<PAGE>
                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

(Mark One)

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

For the quarterly period ended:  November 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:  333-61286

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

                    NEVADA                               88-0467944
                    ------                               ----------
(State or other jurisdiction of incorporation         (I.R.S. Employer
               or organization)                      Identification No)

                         #13F., NO. 77, HSIN TAI WU ROAD
                          SEC. HIS-CHIH, TAIPEI COUNTY
                            TAIWAN, REPUBLIC OF CHINA
                            -------------------------
               (Address of principal executive offices) (Zip Code)

                               011-886-2-2698-8588
                               -------------------
                           (Issuer's telephone number)

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

                   APPLICABLE ONLY TO ISSUERS INVOLVED IN
                     BANKRUPTCY PROCEEDINGS DURING THE
                            PRECEDING FIVE YEARS

      Check whether the registrant filed all documents and reports required to
be filed by Section 12, 13, or 15(d) of the Exchange Act after the distribution
of securities under a plan confirmed by a court.

      Yes   [  ]          No  [  ]
<PAGE>
                   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: 25,000,000

      Transitional Small Business Disclosure Format (check one):

      Yes   [  ]          No  [X]


                                       2
<PAGE>
                             TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            PAGE
                                                                            ----

<S>                                                                         <C>
PART I.     FINANCIAL INFORMATION.......................................       1

      ITEM 1.     FINANCIAL STATEMENTS (UNAUDITED)......................       1

            CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)...       1

            CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)...........       2

            CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)...........       3

            CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS'
            EQUITY (UNAUDITED)..........................................       4

            NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
            (UNAUDITED).................................................       5

      ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS..................      15

      ITEM 3.     CONTROLS AND PROCEDURES...............................      17

PART II.    OTHER INFORMATION...........................................      18

      ITEM 1.     LEGAL PROCEEDINGS.....................................      18

      ITEM 2.     CHANGES IN SECURITIES AND USE OF PROCEEDS.............      18

      ITEM 3.     DEFAULTS UPON SENIOR SECURITIES.......................      18

      ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY
                  HOLDERS...............................................      18

      ITEM 5.     OTHER INFORMATION.....................................      18

      ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K......................      18
</TABLE>


                                        i
<PAGE>
PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

                  CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

                                     ASSETS


<TABLE>
<CAPTION>
                                                                          November 30, 2003
                                                                             (Unaudited)        February 28, 2003
                                                                             -----------        -----------------
<S>                                                                       <C>                   <C>
Current Assets
          Cash and cash equivalents                                          $   579,153           $   620,264
          Accounts receivable, net                                             6,405,491             1,520,341
          Inventory                                                              129,219               367,006

          Investments                                                            710,917               108,594
          Other receivables                                                      411,889                11,460
          Prepaid expenses                                                       840,357               209,957
                                                                             -----------           -----------
                   Total Current Assets                                        9,077,026             2,837,622
                                                                             -----------           -----------

Fixed Assets, net                                                              2,442,528             2,338,943
                                                                             -----------           -----------
                   Total Fixed Assets                                          2,442,528             2,338,943
                                                                             -----------           -----------
Other Assets
          Deposits                                                                19,495                   969
          Trademarks                                                               1,957                 1,193
          Deferred charges                                                        30,201                36,836
          Equity in net assets of affiliated company                             322,324                     0
          Intangible assets                                                    1,000,000             1,000,000
          Other current assets                                                         0                72,758
                                                                             -----------           -----------
                   Total Other Assets                                          1,373,977             1,111,756
                                                                             -----------           -----------
          Total Assets                                                       $12,893,531           $ 6,288,321
                                                                             ===========           ===========

                                     LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
          Accounts payable and accrued expenses                              $ 3,947,307           $   540,926
          Due to related party                                                 2,808,952             1,271,755
          Payable to investee                                                    127,898                     0
          Current portion, debt                                                1,258,741               523,142
                                                                             -----------           -----------
          Total Current Liabilities                                            8,142,898             2,335,823

Long-term debt, net of current portion                                           264,421               311,299
                                                                             -----------           -----------
          Total Liabilities                                                    8,407,319             2,647,122
                                                                             -----------           -----------

Stockholders' Equity
          Common stock, $.001 par value, 100,000,000 and
               25,000,000 shares authorized, 25,000,000 and
               24,500,000 issued and outstanding, respectively                    25,000                24,500
          Additional paid in capital                                           4,260,117             3,540,617
          Cumulative foreign-exchange translation adjustment                      95,545                     0
          Retained earnings                                                      105,550                76,082
                                                                             -----------           -----------
          Total Stockholders' Equity                                           4,486,212             3,641,199
                                                                             -----------           -----------
          Total Liabilities and Stockholders' Equity                         $12,893,531           $ 6,288,321
                                                                             ===========           ===========
</TABLE>


                             See accompanying notes.


