months Ended March 31, 2003 and
                  2002 and the Period January 1, 1958 (date of
                inception of development stage) to March 31, 2003
==========================================================================================
                                                      Mar 31,      Mar 31,  Jan 1, 1958 to
                                                       2003         2002     Mar 31, 2003
                                                    ---------    ---------  --------------

CASH FLOWS FROM OPERATING ACTIVITIES

<S>                                                 <C>          <C>          <C>
   Net loss                                         $  (5,911)   $   1,795    $(631,433)

   Adjustments to reconcile net loss to
   net cash provided by operating activities
          Gain from settlement of debt                   --           --        (19,000)
          Changes in accounts payable                    (800)      (1,357)      52,457
       Issuance common stock for expenses               6,000         --        584,320
       Contribution to capital - expense                 --           --          1,200

               Net Change in Cash from Operations        (711)         438      (12,456)
                                                    ---------    ---------    ---------

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

CASH FLOWS FROM FINANCING
   ACTIVITIES

        Proceed from note payable                       2,500         --          2,500
        Proceeds from issuance of common stock           --           --         15,000
                                                    ---------    ---------    ---------
            Net Increase  (Decrease) in Cash            1,789          438        5,044

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

   Cash at End of Period                            $   5,044    $   6,272    $   5,044
                                                    =========    =========    =========

</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 December 31, 2002

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

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 - 1  985                                                     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

</TABLE>
    The accompanying notes are an integral part of these financial statements

                                       -9-

<PAGE>



                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 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.

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.

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

On March 31, 2003,  the Company had a net  operating  loss  available  for carry
forward of $303,770.  The income tax benefit of  approximately  $91,130 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 starting in 2003 through 2023.

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
                                 March 31, 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 the common share rights unless the exercise becomes antidilutive and
then the diluted income (loss) per shares is not shown.

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
                                December 31, 2002
================================================================================

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 2002 and 2003 the Company issued common shares to the  officers-directors
as outlined in note 6.

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.

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.

On March 2003 the Company  issued  400,000 common shares at $.015 as payment for
expenses paid for the Company.

                                      -12-

<PAGE>



                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                 March 31, 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 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.


                                      -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.

         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 currently seeking an alternative  manufacturing  source based in
the Hong Kong , China area.  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, there is substantial
doubt about our ability to continue as a going concern.

         At March 31, 2003 and December 31, 2002, we had total assets consisting
of cash of $5,044 and $3,255, respectively.  Total liabilities at March 31, 2003
and December 31, 2002 were $2,500 and $800,  respectively.  Liabilities at March
31, 2003 consisted of a demand note in the amount of $2,500 issued to one of our
directors.  The note  bears  interest  at 6% per annum and is  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.

         For the three-month  period ended March 31, 2003, we realized  revenues
of $787 compared to $5,000 revenues for the corresponding 2002 period.  Revenues
for the first quarter of 2003 were derived from custom design work. Revenues for
the first quarter of 2002 were the result of creating designs for special orders
to be  delivered.  Total  expenses  were  $6,698  for the first  quarter of 2003
compared to $3,205 for the corresponding 2002 period.  Expenses during the first
quarter of 2003 were for accrued rents, services, general operating expenses and
professional  fees.  Expenses  during the first quarter of 2002 were for general
operating expenses and professional fees.

         Our net loss for the first  quarter of 2003 was $5,911  compared with a
net profit of $1,795 for the first quarter of 2002. The increase net loss is due
to lower revenues in 2003 and an increase in expenses.

         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 may be
necessary  for the officers and  directors to either  advance funds or 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

                                      -14-

<PAGE>



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.
Directors have agreed to defer any cash compensation until such time as business
conditions permit such expenditures.

         During  the   remainder  of  2003,  we  will  endeavor  to  complete  a
comprehensive  business plan for the  production and marketing of the Java Stir.
Management  anticipates  that  it may  need  to add  employees  to  help  in the
development of its business plan and ultimate marketing of the product. However,
employees will be added only as business conditions warrant and adequate funding
is available.  Also, as financing  becomes  available,  we will 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 are
attempting  now by the way of small  orders  from its web  site to  produce  and
market the Java Stir.

         Management  estimates  that we need  approximately  $35,000 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.

