<PAGE>

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 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 September 30, 1996

     / / Transition report under Section 13 or 15(d) of the Exchange Act

     For the transition period from                     to 
                                    -------------------     -------------------

     Commission file number 0-17772
                           ----------------------------------------------------

                               CORSAIRE SNOWBOARD, INC.
-------------------------------------------------------------------------------
        (Exact Name of Small Business Issuer as Specified in Its Charter)

     State of Delaware                                      55-067263
-------------------------------                  -------------------------------
(State or Other Jurisdiction of                           (I.R.S. Employer)
Incorporation or Organization)                           Identification No.)

  3838 Camino del Rio North, Suite 333, San Diego, California 92108
--------------------------------------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (619) 280-8000
--------------------------------------------------------------------------------
                (Issuer's Telephone Number, Including Area Code)

                                       N/A
--------------------------------------------------------------------------------
        (Former Name, Former Address and Former Fiscal Year, if Changed
                               Since Last Report)

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

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

     Check whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
securities under a plan confirmed by a court.
Yes  / /     No   / /

                      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: 3,291,859


     Traditional Small Business Disclosure Format (check one):
Yes  /X/     No   / /

                                                          Total No. Of Pages  16



                                      - 1 -
<PAGE>

                            CORSAIRE SNOWBOARD, INC.
                                TABLE OF CONTENTS
                                   FORM 10-QSB
                                                                            PAGE
                                                                            ----
                                     PART I
                              FINANCIAL INFORMATION

ITEM 1.   FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . 3

          Balance Sheet for the Period Ended
          September 30, 1996 (Unaudited) . . . . . . . . . . . . . . . . . . . 4

          Statement of Operations for the
          9 Months Ended September 30, 1996 (Unaudited). . . . . . . . . . . . 5

          Statements of Cash Flows for the 9
          Months Ended September 30, 1996 (Unaudited). . . . . . . . . . . . 6-7

          Statements of Changes in Shareholder's
          Equity for the 9 Months Ended September 30, 1996
          and the Year Ended 1995 (Unaudited). . . . . . . . . . . . . . . . . 8

          Notes to Financial Statements for 9 Months Ended
          September 30, 1996 and the Year Ended 1995 . . . . . . . . . . . .9-13

ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OR
          PLAN OF OPERATION. . . . . . . . . . . . . . . . . . . . . . . . . .14


                                     PART II
                                OTHER INFORMATION
ITEM 1.   LEGAL PROCEEDINGS. . . . . . . . . . . . . . . . . . . . . . . . . .15

ITEM 2.   CHANGES IN SECURITIES. . . . . . . . . . . . . . . . . . . . . . . .15

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES. . . . . . . . . . . . . . . . . . .15

ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY-HOLDERS. . . . . . . . .15

ITEM 5.   OTHER INFORMATION. . . . . . . . . . . . . . . . . . . . . . . . . .15

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K . . . . . . . . . . . . . . . . . .15



                                      - 2 -
<PAGE>

                                     PART  I

                              FINANCIAL INFORMATION


ITEM 1.   FINANCIAL STATEMENTS.

               The accompanying unaudited financial statements have been
          prepared in accordance with the instructions to Form 10-QSB in
          conformity with generally accepted accounting principles and include
          all information and footnotes necessary for a complete presentation of
          financial position, results of operations, cash flows and
          stockholders' equity.

               Except as disclosed herein, there has been no material change in
          the information disclosed in the notes to the financial statements
          included in the Company's annual report in Form 10-KSB for the year
          ended December 31, 1995.

               In the opinion of Management, all adjustments considered
          necessary for a fair presentation of the results of operations and
          financial position have been included and all such adjustments are of
          a normal recurring nature.

               Operating results for the nine months ended September 30, 1996
          are not necessarily indicative of the results that can be expected for
          the year ending December 31, 1996.