                                      -1-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)


<TABLE>
<CAPTION>
                                                       Three Months Ended                Nine Months Ended
                                                       ------------------                -----------------
                                                   November 30,     November 30,     November 30,     November 30,
                                                       2003             2002             2003             2002
                                                   ------------     ------------     ------------     ------------
<S>                                                <C>              <C>              <C>              <C>
Sales, net                                         $  4,914,720     $          0     $ 14,581,408     $          0

Cost of sales                                         4,324,280              225       13,289,646              675
                                                   ------------     ------------     ------------     ------------

     Gross profit                                       590,440             (225)       1,291,762             (675)

General and administrative expenses                     395,968            2,034          859,502            6,725
                                                   ------------     ------------     ------------     ------------

     Income (loss) from operations                      194,472           (2,259)         432,260           (7,400)
                                                   ------------     ------------     ------------     ------------

Other (Income) Expense
     Interest income                                     (4,907)               0          (19,451)               0
     Other income                                        (4,835)               0          (22,193)               0
     (Gain) loss on currency exchange                    (7,085)               0           (6,387)               0
     Equity in earnings of investee                      (7,312)               0            2,676                0
     Bad debt expense                                   305,491                0          362,075                0
     Interest expense                                    16,991                0           42,393                0
                                                   ------------     ------------     ------------     ------------

     Total Other (Income) Expense                       298,343                0          359,113                0
                                                   ------------     ------------     ------------     ------------

     Income (loss) before income taxes                 (103,871)          (2,259)          73,147           (7,400)

Provision for income taxes                               24,930                0           43,679                0
                                                   ------------     ------------     ------------     ------------

     Income (loss)                                 ($   128,801)    ($     2,259)    $     29,468     ($     7,400)
                                                   ============     ============     ============     ============


Net income (loss) per share (basic and diluted)
     Basic                                         ($     0.005)    ($     0.001)    $      0.001     ($     0.004)
     Diluted                                       ($     0.005)    ($     0.001)    $      0.001     ($     0.004)

Weighted average number of shares
     Basic                                           24,944,444        1,970,000       24,777,778        1,970,000
     Diluted                                         24,944,444        1,970,000       24,777,778        1,970,000
</TABLE>


                             See accompanying notes.


                                      -2-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS

                                   (Unaudited)


<TABLE>
<CAPTION>
                                                                                    Nine Months Ended
                                                                               November 30,    November 30,
                                                                                  2003            2002
                                                                               -----------     -----------
<S>                                                                            <C>             <C>
CASH FLOWS FROM OPERATING ACTIVITIES

         Net Income (loss)                                                     $    29,468     ($    7,400)

Adjustments to reconcile net loss to net cash used in operating activities:
         Depreciation and amortization                                              29,326               0
         Bad debt                                                                  362,075               0
         Equity in earning of investee                                               2,676               0
         Decrease (Increase) in receivables                                     (4,885,150)              0
         Decrease (Increase) in inventory                                          237,787               0
         Decrease (Increase) in other receivables                                 (400,429)              0
         Decrease (Increase) in prepaid expenses                                  (630,400)          2,025
         Decrease (Increase) in deferred charges                                     6,635               0
         Decrease (Increase) in deposit                                            (18,526)              0
         Decrease (Increase) in other current assets                                72,758               0
         (Decrease) Increase in accounts payable
             and accrued expenses                                                3,406,381          (7,971)
         (Decrease) Increase in payables to investee                               127,898               0
                                                                               -----------     -----------
         Total Adjustments                                                      (1,688,969)         (5,946)
                                                                               -----------     -----------
         Net cash used in operations                                            (1,659,501)        (13,346)
                                                                               -----------     -----------

CASH FLOWS FROM INVESTING ACTIVITIES
         Proceeds from sale of investment                                          108,594               0
         Purchase of investments                                                  (710,917)              0
         Purchase of trademarks                                                       (817)              0
         Purchase of net assets of affiliated company                             (325,000)              0
         Purchase of furniture and equipment                                      (126,238)              0
                                                                               -----------     -----------
         Net cash provided by investing activities                              (1,054,378)              0
                                                                               -----------     -----------

CASH FLOWS FROM FINANCING ACTIVITIES
         Payment on current portion debt                                        (1,612,860)              0
         Loans from related party                                                1,537,197          13,346
         Issuance of short-term debt                                             2,123,976               0
         Issuance of common stock                                                  720,000               0
                                                                               -----------     -----------

         Net cash provided by financing activities                               2,768,313          13,346
                                                                               -----------     -----------
         Effect of exchange rate change on cash                                    (95,545)              0
         Net change in cash and cash equivalents                                   (41,111)              0
                                                                               -----------     -----------
         Cash and cash equivalents at beginning of year                            620,264               0
                                                                               -----------     -----------
         Cash and cash equivalents at end of period                            $   579,153     $         0
                                                                               ===========     ===========

         Supplemental cash flows disclosures:

         Income tax payments                                                   $         0     $         0
                                                                               -----------     -----------

         Interest payments                                                     $    42,393     $         0
                                                                               -----------     -----------
</TABLE>


                             See accompanying notes.


