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

                                   FORM 10-QSB
                                   (MARK ONE)

        [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                  FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2003
                  --------------------------------------------

       [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE EXCHANGE ACT

                           IVP TECHNOLOGY CORPORATION
        (EXACT NAME OF SMALL BUSINESS ISSUER AS SPECIFIED IN ITS CHARTER)

            NEVADA                                        65-6998896
          ----------                                      ----------
(State or other  jurisdiction of               (IRS Employer Identification No.)
incorporation or organization)

      2275 LAKESHORE BLVD WEST, SUITE 401, TORONTO, ONTARIO M8V 3Y3 CANADA
      --------------------------------------------------------------------
                    (Address of principal executive offices)

                                 (416) 255-7578
                                 --------------
                           (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 l2, 13 or 15(d) of the Exchange Act after the
  distribution of securities under a plan confirmed by a court. Yes [ ] 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:  234,996,914 shares of common stock,
$.001 par value, were outstanding on June 30, 2003

    Transitional Small Business Disclosure Format (Check one): Yes [ ] No [x]

<PAGE>


PART I-     FINANCIAL INFORMATION

            ITEM 1.  Consolidated Financial Statements

                     Condensed Consolidated Balance Sheets as of June 30, 2003
                      (Un-audited) and December 31, 2002 (Audited)

                     Condensed Consolidated Statement of Operations for the
                      Three Months and Six Months Ended June 30, 2003 and June
                      30, 2002, (Unaudited)

                     Condensed Consolidated Statements of Stockholders'
                      Deficiency for the Six Months ended June 30, 2003

                     Condensed Consolidated Statements Of Cash Flows For The Six
                      Months Ended June 30, 2003 And 2002 (Unaudited)

                     Notes To Condensed Consolidated Financial Statements As Of
                      June 30, 2003 (Unaudited)

            ITEM 2.  Management's Discussion and Analysis of Financial Condition
                      and Results of Operations

PART II-    OTHER INFORMATION
            ITEM 1.   Legal Matters
            ITEM 2.   Changes in Securities
            ITEM 3.   Defaults Upon Senior Securities
            ITEM 4.   Submission of Matters to a Vote of Security Holders
            ITEM 5.   Other information
            ITEM 6.   Subsequent Events, Exhibits and Reports on Form 8-K


                                       2
<PAGE>

                           IVP TECHNOLOGY CORPORATION
                                AND SUBSIDIARIES
                             CONDENSED CONSOLIDATED
                              FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003






















                                       3
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES

                                    CONTENTS


PAGE          1       CONDENSED  CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2003
                      (UNAUDITED) AND DECEMBER 31, 2002

PAGE          2       CONDENSED  CONSOLIDATED  STATEMENTS OF OPERATIONS  FOR THE
                      THREE  AND  SIX  MONTHS  ENDED  JUNE  30,  2003  AND  2002
                      (UNAUDITED)

PAGES       3 - 4     CONDENSED   CONSOLIDATED   STATEMENTS   OF   STOCKHOLDERS'
                      DEFICIENCY   FOR  THE  SIX  MONTHS  ENDED  JUNE  30,  2003
                      (UNAUDITED)

PAGES       5 - 6     CONDENSED  CONSOLIDATED  STATEMENTS  OF CASH FLOWS FOR THE
                      SIX MONTHS ENDED JUNE 30, 2003 AND 2002 (UNAUDITED)

PAGES      7 - 26     NOTES TO CONDENSED  CONSOLIDATED  FINANCIAL  STATEMENTS AS
                      OF JUNE 30, 2003 (UNAUDITED)

















                                       4

<PAGE>
                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                     ASSETS
                                     ------
<TABLE>
<CAPTION>

                                                                     June 30,
                                                                       2003        December 31,
                                                                    (Unaudited)        2002
                                                                    ------------   --------------
<S>                                                               <C>            <C>

CURRENT ASSETS
 Cash                                                             $        754    $      63,162
 Accounts receivable, less allowance for doubtful accounts of
  $43,970 as of June 30, 2003 and December 31, 2002                     44,073           17,165
 Inventory                                                                -                -
 Prepaid expenses and other current assets                             146,843           34,610
                                                                    ------------   --------------
   Total Current Assets                                                191,670          114,937
                                                                    ------------   --------------

FIXED ASSETS
 Plant, property and equipment                                         195,016          173,246
 Accumulated depreciation                                             (117,422)         (79,688)
                                                                    ------------   --------------
   Total Fixed Assets                                                   77,594           93,558
                                                                    ------------   --------------

OTHER ASSETS
 License agreement - software,  net of accumulated  amortization
 of $535,209 and $356,806 as of June 30, 2003 and December 31,
  2002, respectively                                                   178,404          356,806
 Deferred consulting                                                   149,177             -
 Other assets                                                             -              71,816
                                                                    ------------   --------------
   Total Other Assets                                                  327,581          428,622
                                                                    ------------   --------------

TOTAL ASSETS                                                      $    596,845    $     637,117
------------                                                        ============   ==============

                    LIABILITIES AND STOCKHOLDERS' DEFICIENCY
                    ----------------------------------------

CURRENT LIABILITIES
 Accounts payable                                                 $    680,872    $     657,402
 Accrued liabilities                                                    91,371          169,679
 Taxes payable                                                         155,371           32,150
 Other current liabilities                                               2,856          134,088
 Accrued interest                                                       11,909           14,974
 Due to factor                                                            -                -
 Leases payable, current portion                                        20,154             -
 Net liabilities of discontinued operations                               -           1,417,619
 Note payable, current portion                                         689,020          104,020
 Common stock to be issued                                              18,000        3,617,746
 Convertible preferred stock to be issued, short-term                     -           4,779,662
 Due to related parties                                                 76,427          369,226
                                                                    ------------    -------------
   Total Current Liabilities                                         1,745,980       11,296,566
                                                                    ------------    -------------

LONG-TERM LIABILITIES
 Convertible debentures                                                   -             150,000
 Lease payable, long-term                                               15,855           25,570
 Convertible preferred stock to be issued, long-term                      -           3,584,747
                                                                    ------------    -------------
   Total Long-Term Liabilities                                          15,855        3,760,317
                                                                    ------------    -------------

TOTAL LIABILITIES                                                    1,761,835       15,056,883
-----------------                                                   ------------    -------------

STOCKHOLDERS' DEFICIENCY
 Preferred stock, $0.001 par value, 50,000,000 shares
  authorized, none issued and outstanding                                 -                -
 Common stock, $0.001 par value, 500,000,000 and 150,000,000
  shares authorized, 234,996,914 and 99,449,261 shares issued
  and outstanding as of June 30, 2003 and December 31, 2002,
  respectively                                                         234,997           99,449
 Additional paid in capital                                         35,114,270       20,870,864
 Accumulated deficit                                               (35,430,951)     (35,248,562)
 Less: treasury stock (11,000,000 shares)                             (770,000)            -
 Other comprehensive income - exchange gain                           (103,494)          80,795
 Less deferred equity line commitment fees                            (134,812)        (222,312)
 Less deferred compensation and licensing fee                          (75,000)            -
                                                                    ------------    -------------
   Total Stockholders' Deficiency                                   (1,164,990)     (14,419,766)
                                                                    ------------    -------------

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY                    $    596,845    $     637,117
----------------------------------------------                     ============    =============
</TABLE>
      See accompanying notes to condensed consolidated financial statements

                                       5
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                 -----------------------------------------------
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                      For The Three         For The Three         For The Six          For The Six
                                                       Months Ended         Months Ended          Months Ended         Months Ended
                                                      June 30, 2003         June 30, 2002         June 30, 2003        June 30, 2002
                                                    -------------------   -------------------   -----------------    ---------------
<S>                                                 <C>                   <C>                   <C>                  <C>
NET SALES                                           $     82,300          $    90,000           $   231,009          $    90,000
                                                    -------------------   -------------------   -----------------    ---------------

COST OF SALES
 Product costs                                              -                    -                  100,931                 -
 Development costs                                          -                   1,030                  -                   1,030
 Distribution and other costs including
 amortization                                             93,207              549,579               186,189            1,002,113
                                                    -------------------   -------------------   -----------------    ---------------
   Total Cost of Sales                                    93,207              550,609               287,120            1,003,143
                                                    -------------------   -------------------   -----------------    ---------------

GROSS PROFIT (LOSS)                                      (10,907)            (460,609)              (56,111)            (913,143)
                                                    -------------------   -------------------   -----------------    ---------------

OPERATING EXPENSES
 Salaries and wages                                      157,573                 -                  235,974                 -
 Stock-based compensation                                656,922                 -                  656,922                 -
 Consulting fees                                          45,256              330,980                93,930              349,980
 Legal and accounting                                     57,996              165,877               153,874              211,974
 Management fees                                            -                  52,452                  -                  89,408
 General and administrative expenses                     198,470              150,100               392,367              281,886
 Financial advisory fees                                    -                 150,000                30,708              150,000
 Research and development                                   -                    -                      108                 -
 Amortization and depreciation                            10,353                6,935                18,722               66,935
                                                    -------------------   -------------------   -----------------    ---------------
    Total Operating Expenses                           1,126,570              856,344             1,582,605            1,150,183
                                                    -------------------   -------------------   -----------------    ---------------

LOSS FROM OPERATIONS                                  (1,137,477)          (1,316,953)            (1,638,716)          (2,063,326)
                                                    -------------------   -------------------   -----------------    ---------------

OTHER INCOME (EXPENSE)
 Gain on early extinguishment of debt                       -                  96,334                  -                  96,334
 Interest income                                           1,354                   42                 6,497                   42
 Interest expense                                       (148,778)             (54,218)             (227,130)             (66,145)
 Foreign exchange gain (loss)                              1,006              (11,272)               14,074              (11,272)
                                                    -------------------   -------------------   -----------------    ---------------
    Total Other Income (Expense)                        (146,418)              30,886              (206,559)              18,959
                                                    -------------------   -------------------   -----------------    ---------------

LOSS FROM CONTINUING OPERATIONS                       (1,283,895)          (1,286,067)           (1,845,275)          (2,044,367)

DISCONTINUED OPERATIONS (SEE NOTE 2):
 Loss from discontinued operations                          -                (211,959)             (733,123)            (211,959)
 Gain on sale of discontinued operations               2,396,009                 -                2,396,009                 -
                                                    -------------------   -------------------   -----------------    ---------------
    Total Discontinued Operations                      2,396,009             (211,959)            1,662,886             (211,959)
                                                    -------------------   -------------------   -----------------    ---------------

NET INCOME (LOSS)                                   $  1,112,114          $ (1,498,026)          $  (182,389)        $ (2,256,326)
-----------------                                   ===================   ===================   =================    ===============

(LOSS) PER COMMON SHARE FROM CONTINUING
 OPERATIONS - BASIC AND DILUTED                     $     (0.01)          $     (0.01)          $     (0.02)         $     (0.02)
                                                    ===================   ===================   =================    ===============
GAIN (LOSS) PER COMMON SHARE FROM
 DISCONTINUED OPERATIONS - BASIC                    $      0.02           $     (0.00)          $      0.02          $     (0.00)
                                                    ===================   ===================   =================    ===============
GAIN (LOSS) PER COMMON SHARE FROM
 DISCONTINUED OPERATIONS -DILUTED                   $      0.02           $     (0.00)          $      0.01          $     (0.00)
                                                    ===================   ===================   =================    ===============

NET INCOME (LOSS) PER COMMON SHARE - BASIC          $      0.01           $     (0.01)          $     (0.00)         $     (0.03)
                                                    ===================   ===================   =================    ===============

NET INCOME (LOSS) PER COMMON SHARE - DILUTED        $      0.01           $     (0.01)          $     (0.00)         $     (0.03)
                                                    ===================   ===================   =================    ===============
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
 OUTSTANDING  -  BASIC                               115,200,027           113,191,285           107,531,237           83,421,414
                                                    ===================   ===================   =================    ===============
WEIGHTED AVERAGE NUMBER OF COMMON SHARES
 OUTSTANDING - DILUTED                               133,678,287           113,191,285           114,394,419           83,421,414
                                                    ===================   ===================   =================    ===============

</TABLE>

      See accompanying notes to condensed consolidated financial statements


                                                               6
<PAGE>


                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
          CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                     --------------------------------------
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                                       Additional
                                                  Preferred Stock               Common Stock             Paid-In      Accumulated
                                                 Shares     Amount          Shares          Amount       Capital        Deficit
                                             ------------   ---------   -------------      --------    ------------  ---------------
<S>                                          <C>            <C>           <C>             <C>         <C>            <C>

Balance, December 31, 2002                         -        $   -          99,449,261     $  99,449   $ 20,870,864   $ (35,248,562)

Stock issued for services and
 settlements                                       -            -          73,123,249        73,123      1,831,675          -

Stock issued for cash                              -            -          12,424,404        12,425        512,575          -

Stock issued to former shareholders of
 Ignition Entertainment, Ltd.                 3,500,000        3,500       15,000,000        15,000     11,930,656          -

Conversion of preferred stock to
 common stock                                (3,500,000)      (3,500)      35,000,000        35,000        (31,500)         -

Stock to be received from the sale of
 Ignition Entertainment, Ltd.                      -            -                -             -              -             -

Deferred cost recognized                           -            -                -             -              -             -

Net loss for the period                            -            -                -             -              -           (182,389)

Cumulative translation adjustment                  -            -                -             -              -             -

Comprehensive loss                                 -            -                -             -              -             -

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

BALANCE, JUNE 30, 2003                             -        $   -         234,996,914     $ 234,997   $ 35,114,270   $ (35,430,951)
----------------------                       ============    ========   =============      ========    ============  ===============

</TABLE>
      See accompanying notes to condensed consolidated financial statements


                                                               7
<PAGE>


                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
          CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY
                     FOR THE SIX MONTHS ENDED JUNE 30, 2003
                     --------------------------------------
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                Deferred            Deferred
                                               Compensation         Equity
                                                  and                Line              Other
                               Treasury        Licensing           Commitment       Comprehensive
                                 Stock           Fees                Fees              Income            Total
                               ----------      ------------       ------------      -------------      -----------
<S>                            <C>           <C>                <C>                <C>               <C>
Balance, December 31, 2002         -         $       -          $   (222,312)      $    80,795       $ (14,419,766)

Stock issued for services
 and settlements                   -              (75,000)              -                 -            1,829,798

Stock issued for cash              -                 -                  -                 -              525,000

Stock issued to former
 owners of
 Ignition Entertainment,
 Ltd.                              -                 -                  -                 -            11,949,156

Conversion of preferred
 stock to common stock             -                 -                  -                 -                 -

Stock received from the
 sale of
 Ignition Entertainment,
 Ltd.                          (770,000)             -                  -                 -             (770,000)

Deferred cost recognized           -                 -                87,500              -               87,500

Net loss for the period            -                 -                  -                 -             (182,389)

Cumulative translation
 adjustment                        -                 -                  -             (184,289)         (184,289)
                                                                                                       -----------
Comprehensive loss                 -                 -                  -                 -             (366,678)
                               ----------      ------------       ------------       -----------       -----------
BALANCE, JUNE 30, 2003         (770,000)     $    (75,000)      $   (134,812)      $  (103,494)      $ (1,164,990)
----------------------         ==========      ============       ============       ===========       ===========
</TABLE>

      See accompanying notes to condensed consolidated financial statements


                                                               8
<PAGE>


                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 -----------------------------------------------
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                       For The Six       For The
                                                                          Months       Six Months
                                                                        Ended June     Ended June
                                                                         30, 2003       30, 2002
                                                                       -------------   ------------
<S>                                                                <C>                <C>

CASH FLOWS FROM OPERATING ACTIVITIES:
 Net loss                                                          $    (182,389)    $ (2,256,326)
 Adjustments to reconcile net loss to net cash used in
  operating activities:
  Gain on sale of discontinued operations                             (2,396,009)            -
  Amortization and depreciation                                           18,722           66,935
  Amortization of licensing agreements                                   178,402          905,067
  Amortization of consulting agreements and commitment fees              113,323          123,001
  Interest expense on beneficial conversion                                 -              64,286
  Gain on early extinguishment of debt                                      -             (96,334)
  Decrease in deferred tax asset                                          71,816             -
  Stock issued for commitment fees and penalties                          22,800             -
  Stock issued for compensation                                          618,880             -
  Stock issued for financing costs                                       129,500             -
  Stock issued for services                                               12,500          517,782
 Changes in operating  assets and  liabilities,  net of effects
 of  discontinued operations:
  Decrease (increase) in accounts receivable                             (89,973)         159,702
  Decrease in inventory                                                  304,783            3,529
  Increase in prepaid expenses and other current assets                 (125,789)        (136,678)
  Increase in other assets                                                  -             (26,218)
  Increase (decrease) in accounts payable                                (83,409)          73,511
  Decrease in accrued liabilities                                       (162,333)            -
  Increase in taxes payable                                              171,214           56,448
  Decrease in other current liabilities                                  (69,430)            -
  Decrease in accrued interest                                            (3,065)         (26,956)
                                                                     -------------     ------------
      Net Cash Used In Operating Activities                           (1,470,457)        (572,251)
                                                                     -------------     ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
 Cash received from acquisition                                             -           1,132,039
 Cash paid from sale of discontinued operations                             (160)            -
 Cash paid for licensing agreement                                          -            (713,610)
 Purchases of fixed assets                                               (10,906)         (77,779)
                                                                     -------------     ------------
      Net Cash (Used In) Provided By Investing Activities                (11,066)         340,650
                                                                     -------------     ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
 Repayment of notes payable                                             (690,000)            -
 Proceeds from notes payable                                           1,174,146          979,801
 Proceeds from convertible debentures                                       -             150,000
 Proceeds from related parties                                           174,221          238,363
 Proceeds from factors                                                   116,503           12,037
 Proceeds from issuance of common stock                                  525,000             -
 Payment on leases                                                        (4,179)            -
                                                                     -------------     ------------
      Net Cash Provided By Financing Activities                        1,295,691        1,380,201
                                                                     -------------     ------------

EFFECT OF FOREIGN EXCHANGE RATES                                         (90,499)          27,863
                                                                     -------------     ------------

NET INCREASE IN CASH FOR THE PERIOD                                     (276,331)       1,176,463

CASH - BEGINNING OF PERIOD                                               277,085              232
                                                                     -------------     ------------

CASH - END OF PERIOD                                               $         754     $  1,176,695
--------------------                                                 =============     ============
</TABLE>

     See accompanying notes to condensed consolidated financial statements


                                                       9
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                 -----------------------------------------------
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                          For The             For The
                                                                        Six  Months         Six Months
                                                                          Ended                Ended
                                                                      June 30, 2003        June 30, 2002
                                                                      -------------        -------------

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
<S>                                                                   <C>                <C>
Cash paid for interest                                                $      36,945      $       -
                                                                        =============      ============
Cash paid for taxes                                                   $        -         $       -
                                                                        =============      ============

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Equipment purchased under capital leases                              $      33,095      $       -
                                                                        =============      ============
Acquisition of Ignition Entertainment Ltd.                            $        -         $  1,132,039
                                                                        =============      ============
Common and preferred stock issued to satisfy common and
 preferred stock to be issued for the acquisition of Ignition         $  11,949,156      $       -
                                                                        =============      ============
Common stock issued for deferred consulting expenses                  $     250,000      $       -
                                                                        =============      ============
Common stock issued for payment of accrued bonuses                    $      31,250      $       -
                                                                        =============      ============
Common stock issued for payment of commitment fees                    $        -         $    350,000
                                                                        =============      ============
Common stock issued for payment of debt and accrued interest
thereon                                                               $        -         $    223,773
                                                                        =============      ============
Common stock issued for payment of amounts due to related
parties                                                               $     824,869      $       -
                                                                        =============      ============
Common stock issued for payment of common stock to be issued          $      15,000      $     50,000
for services                                                            =============      ============

</TABLE>
     See accompanying notes to condensed consolidated financial statements


                                                       10
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

NOTE 1    SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
------    -----------------------------------------------------------

          (A) ORGANIZATION
          ----------------

          The consolidated  financial  statements of IVP Technology  Corporation
          d.b.a.  ActiveCore  Technologies,  Inc. (formally Mountain Chef, Inc.)
          and consolidated  subsidiaries (the "Company") include the accounts of
          the parent, IVP Technology  Corporation,  incorporated in the State of
          Nevada  on  February  11,  1994,  and  its  subsidiaries:  Springboard
          Technology  Solutions,  Inc.  d.b.a.  ActiveCore  Technologies,   Ltd.
          ("Springboard"),  a  Canadian  company;  and  Erebus  Corporation,  an
          inactive company. The Company was granted an extra-provincial  license
          by the  Province  of Ontario on June 20,  1995 to carry on business in
          Ontario,  Canada. Prior to 1998, the Company was involved with various
          unsuccessful  activities  relating to the sale of technology  products
          before  becoming  inactive  by the  end of  1997.  The  Company  began
          negotiations  with a  third  party  in  1998 to  become  an  exclusive
          distributor of software and therefore is considered to have re-entered
          the development stage on January 1, 1998. Activities from inception of
          development  stage  included  raising  capital  and  negotiations  and
          acquisition of software distribution licenses. On January 1, 2002, the
          Company began operations and emerged from the development stage.