Net Operating Loss

         We have accumulated  approximately $303,770 of net operating loss carry
forwards as of March 31,  2003.  The income tax benefit of $91,130 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 2002 through 2023.  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.


                                      -15-

<PAGE>



Item 3.   Controls and Procedures.

         Evaluation  of  Disclosure  Controls  and  Procedures.  Based  on their
evaluation,  as of a date within 90 days prior to the date of the filing of this
Form 10-QSB, of the effectiveness of our disclosure controls and procedures,  as
defined in Rules 13a-14(c) and 15d-14(c) of the Securities Exchange Act of 1934,
our  principal  executive  officer and  principal  financial  officer  have each
concluded  that such  disclosure  controls  and  procedures  are  effective  and
sufficient  to ensure that  information  required to be  disclosed  by us in the
reports that we file or submit under the Exchange  Act, is recorded,  processed,
summarized and reported within the time periods specified by the SEC's rules and
forms.

         Changes  in  Internal  Controls.   Subsequent  to  the  date  of  their
evaluation, there have not been any significant changes in our internal controls
or in other factors that could  significantly  affect these controls,  including
any  corrective  action with regard to  significant  deficiencies  and  material
weaknesses.


                                     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 March  31,  2003,  we  issued  an  aggregate  of  400,000  shares of
authorized,  but previously  unissued common stock for accrued rent and services
in the amount of  $6,000.  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.


                                      -16-

<PAGE>



Item 6.           Exhibits and Reports on Form 8-K

         (a)      Exhibits

                  Exhibit 99.1      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 99.2      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 March 31, 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:  May 20, 2003              By:  /S/ GEORGE I. NORMAN, III
                                    --------------------------------------------
                                          George I. Norman, III
                                          President, C.E.O. and Director




Date:  May 20, 2003              By: /S/ LANE CLISSOLD
                                    --------------------------------------------
                                          Lane Clissold
                                          Secretary/Treasurer, and Director
                                          (Principal Accounting Officer)


                                      -18-


                                                                  Certifications
                                                                  --------------

                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I,  George I.  Norman  III,  Chief  Executive  Officer of the  Treasure
Mountain Holdings, Inc. (the "registrant"), certify that:

         1. I have  reviewed  this  quarterly  report on Form 10-QSB of Treasure
         Mountain Holdings, Inc.;

         2. Based on my knowledge,  this  quarterly  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 quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
         information  included in this quarterly  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 quarterly report;

         4. The registrant's  other certifying officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we 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 quarterly 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  quarterly  report  (the  "Evaluation
                  Date"); and

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

         5. The  registrant's  other  certifying  officer and I have  disclosed,
         based on our most recent evaluation,  to the registrant's  auditors and
         the audit  committee of  registrant's  board of  directors  (or persons
         performing the equivalent function):

                  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. The registrant's  other  certifying  officer and I have indicated in
         this quarterly 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:  May 20, 2003


/s/   GEORGE I. NORMAN, III
---------------------------
      George I. Norman, III
      Chief Executive Officer

                                      -19-
<PAGE>


                            CERTIFICATION PURSUANT TO
                  SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

         I, Lane Clissold, Principal Accounting Officer of the Treasure Mountain
Holdings, Inc. (the "registrant"), certify that:

         1. I have  reviewed  this  quarterly  report on Form 10-QSB of Treasure
         Mountain Holdings, Inc.;

         2. Based on my knowledge,  this  quarterly  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 quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
         information  included in this quarterly  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 quarterly report;

         4. The registrant's  other certifying officer and I are responsible for
         establishing  and  maintaining  disclosure  controls and procedures (as
         defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
         we 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 quarterly 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  quarterly  report  (the  "Evaluation
                  Date"); and

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

         5. The  registrant's  other  certifying  officer and I have  disclosed,
         based on our most recent evaluation,  to the registrant's  auditors and
         the audit  committee of  registrant's  board of  directors  (or persons
         performing the equivalent function):

                  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. The registrant's  other  certifying  officer and I have indicated in
         this quarterly 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:  May 20, 2003


/s/   LANE CLISSOLD
----------------------------------
      Lane Clissold
      Principal Accounting Officer

                                       -20-