                                      -3-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

           CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY



<TABLE>
<CAPTION>
                                                           November 30,
                                                           (Unaudited)      February 28, 2003
<S>                                                        <C>              <C>
Retained Earnings (Deficits)

         Balance at beginning of year                      $    76,082        ($   33,085)
         Issuance of stock dividend                                  0            (11,910)
         Net income (loss)                                      29,468            121,077
                                                           -----------        -----------

         Balance at end of period                              105,550             76,082
                                                           -----------        -----------

Common stock, par value $.001 (thousands of shares)
         Balance at beginning of year                           24,500              1,970
         Stock cancellation                                          0             (1,380)
         Stock split                                                 0            (11,910)
         Common stock issued                                       500             12,000
                                                           -----------        -----------

         Balance at end of period                               25,000             24,500
                                                           -----------        -----------

Additional paid in capital
         Balance at beginning of year                        3,540,617             13,500
         Issuance of stock                                     719,500          3,527,117
                                                           -----------        -----------

         Balance at end of period                            4,260,117          3,540,617
                                                           -----------        -----------

Cumulative foreign-exchange translation adjustment
         Balance at beginning of year                                0                  0
         Foreign currency translation                           95,545                  0
                                                           -----------        -----------

         Balance at end of period                               95,545                  0
                                                           -----------        -----------

Total stockholders' equity at end of period                $ 4,486,212        $ 3,641,199
                                                           ===========        ===========
</TABLE>


                             See accompanying notes.


                                      -4-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

NOTE 1 - NATURE OF OPERATIONS

City Network, Inc., formerly Investment Agents, Inc., was incorporated on August
8, 1996 under the laws of the State of Nevada. City Network Technology, Inc.,
formerly Gelcrest Investments Limited, was incorporated under the laws of the
British Virgin Islands on March 1, 2002. City Network, Inc - Taiwan, formerly
City Engineering, Inc., was incorporated under the laws of the People's Republic
of China on September 6, 1994. City Network, Inc. owns 100% of the capital stock
of City Network Technology, Inc., and City Network Technology, Inc. owns 100% of
the capital stock of City Network, Inc. - Taiwan. Collectively the three
corporations are referred to herein as the "Company". When used in these notes,
the terms "Company," "we," "our," or "us" mean City Network, Inc. and its
subsidiaries.

On November 14, 2002, City Network Technology, Inc. became a wholly owned
subsidiary of City Network, Inc. through an Exchange Agreement, which was
amended on December 4, 2002 whereby City Network, Inc. acquired all of the
issued and outstanding capital stock of City Network Technology, Inc. in
exchange for 12,000,000 shares of City Network, Inc.

Our Company is a provider of Internet broadband and wireless infrastructure
equipment and service for the rapidly expanding broadband marketplace. We intend
to be an important provider of these services predicated upon our dedication to
delivering user friendly, cost effective, and customer tailored, high speed
internet access equipment to meet the business needs of the hospitality,
residential property and telecommunication industry worldwide.

Our Company operates in an industry characterized by significant competition and
rapid technological changes. We will need additional investments and funding in
order to complete the development and improvements necessary for our products
and our planned operations.

The Company, through its acquisition of City Network Technology, Inc. and
City Network, Inc. - Taiwan is no longer considered a development stage
company, as it was during the fiscal year ended February 28, 2002.


                                      -5-
<PAGE>
                    CITY NETWORK, INC. AND SUBSIDIARIES
                     (FORMERLY INVESTMENT AGENTS, INC.)

            NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                             NOVEMBER 30, 2003

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Unaudited Interim Financial Information - The accompanying financial statements
have been prepared by City Network, Inc., pursuant to the rules and regulations
of the Securities and Exchange Commission (the "SEC") Form 10-QSB and Item 310
of Regulation S-B, and generally accepted accounting principles for interim
financial reporting. These financial statements are unaudited and, in the
opinion of management, include all adjustments (consisting of normal recurring
adjustments and accruals) necessary for a fair presentation of the statement of
financial position, operations, and cash flows for the periods presented.
Operating results for the nine months ended November 30, 2003 and 2002 are not
necessarily indicative of the results that may be expected for the year ending
February 28, 2004, or any future period, due to seasonal and other factors.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting policies
have been omitted in accordance with the rules and regulations of the SEC. These
financial statements should be read in conjunction with the audited consolidated
financial statements and accompanying notes, included in the Company's Annual
Report for the year ended February 28, 2003.

Basis of Consolidation - The consolidated financial statements for 2003 include
the accounts of City Network, Inc. and its wholly owned subsidiaries, City
Network Technology, Inc. - BVI, City Network, Inc. - Taiwan, and City Network
Construction. All references herein to the Company are included in the
consolidated results. All significant intercompany accounts and transactions
have been eliminated upon consolidation.