                                      - 3 -
<PAGE>


<TABLE>
<CAPTION>

                                 Corsaire Snowboard, Inc.
                          (Formerly Known as Acunet Corporation)
                                     Balance Sheet
                                  September 30, 1996
                                      (Unaudited)


                                             ASSETS


                                              September 30, 1996            December 31, 1995
                                              ------------------            -----------------
<S>                                           <C>                           <C>
Current Assets

  Cash in Bank                                  $        178                  $        178

  Refundable deposit receivable                        5,000                         5,000
                                                -------------                 -------------

                                                $      5,178                  $      5,178
                                                -------------                 -------------
                                                -------------                 -------------

<CAPTION>
                             LIABILITIES AND SHAREHOLDERS' EQUITY
<S>                                             <C>                          <C>
Current Liabilities

  Accounts payable                              $     97,763                  $    137,062
                                                -------------                 -------------

     Total current liabilites                         97,63                        137,062
                                                -------------                 -------------

Stockholders' Equity

  Common Stock, $.001 par value;
  25,000,000 authorized; 3,291,859
  and 3,189,900 outstanding in 1996 and
 1995, respectively                                    3,292                         3,190

Paid in capital                                    2,495,423                     2,267,359

Prepaid stock-based officer compensation            (131,250)                     (131,250)

Accumulated deficit                               (2,460,050)                   (2,271,183)
                                                -------------                 -------------

    Total shareholders' equity                       (92,585)                     (131,884)
                                                -------------                 -------------
    Total  liabilities and
         shareholders' equity                   $      5,178                  $      5,178
                                                -------------                 -------------
                                                -------------                 -------------

</TABLE>

                                             -4-
<PAGE>


<TABLE>
<CAPTION>

                              Corsaire Snowboard, Inc.
                        (Formerly Known as Acunet Corporation)
                              Statement of Operations
                       For the 9 Months Ended September 30, 1996
                                   (Unaudited)




                                                9 months ended                For the Year
                                              September 30, 1996               Ended 1995
                                              ------------------               ----------

<S>                                           <C>                             <C>
Revenues                                        $          0                  $          0
                                                -------------                 -------------

Expenses:

   Officer's compensation                                  0                        93,750

   Consulting services                                95,000                     1,929,250

   Legal fees and expenses                            82,512                       244,460

   Other general and administrative
       expenses                                       11,355                         3,723
                                                -------------                 -------------

         Total expenses                              188,867                     2,271,183
                                                -------------                 -------------
    Loss before provision for taxes                 (188,867)                  ( 2,271,183)

Provision for income taxes                                 0                             0
                                                -------------                 -------------

Net loss                                        $   (188,867)                 $( 2,271,183)
                                                -------------                 -------------
                                                -------------                 -------------

</TABLE>






                                            -5-
<PAGE>

<TABLE>
<CAPTION>

                                  Corsaire Snowboard, Inc.
                           (Formerly Known as Acunet Corporation)
                                   Statements of Cash Flows
                          For the 9 Months Ended September 30, 1996
                                         (Unaudited)


                                                9 months ended                For the Year
                                              September 30, 1996               Ended 1995
                                              ------------------               ----------
<S>                                           <C>                             <C>
Cash flow used by operating activities:

    Net loss                                    $   (188,867)                 $ (2,271,183)

    Adjustments to reconcile net loss to
    net cash used by operating activities:

        Issuance of common stock for
        consulting and legal services and
        satisfaction of amounts due officer                0                     2,138,779

Changes in assets and liabilities:

        Decrease in accounts payable                 (39,299)                      137,062

        Increase in organization costs                     0                           520
                                                -------------                 -------------

        Cash used by operations                     (228,166)                        5,178
                                                -------------                 -------------
Cash flows used by investing activities:

        Increase in refundable deposit                     0                        (5,000)
                                                -------------                 -------------

        Cash used by investing activities                  0                        (5,000)
                                                -------------                 -------------

Cash flows provided from financing activities:

       Proceeds from common stock                        145                             0

       Proceeds from paid in capital                 228,114                             0

       Used for common stock                             (43)                            0

</TABLE>

                                            -6-
<PAGE>

<TABLE>
<CAPTION>

                                  Corsaire Snowboard, Inc.
                         (Formerly Known as Acunet Corporation)
                            Statement of Cash Flows (cont.)
                        For the 9 Months Ended September 30, 1996
                                        (Unaudited)






<S>                                           <C>                             <C>
     Used for paid in capital                            (50)                            0
                                                -------------                 -------------

Net cash provided by financing                       228,166                             0
                                                -------------                 -------------


      Increase in ca                                       0                           178

Cash - beginning of year                                 178                             0
                                                -------------                 -------------

Cash - end of year                              $        178                  $        178
                                                -------------                 -------------
                                                -------------                 -------------