          The  Company  operates  two  units,   enterprise  and  consumer.   The
          enterprise  unit develops,  markets,  licenses,  installs and services
          data solutions.  The consumer unit develops and publishes  interactive
          software  games designed for mobile  phones,  other handheld  devices,
          web-sites,  personal  computers and video game consoles.  The consumer
          unit also  distributes  games,  hardware and accessories  developed or
          manufactured by third parties.

          (B) BASIS OF PRESENTATION
          -------------------------

          The condensed  consolidated  financial statements included herein have
          been prepared by the Company without audit,  pursuant to the rules and
          regulations  of  the  Securities  and  Exchange  Commission.   Certain
          information  and  footnote   disclosures   normally  included  in  the
          financial statements prepared in accordance with accounting principles
          generally accepted in the United States of America have been condensed
          or  omitted as allowed  by such  rules and  regulations.  The  Company
          believes  that the  disclosures  are adequate to make the  information
          presented  not  misleading.  It  is  suggested  that  these  condensed
          consolidated  financial  statements  be read in  conjunction  with the
          December 31, 2002 audited  consolidated  financial  statements and the
          accompanying  notes thereto  included in the Company's  10-KSB.  While
          management   believes  the  procedures  followed  in  preparing  these
          condensed  consolidated  financial  statements  are  reasonable,   the
          accuracy of the amounts are in some respects  dependent upon the facts
          that will  exist,  and  procedures  that will be  accomplished  by the
          Company later in the year.



                                       11
<PAGE>


                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          The management of the Company believes that the accompanying unaudited
          condensed  consolidated  financial  statements contain all adjustments
          (including normal recurring  adjustments)  necessary to present fairly
          the  operations  and  cash  flows  for  the  periods  presented.   The
          consolidated  results of operations for the three and six months ended
          June 30, 2003 and 2002 are not  necessarily  indicative of the results
          to be expected for the full year. All material  inter-company accounts
          have been eliminated in consolidation.

          (C) OPERATIONS OF THE COMPANY - GOING CONCERN
          ---------------------------------------------

          The accompanying condensed consolidated financial statements have been
          prepared in conformity with accounting  principles  generally accepted
          in the United States of America,  which  contemplates  continuation of
          the Company as a going concern. The Company has a net loss of $182,389
          and a negative cash flow from  operations  of  $1,470,457  for the six
          months  ended June 30, 2003.  The Company  also has a working  capital
          deficiency of $1,554,310 and a stockholders' deficiency of $1,164,990.
          These matters raise  substantial  doubt about the Company's ability to
          continue  as  a  going  concern.  Management's  plan  to  continue  in
          operation is to continue to attempt to raise additional debt or equity
          capital  until such time the  Company is able to  generate  sufficient
          operating revenue.

          In view of these matters,  realization of certain of the assets in the
          accompanying  condensed consolidated financial statements is dependent
          upon continued  operations of the Company,  which in turn is dependent
          upon the Company's ability to meet its financial  requirements,  raise
          additional  capital,   and  the  success  of  its  future  operations.
          Management  believes  that its  ability  to raise  additional  capital
          provides  the  opportunity  for the  Company  to  continue  as a going
          concern.

          (D) RECLASSIFICATIONS
          ---------------------

          Certain  reclassifications  have been made to the previously  reported
          statements to conform to the Company's current condensed  consolidated
          financial statement format.

          (E) BUSINESS SEGMENTS
          ---------------------

          The Company applies  Statement of Financial  Accounting  Standards No.
          131   "Disclosures   about  Segments  of  an  Enterprise  and  Related
          Information".

          However,  management  has  determined  that it is not  practicable  to
          provide  geographic and product  segment  disclosures for revenues and
          long-lived  assets  because the Company  sells its products to a large
          variety  of  locations  in  the  Americas  and  Europe,  and  in  many
          instances, these products are then resold through distributors.


                                       12
<PAGE>

          (F) USE OF ESTIMATES
          --------------------

          The preparation of financial  statements in conformity with accounting
          principles  generaly accepted in the United States of America requires
          management to make estimates and assumptions  that affect the reported
          amounts of assets and  liabilities  and the  disclosure  of contingent
          assets and  liabilities  at the dates of the financial  statements and
          the reported  amounts of revenues and  expenses  during the  reporting
          periods. The most significant  estimates and assumptions relate to the
          recoverability  of  prepaid   royalties  and  licencing,   capitalized
          software  development  costs and other intangibles and the adequacy of
          allowances for returns,  and doubtful  accounts.  Actual amounts could
          differ significantly from these estimates.

          (G) FAIR VALUE OF FINANCIAL INSTRUMENTS
          ---------------------------------------

          Statement  of Financial  Accounting  Standards  No. 107,  "Disclosures
          about Fair Value of Financial  Instruments",  requires  disclosures of
          information about the fair value of certain financial  instruments for
          which it is  practicable  to estimate the value.  For purposes of this
          disclosure,  the fair value of a financial instrument is the amount at
          which the  instrument  could be  exchanged  in a  current  transaction
          between willing parties other than in a forced sale or liquidation.

          The carrying amounts of the Company's financial instruments, including
          cash,  accounts  receivable,  accounts payable,  accrued  liabilities,
          taxes  payable and other  current  laibilties  approximate  fair value
          because of their short  maturities.  The carrying  amount of licensing
          agreements  and  investments  approximate  fair  value  based upon the
          recoverability  of these assets.  The carrying amount of the Company's
          lines of credit  approximates fair value because the interest rates of
          the  lines  of  credit  are  based on  floating  rates  identified  by
          reference to market rates. The carrying amounts of the Company's loans
          and notes payable and capital lease  obligations  approximate the fair
          value of such  instruments  based upon  management's  best estimate of
          interest rates that would be available to the Company for similar debt
          obligations.

          (H) EARNINGS (LOSS) PER SHARE
          -----------------------------

          Basic earnings (loss) per common share is based on net loss divided by
          the weighted  average  number of common  shares  outstanding.  For the
          three and six months  ended June 30, 2002,  common  stock  equivalents
          were not  included  in the  calculation  of diluted  loss per share as
          their effect would be anti-dilutive.


                                       13
<PAGE>

          (I) REVENUE RECOGNITION
          -----------------------

          RISK AND UNCERTAINTIES
          ----------------------

          A  significant  portion of all of the  Company's net sales are derived
          from  software  publishing  and  distribution  activities,  which  are
          subject to  increasing  competition,  rapid  technological  change and
          evolving  consumer  preferences,   often  resulting  in  the  frequent
          introduction   of  new   products   and  short   product   lifecycles.
          Accordingly,  the Company's  profitability and growth prospects depend
          upon its  ability to  continually  acquire,  develop  and market  new,
          commercially   successful   software   products  and  obtain  adequate
          financing.  If the Company is unable to  continue to acquire,  develop
          and market commercially  successful  software products,  its operating
          results and financial condition could be materially adversely affected
          in the near future.

          REVENUE RECOGNITION
          -------------------

          Publishing  revenue is derived from the sale of  internally  developed
          interactive  software  titles or from the sale of titles licensed from
          third-party developers.  Publishing revenue amounted to $1,087,906 and
          $407,326   for  the  six  months   ended  June  30,   2003  and  2002,
          respectively.  Publishing  revenues  have  been  reclassified  to gain
          (loss) from  discontinued  operations  on the  accompanying  condensed
          consolidated  statement of operations  in connection  with the sale of
          Ignition Entertainment, Ltd. (See Note 2).

          Distribution   revenue  is  derived  from  the  sale  of   third-party
          interactive  software titles,  accessories and hardware.  Distribution
          revenue amounted to $103,051 and $90,000 for the six months ended June
          30, 2003 and 2002, respectively.

          Revenues from  Services and  Commercial  Software sold under  licenses
          were  $127,958  and $0 in the six months ended June 30, 2003 and 2002,
          respectively. The Company had no Services or Commercial Software sales
          in the corresponding  period of 2002,  because it had not yet acquired
          Springboard  Technology Solutions,  a Services and Commercial Software
          producing subsidiary.

          The  Company  recognizes  revenue  in  accordance  with  Statement  of
          Position ("SOP") 97-2 "Software  Revenue  Recognition",  as amended by
          SOP 98-9  "Modification of SOP 97-2 Software Revenue  Recognition with
          respect  to  Certain  Transactions."  SOP 97-2  provides  guidance  on
          applying  generally  accepted  accounting  principles  in  recognizing
          revenue   on   software   transactions.   SOP  98-9   deals  with  the
          determination of vendor specific  objective  evidence ("VSOE") of fair
          value in multiple element arrangements, such as maintenance agreements
          sold in conjunction  with software  packages.  The Company's  consumer
          software   transactions   generally  include  only  one  element,  the
          interactive  software game or commercial  software under license.  The


                                       14
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          Company  recognizes  revenue when the price is fixed and determinable;
          there is persuasive evidence of an arrangement, the fulfillment of its
          obligations  under  any  such  arrangement  and   determination   that
          collection is probable. Accordingly,  revenue is recognized when title
          and all  risks  of loss  are  transferred  to the  customer,  which is
          generally upon receipt by customer. The Company's payment arrangements
          with its  customers  provide  primarily  60 day terms and to a limited
          extent with certain customers 30 or 90 day terms. The Company does not
          have any multi-element arrangements that would require it to establish
          VSOE for each  element,  nor does the Company have any sales  activity
          that requires the contract method of accounting.

          The Company's  distribution  arrangements with customers  generally do
          not give customers the right to return products;  however, the Company
          at its discretion may accept  product  returns for stock  balancing or
          defective  products.  In addition,  the Company  sometimes  negotiates
          accommodations  to customers,  including price discounts,  credits and
          product  returns,  when  demand  for  specific  products  falls  below
          expectations.  The Company's publishing  arrangements generally do not
          require  the  Company to accept  product  returns  and  provide  price
          protection.  The Company  establishes a reserve for future returns and
          other  allowances  based  primarily  on  its  return  policies,  price
          protection  policies and historical  return rates. The Company may not
          have a reliable  basis to estimate  returns and price  protection  for
          certain  customers or it may be unable to determine that collection of
          the receivable is probable. In such circumstances,  the Company defers
          the  revenues  at the  time  of the  sale  and  recognizes  them  when
          collection  of the  related  receivable  becomes  probable  or cash is
          received.

          Revenue  from  product  sales is  recognized  when title passes to the
          customer, provided that: there are no uncertainties regarding customer
          acceptance;  persuasive  evidence of an arrangement  exists; the sales
          price is fixed or determinable; and collectability is deemed probable.
          The Company provides for estimated  product returns at the time of the
          product shipment,  if necessary.  In December 1999, the Securities and
          Exchange  Commission (SEC) issued Staff Accounting  Bulletin (SAB) No.
          101, Revenue  Recognition in Financial  Statements,  which establishes
          guidance in  applying  generally  accepted  accounting  principles  to
          revenue recognition in financial statements and is effective beginning
          with the fourth  quarter  of the year ended  December  31,  2000.  The
          Company has determined that its existing revenue recognition practices
          comply with the requirements of SAB 101 for all periods presented.

          (J) RECENT ACCOUNTING PRONOUNCEMENTS
          ------------------------------------

          In  November  2002,  the EITF  reached  a  consensus  on Issue  00-21,
          addressing how to account for  arrangements  that involve the delivery
          or performance of multiple products,  services,  and /or rights to use
          assets.  Revenue  arrangements with multiple  deliverables are divided
          into  separate  units  of  accounting  if  the   deliverables  in  the
          arrangement  meet the following  criteria:  (1) the delivered item has


                                       15
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          value to the customer on a stand-alone  basis;  (2) there is objective
          and reliable evidence of the fair value of undelivered  items; and (3)
          delivery   of  any   undelivered   items  is   probable.   Arrangement
          consideration   should  be  allocated  among  the  separate  units  of
          accounting  based on  their  relative  fair  values,  with the  amount
          allocated to the  delivered  item being  limited to the amount that is
          not  contingent on the delivery of  additional  items or meeting other
          specified  performance   conditions.   The  final  consensus  will  be
          applicable  to  agreements  entered into in fiscal  periods  beginning
          after June 15, 2003 with early adoption permitted.

          In December  2002,  the Financial  Accounting  Standards  Board issued
          Statement No. 148, "Accounting for Stock-Based Compensation-Transition
          and  Disclosure  - an  amendment  of FASB  Statement  No. 123," ("SFAS
          148").  SFAS 148 amends FASB Statement No. 123,  "Accounting for Stock
          Based Compensation"  ("SFAS 123") and provides alternative methods for
          accounting  for a change by  registrants  to the fair value  method of
          accounting for stock-based compensation. Additionally, SFAS 148 amends
          the disclosure  requirements of SFAS 123 to require  disclosure in the
          significant  accounting  policy  footnote  of both  annual and interim
          financial   statements   of  the  method  of   accounting   for  stock
          based-compensation  and the  related  pro forma  disclosures  when the
          intrinsic  value  method  continues  to  be  used.  The  statement  is
          effective  for fiscal years  beginning  after  December 15, 2002,  and
          disclosures are effective for the first fiscal quarter beginning after
          December 15, 2002.

          In April 2003,  the FASB issued SFAS No. 149,  "Amendment of Statement
          133 on Derivative  Instruments and Hedging  Activities".  SFAS No. 149
          amends and clarifies financial accounting and reporting for derivative
          instruments,  including  certain  derivative  instruments  embedded in
          other  contracts  (collectively  referred to as  derivatives)  and for
          hedging  activities  under SFAS No. 133,  "Accounting  for  Derivative
          Instruments  and  Hedging  Activities".  The  changes  in SFAS No. 149
          improve   financial   reporting  by  requiring   that  contracts  with
          comparable  characteristics be accounted for similarly. This statement
          is effective  for  contracts  entered into or modified  after June 30,
          2003 and all of its provisions should be applied prospectively.

          In May 2003, the Financial  Accounting Standards Board ("FASB") issued
          Statement  of  Financial   Accounting   Standards  ("SFAS")  No.  150,
          "Accounting For Certain Financial  Instruments with Characteristics of
          both Liabilities and Equity".  SFAS No. 150 changes the accounting for
          certain financial instruments with characteristics of both liabilities
          and equity that, under previous pronouncements,  issuers could account
          for as equity.  The new accounting  guidance contained in SFAS No. 150
          requires that those  instruments  be classified as  liabilities in the
          balance sheet.


                                       16
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          SFAS No.  150  affects  the  issuer's  accounting  for three  types of
          freestanding financial instruments. One type is mandatorily redeemable
          shares, which the issuing company is obligated to buy back in exchange
          for cash or other  assets.  A second  type  includes  put  options and
          forward purchase contracts,  which involves instruments that do or may
          require the issuer to buy back some of its shares in exchange for cash
          or other assets.  The third type of instruments  that are  liabilities
          under this Statement is  obligations  that can be settled with shares,
          the monetary value of which is fixed,  tied solely or predominantly to
          a variable such as a market index, or varies  inversely with the value
          of the  issuers'  shares.  SFAS No.  150 does  not  apply to  features
          embedded in a financial  instrument  that is not a  derivative  in its
          entirety.

          Most of the  provisions  of  Statement  150 are  consistent  with  the
          existing  definition of liabilities in FASB Concepts  Statement No. 6,
          "Elements of Financial  Statements".  The remaining provisions of this
          Statement  are  consistent  with the FASB's  proposal  to revise  that
          definition to encompass  certain  obligations  that a reporting entity
          can or must settle by issuing its own shares.  This Statement shall be
          effective for financial instruments entered into or modified after May
          31, 2003 and  otherwise  shall be  effective  at the  beginning of the
          first  interim  period  beginning  after  June 15,  2003,  except  for
          mandatorily  redeemable financial  instruments of a non-public entity,
          as to which the effective date is for fiscal periods  beginning  after
          December 15, 2003.