Revenue Recognition - Revenue from sales of products to customers is recognized
upon shipment or when title passes to customers based on the terms of the sales,
and is recorded net of returns, discounts and allowances.

Cash and Cash Equivalents - Cash equivalents are stated at cost. Cash
equivalents are highly liquid investments readily convertible into cash with an
original maturity of three months or less and consist of time deposits with
commercial banks.

Allowance for Doubtful Accounts - The Company establishes an allowance for
doubtful accounts on a case-by-case basis when it believes the required payment
of specific amounts owed is unlikely to occur after a review of historical
collection experience, subsequent collections and management's evaluation of
existing economic conditions.


                                      -6-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Fixed Assets - Property and equipment are stated at cost less accumulated
depreciation. Expenditures for major additions and improvements are capitalized
and minor replacements, maintenance and repairs are charged to expense as
incurred. Whenever an asset is retired or disposed of, its cost and accumulated
depreciation or amortization is removed from the respective accounts and the
resulting gain or loss is credited or charged to income.

Depreciation is computed using the straight-line and declining-balance methods
over the following estimated useful lives:


<TABLE>
<S>                                        <C>
         Furniture and Fixtures            5 years
         Equipment                         5 years
         Computer Hardware and Software    3 years
         Building and Improvements         50 years
</TABLE>

Inventory - Inventory is valued at the lower of cost or market; cost is
determined on the weighted average method. As of November 30, 2003, inventory
consisted only of finished goods.

Contingencies - Certain conditions may exist as of the date the financial
statements are issued, which may result in a loss to the Company but which will
only be resolved when one or more future events occur or fail to occur. The
Company's management and legal counsel assess such contingent liabilities, and
such assessment inherently involves an exercise of judgment. In assessing loss
contingencies related to legal proceedings that are pending against the Company
or unasserted claims that may result in such proceedings, the Company's legal
counsel evaluates the perceived merits of any legal proceedings or unasserted
claims as well as the perceived merits of the amount of relief sought or
expected to be sought.

If the assessment of a contingency indicates that it is probable that a material
loss has been incurred and the amount of the liability can be estimated, then
the estimated liability would be accrued in the Company's financial statements.
If the assessment indicates that a potential material loss contingency is not
probable but is reasonably possible, or is probable but cannot be estimated,
then the nature of the contingent liability, together with an estimate of the
range of possible loss if determinable and material would be disclosed.

Loss contingencies considered to be remote by management are generally not
disclosed unless they involve guarantees, in which case the guarantee would be
disclosed. As of November 30, 2003 and the date of our report, management has
informed us that there are no matters that warrant disclosure in the financial
statements.


                                      -7-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Advertising - Advertising costs are expensed in the year incurred.

Estimates - The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates. Significant
estimates include collectibility of accounts receivable, accounts payable, sales
returns and recoverability of long-term assets.

Concentration of Credit Risk - Financial instruments, which subject the Company
to credit risk, consist primarily of cash equivalents and trade accounts
receivable arising from its normal business activities. The Company places its
cash in what it believes to be credit-worthy financial institutions, however,
cash balances have exceeded the FDIC insured levels at various times during the
year. Concentration of credit risk with respect to trade accounts receivable is
primarily from related parties located in Asia. The Company actively evaluates
the creditworthiness of the customers with which it conducts business through
credit approvals, credit limits and monitoring procedures.

Stock Based Compensation - The Company accounts for stock-based employee
compensation arrangements in accordance with the provisions of Accounting
Principles Board Opinion ("APB") No. 25, "Accounting for Stock Issued to
Employees," and complies with the disclosure provisions of Statement of
Financial Accounting Standards ("SFAS") 123, "Accounting for Stock-Based
Compensation." Under APB 25, compensation cost is recognized over the vesting
period based on the difference, if any, on the date of grant between the fair
value of the Company's stock and the amount an employee must pay to acquire the
stock.

Impairment of Long-Lived Assets - On January 1, 2002 the Company adopted SFAS
144 "Accounting for the Impairment or Disposal of Long-Lived Assets". The
Company evaluates long-lived assets for impairment whenever events or changes in
circumstances indicate that the carrying value of an asset may not be
recoverable. If the estimated future cash flows (undiscounted and without
interest charges) from the use of an asset are less than the carrying value, a
write-down would be recorded to reduce the related asset to its estimated fair
value. There have been no such impairments to date.

Earnings Per Share - Earnings per share are based on the weighted average number
of shares of common stock and common stock equivalents outstanding during each
period. Earnings per share are computed using the treasury stock method. The
options to purchase common shares are considered to be outstanding for all
periods presented but are not calculated as part of the earnings per share.


