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, 2001

                                       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)


Registrant's telephone no., including area code:  (801) 322-0253

         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, 2001
    -----------------------------          ------------------------------------
    Common Stock, $.001 par value                       937,547

                                       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, 2001 and December 31, 2000..........................      4

                  Statements  of  Operations  --  three  and nine  months  ended
                    September 30, 2001 and 2000 and the period from
                    January 1, 1958 to September 30, 2001.............................................      5

                  Statements of Cash Flows -- nine months ended September 30, 2001
                    and 2000..........................................................................      6

                  Notes to Financial Statements ......................................................      8

Item 2.      Management's Discussion and Analysis and Results of Operations...........................     11

                                            PART II. OTHER INFORMATION

Item 1.      Legal Proceedings........................................................................     12

Item 2.      Changes In Securities and Use of Proceeds................................................     12

Item 3.      Defaults Upon Senior Securities..........................................................     12

Item 4.      Submission of Matters to a Vote of Securities Holders....................................     12

Item 5.      Other Information........................................................................     13

Item 6.      Exhibits and Reports on Form 8-K.........................................................     14

             SIGNATURES...............................................................................     15
</TABLE>


                                       2
<PAGE>

                                     PART I

Item 1.           Financial Statements

         The  following  unaudited  financial  statements  for the period  ended
September 30, 2001 of Treasure  Mountain  Holdings,  Inc., a  development  stage
company (the  "Company"),  have been prepared by the Company.  The  accompanying
balance sheets at September 30, 2001 and December 31, 2000,  related  statements
of operations  and cash flows for the three and nine months ended  September 30,
2001 and 2000 and the period  January 1, 1958 to September  30, 2001,  have been
prepared  by  management  and do not include  all  information  and notes to the
financial  statements  necessary  for a complete  presentation  of the financial
position,  results  of  operations,  cash  flows,  and  stockholders'  equity in
conformity  with generally  accepted  accounting  principles.  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, 2001 are not necessarily  indicative of the results that can
be expected for the year ending December 31, 2001.

                                       3
<PAGE>


                        TREASURE MOUNTAIN HOLDINGS, INC.
                           (Development Stage Company)
                                 BALANCE SHEETS
                    September 30, 2001 and December 31, 2000

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

                                                         Sept 30,      Dec 31,
                                                          2001          2000
                                                       ---------    ---------
ASSETS

CURRENT ASSETS

   Cash                                                $  10,834    $   5,520
                                                       ---------    ---------

       Total Current Assets                            $  10,834    $   5,520
                                                       =========    =========

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

   Notes payable - related parties - Note 3            $  26,500    $   9,000
   Accrued interest payable -
   related party - Note 3                                  1,159          574
   Accounts payable                                         --          3,000
                                                       ---------    ---------

       Total Current Liabilities                          27,659       12,574
                                                       ---------    ---------

STOCKHOLDERS' EQUITY

   Common stock
       50,000,000 shares authorized
       at $0.001 par value;
       937,547 shares issued and outstanding                 938          938

   Capital in excess of par value                        616,357      616,357

    Deficit accumulated during development stage        (634,120)    (624,349)
                                                        ---------    ---------

         Total Stockholders' Deficiency                  (16,825)      (7,054)
                                                        ---------    ---------

                                                       $  10,834    $   5,520
                                                        =========    =========


   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, 2001
           and 2000 and the Period January 1, 1958 (date of inception
                   of development stage) to September 30, 2001

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


                                                         Three Months              Nine Months
                                                     Sept 30,   Sept 30,      Sept 30,      Sept 30,            Jan 1, 1958
                                                      2001        2000         2001         2000             to Sept 30, 2001
                                                   ---------    ---------    ---------    ---------          ----------------


<S>                                                <C>          <C>          <C>          <C>                  <C>
REVENUES                                           $    --      $    --      $    --      $    --              $    --

EXPENSES                                               5,695          494        9,771          919              611,345
                                                   ---------    ---------    ---------    ---------            ---------

NET LOSS - before other income                        (5,695)        (494)      (9,771)        (919)            (611,345)

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


NET LOSS                                           $  (5,695)   $    (494)   $  (9,771)   $    (919)           $(592,345)
                                                   =========    =========    =========    =========            =========