          The Company  believes  that the  adoption of the above  pronouncements
          will,  not  have  a  material   effect  on  the  Company's   condensed
          consolidated financial position or results of operations.

NOTE 2    DISCONTINUED OPERATIONS
------    -----------------------

          Effective  April 1, 2003,  the Company sold 100% of the issued  shares
          and all assets and liabilities of Ignition Entertainment, Ltd. for the
          return  of  11,000,000  shares  of the  Company's  common  stock.  The
          transaction resulted in a gain of $2,396,009,  which has been included
          in the condensed  consolidated  statements of operations for the three
          and six months ended June 30, 2003, as a gain on sale of  discontinued
          operations.

          Upon  execution of the sale agreement in June 2003, the Company issued
          50,000,000  shares of its common stock to the former  shareholders  of
          Ignition  Entertainment  Ltd. in accordance  with the original May 28,
          2002 purchase  agreement.  Based upon the terms of the sale agreement,
          the Company  converted all of the 3,500,000  shares of preferred stock
          to be issued,  into 35,000,000  shares of common stock and accelerated
          the issuance of  15,000,000  shares of common stock to be issued.  The
          issuance  of the  50,000,000  shares  of  common  stock  in June  2003
          relieved  the  Company's  obligation  as of  April 1,  2003,  to issue
          $11,949,156  in preferred  and common stock under the original May 28,
          2003 purchase  agreement.  The 50,000,000  shares were  delivered,  in
          trust,  to an  independent  third party upon the execution of the sale


                                       17
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          agreement and will be distributed  to the former  owners.  Immediately
          following  the  issuance  of the  50,000,000  shares of the  Company's
          common stock, the former shareholders will return 11,000,000 shares of
          common  stock to the  Company  as  proceeds  for the sale of  Ignition
          Entertainment Ltd. The 11,000,000 shares were valued at $770,000 based
          upon  the fair  market  value of the  stock  on  April  1,  2003,  the
          effective date of the sale agreement (See Note 10).

          In connection with the sale agreement,  the Company will retain rights
          to certain  intellectual  property and receive a source code licensing
          agreement for certain interactive software games developed by Ignition
          Entertainment Ltd. In addition to the source code licensing agreement,
          the Company will also receive a  distribution  agreement to distribute
          the  interactive  software games on a worldwide  basis for a period of
          three  years,  renewable  annually  thereafter.  The Company  will pay
          Ignition  Entertainment  Ltd.  a  royalty  fee of  30%  of  all  gross
          revenues,  less direct costs, from the sale, distribution or marketing
          of those game titles.  As of June 30, 2003, the Company did not assign
          any value to the acquired intellectual property due to the uncertainty
          of obtaining financing to fund the conversion of acquired intellectual
          property into saleable products.

          Following is a summary of net liabilities and results of operations of
          Ignition  Entertainment Ltd. as of April 1, 2003 and December 31, 2002
          and for the period from January 1, 2003 through  April 1, 2003 and for
          the three and six months ended June 30, 2002:

                                                   As of             As of
                                                  April 1,       December 31,
                                                    2003             2002
                                                -------------   ----------------

     Cash                                     $         160   $        213,923
     Accounts receivable, net                       212,741            149,676
     Inventory                                       78,955            383,738
     Prepaid expenses                               113,044             99,488
     Property, plant and equipment, net             417,727            442,674
     Other assets                                    24,963               -
                                                -------------   ----------------
        Total Assets                          $     847,590   $      1,289,499
                                                -------------   ----------------

     Accounts payable                             1,044,294          1,182,423
     Accrued liabilities                            134,058            240,833
     Due to factor                                  211,249             94,746
     Taxes payable                                  436,513            388,520
     Translation adjustment                          93,790               -
     Notes payable                                  129,366             80,220
     Due to related parties                         424,329            720,376
                                                -------------   ----------------
        Total Liabilities                         2,473,599          2,707,118
                                                -------------   ----------------

        Net Liabilities of Discontinued
        Operations                            $   1,626,009   $      1,417,619
                                                =============   ================


                                       18
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

                                                    For the           For the
                                                  Period From        Three and
                                                   January 1,        Six Months
                                                  2003 Through       Ended June
                                                 April 1, 2003        30, 2002
                                                 --------------     ------------

          Revenues, net                          $ 1,087,906       $   407,326
          Cost of sales                              960,501           382,716
                                                  ------------      ------------
            Gross profit                             127,405            24,610
            Operating expenses                       815,985           228,741
                                                  ------------      ------------
             Loss from discontinued operations      (688,580)         (204,131)
                                                  ------------      ------------
            Other income (expense)                   (44,543)           (7,828)
                                                  ------------      ------------

             Net loss from discontinued
             operations                          $  (733,123)      $  (211,959)
                                                  ============      ============

          The results of  operation  for the three and six months ended June 30,
          2002 are identical because Ignition Entertainment Ltd. was acquired in
          May 2002.

NOTE 3    ACCOUNTS RECEIVABLE
------    -------------------

          The components of accounts receivable are as follows:

                                                     June 30,         December
                                                       2003
                                                    (Unaudited)       31, 2002
                                                  --------------   -------------

          Unrestricted trade receivables            $  88,043      $  61,135
          Restricted trade receivables                   -              -
          Allowance for doubtful accounts             (43,970)       (43,970)
                                                     ----------     ----------

          Accounts receivable, net                  $  44,073      $  17,165
                                                     ==========     ==========

          Restricted  trade  receivables  of  $149,676  are  collateral  for the
          Company's  secured  borrowing  facility that Ignition  entered into in
          April  2002,  which is  included in net  liabilities  of  discontinued
          operations  as of December 31, 2002 (See Note 2).  Unrestricted  trade
          receivables  consists  primary of vendor  receivables  for  enterprise
          software and information  technology  services sold by the Company and
          its Springboard subsidiary.

NOTE 4    PREPAID EXPENSES AND OTHER CURRENT ASSETS
------    -----------------------------------------

          Prepaid  expenses  and other  current  assets as of June 30,  2003 and
          December 31, 2002 consist of:


                                       19
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

                                                June 30,
                                                 2003                December
                                              (Unaudited)            31, 2002
                                             --------------        -------------

          Prepaid expenses                 $       20,897        $      14,763
          GST receivable                           20,258               18,002
          Miscellaneous receivable,
          unrelated parties                       105,417                 -
          Other                                       271                1,845
                                             --------------        -------------

          Total                            $      146,843        $      34,610
                                            ==============        =============

NOTE 5    FIXED ASSETS
------    ------------

          As of June 30, 2003 and December 31, 2002, fixed assets consist of:

                                                June 30,
                                                 2003                December
                                              (Unaudited)            31, 2002
                                             --------------        -------------

          Computer equipment               $      118,802        $      91,505
          Office equipment and furniture           20,631               19,698
          Computer software                         6,577               13,546
          Software development kits                45,367               45,367
          Leasehold improvements                    3,639                3,130
                                           --------------        -------------
                                                  195,016              173,246
          Less accumulated depreciation
          and amoritization                      (117,422)             (79,688)
                                           --------------        -------------

                                           $       77,594        $      93,558
                                           ==============        =============

          Depreciation expense from continuing  operations for the three and six
          months   ended  June  30,  2003   amounted  to  $10,353  and  $18,722,
          respectively.  Depreciation expense from continuing operations for the
          three and six  months  ended  June 30,  2002  amounted  to $6,935  and
          $66,935, respectively.

NOTE 6    NOTES PAYABLE
------    -------------

          During  February 2003, upon the Company's SB-2  Registration  becoming
          effective, the Company received $970,000 proceeds from the issuance of
          a $1 million  promissory  note to an investment  banking  company (the
          "Investment Banker"), net of a 3% cash fee of $30,000, which yields an
          effective interest rate of approximately 12% per annum. The promissory
          note is  non-interest  bearing  and is to be paid  in full  within  95
          calendar days. The Company has the discretion to repay the note either
          with the cash  received  from the  issuance  of stock under the Equity
          Line of Credit  Agreement or with cash  received  from  operations  or


                                       20
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          other financing sources.  If this note is not fully paid when due, the
          outstanding  principal  balance owed will be payable in full  together
          with  interest  at the  rate  of 24% per  annum  or the  highest  rate
          permitted by law, if lower. See Note 7 below for partial  repayment of
          this note.

          Proceeds  received  from the  issuance of this note were used to repay
          the convertible  debenture and note payable to the Investment Bankers.
          As of December  31,  2002,  total  outstanding  principal  and accrued
          interest  payable on the  convertible  debenture  and note payable was
          $155,487 and $15,000, respectively.

NOTE 7    STOCKHOLDERS' DEFICIENCY
------    ------------------------

          On February  18, 2003,  the Company  issued  168,889  shares of common
          stock to the  Investment  Banker  for  payment  of  penalties  for not
          completing  the SB-2  filing  by the due date of July 2,  2002 per the
          terms of the registration  rights agreement entered into in connection
          with the Equity Line of Credit Agreement.  These shares were valued at
          $0.13 per share or an aggregate of $21,956,  representing  the closing
          market value on the date of grant.

          On February 18, 2003, the Company issued 114,408 share of common stock
          to a consultant for payment of $15,000 of consulting  services accrued
          at  December  31,  2002 as  common  stock  to be  issued  included  in
          currently  liabilities in the accompanying  consolidated balance sheet
          as of December 31, 2002 and $5,000 of consulting  services for January
          and  February  of 2003.  These  shares  were valued at $0.13 per share
          representing the closing market value on the date of grant.

          During the six month period ended June 30,  2003,  the Company  issued
          8,932,783 shares of common stock to the Investment Bankers for cash of
          $400,000  in  connection  with the Equity Line of Credit (See Note 6).
          The cash was applied against the $1 million promissory note payable to
          the  Investment  Bankers issued in February 2003. As of June 30, 2003,
          the  remaining  balance of the note payable to the  Investment  Banker
          totaled $600,000.

          On April 23, 2003, the Company issued 3,491,620 shares of common stock
          to the Investment Bankers for cash of $125,000 or $.036 per share.

          On May 28, 2003, the Company amended the Articles of  Incorporation to
          increase the total number of authorized  common and preferred stock to
          500,000,000 and 50,000,000 shares, respectively.


                                       21
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          On June 24, 2003, the Company issued 17,804,976 shares of common stock
          to the  President  of the  Company in lieu of cash in order to satisfy
          shareholder loans,  expenses paid on behalf of the Company and accrued
          salaries  included  in the  amounts  due  to  related  parties  on the
          accompanying  condensed consolidated balance sheets. These shares were
          valued at $.025 per share,  or an aggregate  of $445,124  representing
          the market value on the date of grant.

          On June 24, 2003, the Company issued 17,804,976 shares of common stock
          to a  director  of the  Company  in lieu of cash in order  to  satisfy
          shareholder loans,  expenses paid on behalf of the Company and accrued
          salaries  included  in the  amounts  due  to  related  parties  on the
          accompanying  condensed consolidated balance sheets. These shares were
          valued at $.025 per share,  or an aggregate  of $445,124  representing
          the market value on the date of grant.

          On June 24, 2003, the Company issued  1,250,000 shares of common stock
          to four  employees of the Company for payment of accrued  compensation
          and  bonuses.  These  shares  were  valued at $.025 per  share,  or an
          aggregate  of $31,250  representing  the  market  value on the date of
          grant.

          On June 24, 2003, the Company issued  3,000,000 shares of common stock
          to certain  directors  of the Company for  director  services  for the
          period from June 2003 to June 2004.  These shares were valued at $.025
          per share, or an aggregate of $75,000 representing the market value on
          the date of grant.  As of June 30,  2003,  the  Company  has  deferred
          $75,000  included  in  total  stockholders'   deficiency  as  deferred
          compensation   and  licensing  fee  on  the   accompanying   condensed
          consolidated balance sheets.

          On June 24, 2003, the Company issued 300,000 shares of common stock to
          an  unrelated  consultant  having a value  of  $7,500  for  consulting
          services.  These shares were valued based upon the market value on the
          date of grant.

          On June 24, 2003, the Company issued  2,000,000 shares of common stock
          to an  unrelated  party in  connection  with an  agreement  to provide
          investor  relations  services.  These  shares were valued at $.025 per
          share, or an aggregate of $50,000 representing the market value on the
          date  of  grant.  As of  June  30,  2003,  the  Company  has  deferred
          approximately  $33,000 included in deferred  consulting expense on the
          accompanying condensed consolidated balance sheet.

          On June 24, 2003, the Company issued  5,000,000 shares of common stock
          to an  unrelated  consultant  as  consideration  for an  agreement  to
          provide consulting  services from June 2003 to June 2004. These shares
          were  valued at $.025 per share,  or an  aggregate  of $125,000 on the
          date of grant.


                                       22
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          On June 24, 2003, the Company issued 50,000,000 shares of common stock
          to  the  former  shareholders  of  Ignition  Entertainment,   Ltd.  in
          accordance  with the original  May 28, 2002  purchase  agreement.  The
          acquisition  was  made  pursuant  to the  Company  agreeing  to  issue
          15,000,000  shares of common stock and  3,500,000  shares of preferred
          stock convertible into 35,000,000 shares of common stock; collectively
          valued  at  $0.23898  per  share  for  a  total   purchase   price  of
          $11,949,155.  The issuance of these 50,000,000  shares of common stock
          relieved  $11,949,155 in preferred and common stock to be issued as of
          April 1, 2003. (See Note 2, Discontinued Operations for details on the
          acceleration of the issuance of these shares and the sale agreement of
          Ignition Entertainment Ltd.)

          On June 24, 2003, the Company issued  5,180,000 shares of common stock
          to  two  unrelated  parties  to  obtain  financing  for  the  Company.
          Financing costs included in interest  expense for the six months ended
          June 30, 2003 totaled  $129,500  representing  the market value on the
          date of grant.

          On June 24, 2003,  the Company  issued  500,000 shares of common stock
          that were released from escrow to an individual for services  rendered
          from November 2002 to November 2003.  The Board of Directors  resolved
          that these shares are  considered  earned as of June 24,  2003.  These
          shares  were  valued at $.025 per share,  or an  aggregate  of $13,500
          representing the market value on the date of grant.

          In 2002,  the  Company  issued  50,000,000  shares of common  stock to
          various  officers and directors of the Company in accordance  with the
          stock  purchase  agreement  with  International  Technology  Marketing
          ("ITM"). All shares were held in safekeeping pending the completion of
          an escrow agreement.  As of December 31, 2002,  30,000,000 shares were
          earned and were released from escrow.  The Company has accelerated the
          issuance of the final 20,000,000 shares from escrow.  These 20,000,000
          shares were released from escrow as stock-based  compensation  on June
          30, 2003 and were valued at $.027,  or an aggregate of $540,000 on the
          date of sale.

NOTE 8    BASIC AND DILUTED EARNINGS (LOSS) PER SHARE
------    -------------------------------------------

          Basic  and  diluted  earnings  (loss)  per share for the three and six
          months ended June 30, 2003 and 2002 are computed as follows:

<TABLE>
<CAPTION>

                                                    For the Three Months                   For the Six Months
                                                       Ended June 30,                        Ended June 30,
                                                  2003               2002                2003              2002
                                                  ----               ----                ----              ----
     <S>                                   <C>                <C>                <C>                <C>
     BASIC:
     CONTINUING OPERATIONS-
      Loss from continuing operations      $    (1,283,895)   $    (1,286,067)   $     (1,845,275)  $    (2,044,367)
                                              =============     ==============     ===============    ==============
</TABLE>



                                                       23
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)
<TABLE>
     <S>                                   <C>                <C>                <C>                <C>
     Weighted average shares outstanding       115,200,027        113,191,285         107,531,237        83,421,414
                                              =============     ==============     ===============    ==============

     Basic (loss) per share from
      continuing operations                          (0.01)             (0.01)              (0.02)            (0.02)
                                              =============     ==============     ===============    ==============

                                                    For the Three Months                   For the Six Months
                                                       Ended June 30,                        Ended June 30,
                                                  2003               2002                2003              2002
                                                  ----               ----                ----              ----
     BASIC:
     DISCONTINUED OPERATIONS-
      Loss from discontinued operations    $          -       $      (211,959)   $       (733,123)  $      (211,959)
      Gain on sale of discontinued
       operations                                2,396,009               -              2,396,009              -
                                              -------------     --------------     ---------------    --------------
                                                 2,396,009           (211,959)          1,662,886          (211,959)
                                              =============     ==============     ===============    ==============

     Weighted average shares outstanding       115,200,027        113,191,285         107,531,237        83,421,414
                                              =============     ==============     ===============    ==============

     Basic gain (loss) per share from
      discontinued operations                         0.02              (0.00)               0.02             (0.00)
                                              =============     ==============     ===============    ==============

     DILUTED COMPUTATION:
     CONTINUING OPERATIONS-
      Loss from continuing operations      $    (1,283,895)   $    (1,286,067)   $     (1,845,275)  $    (2,044,367)
                                              -------------     --------------     ---------------    --------------
     DISCONTINUED OPERATIONS-
      Loss from discontinued operations    $          -       $      (211,959)   $       (733,123)  $      (211,959)
      Gain on sale of discontinued
       operations                          $     2,396,009               -              2,396,009              -
                                              -------------     --------------     ---------------    --------------
                                                 2,396,009           (211,959)          1,662,886          (211,959)
                                              -------------     --------------     ---------------    --------------

      Adjusted net income (loss) for
       earnings per share                  $     1,112,114    $    (1,498,026)   $       (182,389)  $    (2,256,326)
                                              =============     ==============     ===============    ==============

      Weighted average shares outstanding      115,200,027        113,191,285         107,531,237        83,421,414
      Plus:
      Conversion of Cornell notes
       payable as of the beginning of
       each quarter                             18,478,260               -              6,863,182              -
                                              -------------     --------------     ---------------    --------------

      Diluted weighted average common
       shares                                  133,678,287        113,191,285         114,394,419        83,421,414
                                              =============     ==============     ===============    ==============

     DILUTIVE PER SHARE AMOUNTS:
      Loss from continuing operations      $         (0.01)   $         (0.01)   $          (0.02)  $         (0.02)
                                              =============     ==============     ===============    ==============
      Gain (loss) per share from           $          0.02    $         (0.00)   $           0.01   $         (0.00)
       discontinued operations
                                              =============     ==============     ===============    ==============
      Net gain (loss) per share            $          0.01    $         (0.01)   $          (0.00)  $         (0.03)
                                              =============     ==============     ===============    ==============
</TABLE>


                                                       24
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

NOTE 9    EMPLOYEE STOCK OPTIONS
------    ----------------------

          Effective   January  1,  2003,  the  Company  adopted  the  disclosure
          requirements of SFAS No. 148, "Accounting for Stock-Based Compensation
          - Transition and Disclosure,"  which amends SFAS No. 123,  "Accounting
          for  Stock-Based  Compensation"  to provide  transition  methods for a
          voluntary  change to measuring  compensation  cost in connection  with
          employee  options using a fair value based method.  The Statement also
          amends  the  disclosure  requirements  of  SFAS  No.  123  to  require
          prominent  disclosures about the method of accounting for compensation
          cost  associated with employee  options,  as well as the effect of the
          method used on reported  results.  The Company  adopted the disclosure
          requirements  of SFAS  No.  148 and has not  changed  its  method  for
          measuring the compensation cost of share options.