                                      -8-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Income Taxes - Income taxes have been provided based upon the tax laws and rates
in the countries in which operations are conducted and income is earned. The
income tax rates imposed by the taxing authorities vary. Taxable income may vary
from pre-tax income for financial accounting purposes. There is no expected
relationship between the provision for income taxes and income before income
taxes because the countries have different taxation rules, which vary not only
to nominal rates but also in terms of available deductions, credits and other
benefits. Deferred tax assets and liabilities are recognized for the anticipated
future tax effects of temporary differences between the financial statement
basis and the tax basis of the Company's assets and liabilities using the
applicable tax rates in effect at year end as prescribed by SFAS 109 "Accounting
for Income Taxes".

Exchange Gain (Loss) - As of November 30, 2003, the transactions of City
Network, Inc. - Taiwan denominated in foreign currency is recorded in New Taiwan
dollars at the rates of exchange in effect when the transactions occur. Exchange
gains and losses are recognized for the different foreign exchange rates applied
when the foreign currency assets and liabilities are settled.

Translation Adjustments - As of November 30, 2003, the accounts of City Network,
Inc. - Taiwan and City Network Construction were maintained, and its financial
statements were expressed, in New Taiwan Dollars (NTD). Such financial
statements were translated into U.S. Dollars (USD) in accordance with Statement
of Financial Accounts Standards ("SFAS") No. 52, "Foreign Currency Translation",
with the NTD as the functional currency. According to the Statement, all assets
and liabilities were translated at the current exchange rate, stockholder's
equity are translated at the historical rates and income statement items are
translated at the average exchange rate for the period. The resulting
translation adjustments are reported under other comprehensive income in
accordance with SFAS No. 130, "Reporting Comprehensive Income".

As of November 30, 2003 the exchange rates between NTD and the USD was
NTD$1=USD$0.0292. The weight-average rate of exchange between NTD and USD was
NTD$1 = USD$0.02905.

New Accounting Pronouncements - In July 2001, the FASB issued SFAS 141 "Business
Combinations". SFAS 141 requires that all business combinations initiated or
completed after June 30, 2001 be accounted for using the purchase method of
accounting. The statement provides for recognition and measurement of intangible
assets separate from goodwill. The Company adopted SFAS 141 as of July 1, 2001.
The adoption of the new statement had no effect on the consolidated results of
operations or financial position of the Company.


                                      -9-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

In July 2001, the FASB issued SFAS 142, "Goodwill and Other Intangible Assets".
Under SFAS 142, goodwill and intangible assets with indefinite lives are no
longer amortized but are reviewed at least annually for impairment. The
amortization provisions of SFAS 142 apply to goodwill and intangible assets
acquired after June 30, 2001. With respect to Goodwill and intangible assets
acquired prior to July 1, 2001, the Company is required to and has adopted SFAS
142 effective January 1, 2002. The adoption of this pronouncement did not have a
material effect to the Company's consolidated financial position or results of
operations.

In August 2001, the FASB issued SFAS 144 "Accounting for the Impairment or
Disposal of Long-Lived Assets". SFAS supersedes SFAS 121 and the accounting and
reporting provisions of APB 30. SFAS 144 provides guidance for determining
whether long-lived assets should be tested for impairment and specific criteria
for classifying assets to be disposed of as held for sale. The statement is
effective for fiscal years beginning after December 15, 2001, and the Company
has adopted the statement as of January 1, 2002. Management does not expect the
adoption of this statement to have a material effect on the Company's
consolidated financial position or results of operations.

NOTE 3 - CONCENTRATION

The Company had twelve major customers during the nine months ended November 30,
2003. Of the twelve customers referred to herein, seven customers comprise 25%
of the total sales during the third quarter ended November 30, 2003. Sales to
these customers were approximately $3,710,234. Included in accounts receivable
is $2,191,701 from these customers as of November 30, 2003.

Note 4 - CASH

The Company maintains its cash balances at various banks in Taiwan and Hong
Kong. All balances are insured by the Central Deposit Insurance Corporation
(CDIC). As of November 30, 2003, there were no uninsured portions of the
balances held at the bank.


                                      -10-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

Note 5 - FIXED ASSETS

      Fixed assets consist of the following:

<TABLE>
<CAPTION>
                                           November 30, 2003    February 28, 2003
                                           -----------------    -----------------

<S>                                        <C>                  <C>
Land                                         $ 1,966,694            $ 1,966,694
Building                                         305,429                305,429
Furniture and fixtures                           246,247                118,750
                                             -----------            -----------

                                             $ 2,518,370            $ 2,390,873

Accumulated depreciation                         (75,842)               (51,930)
                                             -----------            -----------

                                             $ 2,442,528            $ 2,338,943
                                             ===========            ===========
</TABLE>

Note 6 - COMPENSATED ABSENCES

Employees can earn annual vacation leave at the rate of seven (7) days per year
for the first three years. Upon completion of the third year of employment,
employees earn annual vacation leave at the rate of ten (10) days per year for
years four through five. Upon completion of the fifth year of employment,
employees earn annual vacation leave at the rate of fourteen (14) days per year
for years six through ten. Upon completion of the tenth year of employment, one
(1) additional day for each additional year, until it reaches thirty (30) days
per year. At termination, employees are paid for any accumulated annual vacation
leave. As of November 30, 2003 no accumulated vacation liability exists.