NET LOSS PER COMMON
    SHARE

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


AVERAGE OUTSTANDING
    SHARES

    Basic                                            937,547      937,547      937,547      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 CASH FLOWS
                  For the Nine Months Ended September 30, 2001
                and 2000 and the Period January 1, 1958 (date of
              inception of development stage) to September 30, 2001

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


                                                                    Sept 30,     Sept 30,        Jan 1, 1958 to
                                                                     2001         2000            Sept 30, 2001
                                                                  ---------    ---------         --------------

<S>                                                               <C>          <C>                 <C>
CASH FLOWS FROM
   OPERATING ACTIVITIES

   Net loss                                                       $  (9,771)   $    (919)          $(592,345)

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

              Settlement of debt                                       --           --               (19,000)
              Changes in accounts payable                            15,085         --                51,659

          Issuance common stock for expenses                           --           --               555,520

               Net Cash Used in Operations                            5,314         (919)             (4,116)
                                                                  ---------    ---------           ---------

CASH FLOWS FROM INVESTING
   ACTIVITIES                                                          --           --                  --

CASH FLOWS FROM FINANCING
   ACTIVITIES

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

    Net Increase  (Decrease) in Cash                                  5,314         (919)             10,834

   Cash at Beginning of Period                                        5,520        8,598                --
                                                                  ---------    ---------           ---------

   Cash at End of Period                                          $  10,834    $   7,679           $  10,834
                                                                  =========    =========           =========

</TABLE>



    The accompanying notes are an integral part of these financial statements


                                       6
<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, 2001

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


<S>                                                                                                      <C>
SCHEDULE OF NONCASH OPERATING, INVESTING, AND FINANCING  ACTIVITIES

Issuance of 400 common shares for services  - 1969                                                       $ 2,000

Issuance of 9,710 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

</TABLE>


    The accompanying notes are an integral part of these financial statements

                                       7
<PAGE>



                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS

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


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  operations  were  abandoned  and the Company
became inactive.  The Company and 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 September  30, 2001,  the Company had a net  operating  loss carry forward of
$282,832.  The income tax benefit of  approximately  $84,850 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 2001 through 2022.


                                       8
<PAGE>

                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS

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


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

Financial Instruments

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

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.

Comprehensive Income

The Company  adopted  Statement of Financial  Accounting  Standards No. 130. The
adoption of this standard had no impact on the total stockholder's equity.

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.

3.  NOTES PAYABLE - RELATED PARTY

The Company has demand notes payable of $26,500 with 6% interest.  The notes and
accrued interest can be redeemed by the issuance of common capital stock at $.10
per share at the  option  of the note  holders.  Interest  has been  accrued  to
September 30, 2001.


                                       9
<PAGE>



                        TREASURE MOUNTAIN HOLDINGS, INC.
                          NOTES TO FINANCIAL STATEMENTS

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


4.  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.

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.

5.  RELATED PARTY TRANSACTIONS

Related parties have acquired 82% of the outstanding common capital stock.

6.   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 the price of $.25 per share for a
term of 18  months  from the date the  warrant  is  issued.  At the date of this
report no warrants had been issued.

7.  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.

8.  SUBSEQUENT EVENTS

On August 11,  2001 the  Company  entered  into a  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.


                                       10
<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.

         The Company was  organized in 1954 to engage in the business of mining,
milling,  processing and marketing various  minerals,  primarily  tungsten.  The
Company did engage in the mining  business for a period of time, but then became
inactive.  The Company is deemed to be a development  stage company with minimal
assets.

         Recently, necessary operating funds have been provided by the Company's
officers and directors. Certain costs and expenses associated with the Company's
operations and the preparation and filing of its registration  statement on Form
10-SB in May 2001,  were  arranged  for by a  director  of the  Company  and are
represented by notes payable.  It is anticipated  that some future expenses will
be handled in a similar  manner.  However,  unless the Company is able to secure
sufficient  financing,  there is substantial doubt about its ability to continue
as a going concern.

         On August  11,  2001,  the  Company  entered  into a license  agreement
whereby the Company acquired a worldwide exclusive license to make,  manufacture
and market the "Java Stir," a molded  plastic  stir or swizzle  stick to be used
specifically with coffee  beverages.  The Company intends to begin producing and
marketing the Java Stir in the near future. See Item 5 below.