          The Company continues to use the intrinsic value based method and does
          not  recognize  compensation  expense  for the  issuance  of  employee
          options  with an exercise  price  equal to or greater  than the market
          price at the time of grant. The Company has not granted any options to
          employees  during the six months  ended June 30,  2003 and 2002.  As a
          result,  the  adoption of SFAS No. 148 had no impact on the  Company's
          results  of  operations  or  financial   position  and  no  pro  forma
          information  will be disclosed for the three and six months ended June
          30, 2003 and 2002.

NOTE 10   TREASURY STOCK
-------   --------------

          Treasury  stock is shown at cost and consists of 11,000,000  shares of
          common stock held in trust with an independent  third party as of June
          30, 2003.  The value of the 11,000,000  shares  received in connection
          with  the  sale  of  Ignition   Entertainment,   Ltd.  was   $770,000,
          representing  the closing  market value on the  effective  date of the
          sale.

NOTE 11   AGREEMENTS
-------   ----------

          (A) INVESTMENT BANKER EQUITY LINE OF CREDIT AGREEMENT
          -----------------------------------------------------

          In April  2002,  the  Company  entered  into an Equity  Line of Credit
          Agreement  with the  Investment  Banker.  Under  this  agreement,  the
          Company may issue and sell to the Investment Banker common stock for a
          total  purchase  price  of up  to  $10  million.  Subject  to  certain
          conditions,  the Company will be entitled to commence  drawing down on
          the Equity Line of Credit when the common stock to be issued under the
          Equity Line of Credit is registered  with the  Securities and Exchange
          Commission and the  registration  statement is declared  effective and
          will  continue for two years  thereafter.  The purchase  price for the
          shares will be equal to 92% of the market  price,  which is defined as
          the  lowest  closing  bid price of the  common  stock  during the five
          trading days  following the notice date. The amount of each advance is
          subject to an aggregate  monthly maximum advance amount of $425,000 in
          any thirty-day period. In no event shall the number of shares issuable
          to the Investment  Banker,  which causes them to own in excess of 9.9%



                                       25
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          of the then  outstanding  shares of the Company's  common  stock.  The
          Company paid the  Investment  Banker a one-time fee equal to $330,000,
          payable in 3,032,000 shares of common stock. The Investment  Banker is
          entitled  to retain 3.0% of each  advance.  In  addition,  the Company
          entered into a placement  agent agreement with a placement agent firm,
          a registered broker-dealer. Pursuant to the placement agent agreement,
          the Company paid a one-time  placement  agent fee of 100,000 shares of
          common stock, which were valued at $0.20 per share, or an aggregate of
          $20,000,  on the  date  of  issuance.  The  Company  agreed  to pay an
          unrelated  consultant,  a  one-time  fee of  $200,000  for its work in
          connection with consulting the company on various  financial  matters.
          Of the  fee,  $75,000  was  paid  in cash  with  the  balance  paid in
          1,040,000 shares of common stock.

          The  termination  date of this  agreement  is the earliest of: (1) the
          Investment  Banker makes payment of Advances of  $10,000,000,  (2) any
          stop order or  suspension  of the  effectiveness  of the  Registration
          Statement  for an  aggregate  of fifty  (50)  Trading  Days or (3) the
          Company  shall  at  any  time  fail  materially  to  comply  with  the
          requirements  of the  agreement  and such  failure is not cured within
          thirty (30) days after receipt of written  notice from the  Investment
          Banker or (4) the date  occurring  twenty-four  (24) months  after the
          Effective  Date.  Pursuant  to the terms of the Equity  Line of Credit
          Agreement,   the  Company  was   required  to  file  with  the  SEC  a
          registration  statement  covering  the  shares to be  acquired  by the
          Investment  Banker.  The 24-month term commences the effective date of
          the  registration   statement.   During  February  2003,  the  Company
          completed its  registration  statement in  connection  with the Equity
          Line of Credit Agreement.

          To induce the Investment Banker to execute and deliver the Equity Line
          of  Credit   Agreement,   the  Company   agreed  to  provide   certain
          registration rights under the Securities Act of 1933, as amended,  and
          the  rules and  regulations  there  under,  or any  similar  successor
          statute   (collectively,   the  "1933  Act"),   and  applicable  state
          securities laws. During the commitment  period, the Company shall not,
          without the prior written consent of the Investment  Banker,  issue or
          sell (i) any Common Stock without consideration or for a consideration
          per  share  less than the Bid  price on the date of  issuance  or (ii)
          issue or sell any warrant,  option,  right,  contract,  call, or other
          security  or  instrument  granting  the  holder  thereof  the right to
          acquire Common Stock without  consideration or for a consideration per
          share  less  than the Bid  Price on the  date of  issuance,  provided,
          however,  that the  Investment  Banker is given  ten (10)  days  prior
          written notice and nothing in this section shall prohibit the issuance
          of  shares  of  Common  Stock   pursuant  to  existing   contracts  or
          commitments,   upon  exercise  of  currently  outstanding  options  or
          convertible securities, or in connection with any acquisition.


                                       26
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          On  each  advance  date in the  Company  shall  pay to the  Investment
          Banker,  directly from the gross  proceeds  held in escrow,  an amount
          equal  to  three  percent  (3%) of the  amount  of each  advance  as a
          commitment fee. The Company has paid the Investment  Banker a one-time
          commitment  fee in the amount of 3,032,000  shares of common stock and
          warrants to purchase 265,000 shares of common stock of which a warrant
          to purchase 15,000 shares has an exercise price of $0.50 per share and
          a warrant to purchase  250,000  shares has an exercise price of $0.099
          per share. These warrants vest immediately upon issuance. The value of
          the  one-time  commitment  fee related to the issuance of common stock
          totaled  approximately  $350,000,  which was  computed  based upon the
          market prices of the Company's common stock on the applicable issuance
          dates.  The  warrants  issued in  connection  with the Equity  Line of
          Credit  Agreement for commitment fees were valued on the date of grant
          using the Black-Scholes  option-pricing  model, which computed a value
          of $6,107. The Company estimates the fair value of the warrants at the
          grant date by using the  Black-Scholes  option  pricing model with the
          following  weighted  average  assumptions  used  for  this  grant;  no
          dividend yield for all years; expected volatility of 24.3%;  risk-free
          interest  rate of  4.74%  and an  expected  life of  five  years.  The
          commitment  fees will be expensed  ratably over the life of the Equity
          Line of Credit agreement and are included in stockholders'  deficiency
          in the accompanying consolidated balance sheet as of June 30, 2003 and
          December  31,  2002.  The Company has  recognized  commitment  fees of
          approximately $87,500 and $133,795, which has been included in general
          and administrative expenses on the condensed consolidated statement of
          operations  for the six  months  and  year  ended  June  30,  2003 and
          December 31, 2002, respectively.

          (B) DEVELOPMENT AND DISTRIBUTION AGREEMENT
          ------------------------------------------

          On  February  10,  2003,   the  Company   signed  a  development   and
          distribution agreement with a distribution company for distribution of
          the Company's games and other applications for mobile phones and other
          handheld  devices  to  the  distribution   company's  mobile  operator
          channels on a worldwide basis. Under the terms of the agreement, which
          sets forth an initial publication  schedule consisting of 14 products.
          The Company may also  sublicense  and provide  games and  applications
          created  by  other   developers  to  the   distribution   company  for
          distribution  to  their  mobile  operators.  Under  the  terms  of the
          agreement,  the Company will receive royalty payments as the developer
          for each sale of the Company's games and other applications.



                                       27
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          (C) HOSPITAL SERVICE AGREEMENT
          ------------------------------

          On March 11,  2003,  the  Company  has  entered  into a one-year  data
          integration  agreement with a large  hospital (the  "Customer") in the
          Toronto area. The Company will make an interfacing  resource available
          to the Customer for a fixed number of days per week to provide general
          interfacing services as requested by the Customer. This agreement will
          automatically  be renewed for  one-year  terms  unless  terminated  by
          either party in accordance with the terms set forth in this agreement.

          (D) LETTER OF INTENT
          --------------------

          On June 24,  2003,  the  Company  entered  into a Letter  of Intent to
          acquire a minimum of 5% of the issued  share  capital of an  unrelated
          company for the equivalent of $300,000  Canadian dollars  ("CAD").  As
          part of the  terms  and  conditions  of this  proposed  purchase,  the
          Company will issue 10,000,000  shares of unregistered  common stock in
          the name of the potential acquiree.  The Company will seek to register
          the 10,000,000 shares at its next available registration  opportunity.
          Per the terms of the Letter of Intent,  the shares will be sold in the
          open market to generate the funds (CAD  $300,000)  needed to acquire a
          5% equity interest.  If the sales of these shares does not satisfy the
          amount of funds required,  the Company will pay from other sources, if
          available.  If the sales of the  shares  exceed the  minimum  required
          amount,  the Company may increase its interest in the acquiree or have
          any remaining  unsold shares returned for  cancellation or rescission.
          As of August 2003, the Company has not finalized this transaction.

NOTE 12   SUBSEQUENT EVENTS
-------   -----------------

          On July 10,  2003,  the  Company  entered  into a Letter  of Intent to
          acquire the source code for a software  product known as XML/Connector
          for the health care  vertical  from an  unrelated  company  which is a
          Colorado and Toronto based software  development  company.  As part of
          the terms and conditions,  the Company will pay (CAD) $120,000 in cash
          in the form of a note payable.  On August 1, 2003,  the Company issued
          500,000  shares of common  stock to the  acquiree.  These  shares were
          valued at $.033 per share representing the closing market value on the
          date of grant.

          In late July 2003, the Company and an unrelated U.S. based  healthcare
          software  distribution  and integration  company reached  agreement to
          sell to the Company the  personnel  and assets of the data  management
          services  division of the U.S.  company for an  undisclosed  amount of
          cash and shares.  As of August  2003,  this  transaction  has not been
          finalized.



                                       28
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          On July  31,  2003,  the  company  announced  that  its  wholly  owned
          subsidiary  ActiveCore  Technologies  Limited had  received  the first
          installment  of $500,000 of a planned  $2,000,000  term loan offering.
          Under the terms of the agreement,  the first installment will accrue a
          12%  interest  rate per annum and is repayable  over a five-year  term
          with no payments  required in the first 12 months - the payments  will
          be amortized  over the remaining 48 months of the term loan.  The loan
          is  convertible  into  common  stock of the Company at the rate of 4.5
          shares for every 1 dollar of the loan balance due, excluding interest,
          remaining at the time of conversion.  As additional  consideration for
          the loan advance by the lender, the Company issued 500,000 warrants on
          July 30,  2003 to the lender  for the  purchase  of 500,000  shares of
          common stock at a purchase price of $0.0312 per share.  The fair value
          assigned to the warrant  amounted to $0 and was  determined  using the
          Black-Scholes  pricing model. The Company  estimates the fair value of
          the   warrant   at  the  grant   date  by  using   the   Black-Scholes
          option-pricing  model with the following weighted average  assumptions
          used for  this  grant;  no  dividend  yield  for all  years;  expected
          volatility of 9.3%;  risk-free interest rate of 1.12%, and an expected
          life of 1 year. The warrants expire July 31, 2004.

          On August 5, 2003,  the Company  announced  that it had  acquired  the
          rights to build a cell phone game based on the "Zorro"  character  and
          trademark  from  Zorro  Productions  Inc.  of  California.  A  license
          agreement  was entered into whereby the Company shall pay no royalties
          on the first $50,000 of net sales and subsequently the Company and the
          licensor  shall  share  equally a royalty of 50% on net  sales.  There
          shall  be no  minimum  royalty.  The  Company  also  entered  into  an
          agreement with an unrelated  company to source additional "name brand"
          properties  for cell phone game  production  and issued this unrelated
          company  2,000,000  shares of common stock as a consulting  fee. These
          shares  were  issued on  August  1, 2003 and were  valued at $.033 per
          share, representing the closing market value on the date of grant.

          In July 2003, the Company entered into a consulting  agreement with an
          unrelated  individual to provide services through June 2004. On August
          1, 2003,  the Company  issued  150,000  shares of common stock to this
          consultant.  These shares were valued at $.033 per share, representing
          the closing market value on the date of grant.

          On July 14, 2003, the Company entered into a consulting agreement with
          an unrelated  individual  to provide  services  through June 2004.  On
          August 1, 2003, the Company issued 4,000,000 shares of common stock to
          this  consultant as  compensation  for services to be rendered.  These
          shares were valued at $.033 per share, representing the closing market
          value on the date of grant.

          In July 2003, the Company entered into employment  agreements with two
          contractors  related to cell phone game  development  and health  care
          services. On August 1, 2003, each contractor was issued 500,000 shares
          of common stock as  compensation  in addition to ongoing salary costs.
          These shares were valued at $.033 per share,  representing the closing
          market value on the date of grant.


                                       29
<PAGE>

                   IVP TECHNOLOGY CORPORATION AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                               AS OF JUNE 30, 2003
                               -------------------
                                   (UNAUDITED)

          In July 2003,  the Company  issued  1,562,700  unregistered  shares of
          common  stock to an officer of the Company in lieu of cash in order to
          satisfy shareholder loans,  expenses paid on behalf of the Company and
          accrued  expenses.  These  shares  were  valued  at $.033  per  share,
          representing the closing market value on the date of grant.

          On August 6, 2003,  the Company  announced that it had signed a letter
          of intent to invest in E-communities UK Limited, a manager of 124 city
          portals  in the UK.  The  Company  also  announced  that it intends to
          purchase  a 15%  interest  by  September  30,  2003,  subject  to  due
          diligence  and Board  approval.  The purchase  price is expected to be
          equal to 225,000 pounds sterling  payable by issuance of the Company's
          common stock.  As of August 2003,  the Company has not finalized  this
          agreement.









                                       30
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS


BUSINESS OVERVIEW

         IVP  Technology  Corporation  d.b.a.   ActiveCore   Technologies  ("IVP
Technology" or "ActiveCore" or the "Company") is a software developer, licensor,
publisher,  marketer,  and distributor  primarily in wireless  markets and an IT
services and software  vendor in the healthcare  vertical.  Its operating  staff
provide  products  and  services to certain  segments of the  wireless  consumer
software and enterprise IT marketplaces. ActiveCore Technologies is a registered
Nevada  corporation and has been publicly  listed as IVP Technology  Corporation
(otcbb:TALL) on the over the counter market for four years. ActiveCore currently
has its headquarters in Toronto, Ontario.

         For three years prior to new senior  management  taking over day to day
control of the company, following the November 2001 approval by the shareholders
of IVP of the purchase of International  Technology Marketing,  Inc., ActiveCore
was solely focused on distributing an enterprise software product marketed under
the "PowerAudit"  name.  Beginning in December 2001, the company acquired rights
to distribute several additional enterprise software products from several other
third party  vendors.  In May 2002, the Company also acquired 100% of the shares
of  Ignition   Entertainment   Limited,  a  UK  based  company  engaged  in  the
development,  licensing,  publishing,  marketing and  distribution  of primarily
platform  (X-box,  Playstation,  GameCube and GameBoy)  video games. A few weeks
later in July 2002,  IVP acquired 100% of the shares of  Springboard  Technology
Solutions Inc. since renamed  ActiveCore  Technologies  Limited, a Toronto based
consumer and enterprise  software  development and IT services  company.  In the
second quarter of 2003, with effect for accounting  purposes from April 1, 2003,
the company divested the operations of its UK based subsidiary to concentrate on
games for mobile devices.


ENTERPRISE DIVISION

         IVP's  enterprise  software  division  primarily  operates  through its
wholly owned subsidiary,  ActiveCore Technologies Limited, formerly Springboard,
which was acquired on July 1, 2002 to develop,  market, license and install data
solutions and other applications for mid-size companies,  large corporations and
government  agencies.  A number of  ActiveCore's  clients are in the health care
field  thus,  in-order  to provide  marketing  focus for the health  care sector
clients,  the company  created the fictitious  name of MDI Solutions  ("MDI") to
identify  products and services  specifically for the health care vertical.  The
MDI Solutions group has developed,  and currently markets, two software products
specific to the health care vertical namely "MD Link" and "MD Eye".  IVP's other
enterprise data solution offerings use Vaayu(TM),  developed by ActiveCore,  and
Classifier(TM),  Viper(TM)  and  iBos(TM),  developed  by  several  third  party
software companies. In addition to its enterprise operations ActiveCore also has
an established  wireless and web  application  development  group which operates
under the trade style of SilverBirch Studios.  SilverBirch focuses on developing
"handheld"  applications  most  recently  in the form of  on-line  games for web
portals and mobile games for Java enabled  mobile  phones or Symbian OS devices.
On a world wide basis  "SilverBirch  Studios" has been  established  as a Nevada
registered trade name for ActiveCore Technologies Inc.


ENTERPRISE SOFTWARE PRODUCTS

         The enterprise  software  division  currently  markets data  solutions.
These solutions are made up of separate  software products that can operate on a
stand-alone basis or integrate with other enterprise level software. The Company
believes  that  these  products  provide  enterprises  with  increased  economy,
efficiency and  effectiveness  when  enterprises are faced with the necessity of
obtaining  data  from the  field,  wherever  that  may be,  and  moving  it into
processes  that take place in the front and back office  environment  through to
business  decision making levels.  The enterprise  software  products  currently
represented by the Company are described below.