Note 7 - COMMITMENTS

A Best Information - City Network, Inc. - Taiwan, signed an agreement with A
Best Information in 2002 for the exclusive right to sell A Best Information's
products. There is no expiration date in the agreement, and the Company has the
right to transfer the agreement to any third party with a negotiable price. The
Company paid $1,000,000 for these rights.

Reseller Agreements - City Network, Inc. - Taiwan has several signed reseller
agreements with various customers. These resellers are given special sales
prices and are paid commissions for their sales orders.


                                      -11-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

Note 8 - DEBT

      At November 30, 2003, the Company had notes payable outstanding in the
      aggregate amount of $1,523,162. Payable as follows:

<TABLE>
<S>                                                    <C>
      Note payable to individuals, no interest, due
      on demand                                        $  144,433

      Note payable to a bank in Taiwan,
      interest at 7.5% per annum, due on
      June 16, 2004                                       175,200

      Note payable to a bank in Taiwan,
      interest at 4.024% per annum, due on
      March 5, 2004                                        76,692

      Notes payable to a bank in Taiwan,
      interest at 5.9% per annum, due on
      January 5, 2004                                     770,642

      Note payable to a bank in Taiwan,
      interest at 3.175% per annum, due on
      May 29, 2016                                        279,225

      Secured note payable to a bank in Taiwan,
      interest at 7.425% per annum, due on
      May 9, 2004                                          60,414

      Secured note payable to a bank in Taiwan,
      interest at 4.25% per annum, due on
      June 12, 2005                                        15,534

      Note payable to a bank in Taiwan,
      interest at 4.25% per annum, due on
      June 12, 2005                                         1,022
                                                       ----------
                                                        1,523,162

      Current portion                                   1,258,741
                                                       ----------
      Long-term portion                                $  264,421
                                                       ==========
</TABLE>


                                      -12-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

Note 9 - EXCHANGE AGREEMENT

On November 14, 2002, City Network Technology, Inc. became a wholly owned
subsidiary of City Network, Inc. through an Exchange Agreement, which was
amended on December 4, 2002. City Network, Inc. acquired all of the issued and
outstanding capital stock of City Network Technology, Inc. pursuant to the
Exchange Agreement, by issuing 12,000,000 shares of City Network, Inc. stock.

In connection with the exchange and change in control the name of the Company
was changed from Investment Agents, Inc. to City Network, Inc. and the officers
and directors of City Network, Inc. resigned and new officers and directors were
appointed.

Note 10 - STOCK PURCHASE BUSINESS COMBINATION

On November 14, 2002, the Company completed the purchase of City Network
Technology, Inc., a provider of internet broadband and wireless infrastructure
equipment and service for the rapidly expanding broadband marketplace, by
acquiring all of the outstanding capital stock of City Network Technology, Inc.
in exchange for 12,000,000 shares of City Network, Inc.'s common stock. The
acquisition was accounted for using the purchase method of accounting and,
accordingly, City Network, Inc.'s results of operations have been included in
the consolidated financial statements since the date of acquisition.

Note 11 - RELATED PARTY TRANSACTIONS

Throughout the history of the Company, certain members of the Board of
Directors, and general management have made loans to the Company to cover
operating expenses or operating deficiencies. As of November 30, 2003, the
Company has a non interest-bearing loan from Andy Lai, the Company's President,
in the amount of $2,808,952.

Note 12 - EQUITY INVESTMENT

The Company as of August 31, 2003 acquired twenty-five percent (25%) of the
common stock of another company for $325,000. The Company is using the complete
equity method to record its share of the subsidiary's net income and loss. As of
November 30, 2003 the Company recognized a loss $2,676 from their acquisition.


                                      -13-
<PAGE>
                       CITY NETWORK, INC. AND SUBSIDIARIES
                       (FORMERLY INVESTMENT AGENTS, INC.)

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                NOVEMBER 30, 2003

Note 13 - PRIVATE PLACEMENT SALE

      In June 2003 the Company completed a private placement for the sale of
500,000 shares of its common stock. The shares were sold at a price of $1.44 per
share, for a total amount of $720,000.


                                      -14-
<PAGE>
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS

      The following discussion of the financial condition and results of
operations should be read in conjunction with the consolidated financial
statements and related notes thereto. The following discussion contains certain
forward-looking statements that involve risk and uncertainties. Our actual
results could differ materially from those discussed herein. Factors that could
cause or contribute to such differences include, but are not limited to, risks
and uncertainties related to the need for additional funds, the rapid growth of
the operations and our ability to operate profitably after the initial growth
period is completed.