</TABLE>


                                            -7-
<PAGE>

<TABLE>
<CAPTION>


                                   Corsaire Snowboard, Inc.
                             (Formerly Known as Acunet Corporation)
                          Statements of Changes in Shareholder's Equity
                          For the 9 Months Ended September 30, 1996 and
                                     the Year Ended 1995
                                        (Unaudited)



                                                       COMMON STOCK
                                                ---------------------------
                                                   Number of         Par          Paid in      Accumulated
                                                    Shares          Value         Capital        Deficit
                                                -------------  -------------  -------------  -------------

<S>                                             <C>            <C>            <C>            <C>
Balance, December 31, 1995                         3,189,900          3,190      2,267,359     (2,271,183)
                                                -------------  -------------  -------------  -------------
   March, 1996 Stockholder paid
      accounts payable and the debt of
      the stockholder was forgiven                         0              0         11,884              0

   Net loss for March, 1996                                0              0              0        (38,437)
                                                -------------  -------------  -------------  -------------

Balance, March 31, 1996                            3,189,900       $  3,190     $2,279,423    $(2,309,620)
                                                -------------  -------------  -------------  -------------

   April, 1996 - issued for services                 145,000            145        216,000              0

   April, 1996 - cancelled shares                    (43,041)           (43)            43              0

   Net loss for June                                       0              0              0       (117,078)
                                                -------------  -------------  -------------  -------------

Balance, June 30, 1996                             3,291,859   $      3,292   $  2,495,423   $ (2,426,698)
                                                -------------  -------------  -------------  -------------

   Net loss for September                                  0              0              0        (33,352)
                                                -------------  -------------  -------------  -------------

Balance, September 30, 1996                        3,291,859   $      3,292   $  2,495,423   $ (2,460,050)
                                                -------------  -------------  -------------  -------------
                                                -------------  -------------  -------------  -------------
</TABLE>

                                            -8-

<PAGE>


                            Corsaire Snowboard, Inc.
                     (Formerly Known as Acunet Corporation)
                          Notes to Financial Statements
                 For the 9 Months Ended September 30, 1996 and
                               the Year Ended 1995


1.   COMPANY BACKGROUND

     Corsaire Snowboard, Inc. (the Company or Corsaire) was incorporated in
     Delaware in 1987 under the name Acunet Corporation.  It became inactive in
     1990 and there are no corporate records or minutes available to document
     the activities of the corporation until January 1994.

     In January 1994, the Company was reorganized, and as part of the
     reorganization, the Board of Directors appointed Mr. Paul L. Parshall,
     President and Chief Executive Officer who in concert with his Company, the
     Worthington Company, reestablished good standing with the State of
     Delaware, and brought current the filings required by the Securities and
     Exchange Commission.  The Company is publicly traded and its shares are
     quoted in the over-the-counter (bulletin board) market.

     In March 1995, the Company elected a new President and began a review of
     potential acquisitions.  In contemplation of a likely merger, the Company
     changed its name to Corsaire Snowboard, Inc.  After a due diligence review,
     the Company decided against the merger but retained the name.

     The Company's principal business purpose is the identification and
     evaluation of prospective merger and acquisition opportunities.

2.   SIGNIFICANT ACCOUNTING POLICIES

     CURRENCY TRANSLATION

     The accompanying financial statements are expressed in U.S. dollars.  The
     Company maintains an office and bank account in Vancouver, British
     Columbia, Canada.  Expenditures and obligations in Canadian currency have
     been translated at the exchange rate prevailing when they were incurred.
     Assets and liabilities at December 31, 1995, where applicable, have been
     translated at the year-end exchange rate.  There were no significant
     exchange or translation gains or losses.


                                       -9-
<PAGE>


2.   SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

     VALUATION OF SHARES ISSUED FOR SERVICES

     The Company accounts for stock-based compensation in accordance with SFAS
     No. 123, ACCOUNTING FOR STOCK-BASED COMPENSATION.

     INCOME TAXES

     No provision for income taxes has been recorded since the Company has
     operated at a loss.  At December 31, 1995 and September 30, 1996 the
     Company has a federal net operating loss carryover of $2,177,433 and
     $188,867,  respectively,  which expires in 2010 and 2011, respectively.
     Any benefit which may arise from the utilization of this carryover in
     future years has not been recorded in the financial statements since its
     realization is dependent on future profitable operations, which cannot be
     determined at this time.

     SHARE AND PER SHARE DATA

     Net loss per share is determined by dividing Net loss by the weighted
     average number of common shares outstanding during the year.  See Notes 3,
     4 and 7 regarding dilution and potential dilution of common shares.