         THIRD PARTY VENDOR PRODUCTS

         CLASSIFIER(TM).  On  December  28,  2001,  we entered  into a two-year,
non-exclusive  licensing  agreement to distribute  the  Classifier(TM)  software
program, developed by The Innovation Group, Plc. Subsequently,  on September 30,
2002 we renegotiated the agreement with the Innovation Group, Plc to add another
product,  i-Bos(TM)  (see product  description  herein),  and  relinquished  the
financial  services  industry vertical back to the Innovation Group, Plc. In the
course  of  our  contract  renegotiation  we  also  obtained  the  right,  on  a
non-exclusive  basis,  to distribute both the  Classifier(TM)  and the i-Bos(TM)
product in the UK market.  Meanwhile we retained the right to sell such software

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<PAGE>

in the United States,  Mexican and Canadian markets. Our distribution  agreement
allows us to earn up to a 100% margin on the wholesale  price,  provided certain
minimum  selling prices are met. We anticipate that the  distribution  agreement
will be renewed on December 31, 2003.

         The  Classifier(TM)  product is a sophisticated  business  intelligence
solution that provides data  analysis  benchmarking  which can monitor  on-going
improvements  on  business  activities,  such as  specific  products,  lines  of
business and other information of a business  operation.  The Classifier(TM) was
designed to create and broadcast business intelligence knowledge views direct to
decision makers over corporate  Intranets and the Internet.  The  Classifier(TM)
turns a database into a website,  enabling more people to access data with a web
browser.  The Classifier(TM)  incorporates a high-performance  and powerful data
analysis server, a web report publishing facility, versatile data transformation
features and the ability to connect and extract data from  multiple  back office
data sources.

         I-BOS(TM).   On   September   30,  2002,   the  Company   obtained  the
non-exclusive  right to market the Innovation  Group,  Plc's  i-Bos(TM)  product
(Innovative  Business  Operating System) in North America and the United Kingdom
to all verticals except financial services.

         I-Bos(TM)  is  an  application  development  environment  for  business
analysts.  It is process and rule centric and allows  analysts to build complete
business  applications  for specific  vertical  markets  without any programming
knowledge in a language that is understood by that business sector. i-Bos(TM) is
currently used primarily in financial services arenas, however it can be used in
any process driven  organization  such as  government,  health care or any other
organization  where it is important  that certain  steps be taken prior to other
operations being performed.

         VIPER(TM).  On February 20, 2002, the company entered into an agreement
with Smart  Focus  Limited,  to resell its  Viper(TM)  suite of  products  which
consists of Viper  Analyze(TM) and Viper  Visualize(TM),  Viper Data Mining(TM),
Viper  CRM(TM),  Viper  Campaign  Planner(TM)  and Viper  Smart  Campaigner(TM).
Pursuant to the  license,  ActiveCore  will be entitled to a 15%  commission  on
sales of Viper(TM) through customer  opportunities created by ActiveCore.  Smart
Focus  Limited  will make  sales  representatives  available  to assist in sales
presentations.

         The Company believes that Viper(TM) is a powerful, fast and easy-to-use
analysis  and  visualization   application   designed  for  corporate  marketing
departments and those decision makers  concerned with gross data from voluminous
rows of customer  information.  Viper(TM)  harnesses  customer and transactional
data from any touch-point or channel across any  organization  to create,  build
and maintain customer insight and customer  intelligence.  Viper(TM) is designed
to empower  enterprises  to better  understand,  predict,  manage and  influence
customer  behavior.  To date no  sales of this  product  have  materialized  and
ActiveCore  is reviewing  whether it wishes to continue  maintaining a knowledge
base in this product.


         INTERNALLY DEVELOPED PRODUCTS

         VAAYU(TM).  Vaayu(TM) is a  platform-independent  software product that
mobile-enables existing Enterprise Applications within an organization, allowing
staff and field workers to remotely  access  internal data and systems through a
variety of  handheld  and  wireless  devices,  including  Palm OS  devices,  RIM
devices,  handheld  computers  and other  mobile  devices.  Recently the company
obtained  an  exclusive  source code  agreement  for  XML/Connector  from Karora
Technologies  Inc.  which will allow  ActiveCore to expand the use of Vaayu into
the health care  vertical  where  multiple  legacy  systems may be  connected to
Vaayu's mobile enablement capabilities.

         MD LINK. During the last fiscal year the company has also developed for
its  medical  data  integration   business  a  software  product  that  connects
independent data systems within a healthcare organization, enabling connectivity
and information sharing with stand-alone or legacy applications through industry
protocols  such as HL7 and XML. This  capabilities  of this product will also be
improved as a result of the acquisition of the XML/Connector source code.

         MD EYE. MD Eye is a software  product that monitors the runtime  status
of systems and interfaces within an interfacing environment,  keeping watch over
critical  elements  such as disk space  usage,  processor  utilization,  network
connectivity, queue sizes and other IT system critical elements. This product is
used in many of MDI Solutions services contracts to assist in monitoring systems
and to automatically call for human intervention.


         ENTERPRISE SERVICES

         The primary services provided by the Enterprise  Division are performed
by staff that are on call or operate  under  contract as outsourced IT personnel
in both the health  care  market and in the network  solutions  market.  Network
solutions staff are typically  specialists in working with data networks,  often

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<PAGE>

in high  value  professional  office  environments.  Specialists  in  particular
medical data  structures  are employed  under the MDI  Solutions  banner for the
health care market.


CONSUMER DIVISION

         Since the  divestiture of Ignition  Entertainment  Limited the Consumer
Division has been reduced to two operating tradenames,  specifically SilverBirch
Studios and  Recessgames.com  under which ActiveCore develops and markets mobile
and on-line games. On May 28, 2002, the Company acquired Ignition  Entertainment
Limited,  a company  organized in late 2001 under the laws of England and Wales,
specializing in the design, development,  licensing, publishing and distribution
of personal computer and game console software and accessories.  Effective April
1, 2003 the company  divested  Ignition and its operations have been recorded as
discontinued  operations for the current  fiscal year.  Ignition had been solely
concerned with  developing for the personal  computer and video games  platforms
market.  Through  Ignition the company had development  license  agreements with
Microsoft(TM),   Nintendo(TM)   and  Sony(TM)  to  support  its  platform   game
development activities.  The development of high quality platform video games is
an  expensive  and time  consuming  process  entailing  long lead  times and has
substantial  risk associated  with picking the correct genres of games,  correct
timing for releases and is subject to retail acceptance in the market.  With the
divestiture of Ignition  ActiveCore was able to rid itself of this business risk
which had risen in the  development  of high quality  platform video games is an
expensive  and  time  consuming  process  entailing  long  lead  times  and  has
substantial  risk associated  with picking the correct genres of games,  correct
timing for releases and is subject to retail acceptance in the market.  With the
divestiture of Ignition  ActiveCore was able to rid itself of this business risk
which had risen in a relatively short time period with the rapid  development of
the market space and the severe competition for retail shelf space.


CURRENT EVENTS

         Subsequent  to the  fiscal  year end on  December  31,  2002 and to the
company's last operational  review included in the SB2 filing dated February 12,
2003 the company has made  significant  progress in both its consumer and in its
enterprise divisions.


CONSUMER DIVISION

         During the first  quarter of 2003 IVP  Technology  signed a development
and distribution agreement with Tira Wireless Inc.  (www.tirawireless.com),  for
non-exclusive  distribution  of IVP's  games and other  applications  for mobile
phones and other  handheld  devices  through to Tira's  Mobile  Operator/Carrier
channels on a world wide basis. Tira distributes games and applications  through
AT&T Wireless, Nokia, Mobilkom Austria, End2End,  Telecom1,  Vodaphone,  Vizzavi
Portugal,  Jamba  and O2 which  span the  globe in terms of  service  to  mobile
subscribers.  In addition to using Tira Wireless as a distributor and publisher,
IVP has also executed a software  distribution  agreement  with  Handango,  Inc.
which firm distributes a wide range of mobile  applications  through its on-line
web store.  Handango is the leading  publisher and platform for mobile software.
Handango  markets more than 25,000  applications  from more than 8,000  Handango
Software  Partners through an extensive global  distribution  network of online,
retail,  and  enterprise  channels  reaching more than five million mobile users
each  month.  Handango  provides  its  partners  with  worldwide   distribution,
marketing support,  on-time payment  processing,  e-commerce  services,  product
launch assistance and business development expertise.

         IVP's  initial  publication  and release  schedule for  Java(TM)  games
consists of 14 entertainment  products which have been created  specifically for
mobile phone platforms.  During the second quarter of 2003 the company delivered
4 cell phone games to Tira which are now in various  stages of the  distribution
cycle  including  replication  for various phone models,  acceptance  testing by
carriers and  placement on wireless  carrier game portals.  ActiveCore's  mobile
games have been created by SilverBirch  Studios, an internal  development group.
In  addition  to  developing  mobile  applications,  the  SilverBirch  group  is
currently  completing work on a mobile phone game website  "vortal" for a school
age  demographic  segment  to be  initiated  and  marketed  under the trade name
"Recessgames.com".  The  Recessgames.com  portal is scheduled for launch in late
2003.


ENTERPRISE DIVISION

         The  enterprise  division  has made  steady  progress  with  particular
emphasis on the MDI Solutions  group.  In February  2003 the group  received its
first order for the MD Link product as an HL7  integration  solution from Guelph
General Hospital for current and future system interfaces within their facility.
Due to the SARS outbreak in Toronto the  installation of the MD Link product was
not  completed  until the second  quarter of 2003. In addition MDI Solutions has
executed  multiple  contracts with four of the Toronto area's largest  hospitals
and has been  awarded a short  term  contract  for  services  at the Sault  Area
Hospital.  Most of these  contracts are for a combination of time,  material and
retained consulting services and have an initial term ranging from six to twelve

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<PAGE>

months with four automatically  renewing for additional periods. The outbreak of
SARS in Toronto  which  resulted in 44 deaths  including a number of health care
workers was  concentrated  in health care  facilities.  The  business  impact on
ActiveCore was  substantial as the company was faced with minimal  revenues from
its service contracts and prolonged  collection periods during the later part of
the first quarter and the entire second quarter. The financial  repercussions of
the outbreak have continued into the third quarter however the company  believes
that the fourth quarter will show improvement as various Toronto based hospitals
catch up on integration  issues and the movement of Toronto service personnel is
again allowed in to US and other region health care facilities.

         The key health centers which are serviced by MDI under these  contracts
are Mount  Sinai,  a 462 bed hospital and  critical  care  facility,  located in
downtown  Toronto;  St.  Joseph's  Health  Centre,  a 350 bed community  service
facility  located in West Toronto;  York Central  Hospital,  a 430 bed community
hospital  located in Toronto's  North West region;  and The Rouge Valley  Health
System, a two site 411 bed hospital health center,  located in Toronto's Eastern
region.  The four health  centers are amongst the ten largest  hospitals  in the
Toronto area.  ActiveCore has hired  additional staff to service the anticipated
growth in service contracts and is investing in marketing and sales personnel to
obtain greater penetration in both the US and Canadian health care markets.  The
company is also in the process of negotiating  the  acquisition of a health care
services  group  from a US based  company  which  primarily  operates  along the
eastern US. The Company expects that this acquisition,  if completed, will begin
to add  revenues in the third  quarter.  If completed  the  services  group will
operate under the MDI trade name.

         The  anticipated  growth of the MDI Solutions  Group and the enterprise
division is expected to provide a rising level of  recurring  revenue to IVP. We
anticipate  that  there  will  be  continuing  and  substantial  growth  in  the
enterprise division in the future.


ACQUISITIONS AND REORGANIZATIONS

         IVP Technology  maintains an active  interest in  acquisitions  and the
reorganization  of its  component  parts to better  service  clients of both its
consumer  and  enterprise  divisions.  Investment  in  its  existing  operations
augmented by growth through  acquisitions is a key goal of company management as
is the effective use of capital to drive  acceptable  returns on investment.  At
its annual general  meeting of  shareholders in Miami on May 28, 2003 ActiveCore
shareholders  gave consent to an increase in the  authorized  common shares from
150,000,000  to  500,000,000  shares.  The increase in the number of  authorized
common  shares was  necessary to complete the issuance of shares to the original
shareholders  of Ignition and to provide  sufficient room in its share structure
to complete  acquisitions  using  shares and for other  equity and debt  capital
raising   activities.   It  is  management's   belief  that   acquisitions   and
reorganizations  ought to be undertaken when such activities are perceived to be
accretive i.e. the cost of share dilution is offset by earnings in the future.


RESULTS OF OPERATIONS

         THREE MONTHS ENDED JUNE 30, 2003 COMPARED WITH THE THREE MONTHS
         ENDED JUNE 30, 2002

         REVENUES.  During the three months  ended June 30,  2003,  we generated
$82,300  in  revenue in  comparison  to revenue of $90,000 in the  corresponding
period  ended June 30, 2002.  From a revenue  source  perspective  in the second
quarter of fiscal year 2003,  $82,300 of revenue  was  generated  by  ActiveCore
Technologies  Limited from services work and product installation chiefly by the
company's  MDI group.  The company  accounted  for the  divestiture  of Ignition
Entertainment  as  discontinued  operations  with  effect  from  April  1,  2003
therefore no revenue from  Ignition UK was included in the results for the three
months ended June 30, 2003. IVP Technology acquired Ignition on May 28, 2002 and
did not acquire Springboard,  now ActiveCore Technologies Limited, until July 1,
2002 consequently the revenue recorded in the second quarter of fiscal year 2002
was entirely generated by Ignition  Entertainment  Limited in the UK. During the
second  quarter of 2003 revenue from the MDI group was down  substantially  from
what was expected as a result of the SARS outbreak in Toronto which  constrained
revenue  earning  opportunities  within the existing  hospital  contracts and in
terms of  expanding  our  operations  to other  health  care units in the US and
Canada.

         COST OF SALES.  Cost of sales was  $93,207 for the three  months  ended
June 30,  2003 versus  $550,609 in the three  months  ended June 30,  2002.  The
principal  cost  of  sales  items  in  the  second  quarter  2003  consisted  of
amortization of the Classifier  software  license of $89,202 while the principal
cost of  sales  in the  second  quarter  ended  June 30,  2002  was  video  game
production  costs in the Ignition  operation in addition to the  amortization of
the classifier license. The company recorded amortization of prepaid licences of
$92,982 related to IVP's  Classifier(TM) and I-Bos(TM)  distribution and license
agreement in both the second quarter of 2003 and 2002. The result of the cost of
sales  components  elaborated above led to a negative gross margin of $10,907 in
the three months ended June 30, 2003 versus a negative  gross margin of $460,609
in the three months ended June 30, 2003.

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<PAGE>

         OPERATING EXPENSES. Total operating expenses for the three months ended
June 30, 2003 were $1,126,570 versus $856,344 in the three months ended June 30,
2002.  These  expenses  resulted in losses from  operations of $1,137,477 in the
most recent quarter and $1,316,953 in the quarter ended June 30, 2002.

         The largest  components of second  quarter  fiscal year 2003  operating
expenses were related to stock based compensation,  salaries and wages and other
general and administration expenses. These expenses are discussed below.

         ActiveCore's  Canadian  operations  accounted for $157,573 in wages and
salary costs which  represented the cost of developers,  data management  staff,
administration  and sales and marketing staff.  Salaries and wages include costs
of all group insurance and various government programs. In the period ended June
30,  2002  there  were no wage and  salary  costs  incurred  for  operations  as
Ignition's  figures have been removed and shown as  discontinued  operations and
that subsidiary's US operation Ignition USA was not in place at the time.

         Stock based  compensation  of $656,922 in the second quarter ended June
30, 2003  includes  $540,000 due to the  acceleration  of release of  20,000,000
shares that were  formerly  part of the  acquisition  terms of ITM in  September
2001.  In the quarter  ended June 30 2002 there was no stock based  compensation
paid. Under the original ITM purchase  agreement stock was to be released to the
managers of ITM as sales  revenue  targets  were met - at the time the  original
agreement was made it was  anticipated  by both the former  directors of IVP and
the owners of ITM that the stock  issued in exchange for ITM  acquisition  would
have been valued as at the date of the  agreement  and  accounted for as a large
goodwill value on the balance sheet. However during the company's prolonged SB 2
approval  process it was determined that the common stock needed to be accounted
for as at the quarter end in the each of the quarters  where the original  sales
revenue  targets were  achieved.  In practice this meant that  regardless of how
successful the company was in achieving  increased  sales, and regardless of how
well the share price responded to the increased revenue,  the company was likely
to record large losses based on the valuation of the share  releases at the time
the  revenues  were  recognized.  In  addition  the  recording  of higher  share
compensation values was acting as a disincentive for management since management
were likely to be taxed on the increased  value of the stock  received as it was
being recognized as income rather than a one time capital gain over the original
purchase price of the equity purchase in ITM. The other stock based compensation
amounts  consist of  payments  of $63,500  related  to  director's  fees for the
current year and $125,000 related to payment to a consultant for the next twelve
months.  No costs  related to Ignition  were recorded in the quarter as Ignition
was divested  with effect from April 1, 2003.  In the second  quarter of 2002 no
stock based compensation was recorded as the managers of the company had not yet
met the first milestone payment on the ITM compensation shares.

         General and Administrative  expenses were $198,470 in the quarter ended
June 30, 2003 versus  $150,100 in the quarter  ended June 30, 2002.  In the most
current quarter the largest component of G & A was write down of commitment fees
on the equity line of credit and the cost  associated with the retention of Hawk
Associates as the company's new Investor  Relations firm. Hawk has been retained
at a rate of $7,000 per month in addition to a one time  2,000,000  unregistered
stock grant.

         Consulting  fees for the three months ending June 30, 2003 were $45,256
versus  $330,980  in the  quarter  ended June 30,  2002.  The fees in the second
quarter ended June 30, 2003 reflect the cost of  management's  accrued  salaries
whereas,  in the second  quarter  ended June 30, 2002,  the costs  reflected the
value of various  financial and  marketing  consultants  who were  assisting the
company in making it ready for the SB2 filing and  expanding its product set and
sales opportunities.

         Legal and  accounting  expenses  were $57,996 in the three months ended
June 30, 2003 versus $165,877 in the three month period ended June 30, 2002. The
decrease between the periods was primarily due to reduced audit fees as a result
of the groundwork that had been laid during the company's extended SB 2 process.
Likewise the Company had lower legal fees due to the end of the SB 2 process.

         Management  fees and  financial  advisory fees in the period ended June
30, 2003 were nil versus $52,452 and $150,000  respectively in the quarter ended
June 30, 2002. The financial advisory charges were directly related to the costs
of  retaining  Danson  Associates  to assist in  bringing  the company up to SEC
standards in accounting and finance, the contract with Danson Associates expired
at the end of February 2003.

         In the quarter  ended June 30, 2003 the  company  incurred  deprecation
charges of $10,353  versus  $6,935 in the  quarter  ended June 30,  2002.  These
charges  were related to primarily  computer  equipment in use in the  company's
offices.