THREE MONTHS ENDED NOVEMBER 30, 2003 AND NOVEMBER 30, 2002 FOR CITY NETWORK,
INC. AND FOR CITY NETWORK-TAIWAN

SALES. Net sales for the three months ended November 30, 2003 were $4,914,720
compared to $0 for the three months ended November 30, 2002. The increase in
sales for the three months ended November 30, 2003 was due to the acquisition of
all of the issued and outstanding stock of City Network Technology, Inc.
("CNT"), who holds all of the issued and outstanding stock of City Network
Inc.-Taiwan ("CNT-Taiwan")(the "Acquisition"). CNT-Taiwan's net sales for the
three months ended November 30, 2003 were $4,893,805 compared to $2,198,717 for
the three months ended November 30, 2002. The increase in sales was due to
changes in business strategy, which included participation in international
exhibits to increase brand awareness as well as a perceived increase in market
demand.

COST OF SALES. Cost of sales for the three months ended November 30, 2003 was
$4,324,280 or 87.9% of net sales, as compared to $225 during the three months
ended November 30, 2002. The increase in cost of sales was due to the
Acquisition. CNT-Taiwan's cost of sales for the three months ended November 30,
2003 was $4,306,064, or 87.9% of net sales, as compared to $2,007,063 or 91.3%
of net sales, for the three months ended November 30, 2002. The increase in cost
of sales was directly proportional to the increase in sales.

GENERAL AND ADMINISTRATIVE EXPENSES. General and administrative expenses were
$395,968, or 8.1% of net sales, for the three months ended November 30, 2003, as
compared to $2,034 for the three months ended November 30, 2002. The increase
was due to the Acquisition. CNT-Taiwan's selling, general and administrative
expense for the three months ended November 30, 2003 was $277,020 or 5.6% of net
sales as compared to $157,040, or 7.1% for the three months ended November 30,
2002. The increase in general and administrative expenses was due to an increase
in advertising activities, an expansion of business and increase in staff size.
The decrease in general and administrative expenses as a percentage of sales was
due to an expansion in volume of business. Specifically, the increase in sales
exceeded the increase in general and administrative expenses.

INCOME (LOSS)FROM OPERATIONS. Income from operations for the three months ended
November 30, 2003 was $194,472, compared to net loss from operations for the
three months ended November 30, 2002 of ($2,259). The increase in income from
operations was due to the Acquisition. CNT-Taiwan's income from operations for
the three months ended November 30, 2003 was $310,721 as compared to income from
operations of $34,613 for the three months ended November 30, 2002. This
increase is primarily due to operating income increasing at a greater rate than
expenses.

OTHER (INCOME) EXPENSE. Other (income) expense was $298,343 for the three months
ended November 30, 2003, as compared to $0 for the three months ended November
30, 2002 as a result of the Acquisition. CNT-Taiwan's other (income) expense for
the three months ended November 30, 2003 was $362,239, as compared to $(2,117)
for the three months ended November 30, 2002. The increase in other (income)
expense is attributed to the increase made in the allowance for doubtful
accounts due to the large increase in sales and outstanding receivables over the
prior year.


                                      -15-
<PAGE>
NET INCOME (LOSS). Net loss for three months ended November 30, 2003 was
$128,801 compared to net loss of ($2,259) for the three months ended November
30, 2002. The increase in net loss is due to the Acquisition. CNT-Taiwan had a
net loss for the three months ended November 30, 2003 of $76,448 as compared to
net income of $36,731 for the three months ended November 30, 2002. The reason
for the net loss is primarily due to poor economic conditions in Taiwan
resulting in price reductions.

NINE MONTHS ENDED NOVEMBER 30, 2003 AND NOVEMBER 30, 2002 FOR CITY NETWORK, INC.
AND FOR CITY NETWORK-TAIWAN

SALES. Net sales for the nine months ended November 30, 2003 were $14,581,408
compared to $0 for the nine months ended November 30, 2002. The increase in
sales for the nine months ended November 30, 2003 was due to the acquisition of
all of the issued and outstanding stock of City Network Technology, Inc.
("CNT"), who holds all of the issued and outstanding stock of City Network
Inc.-Taiwan ("CNT-Taiwan")(the "Acquisition"). CNT-Taiwan's net sales for the
nine months ended November 30, 2003 were $14,560,493 compared to $5,461,730 for
the nine months ended November 30, 2002. The increase in sales was due to
changes in business strategy, which included participation in international
exhibits to increase brand awareness as well as a perceived increase in market
demand.

COST OF SALES. Cost of sales for the nine months ended November 30, 2003 was
$13,289,646 or 91.1% of net sales, as compared to $675 during the nine months
ended November 30, 2002. The increase in cost of sales was due to the
Acquisition. CNT-Taiwan's cost of sales for the nine months ended November 30,
2003 was $13,270,946, or 91.1% of net sales, as compared to $4,843,335 or 88.67%
of sales, for the nine months ended November 30, 2002. The increase in cost of
sales was directly proportional to the increase in sales.