         At September  30, 2001 and  December  31,  2000,  the Company had total
assets consisting of cash of $10,834 and $5,520, respectively. Total liabilities
at  September  30,  2001  and  December  31,  2000  were  $27,659  and  $12,574,
respectively, consisting primarily of the notes payable to related party.

         The Company has not had significant  operations or revenues for several
years.  For the three and nine month  periods  ended  September  30,  2001,  the
Company's total expenses were $5,695 and $9,771, respectively,  compared to $474
and $919 for the  corresponding  2000  periods.  The  expenses  during  2001 are
primarily  professional  fees  associated  with  preparation  of  the  Company's
registration  statement and periodic  filings with the  Securities  and Exchange
Commission.

         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,  the Company was actively
investigating  possible  business  opportunities  with the  intent to acquire or
merge with one or more  business  ventures.  Although  the  Company  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 the Company  currently  lacks adequate
funds,  it may be necessary  for the officers  and  directors to either  advance
funds to the  Company  or to accrue  expenses  until  such  time as  alternative
funding can be arrange.  Management intends to hold expenses to a minimum and to
obtain  services on a contingency  basis when possible.  Further,  the directors
will defer any compensation  until such time as business  conditions permit such
expenditures.

         During the remainder of fiscal year 2001,  the Company will endeavor to
create 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, the Company
will  perform  certain  marketing  studies  and market  tests to  determine  the
viability  of the  product.  It is  anticipated  that the  Company  could  begin
marketing the Java Stir by the fourth quarter of 2001.

         Management  estimates that the Company will need an additional  $15,000
to $20,000 to finalize  development of the Java Stir and commence marketing.  As
of the  date  hereof,  the  Company  has  not  entered  into  any  agreement  or


                                       11
<PAGE>


arrangement to secure the requisite funding.  There can be no assurance that the
Company  will be able to obtain such  funding  when and if needed,  or that such
funding, if available, can be obtained on terms acceptable to the Company.

Net Operating Loss

         The Company has  accumulated  approximately  $282,932 of net  operating
loss  carryforwards  as of September 30, 2001. The income tax benefit of $84,850
from the loss carry forward has been fully offset by a valuation reserve because
the use of the  future tax  benefit  is  undeterminable  as the  Company  has no
operations.  The loss carryforward  expires in the years from 2001 through 2022.
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 of the
Company,  there will be an annual limitation on the amount of net operating loss
carryforwards which can be used.

Risk Factors and Cautionary Statements

         This report contains certain  forward-looking  statements.  The Company
wishes to advise readers that actual results may differ  substantially from such
forward-looking   statements.   Forward-looking  statements  involve  risks  and
uncertainties  that could cause actual results to differ  materially  from those
expressed in or implied by the  statements,  including,  but not limited to, the
following:  the  ability  of the  Company to meet its cash and  working  capital
needs,  the ability of the Company to maintain its existence as a viable entity,
and other risks  detailed in the  Company's  periodic  report  filings  with the
Securities and Exchange Commission.

                                     PART II

Item 1.           Legal Proceedings

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

Item 2.           Changes In Securities and Use of Proceeds

         Because  of  certain  errors  discovered  in the  Company's  past stock
issuances,  the Company authorized the issuance of 14,291 shares of common stock
to be held in escrow by the Company's  transfer agent,  pending any valid claims
for shares not previously recorded on the stock records. On August 14, 2001, the
Board of Directors instructed the transfer agent to cancel the share certificate
for 14,291 shares and reissue a new  certificate in the amount of 14,281 shares,
which  reduced the total issued and  outstanding  shares by ten shares.  The new
share amount is believed to  accurately  depict what is perceived to the correct
potential error in past issuances.  Accordingly,  as of the date of this report,
the Company has issued and outstanding 937,547 shares of common stock.

Item 3.           Defaults Upon Senior Securities

         This Item is not applicable to the Company.

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

         This Item is not applicable to the Company.



Item 5.           Other Information

         On August 11, 2001, the Company  executed a License  Agreement  whereby
the Company  acquired 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


                                       12
<PAGE>


the "Java Stir" product. Under the terms of the agreement, the Company paid $500
for such  rights and agreed to pay a royalty  of 5% of gross  revenues  for each
10,000  Java  Stirs  sold  by the  Company  or its  designees.  The  term of the
agreement is for ten years. The Company 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.