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<PAGE>

OTHER INCOME/EXPENSES

         In the  quarter  ended  June 30,  2002 the  company  realized a gain of
$96,334 on the early  extinguishment of debt related to the short term loan from
DCD Group. In the quarter ended June 30, 2003 there was no corresponding event.

         Interest  income from cash on deposit  was $1,354 in the quarter  ended
June 30, 2003 versus $42 in the quarter ended June 30, 2002.

         Interest  expense was much higher in the period  ended June 30, 2003 at
$148,778 than in the  comparative  period ended June 30, 2002 which was $54,218.
In the current quarter the company  incurred imputed interest charges related to
the Equity Line of Credit and  interest  costs on the Berra term loan whereas in
the quarter ended June 30, 2002 the interest expense was related to several term
loans  including  the Berra note and a  convertible  debenture  obtained from an
unrelated party.

         The company  recorded a foreign  exchange  gain of $1,006 for the three
months  ended  June 30,  2003 as a result  of the  decline  of the US  dollar in
relation to the Canadian Dollar.  In the quarter ended June 30, 2002 the company
had a foreign exchange loss of $11,272 in respect of the decline of the Canadian
dollar versus the US dollar.

         NET LOSS FROM CONTINUING OPERATIONS. As a result of the items specified
above,  the  Company  incurred a net loss of  $1,283,895  or 0.01 cent per share
versus a loss of  $1,286,067  or 0.02 cents per share in the  second  quarter of
2002.


NET INCOME (LOSS)

         DISCONTINUED OPERATIONS

         The company recorded a net gain on discontinued operation from the sale
of Ignition  Entertainment  Limited of  $2,396,009 in the quarter ended June 30,
2003 versus a loss on discontinued  operations of $211,959 for the quarter ended
June 30, 2002. As a result of the divestiture of Ignition the company earned net
income of  $1,112,114  for the quarter  ended June 30, 2003 versus a net loss of
$1,498,026 in the quarter  ended June 30, 2002.  This resulted in a earnings per
share of 1 cent per diluted  share for the quarter  ended June 30, 2003 versus a
loss of 1 cent per share in the quarter ended June 30, 2002.


LIQUIDITY AND CAPITAL RESOURCES

         Prior to December 31, 2001 the company financed its operations  through
a combination of convertible  securities and the private placement of shares. In
the fiscal  year ended  December  31,  2002 the  company  entered  into  several
financing  arrangements.  These  included an equity line of credit with  Cornell
Capital  Partners  LP  for  $10,000,000  and  factoring  and  letter  of  credit
facilities  with DcD Group to assist in providing  working  capital for Ignition
Entertainment  Limited.  This latter  arrangement  has been  cancelled as at the
quarter ended June 30, 2003. In the third quarter of 2003, the company  obtained
the first $500,000 tranche of a planned $2,000,000 term debt offering.  With the
divestiture  of Ignition our need for cash to fund  operations  has been reduced
substantially  with most of the need to repay extended  payables and to fund day
to day operations until our product sales and service revenues are sufficient to
meet operating costs and the costs of remaining a public company.

         As of June 30, 2003, our need for cash included  satisfying  $1,745,980
of current liabilities which consisted of accounts payable of $680,872,  $91,371
of accrued liabilities, taxes payable of $155,371, and other current liabilities
of $2,856, accrued interest of $11,909, the current portion of leases payable of
$20,154,  amounts  payable to related  parties of $76,427  and notes  payable of
$689,020.  which  includes  an  outstanding  amounts  to  Berra,  Cornell  and a
promissory  note in the first quarter of 2003 for $221,824,  which evidences the
cash portion owed to a software licensor.  The note will be repaid in nine equal
installments  of  $25,203,  commencing  on June 1,  2003.  As  indicated  in the
liquidity  section  above the company  subsequent  to the quarter ended June 30,
2003 entered in to $500,000  term loan.  In the quarter  ended June 30, 2003 the
only long term debt was the extended  portion of leases payable of $15,855.  The
Company  substantially reduced its short term and long term debt from the fiscal
period ended  December  31, 2002 through the issuance of the common  shares that
were due to the original  shareholders of Ignition  Entertainment  and also from
the conversion of shareholders  loans,  accrued  expenses and unpaid salaries to
several directors and officers. In the quarter ended June 30, 2003 Mr. MacDonald
and Mr. Hamilton converted debts of $445,319.40 each into 17,804,976  restricted
common shares each.

         Our independent  accountants have issued a going concern opinion on our
financial  statements that raise substantial doubt about our ability to continue
as a going  concern.  Our ability to continue as a going concern is dependent on
our ability to raise  additional  bank or non-bank  term and  operating  credit,

                                       36
<PAGE>

convertible  debt,  equity  capital or access  capital under the equity line and
implement our business plan to market and sell our various  enterprise  software
and services and our various  consumer  software titles through our wholly owned
subsidiaries.

         At June 30, 2003 the Company had cash on hand of $754 versus $63,162 at
the fiscal year end. In addition,  as at the quarter end,  certain  shareholders
have also  supported  the company to the extent of $76,427 and while there is no
legal   commitment  for  them  to  do  so  the  company  believes  that  certain
shareholders  will  continue to support the company in a similar  manner.  These
advances  are shown in short term  liabilities  and they have no fixed terms for
repayment.

         During  February 2003,  upon the Company's SB-2  registration  becoming
effective,  the Company  received  $970,000  proceeds  from the issuance of a $1
million  promissory  note to the  Investment  Bankers,  net of a 3% cash  fee of
$30,000, which yields an effective interest rate of approximately 12% per annum.
The promissory note is non-interest  bearing and is to be paid in full within 95
calendar  days.  The Company has the discretion to repay the note either through
cash  received  from the  issuance  of stock  under  the  Equity  Line of Credit
Agreement  or by cash from  other  sources.  In  connection  with the note,  the
Company has agreed to escrow 10 requests for  advances  under the Equity Line of
Credit Agreement in the amount not less than $100,000.  The request will be held
in escrow by an  independent  law firm,  who will release  such  requests to the
Investment  Banker  every 7 calendar  days  commencing  on March 3, 2003  unless
otherwise  agreed between the Company and Cornell  Capital.  If this note is not
fully paid when due, the outstanding  principal  balance owed will be payable in
full  together  with  interest at the rate of 24% per annum or the highest  rate
permitted by law, if lower. See below for partial repayment of this note.

         In April 2002,  IVP  Technology  entered  into an Equity Line of Credit
Agreement  with  Cornell  Capital  Partners,  L.P.  Under  this  agreement,  IVP
Technology  may issue and sell to Cornell  Capital  Partners  common stock for a
total purchase price of up to $10 million.  Subject to certain  conditions,  IVP
Technology  will be  entitled  to  commence  drawing  down on the Equity Line of
Credit when the common  stock to be issued  under the Equity Line of Credit.  On
February 14, 2003 an SB2 that was filed by the company was declared effective by
the SEC.  Under the terms of the equity  line of credit the  company may provide
notice to Cornell and Cornell will purchase from the company shares equal to 92%
of the market  price,  which is defined as the lowest  closing  bid price of the
common stock during the five trading days  following the notice date. The amount
of each advance is subject to an aggregate maximum advance amount of $425,000 in
any  thirty-day  period Cornell  Capital  Partners is entitled to retain 3.0% of
each advance. In April 2002, IVP Technology paid Cornell a one-time fee equal to
$330,000, paid in the form of 3,032,000 shares of common stock. In addition, IVP
Technology  entered into a placement  agent  agreement  with Westrock  Advisors,
Inc., a registered broker-dealer. Pursuant to the placement agent agreement, IVP
Technology  paid a  one-time  placement  agent fee of  100,000  shares of common
stock, which were valued at $0.20 per share, or an aggregate of $20,000,  on the
date  of  issuance.  IVP  Technology  agreed  to pay  Danson  Partners,  LLC,  a
consultant,  a  one-time  fee of  $200,000  for  its  work  in  connection  with
consulting the company on various  financial  matters.  Of the fee,  $75,000 was
paid in cash with the balance paid in 1,040,000  shares of common stock.  To the
end of June 2003,  the  Company  has  received  under the Equity  Line of Credit
$525,000 in  exchange  for  12,424,404  shares of common  stock.  Except for the
Equity  Line of Credit,  the  company  has no  commitments  for  equity  capital
although  the company  continues to explore  other  funding  alternatives  in an
effort to broaden its capital sources.

         The  company  anticipates  that its cash  needs over the next 12 months
will consist of general working capital needs of $2,000,000, which would include
the satisfaction of current  liabilities of $1,745,980.  As of June 30, 2003 the
company had a working capital deficiency of $1,554,310.  The company anticipates
that its  cash  needs  over  the  next 12  months  will  come  primarily  from a
combination  of  operating  credit  lines,  term loans,  which may or may not be
secured by assets, or contain  conversion  features which may lead to additional
shares  being  issued,  or the sale of equity  under the Cornell  equity line of
credit.  Draw  downs on the equity  line of credit may cause the share  price to
decline in value  unless  buyers are present to take up the supply of new shares
entering the market.

         If the  company  is unable to obtain  additional  funding  through  our
Equity Line of Credit facility or from other sources of debt and equity capital,
then the failure to obtain this funding will have a material  adverse  effect on
our business and this may force us to re-organize,  reduce our investment in, or
otherwise divest of one or more of our operations,  or to reduce the cost of all
operations to a lower level of expenditure which may have the effect of reducing
our expected revenues and potentially net income in 2003 and 2004.

                                       37
<PAGE>

CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS
         The  following  chart  sets forth  IVP's  contractual  obligations  and
commercial  commitments  and the time  frames  for which  such  commitments  and
obligations come due.

<TABLE>
<CAPTION>
                                                                      PAYMENTS DUE BY PERIOD
                                                                              TOTAL
                                                            LESS THAN                                            AFTER
CONTRACTUAL OBLIGATIONS                     TOTAL            1 YEAR          1-3 YEARS         4-5 YEARS        5 YEARS
<S>                                      <C>              <C>                  <C>               <C>             <C>
Current Obligations                      $ 1,649,399      $ 1,649,399          $     --          $    --         $    --
Convertible Debenture                             --               --                --               --              --
Leases Payable                                36,009           20,154            15,855               --              --
Due to Related Parties                        76,427           76,427                --               --              --
Operating Leases                                  --               --                --               --              --
Montpelier Consulting Agreement                   --               --                --               --              --
Officer Contracts                                 --               --                --               --              --
Software Licensing Contracts                      --               --                --               --              --
                                          ----------       ----------         ---------        ---------         -------
Total Contractual Cash Obligations        $1,761,835       $1,745,980         $  15,855        $      --         $    --
                                          ==========       ==========         =========        =========         =======
</TABLE>

CAPITAL RESOURCES

         Pursuant  to the Equity Line of Credit,  the  company may  periodically
sell shares of common stock to Cornell Capital  Partners,  L.P. to raise capital
to fund its working  capital  needs.  The periodic sale of shares is known as an
advance. The company may request an advance every 5 trading days. A closing will
be held 7 trading days after such written  notice at which time the company will
deliver shares of common stock and Cornell Capital  Partners,  L.P. will pay the
advance amount,  less the 3% retention.  The company may request  advances under
the Equity Line of Credit once the  underlying  shares are  registered  with the
Securities  and  Exchange  Commission.  Thereafter,  the company may continue to
request  advances until Cornell  Capital  Partners has advanced $10.0 million or
two years after the  effective  date of the  registration  statement,  whichever
occurs  first.  The amount of each  advance is subject to an  aggregate  maximum
advance amount of $425,000 in any thirty-day  period. The amount available under
the Equity Line of Credit is not  dependent on the price or volume of our common
stock.

         The company registered  30,000,000 shares of common stock in connection
with the  Equity  Line of Credit  and upon  conversion  of the  debentures.  The
company  cannot predict the actual number of shares of common stock that will be
issued  pursuant to the Equity  Line of Credit,  in part,  because the  purchase
price of the shares will fluctuate based on prevailing market conditions and the
company has not determined  the total amount of advances the company  intends to
draw.  Nonetheless,  if the company issued all 30,000,000 shares of common stock
at a recent price of $0.04 per share (which assumes that no shares would need to
be issued  upon  conversion  of  debentures),  then the  company  would  receive
$1,200,000  under the Equity  Line of Credit  (after  deducting  a 3%  retention
payable to Cornell).  This is $8,800,000 less than is available under the Equity
Line of Credit.  The company's stock price would have to rise  substantially for
us to have access to the full amount  available under the Equity Line of Credit.
These shares would represent 20% of our outstanding  common stock upon issuance.
Accordingly,  the  company  would need to register  additional  shares of common
stock in order to fully utilize the $10 million  available under the Equity Line
of Credit at the current  price of $0.19 per share.  At a recent  price of $0.04
per share, the company would be required to issue  250,000,000  shares of common
stock in order to fully utilize the $10.0 million available.

         In April 2002,  IVP Technology  raised  $150,000 of gross proceeds from
the issuance of convertible  debentures.  These debentures  accrue interest at a
rate of 5% per year and mature two years from the issuance  date. The debentures
are  convertible at the holder's  option any time up to maturity at a conversion
price  equal to the lower of (i) 120% of the  closing  bid  price of the  common
stock as of the closing  date (ii) 80% of the  average  closing bid price of the
common stock for the 4 lowest  trading  days of the 5 trading  days  immediately
preceding the  conversion  date. At maturity,  IVP  Technology has the option to
either pay the holder the outstanding  principal balance and accrued interest or
to convert the  debentures  into shares of common  stock at a  conversion  price
equal to the lower of (i) 120% of the closing  bid price of the common  stock as
of the closing  date or (ii) 80% of the average  closing bid price of the common
stock for the 4 lowest trading days of the 5 trading days immediately  preceding
the conversion  date. IVP Technology has the right to redeem the debentures upon
30 days  notice  for 120% of the  amount  redeemed.  Upon such  redemption,  IVP
Technology will issue the investor a warrant to purchase 10,000 shares of common
stock at an exercise  price of $0.50 per share for every  $100,000 of debentures
that are redeemed. As is further disclosed in the company's financial statements

                                       38
<PAGE>

the company redeemed this convertible debenture and accrued interest in February
2003.

         On January 31,  2002,  the company  entered  into an interim  financing
agreement  for  (pound)600,000,  (U.S.$856,334)  on an unsecured  basis with the
European based venture capital and merchant  banking firm DcD Holdings  Limited.
The loan bears an  interest  rate equal to the HSBC Bank base rate,  minus 5% if
that figure is positive,  and interest is payable  monthly.  The loan was due on
April 30, 2002. On May 1, 2002,  the company  converted  the loan,  plus accrued
interest into 4,000,000 shares of our common stock.


CONSOLIDATED STATEMENT OF CASH FLOWS

         Cash on the balance sheet of IVP Technology  Corporation decreased from
$63,162 in December 2002 to $754 on June 30, 2003. While there was a net loss on
operations  of $182,389 in the six months  ended June 30,  2003,  there were net
non-cash expense adjustments of $(1,288,066). In the period ended June 30, 2002,
the non-cash adjustments were $1,580,737 consisting of amortization of a portion
of the Classifier license agreement and stock issued for services.


NET CASH USED IN OPERATING ACTIVITIES

         Net cash used in operating activities was $1,470,457 for the six months
ended June 30, 2003 and $572,251 for the six months ended June 30, 2003. The use
of cash in operating  activities was principally the result of net losses during
both  reporting  periods  although in 2002 cash was primarily used to maintain a
public  listing  and  to  service  the  Classifier  and  Orchestral   PowerAudit
distribution  agreements  while in 2003 the  company  was  carrying on an active
business.


NET CASH USED IN INVESTING ACTIVITIES

         Net  cash  used by  investing  activities  was  $11,066  related  to an
increase in fixed assets in the six months ended June 30, 2003.


NET CASH PROVIDED BY FINANCING ACTIVITIES

         During the six months  ended June 30, 2003 the  company  raised cash of
$1,295,691 from financing activities and repaid a notes payable, the convertible
debenture from Cornell  Capital and made a reduction on certain items payable to
employees or  shareholders  together with lease payments to yield a net decrease
in cash of 276,331  cash.  In the same period in 2002 the company  completed one
transaction  which  consisted  of  borrowing  $856,334  from DCD group which was
subsequently converted to shares in May 2002.


CRITICAL ACCOUNTING POLICIES

         ORGANIZATION

         The  consolidated  financial  statements of IVP Technology  Corporation
d.b.a.  ActiveCore  Technologies,   Inc.  (formally  Mountain  Chef,  Inc.)  and
consolidated  subsidiaries  (the "Company")  include the accounts of the parent,
IVP Technology Corporation,  incorporated in the State of Nevada on February 11,
1994,  and its  subsidiaries:  Springboard  Technology  Solutions,  Inc.  d.b.a.
ActiveCore Technologies,  Ltd.  ("Springboard"),  a Canadian company; and Erebus
Corporation,  an inactive company.  The Company was granted an  extra-provincial
license by the  Province  of Ontario on June 20,  1995 to carry on  business  in
Ontario,   Canada.  Prior  to  1998,  the  Company  was  involved  with  various
unsuccessful  activities  relating  to the sale of  technology  products  before
becoming  inactive by the end of 1997.  The Company  began  negotiations  with a
third party in 1998 to become an exclusive distributor of software and therefore
is  considered  to have  re-entered  the  development  stage on January 1, 1998.
Activities  from inception of development  stage  included  raising  capital and
negotiations and acquisition of software  distribution  licenses.  On January 1,
2002, the Company began operations and emerged from the development stage.

         The Company operates two units, enterprise and consumer. The enterprise
unit develops,  markets,  licenses,  installs and services data  solutions.  The
consumer unit develops and publishes  interactive  software  games  designed for
mobile phones, other handheld devices,  web-sites,  personal computers and video
game  consoles.   The  consumer  unit  also  distributes  games,   hardware  and
accessories developed or manufactured by third parties.

                                       39
<PAGE>

         OPERATIONS OF THE COMPANY - GOING CONCERN

         The accompanying  condensed consolidated financial statements have been
prepared in conformity  with  accounting  principles  generally  accepted in the
United States of America,  which  contemplates  continuation of the Company as a
going  concern.  The Company has a net loss of $182,389 and a negative cash flow
from  operations  of  $1,470,457  for the six months  ended June 30,  2003.  The
Company also has a working capital  deficiency of $1,554,310 and a stockholders'
deficiency  of  $1,164,990.  These  matters  raise  substantial  doubt about the
Company's ability to continue as a going concern.  Management's plan to continue
in  operation  is to  continue  to  attempt to raise  additional  debt or equity
capital  until such time the  Company is able to generate  sufficient  operating
revenue.