GENERAL AND ADMINISTRATIVE EXPENSES. General and administrative expenses were
$859,502, or 5.89% of net sales, for the nine months ended November 30, 2003, as
compared to $6,725 for the nine months ended November 30, 2002. The increase was
due to the Acquisition. CNT-Taiwan's selling, general and administrative expense
for the nine months ended November 30, 2003 was $797,138, or 5.47% of net sales,
as compared to $421,342, or 7.7% of net sales, for the nine months ended
November 30, 2002. The increase in general and administrative expenses was due
to an increase in advertising activities, an expansion of business and increase
in staff size. The decrease in general and administrative expenses as a
percentage of sales was due to an expansion in volume of business. Specifically,
the increase in sales exceeded the increase in general and administrative
expenses.

INCOME (LOSS) FROM OPERATIONS. Income from operations for the nine months ended
November 30, 2003 was $432,260, compared to net loss from operations for the
nine months ended November 30, 2002 of ($7,400). The increase in income from
operations was due to the Acquisition. CNT-Taiwan's income from operations for
the nine months ended November 30, 2003 was $492,409 as compared to income from
operations of $197,053. This change is primarily due to operating income
increasing at a greater rate than expenses.

OTHER (INCOME) EXPENSE. Other (income) expense was $359,113 for the nine months
ended November 30, 2003, as compared to $0 for the nine months ended November
30, 2002 as a result of the Acquisition. CNT-Taiwan's other (income) expense for
the nine months ended November 30, 2003 was $356,440, as compared to other
(income) expense of $25,032 for the nine months ended November 30, 2002. The
increase in other (income) expense is attributed to the increase made in
allowance for doubtful accounts due to the large increase in sales and
outstanding receivable over the prior year.

NET INCOME (LOSS). Net income for nine months ended November 30, 2003 was
$29,468 compared to net loss of ($7,400) for the nine months ended November 30,
2002. The increase in net income is due to the Acquisition. CNT-Taiwan
contributed net income for the nine months ended


                                      -16-
<PAGE>
November 30, 2003 of $92,290 as compared to net income of $172,021 for the nine
months ended November 30, 2002. The reason for the net loss is primarily due to
poor economic conditions in Taiwan resulting in price reductions.

LIQUIDITY AND CAPITAL RESOURCES

For the nine months ended November 30, 2003, the Company had cash and cash
equivalents of $579,153. The Company used $1,659,501 of net cash in operations,
used $1,054,378 of net cash in investing activities and had $2,768,313 of net
cash provided by financing activities. The Company's liquidity is currently
dependent on its ability to strengthen its accounts receivable collection time
period and its ability to continue to raise cash from financing sources to fund
its expansion. The Company's short-term and long-term liquidity may be
influenced by uncollected accounts receivables. If the amount of bad debt is
high, it will severely effect the Company's ability to continue operations.
Therefore, the Company is taking precautions to manage this risk, including
diversifying its customer base and controlling credit risk through credit
approvals, credit limits and monitoring procedures. There can be no assurance
that these measures will prove successful. The Company's inability to manage
this risk will have a material adverse effect upon its business, financial
condition and results of operations.


ITEM 3. CONTROLS AND PROCEDURES

Disclosure controls and procedures are designed to ensure that information
required to be disclosed in the reports filed or submitted under the Exchange
Act is recorded, processed, summarized and reported, within the time periods
specified in the SEC's rules and forms. Disclosure controls and procedures
include, without limitation, controls and procedures designed to ensure that
information required to be disclosed in the reports filed under the Exchange Act
is accumulated and communicated to management, including the Chief Executive
Officer and Chief Financial Officer, as appropriate, to allow timely decisions
regarding required disclosure. As of the end of the period covered by this Form
10-QSB, the Company carried out an evaluation, under the supervision and with
the participation of the Company's management, including the Company's Chief
Executive Officer and Chief Financial Officer, of the effectiveness of the
design and operation of the Company's disclosure controls and procedures. Based
upon and as of the date of that evaluation, the Chief Executive Officer and
Chief Financial Officer concluded that the Company's disclosure controls and
procedures are effective to ensure that information required to be disclosed in
the reports the Company files and submits under the Exchange Act is recorded,
processed, summarized and reported as and when required.


                                      -17-
<PAGE>
PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

None

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

None

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)   Exhibits:

      31    Certifications of the Chief Executive Officer and Chief Financial
            Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

      32    Certifications of the Chief Executive Officer and Chief Financial
            Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(b)   Reports on Form 8-K:

      There were no reports on Form 8-K filed during the quarter ended November
30, 2003.


                                      -18-
<PAGE>
SIGNATURES

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


Dated: January 16, 2004                      CITY NETWORK, INC.

                                             By: /s/ Tiao Tsan Lai
                                                 -------------------------------
                                                 Tiao Tsan Lai
                                                 Chief Executive Officer
                                                 (Principal Executive Officer)

Dated: January 16, 2004
                                             By: /s/ Hsin Nan Lin
                                                 -------------------------------
                                                 Hsin Nan Lin
                                                 Chief Financial Officer
                                                 (Principal Financial Officer)


                                      -19-