         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.

         Manufacturing

         The Java Stir is made from a  temperature  resistant  ABS  plastic by a
process called plastic  injection  molding.  The process involves pushing liquid
plastic into a mold under pressure.  The mold has cooling channels that cool the
mold so it will release the parts.  The parts are then released via ejector pins
that push the parts out of the mold.  The mold currently used by the Company for
Java Stir production is a twelve cavity mold with replaceable cores. The Company
will be able to change cores on both sides of the mold during the  manufacturing
process furthering enabling any design variations or custom work.  Manufacturing
is currently done by Alesco  Limited,  Hong Kong,  China.  Alesco has tested the
mold and successfully  produced  finished parts. The production mold is retained
and owned by Alesco and was developed by their facilities.  The cost of the mold
is amortized as part of Alesco's production cost.

         The cost of production  based on lots of 12,500 parts are $.01 per stir
stick "CIF" (cargo  insurance and freight) and the imprinting of a logo or a one
color pad print with gold or silver  foil.  The Company  estimates  a U.S.  duty
between 3% to 5%.

         Marketing

         The Company is focusing its efforts on one market in the swizzle  stick
industry.  Traditionally swizzle sticks have made of plastic,  glass,  sometimes
metal,  and have been part of objects  collected from bars.  Ordinarily  swizzle
sticks  bear a brand  logo and are ideal  advertising  businesses.  In the past,
swizzle sticks bear brand or place colors for alcoholic beverages (e.g. whiskey,
gin, vodka,  rum), soft drinks,  cigarettes,  air or cruise  companies,  or even
places like bars, restaurants,  casinos and discos. Designed at first to be used
in cocktails, swizzle sticks often end up in the hands of a collector.

         Management  believes  that  the  beverage  industry  has  traditionally
ignored  anything in the area of swizzle sticks for the coffee  industry and its
venues. The coffee industry,  once plagued by the high cost of coffee beans, has
been experiencing  higher margins with the advent of less expensive Asian coffee
bean exports.  Meanwhile, retail prices for its assorted beverages have remained
constant  or  increased.  Successes  such  as  Starbucks,  Peets  Coffee  & Tea,
Seattle's Best and the many java hut boutiques have created a transformation  in
the industry towards providing a carefully prepared beverage with prices ranging
from $2.50 to $4.50 for the initial  serving.  A cup of coffee is now  sometimes
referred to as a "latte," an  "espresso"  or a "cafe mocha." There is a trend in
the coffee industry towards brand recognition.  The company is aware of only one
other swizzle stick item being offered to coffee venues - a generic plastic stir
stick referred to as the "Mr. Coffee Stirs."

         The  Company  is  presently   evaluating  cost  effective   methods  of
displaying  its product  and concept at key trade shows where major  outlets for
the  coffee  industry  are  in  attendance.  The  Company  is  also  considering
submitting  the product or variations  to compete in industry  layout and design
awards competition.


                                       13
<PAGE>


         The "Java Stir" also appears on the Internet at  www.JavaStir.com  as a
specialty product.  The Company is considering using different methods of e-mail
target  mailings.  However,  the  Company  has  not  conducted  any  prior  test
marketing.

         Competition

         The Company is unaware of any product similar to the Java Stir which is
currently  available to coffee venues.  The main competition to Java Stir is the
Mr.  Coffee  Stir  Stick.  However,  management  believes  that  the  Java  Stir
represents a more modern product with the ability to be customized.  The ability
of the Company to significantly penetrate the market will depend on many factors
including,  but not  limited  to, its  ability to obtain  sufficient  capital to
enhance and broaden the  marketing of the  product,  to develop new and improved
product  variations,  to obtain and retain  necessary  management  and  advisory
personnel, and to perfect a comprehensive business plan.

Item 6.           Exhibits and Reports on Form 8-K

         (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, 2001.


                                       14
<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:  October 17, 2001                 By:  /S/ GEORGE I. NORMAN, III
                                           ------------------------------------
                                                 George I. Norman, III
                                                 President, C.E.O. and Director




Date:   October 17, 2001                By: /S/ LANE CLISSOLD
                                           ------------------------------------
                                                 Lane Clissold
                                                 Secretary/Treasurer,
                                                 and Director
                                                 (Principal Accounting Officer)


                                       15
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