         In view of these  matters,  realization of certain of the assets in the
accompanying  condensed  consolidated  financial  statements  is dependent  upon
continued  operations  of the  Company,  which  in turn is  dependent  upon  the
Company's ability to meet its financial requirements,  raise additional capital,
and the success of its future operations.  Management  believes that its ability
to raise additional capital provides the opportunity for the Company to continue
as a going concern.


         REVENUE RECOGNITION

         RISK AND UNCERTAINTIES

         A  significant  portion of all of the  Company's  net sales are derived
from  software  publishing  and  distribution  activities,  which are subject to
increasing  competition,   rapid  technological  change  and  evolving  consumer
preferences,  often  resulting in the frequent  introduction of new products and
short product lifecycles.  Accordingly,  the Company's  profitability and growth
prospects  depend upon its ability to  continually  acquire,  develop and market
new, commercially successful software products and obtain adequate financing. If
the Company is unable to continue  to acquire,  develop and market  commercially
successful  software  products,  its operating  results and financial  condition
could be materially adversely affected in the near future.


         REVENUE RECOGNITION

         Publishing  revenue is derived  from the sale of  internally  developed
interactive software titles or from the sale of titles licensed from third-party
developers.  Publishing  revenue amounted to $1,087,906 and $407,326 for the six
months ended June 30, 2003 and 2002, respectively. Publishing revenues have been
reclassified  to gain (loss) from  discontinued  operations on the  accompanying
condensed  consolidated  statement of operations in connection  with the sale of
Ignition Entertainment, Ltd. (See Note 2).

         Distribution   revenue  is  derived   from  the  sale  of   third-party
interactive  software  titles,  accessories and hardware.  Distribution  revenue
amounted  to $103,051  and  $90,000  for the six months  ended June 30, 2003 and
2002, respectively.

         Revenues from Services and Commercial Software sold under licenses were
$127,958  and $0 in the six months  ended June 30, 2003 and 2002,  respectively.
The Company had no Services or Commercial  Software  sales in the  corresponding
period  of  2002,  because  it  had  not  yet  acquired  Springboard  Technology
Solutions, a Services and Commercial Software producing subsidiary.

         The Company recognizes revenue in accordance with Statement of Position
("SOP")  97-2   "Software   Revenue   Recognition",   as  amended  by  SOP  98-9
"Modification of SOP 97-2 Software  Revenue  Recognition with respect to Certain
Transactions."  SOP  97-2  provides  guidance  on  applying  generally  accepted
accounting principles in recognizing revenue on software transactions.  SOP 98-9
deals with the determination of vendor specific  objective  evidence ("VSOE") of
fair value in multiple element arrangements, such as maintenance agreements sold
in  conjunction  with  software   packages.   The  Company's  consumer  software
transactions  generally include only one element,  the interactive software game
or commercial  software under license.  The Company  recognizes revenue when the
price is fixed and determinable; there is persuasive evidence of an arrangement,
the fulfillment of its obligations  under any such arrangement and determination
that collection is probable.  Accordingly,  revenue is recognized when title and
all risks of loss are  transferred  to the  customer,  which is  generally  upon
receipt by customer.  The  Company's  payment  arrangements  with its  customers
provide primarily 60 day terms and to a limited extent with certain customers 30
or 90 day terms. The Company does not have any  multi-element  arrangements that
would require it to establish  VSOE for each element,  nor does the Company have
any sales activity that requires the contract method of accounting.

                                       40
<PAGE>

         The Company's distribution arrangements with customers generally do not
give  customers  the right to  return  products;  however,  the  Company  at its
discretion may accept product returns for stock balancing or defective products.
In addition,  the Company  sometimes  negotiates  accommodations  to  customers,
including price discounts, credits and product returns, when demand for specific
products  falls  below  expectations.   The  Company's  publishing  arrangements
generally do not require the Company to accept product returns and provide price
protection.  The  Company  establishes  a reserve  for future  returns and other
allowances based primarily on its return policies, price protection policies and
historical  return rates.  The Company may not have a reliable basis to estimate
returns  and  price  protection  for  certain  customers  or it may be unable to
determine that collection of the receivable is probable.  In such circumstances,
the Company defers the revenues at the time of the sale and recognizes them when
collection of the related receivable becomes probable or cash is received.

         Revenue  from  product  sales is  recognized  when title  passes to the
customer,   provided  that:  there  are  no  uncertainties   regarding  customer
acceptance;  persuasive  evidence of an arrangement  exists;  the sales price is
fixed or  determinable;  and  collectability  is deemed  probable.  The  Company
provides for estimated product returns at the time of the product  shipment,  if
necessary. In December 1999, the Securities and Exchange Commission (SEC) issued
Staff  Accounting  Bulletin  (SAB) No. 101,  Revenue  Recognition  in  Financial
Statements, which establishes guidance in applying generally accepted accounting
principles  to revenue  recognition  in  financial  statements  and is effective
beginning  with the fourth  quarter of the year ended  December  31,  2000.  The
Company has determined that its existing  revenue  recognition  practices comply
with the requirements of SAB 101 for all periods presented.


         RECENT ACCOUNTING PRONOUNCEMENTS

         In  November  2002,  the EITF  reached  a  consensus  on  Issue  00-21,
addressing  how to  account  for  arrangements  that  involve  the  delivery  or
performance  of  multiple  products,  services,  and /or  rights to use  assets.
Revenue arrangements with multiple  deliverables are divided into separate units
of  accounting  if  the  deliverables  in the  arrangement  meet  the  following
criteria:  (1) the  delivered  item has value to the  customer on a  stand-alone
basis;  (2)  there is  objective  and  reliable  evidence  of the fair  value of
undelivered  items;  and (3)  delivery  of any  undelivered  items is  probable.
Arrangement  consideration  should  be  allocated  among the  separate  units of
accounting based on their relative fair values, with the amount allocated to the
delivered  item  being  limited  to the  amount  that is not  contingent  on the
delivery of additional items or meeting other specified performance  conditions.
The final  consensus  will be applicable  to  agreements  entered into in fiscal
periods beginning after June 15, 2003 with early adoption permitted.

         In December  2002,  the  Financial  Accounting  Standards  Board issued
Statement  No. 148,  "Accounting  for  Stock-Based  Compensation-Transition  and
Disclosure - an amendment of FASB  Statement  No. 123," ("SFAS  148").  SFAS 148
amends FASB Statement No. 123,  "Accounting for Stock Based Compensation" ("SFAS
123")  and  provides   alternative  methods  for  accounting  for  a  change  by
registrants to the fair value method of accounting for stock-based compensation.
Additionally, SFAS 148 amends the disclosure requirements of SFAS 123 to require
disclosure  in the  significant  accounting  policy  footnote of both annual and
interim   financial   statements   of  the  method  of   accounting   for  stock
based-compensation  and the related  pro forma  disclosures  when the  intrinsic
value method  continues to be used.  The statement is effective for fiscal years
beginning  after December 15, 2002, and  disclosures are effective for the first
fiscal quarter beginning after December 15, 2002.

         In April 2003,  the FASB issued SFAS No. 149,  "Amendment  of Statement
133 on Derivative  Instruments and Hedging Activities".  SFAS No. 149 amends and
clarifies  financial  accounting  and  reporting  for  derivative   instruments,
including   certain   derivative   instruments   embedded  in  other   contracts
(collectively  referred to as derivatives) and for hedging activities under SFAS
No. 133,  "Accounting for Derivative  Instruments and Hedging  Activities".  The
changes in SFAS No. 149 improve financial  reporting by requiring that contracts
with comparable  characteristics  be accounted for similarly.  This statement is
effective for contracts  entered into or modified after June 30, 2003 and all of
its provisions should be applied prospectively.

         In May 2003, the Financial  Accounting  Standards Board ("FASB") issued
Statement of Financial  Accounting  Standards ("SFAS") No. 150,  "Accounting For
Certain  Financial  Instruments  with  Characteristics  of both  Liabilities and
Equity".  SFAS No. 150 changes the accounting for certain financial  instruments
with  characteristics  of both  liabilities  and  equity  that,  under  previous
pronouncements, issuers could account for as equity. The new accounting guidance
contained in SFAS No. 150  requires  that those  instruments  be  classified  as
liabilities in the balance sheet.

         SFAS No.  150  affects  the  issuer's  accounting  for  three  types of
freestanding financial  instruments.  One type is mandatorily redeemable shares,
which the issuing company is obligated to buy back in exchange for cash or other
assets. A second type includes put options and forward purchase contracts, which
involves  instruments  that do or may require the issuer to buy back some of its
shares in exchange for cash or other assets.  The third type of instruments that
are  liabilities  under this Statement is  obligations  that can be settled with

                                       41
<PAGE>

shares,  the monetary value of which is fixed, tied solely or predominantly to a
variable  such as a market  index,  or  varies  inversely  with the value of the
issuers' shares. SFAS No. 150 does not apply to features embedded in a financial
instrument that is not a derivative in its entirety.

         Most of the  provisions  of  Statement  150  are  consistent  with  the
existing  definition of liabilities in FASB Concepts  Statement No. 6, "Elements
of  Financial  Statements".  The  remaining  provisions  of this  Statement  are
consistent  with the FASB's  proposal to revise  that  definition  to  encompass
certain  obligations  that a reporting  entity can or must settle by issuing its
own shares. This Statement shall be effective for financial  instruments entered
into or modified  after May 31, 2003 and  otherwise  shall be  effective  at the
beginning of the first interim period beginning after June 15, 2003,  except for
mandatorily redeemable financial instruments of a non-public entity, as to which
the effective date is for fiscal periods beginning after December 15, 2003.

         The Company  believes  that the  adoption  of the above  pronouncements
will,  not  have a  material  effect  on the  Company's  condensed  consolidated
financial position or results of operations.
















                                       42
<PAGE>

                           PART II - OTHER INFORMATION

ITEM 1.  LEGAL PROCEEDINGS

         Not applicable.


ITEM 2.  CHANGES IN SECURITIES


RECENT SALES OF UNREGISTERED SECURITIES

         The Company made the  following  issuances of  unregistered  securities
since January 1, 2003.

         On August 5, 2003,  the  Company  announced  that it had  acquired  the
rights to build a cell phone game based on the "Zorro"  character  and trademark
from Zorro Productions Inc. of California.  A license agreement was entered into
whereby the Company shall pay no royalties on the first $50,000 of net sales and
subsequently  the Company and the licensor  shall share equally a royalty of 50%
on net sales.  There shall be no minimum royalty.  The Company also entered into
an  agreement  with an  unrelated  company  to source  additional  "name  brand"
properties  for cell phone game  production  and issued this  unrelated  company
2,000,000  shares of common stock as a consulting  fee. These shares were issued
on August 1, 2003 and were valued at $.033 per share,  representing  the closing
market value on the date of grant.

         On  July  31,  2003,  the  company  announced  that  its  wholly  owned
subsidiary ActiveCore Technologies Limited had received the first installment of
$500,000  of a planned  $2,000,000  term loan  offering.  Under the terms of the
agreement,  the first  installment will accrue a 12% interest rate per annum and
is  repayable  over a five-year  term with no payments  required in the first 12
months - the payments will be amortized over the remaining 48 months of the term
loan.  The loan is  convertible  into common stock of the Company at the rate of
4.5  shares  for every 1 dollar of the loan  balance  due,  excluding  interest,
remaining at the time of conversion.  As additional  consideration  for the loan
advance by the lender,  the Company issued 500,000  warrants on July 30, 2003 to
the lender for the  purchase  of  500,000  shares of common  stock at a purchase
price of $0.0312 per share.  The fair value assigned to the warrant  amounted to
$0 and was  determined  using  the  Black-Scholes  pricing  model.  The  Company
estimates  the  fair  value  of the  warrant  at the  grant  date by  using  the
Black-Scholes   option-pricing   model  with  the  following   weighted  average
assumptions  used for this  grant;  no  dividend  yield for all years;  expected
volatility of 9.3%;  risk-free interest rate of 1.12%, and an expected life of 1
year. The warrants expire July 31, 2004.

         On July 14, 2003, the Company entered into a consulting  agreement with
an unrelated  individual  to provide  services  through June 2004.  On August 1,
2003, the Company issued  4,000,000 shares of common stock to this consultant as
compensation for services to be rendered.  These shares were valued at $.033 per
share, representing the closing market value on the date of grant.

         On July 10,  2003,  the  Company  entered  into a Letter  of  Intent to
acquire the source code for a software  product known as  XML/Connector  for the
health care vertical  from an unrelated  company which is a Colorado and Toronto
based software  development  company.  As part of the terms and conditions,  the
Company will pay (CAD) $120,000 in cash in the form of a note payable. On August
1, 2003,  the Company  issued  500,000  shares of common stock to the  acquiree.
These  shares were  valued at $.033 per share  representing  the closing  market
value on the date of grant.

         In July 2003, the Company  entered into a consulting  agreement with an
unrelated  individual to provide  services through June 2004. On August 1, 2003,
the Company  issued  150,000  shares of common stock to this  consultant.  These
shares were valued at $.033 per share,  representing the closing market value on
the date of grant.

         In July 2003, the Company entered into  employment  agreements with two
contractors related to cell phone game development and health care services.  On
August 1, 2003,  each  contractor  was issued  500,000 shares of common stock as
compensation  in addition to ongoing  salary costs.  These shares were valued at
$.033 per share, representing the closing market value on the date of grant.

         In July 2003,  the  Company  issued  1,562,700  unregistered  shares of
common  stock to an officer  of the  Company in lieu of cash in order to satisfy
shareholder loans,  expenses paid on behalf of the Company and accrued expenses.
These  shares were valued at $.033 per share,  representing  the closing  market
value on the date of grant.

                                       43
<PAGE>

         During the six month  period ended June 30,  2003,  the Company  issued
8,932,783 shares of common stock to the Investment  Bankers for cash of $400,000
in connection  with the Equity Line of Credit (See Note 6). The cash was applied
against the $1 million  promissory note payable to the Investment Bankers issued
in February 2003. As of June 30, 2003, the remaining balance of the note payable
to the Investment Banker totaled $600,000.

         On June 24, 2003, the Company issued  17,804,976 shares of common stock
to the President of the Company in lieu of cash in order to satisfy  shareholder
loans,  expenses paid on behalf of the Company and accrued salaries  included in
the amounts due to related parties on the  accompanying  condensed  consolidated
balance sheets.  These shares were valued at $.025 per share, or an aggregate of
$445,124 representing the market value on the date of grant.

         On June 24, 2003, the Company issued  17,804,976 shares of common stock
to a director  of the  Company  in lieu of cash in order to satisfy  shareholder
loans,  expenses paid on behalf of the Company and accrued salaries  included in
the amounts due to related parties on the  accompanying  condensed  consolidated
balance sheets.  These shares were valued at $.025 per share, or an aggregate of
$445,124 representing the market value on the date of grant.

         On June 24, 2003, the Company issued  1,250,000  shares of common stock
to four  employees  of the  Company  for  payment  of accrued  compensation  and
bonuses. These shares were valued at $.025 per share, or an aggregate of $31,250
representing the market value on the date of grant.

         On June 24, 2003, the Company issued  3,000,000  shares of common stock
to certain  directors of the Company for  director  services for the period from
June 2003 to June 2004.  These  shares  were  valued at $.025 per  share,  or an
aggregate of $75,000  representing  the market value on the date of grant. As of
June 30, 2003, the Company has deferred $75,000 included in total  stockholders'
deficiency  as  deferred  compensation  and  licensing  fee on the  accompanying
condensed consolidated balance sheets.

         On June 24, 2003,  the Company issued 300,000 shares of common stock to
an unrelated consultant having a value of $7,500 for consulting services.  These
shares were valued based upon the market value on the date of grant.

         On June 24, 2003, the Company issued  2,000,000  shares of common stock
to an  unrelated  party in  connection  with an  agreement  to provide  investor
relations services. These shares were valued at $.025 per share, or an aggregate
of $50,000  representing  the market value on the date of grant.  As of June 30,
2003,  the  Company  has  deferred  approximately  $33,000  included in deferred
consulting expense on the accompanying condensed consolidated balance sheet.

         On June 24, 2003, the Company issued  5,000,000  shares of common stock
to an  unrelated  consultant  as  consideration  for  an  agreement  to  provide
consulting  services  from June 2003 to June 2004.  These  shares were valued at
$.025 per share, or an aggregate of $125,000 on the date of grant.

         On June 24, 2003, the Company issued  50,000,000 shares of common stock
to the former  shareholders of Ignition  Entertainment,  Ltd. in accordance with
the original May 28, 2002 purchase agreement.  The acquisition was made pursuant
to the Company agreeing to issue 15,000,000 shares of common stock and 3,500,000
shares of preferred stock  convertible  into 35,000,000  shares of common stock;
collectively  valued  at  $0.23898  per  share  for a total  purchase  price  of
$11,949,155.  The issuance of these  50,000,000  shares of common stock relieved
$11,949,155 in preferred and common stock to be issued as of April 1, 2003. (See
Note 2, Discontinued  Operations for details on the acceleration of the issuance
of these shares and the sale agreement of Ignition Entertainment Ltd.)

         On June 24, 2003, the Company issued  5,180,000  shares of common stock
to two unrelated  parties to obtain  financing for the Company.  Financing costs
included in  interest  expense  for the six months  ended June 30, 2003  totaled
$129,500 representing the market value on the date of grant.

         On June 24, 2003,  the Company  issued  500,000  shares of common stock
that were  released  from escrow to an  individual  for services  rendered  from
November  2002 to November  2003.  The Board of  Directors  resolved  that these
shares are  considered  earned as of June 24, 2003.  These shares were valued at
$.025 per share, or an aggregate of $13,500 representing the market value on the
date of grant.

         On May 28, 2003, the Company amended the Articles of  Incorporation  to
increase  the  total  number  of  authorized   common  and  preferred  stock  to
500,000,000 and 50,000,000 shares, respectively.

                                       44
<PAGE>

         On April 23, 2003, the Company issued  3,491,620 shares of common stock
to the Investment Bankers for cash of $125,000 or $.036 per share.

         In 2002,  the  Company  issued  50,000,000  shares of  common  stock to
various  officers  and  directors  of the Company in  accordance  with the stock
purchase agreement with International  Technology  Marketing ("ITM"). All shares
were held in safekeeping  pending the completion of an escrow  agreement.  As of
December 31, 2002,  30,000,000 shares were earned and were released from escrow.
The Company has  accelerated  the issuance of the final  20,000,000  shares from
escrow.  These  20,000,000  shares  were  released  from  escrow as  stock-based
compensation  on June 30,  2003 and were  valued at $.027,  or an  aggregate  of
$540,000 on the date of sale.

         On February 18, 2003, the Company issued 168,889 shares of common stock
to the  Investment  Banker for payment of penalties for not  completing the SB-2
filing  by the due date of July 2,  2002 per the  terms  of the  Equity  Line of
Credit Agreement. These shares were valued at $0.13 per share or an aggregate of
$21,956, representing the closing market value on the date of grant.

         On February 18, 2003,  the Company issued 114,408 share of common stock
to a  consultant  for  payment  of  $15,000 of  consulting  services  accrued at
December 31, 2002 as common stock to be issued included in currently liabilities
in the  accompanying  consolidated  balance sheet as of December 31, 2002. These
share were valued at $0.13 per share  representing  the closing  market value on
the date of grant.

         During March 2003, the Company issued  2,155,964 shares of common stock
to the Investment  Bankers for cash of $150,000 or $.07 per share, in connection
with the Equity Line of Credit.

         With respect to the sale of unregistered  securities  referenced above,
all transactions were exempt from  registration  pursuant to Section 4(2) of the
Securities Act of 1933 (the "1933 Act"), and Regulation D promulgated  under the
1933 Act. In each instance,  the purchaser had access to sufficient  information
regarding IVP  Technology so as to make an informed  investment  decision.  More
specifically,  IVP  Technology  had a  reasonable  basis to  believe  that  each
purchaser  was an  "accredited  investor" as defined in Regulation D of the 1933
Act and otherwise had the requisite  sophistication to make an investment in IVP
Technology's securities.


ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

         Not applicable.


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

         On May 28, 2003, the Company held its 2002 annual shareholders meeting.
At the meeting,  Brian  MacDonald,  Peter  Hamilton  and J.  Stephen  Smith were
elected  to the board of  directors.  In  addition,  the  shareholders  voted to
increase  the  Company's  authorized  common  stock to  500,000,000  shares.  In
connection with the re-election of the directors,  there were 73,111,302  shares
voted in favor of the directors,  no votes against and 130,830  abstentions.  In
connection with the increase in authorized  common stock,  there were 71,390,374
shares voted in favor, 1,847,758 votes against and 4,000 abstentions.


ITEM 5.  OTHER INFORMATION

         Not applicable.


                                       45
<PAGE>

<TABLE>
<CAPTION>
ITEM 6. SUBSEQUENT EVENTS, EXHIBITS AND REPORTS ON FORM 8-K

        (A)  EXHIBITS.

<S>          <C>                                                     <C>
2.1          Agreement and Plan of Reorganization dated March 21,    Incorporated by reference to Exhibit 4.1 to
             2000 between IVP Technology Corporation and Erebus      IVP Technology's Form 8-K12G3 filed on
             Corporation                                             April 19, 2000

3.1          Certificate of Amendment of Articles of Incorporation   Incorporated by reference to Exhibit 3.1 to
                                                                     IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

3.2          Bylaws                                                  Incorporated by reference to Exhibit 3.2 to
                                                                     IVP Technology's Amendment No. 2 to the Form
                                                                     SB-2 filed on November 14, 2002

3.3          Certificate of Amendment of Articles of Incorporation   Provided herewith

4.4          Description of Securities                               Incorporated by reference to Exhibit 4.4 to
                                                                     IVP Technology's Form S-8 filed on July 23,
                                                                     2001

10.4         Second Amending Agreement to Software Distribution      Incorporated by reference to Exhibit 10.4 to
             Agreement dated as of May 31, 2000 between the          IVP Technology's Form 10-QSB filed on
             Registrant and Orchestral Corporation                   September 24, 2000

10.5         Service Bureau Arrangement Agreement dated September    Incorporated by reference to Exhibit 10.5 to
             28, 2000 between the Registrant and E-RESPONSES.COM     IVP Technology's Form 10-QSB filed on
                                                                     November 14, 2000

10.6         Stock Purchase Agreement dated September 17, 2001       Incorporated by reference to Exhibit 10.6 to
             among the Registrant, International Technology          IVP Technology's Form 10-KSB filed on
             Marketing, Inc., Brian MacDonald, Peter Hamilton,       April 15, 2002
             Kevin Birch, Sherry Bullock, and Geno Villella

10.7         Agreement dated May 15, 2000 between the Registrant     Incorporated by reference to Exhibit 10.7 to
             and Rainbow Investments International Limited           IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.8         Employment Agreement dated August 30, 2001 between      Incorporated by reference to Exhibit 10.8 to
             International Technology Marketing, Inc. and Brian J.   IVP Technology's Form 10-KSB filed on
             MacDonald                                               April 15, 2002

10.9         Agreement dated February 12, 2002 between the           Incorporated by reference to Exhibit 10.9 to
             Registrant and SmartFOCUS Limited                       IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.10        Warrant Agreement dated May 15, 2000 between the        Incorporated by reference to Exhibit 10.10 to
             Registrant and Rainbow Investments International        IVP Technology's Form 10-KSB filed on
             Limited                                                 April 15, 2002

10.11        Convertible Promissory Note dated May 2000 between      Incorporated by reference to Exhibit 10.11 to
             the Registrant and Rainbow Investments International    IVP Technology's Form 10-KSB filed on
             Limited                                                 April 15, 2002

                                                       46
<PAGE>

10.12        Software Distribution Agreement dated December 28,      Incorporated by reference to Exhibit 10.12 to
             2001 between the Registrant and TIG Acquisition         IVP Technology's Form 10-KSB filed on
             Corporation                                             April 15, 2002

10.13        Loan Agreement dated January 16, 2002 between the       Incorporated by reference to Exhibit 10.13 to
             Registrant and DCD Holdings Limited                     IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.14        Agreement for the Provision of Marketing Services       Incorporated by reference to Exhibit 10.1 to
             dated May 3, 2002 between the Registrant and Vanessa    IVP Technology's Form S-8 filed with the SEC
             Land                                                    on May 3, 2002

10.15        Reserved

10.16        Employment Agreement dated August 30, 2001 between      Incorporated by reference to Exhibit 10.16 to
             International Technology Marketing, Inc. and Geno       IVP Technology's Form 10-KSB filed on
             Villella                                                April 15, 2002

10.17        Employment Agreement dated August 30, 2001 between      Incorporated by reference to Exhibit 10.17 to
             International Technology Marketing, Inc. and Kevin      IVP Technology's Form 10-KSB filed on
             Birch                                                   April 15, 2002

10.18        Employment Agreement dated August 30, 2001 between      Incorporated by reference to Exhibit 10.18 to
             International Technology Marketing, Inc. and Peter J.   IVP Technology's Form 10-KSB filed on
             Hamilton                                                April 15, 2002

10.19        Employment Agreement dated August 30, 2001 between      Incorporated by reference to Exhibit 10.19 to
             International Technology Marketing, Inc. and Sherry     IVP Technology's Form 10-KSB filed on
             Bullock                                                 April 15, 2002

10.20        Loan and Security Agreement dated July 30, 2001 among   Incorporated by reference to Exhibit 10.20 to
             the Registrant, Clarino Investments International       IVP Technology's Form 10-KSB filed on
             Ltd., and Berra Holdings Ltd.                           April 15, 2002

10.21        Consulting and Advisory Extension Agreement dated       Incorporated by reference to the Exhibit to
             February 14, 2001 between the Registrant and Barry      IVP Technology's Form 10-QSB filed on May 21,
             Gross D/B/A Gross Capital Associates                    2001

10.22        Letter Agreement dated June 28, 2001, between the       Incorporated by reference to Exhibit 4.1 to
             Registrant and Andris Gravitis                          IVP Technology's Form S-8 filed on July 23,
                                                                     2001

10.23        Letter Agreement dated June 28, 2001, between the       Incorporated by reference to Exhibit 4.2 to
             Registrant and Thomas Chown                             IVP Technology's Form S-8 filed on July 23,
                                                                     2001

10.24        Letter Agreement dated May 30, 2001, between the        Incorporated by reference to Exhibit 4.3 to
             Registrant and Ruffa & Ruffa, P.C. for Modification     IVP Technology's Form S-8 filed on July 23,
             of Retainer Agreement                                   2001

10.25        Consulting Agreement dated September 1, 2000 between    Incorporated by reference to Exhibit 13.1 to
             the Registrant and Barry Gross d/b/a Gross Capital      IVP Technology's Form 10-KSB filed on July 5,
             Associates                                              2001

10.26        Consulting and Advisory Agreement dated September 25,   Incorporated by reference to Exhibit 13.2 to
             2000 between the Registrant and Koplan Consulting       IVP Technology's Form 10-KSB filed on July 5,
             Corporation                                             2001

                                                       47
<PAGE>

10.27        Warrant Agreement dated April 3, 2002 between the       Incorporated by reference to Exhibit 10.27 to
             Registrant and Cornell Capital Partners LP              IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.28        Equity Line of Credit Agreement dated April 3, 2002     Incorporated by reference to Exhibit 10.28 to
             between the Registrant and Cornell Capital Partners LP  IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.29        Registration Rights Agreement dated April 3, 2002       Incorporated by reference to Exhibit 10.29 to
             between the Registrant and Cornell Capital Partners,    IVP Technology's Form 10-KSB filed on
             LP                                                      April 15, 2002

10.30        Escrow Agreement dated April 3, 2002 among the          Incorporated by reference to Exhibit 10.30 to
             Registrant, Cornell Capital Partners, LP, Butler        IVP Technology's Form 10-KSB filed on
             Gonzalez, and First Union National Bank                 April 15, 2002

10.31        Securities Purchase Agreement dated April 3, 2002       Incorporated by reference to Exhibit 10.31 to
             among the Registrant and the Buyers                     IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.32        Escrow Agreement dated April 3, 2002 among the          Incorporated by reference to Exhibit 10.32 to
             Registrant, the Buyers, and First Union National Bank   IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.33        Debenture Agreement Dated April 3, 2002 between the     Incorporated by reference to Exhibit 10.33 to
             Registrant and Cornell Capital Partners LP              IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.34        Investor Registration Rights Agreement dated April 3,   Incorporated by reference to Exhibit 10.34 to
             2002 between the Registrant and the Investors           IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.35        Placement Agent Agreement dated April 3, 2002 among     Incorporated by reference to Exhibit 10.35 to
             the Registrant, Westrock Advisors, Inc. and Cornell     IVP Technology's Form 10-KSB filed on
             Capital Partners LP                                     April 15, 2002

10.36        Letter Agreement dated February 20, 2002 between the    Incorporated by reference to Exhibit 10.36 to
             Registrant and Buford Industries Inc.                   IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.37        Letter Confirmation Agreement dated July 21, 2001       Incorporated by reference to Exhibit 10.37 to
             between the Registrant and Buford Industries Inc.       IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.38        Consulting Agreement dated March 1, 2002 between the    Incorporated by reference to Exhibit 10.38 to
             Registrant and Danson Partners LLC                      IVP Technology's Form 10-KSB filed on
                                                                     April 15, 2002

10.39        Term Sheet between the Registrant and Cornell Capital   Incorporated by reference to Exhibit 10.39 to
             Partners, LP Increasing the Commitment under the        IVP Technology's Form SB-2 filed on May 15,
             Equity Line of Credit to $10 million                    2002

10.40        Consulting Agreement dated February 12, 2002 between    Incorporated by reference to Exhibit 10.40 to
             the Registrant and Danson Partners LLC                  IVP Technology's Form SB-2 filed on May 15,
                                                                     2002

                                                       48
<PAGE>

10.41        Escrow Agreement dated as of May 15, 2002 among the     Incorporated by reference to Exhibit 10.41 to
             Registrant, Brian MacDonald, Peter Hamilton, Kevin      IVP Technology's Form SB-2 filed on May 15,
             Birch, Sherry Bullock, and Gino Villella                2002

10.42        Termination letter dated June 13, 2002 between the      Incorporated by reference to Exhibit 10.42 to
             Registrant and Orchestral Corporation                   IVP Technology's Form 10-QSB filed on August
                                                                     19, 2002

10.43        Acquisition Agreement dated as of May 28, 2002          Incorporated by reference to Exhibit 10.43 to
             regarding the purchase of Ignition Entertainment        IVP Technology's Form 10-QSB filed on August
                                                                     19, 2002

10.44        Consulting Agreement dated as of June 1, 2002           Incorporated by reference to Exhibit 10.44 to
             Ignition Entertainment Limited and Montpelier           IVP Technology's Form 10-QSB filed on August
             Limited                                                 19, 2002

10.45        Amendment to Equity Line of Credit Agreement dated      Incorporated by reference to Exhibit 10.45 to
             May 2002 between IVP Technology and Cornell Capital     IVP Technology's Amendment No. 2 to the Form
             Partners                                                SB-2 filed on November 14, 2002

10.46        Letter of Credit Facility dated as of April 10, 2002    Incorporated by reference to Exhibit 10.46 to
             between Revelate Limited and Ignition Entertainment     IVP Technology's Amendment No. 2 to the Form
             Limited                                                 SB-2 filed on November 14, 2002

10.47        Debenture dated as of June 14, 2002 between Revelate    Incorporated by reference to Exhibit 10.47 to
             Limited and Ignition Entertainment Limited              IVP Technology's Amendment No. 2 to the Form
                                                                     SB-2 filed on November 14, 2002

10.48        Standard Conditions for Purchase of Debts dated May     Incorporated by reference to Exhibit 10.48 to
             23, 2002 between DCD Factors PLC and Ignition           IVP Technology's Amendment No. 2 to the Form
             Entertainment Limited                                   SB-2 filed on November 14, 2002

10.49        All Assets Debenture dated as of May 23, 2002 between   Incorporated by reference to Exhibit 10.49 to
             DCD Factors PLC and Ignition Entertainment Limited      IVP Technology's Amendment No. 2 to the Form
                                                                     SB-2 filed on November 14, 2002

10.50        Memorandum of Agreement dated as of July 1, 2002        Incorporated by reference to Exhibit 10.50 to
             between Springboard Technology Solutions Inc. and IVP   IVP Technology's Amendment No. 2 to the Form
             Technology                                              SB-2 filed on November 14, 2002

10.51        Heads of Agreement dated as of December 28, 2001 and    Incorporated by reference to Exhibit 10.51 to
             amended on September 30, 2002 between TiG Acquisition   IVP Technology's Amendment No. 2 to the Form
             Corporation and IVP Technology                          SB-2 filed on November 14, 2002

10.52        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.1 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and Mount Sinai Hospital    on April 1, 2003
             entered into March 11, 2003 (Contract No. MDI02008)

10.53        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.2 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and Mount Sinai Hospital    on April 1, 2003
             entered into March 11, 2003 (Contract No. MDI02009)

                                                       49
<PAGE>

10.54        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.3 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and Rouge Valley Health     on April 1, 2003
             System entered into September 12, 2002 (Contract No.
             MDI02003)

10.55        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.4 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and Rouge Valley Health     on April 1, 2003
             System entered into September 12, 2002 (Contract No.
             MDI02004)

10.56        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.5 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and York Central Hospital   on April 1, 2003
             entered into September 13, 2002 (Contract No.
             MDI02006)

10.57        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.6 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and York Central Hospital   on April 1, 2003
             entered into September 13, 2002 (Contract No.
             MDI02007)

10.58        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.7 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and St. Joseph's Medical    on April 1, 2003
             Centre entered into March 18, 2003 (Contract No.
             MDI03001)

10.59        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.8 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and St. Joseph's Medical    on April 1, 2003
             Centre entered into March 18, 2003 (Contract No.
             MDI03002-Expires March 31, 2004)

10.60        MDI Solutions Services Agreement (Interface             Incorporated by reference to Exhibit 10.9 to
             Development Retainer Services) between Medical Data     IVP Technology's Form 8-K filed with the SEC
             Integration Solutions group and St. Joseph's Medical    on April 1, 2003
             Centre entered into March 18, 2003 (Contract No.
             MDI03002-Expires June 11, 2004)

10.61        Intentionally omitted                                   Intentionally omitted

10.62        Developer and Distribution Agreement dated as of        Incorporated by reference to Exhibit 10.1 to
             February 10, 2003 between the Company and Tira          the Company's Form 8-K filed with the SEC on
             Wireless, Inc.                                          February 27, 2003.

10.63        Letter of Intent dated as of July 10, 2003              Provided herewith
             between the Company and Karora

10.64        Promissory Note dated as of July 30, 2003               Provided herewith

10.65        Warrant Certificate dated as of July 30, 2003           Provided herewith

10.66        Conversion Privilege of Lender                          Provided herewith

10.67        General Security Agreement dated as of July 30,         Provided herewith
             2003

10.68        Guarantee Agreement dated as of July 30, 2003           Provided herewith

10.69        Consulting Agreement dated as of June 3, 2003           Provided herewith
             between the Company and Rodger J. Cowwan

10.70        Agreement dated as of May 1, 2003 between the           Provided herewith
             Company and Hawk Associates, Inc.

10.71        Letter of Intent dated as of June 16, 2003              Provided herewith
             between the Company and ePocket Inc.

10.72        Consulting Agreement dated as of July 14, 2003          Provided herewith
             between the Company and Gerald Campbell

10.73        Letter of Intent dated as of June 16, 2003              Provided herewith
             between the Company and SCI Healthcare Group, Inc.

10.74        Merchandising License Agreement dated as of             Provided herewith
             July 21, 2003 between the Company and Zorro
             Productions, Inc.

                                           50
<PAGE>

31.1         Certification re: Section 302                           Provided herewith

32.1         Certification re: Section 906                           Provided herewith
</TABLE>

         (B)   REPORTS ON FORM 8-K.

         On August 8, 2003,  the Company  announced  that it had entered  into a
Letter of Intent with E Communities UK Limited.

         On June 3,  2003,  the  Company  announced  that  it  intended  to sell
Ignition Entertainment.

         On  April  1,  2003,  the  Company  announced  that  its  Medical  Data
Integration  Solutions  Group entered into service  agreements with four Toronto
hospitals.

         On  February  27,  2003,  the  Company  announced  it  entered  into an
agreement with Tira Wireless.

















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<PAGE>

                                   SIGNATURES

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

REGISTRANT:

IVP TECHNOLOGY CORPORATION

/S/ BRIAN MACDONALD                                             August 27, 2003
-----------------------------------------------------
By:      Brian MacDonald
         President, Chief Executive Officer and
         Acting Chief Financial Officer



























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