     CURRENT OPERATING LOSS

     The accompanying financial statements have been prepared in conformity with
     generally accepted accounting principles, which contemplates confirmation
     of the Company as a going concern.  However, the Company has sustained
     substantial operating losses in 1995.

     In view of these matters, the ability of the Company to continue as a going
     concern is dependent upon the Company's ability to raise capital and the
     success of its future operations.  Management believes that actions
     presently being taken to raise capital to fund the Company's operating and
     financial requirements and Management'scommitment to fund future operations
     if need be (Note 3), provide the opportunity for the Company to continue as
     a going concern.

3.   RELATED PARTY INFORMATION

     STOCK ISSUANCE

     In January 1994, the Worthington Company received 289,867 (adjusted for
     reverse stock split, Note 2) shares of common stock in exchange for
     payments of filing fees for the Company.



                                      -10-
<PAGE>

3.   RELATED PARTY INFORMATION (CONTINUED)

     CONTRACT WITH COMPANY PRESIDENT

     In March 1995, the Company entered into a two-year agreement with its
     President.  The agreement provides that he will assist the Company in the
     identification and evaluation of prospective merger and acquisition
     opportunities, and arrange for the financing of such acquisitions and/or
     merger or acquisition is consummated.

     In accordance with the agreement, the Company immediately issued 2,250,000
     shares of Corsaire common stock to the President for work to be performed
     in connection with the acquisition of two major companies.  Additionally,
     1,000,000 shares of common stock will be issued for each additional
     acquisition up to a maximum total issuance of 4,250,000 shares of common
     stock.

     The initial 2,250,000 shares issued to the President are considered by the
     Board of Directors to be compensation for the period through May 30, 1997
     and have been prorated and charged to expense accordingly.  These shares
     were issued pursuant to Regulation S of the Securities and Exchange
     Commission (pertaining to offers and sales made outside the United States
     by non United States investors) which requires a holding period of forty
     days before they may be traded.  These shares have been valued at $.10 per
     share, the market value at the contract date.  Additional share issuances
     pursuant to this agreement will be accounted for at market value at the
     date of the related acquisition, as a cost of the acquisition.

4.   CONSULTING AND LEGAL SERVICES

     In April, 1996, the Company issued common stock, which was registered with
     the Securities and Exchange Commission on Form S-8 to various individuals,
     including consultants and the company's General Counsel for legal services.
     These shares have been valued at the bid price at date of issuance.

                                              CONSULTING         LEGAL FEES
                                               SERVICES         AND EXPENSES
                                             -----------        ------------
     145,000 shares valued at fair
        market value at date of issue        $    95,000         $    50,000

     Paid or accrued to others                         0                   0
                                             ------------        ------------
                                             $    95,000         $    50,000
                                             ------------        ------------
                                             ------------        ------------


                                      -11-
<PAGE>

5.   PROVISION FOR INCOME TAXES

     Deferred tax assets are comprised of the following:

                                              SEPTEMBER 30,       DECEMBER 31,
                                                 1996                1995
                                             ------------        ------------
     Net operating loss carry forwards       $    64,215         $   740,327
     Deferred tax asset valuation allowance      (64,215)           (740,327)
                                             ------------        ------------
     Net deferred tax assets                 $         0         $         0
                                             ------------        ------------

     The deferred tax asset has been fully reserved by the valuation
     allowance since its realization is dependent on future profitable
     operations, the probability of which cannot be determined at this time.

     Reconciliation of the federal statutory rate to the Company's effective tax
     rate is as follows:

                                            SEPTEMBER 30,       DECEMBER 31,
                                                1996               1995
                                            ------------        ------------

     US Federal Statutory rate of Tax          34.00%              34.00%

     Operating losses with no current tax
     benefit                                   (2.00%)             (2.00%)
                                            ------------        ------------
     Effective tax rate                        32.00%              32.00%
                                            ------------        ------------


     The Company has available at December 31, 1995 and September 30, 1996, for
     Federal income tax purposes approximately $2,177,433 and $188,867,
     respectively, of unused operating loss carry forwards that may be applied
     against future taxable income and which expire in 2010 and 2011,
     respectively.


                                      -12-
<PAGE>

6.   SUBSEQUENT EVENTS

     On August 19, 1996, the Company entered into an agreement which was amended
     October 9, 1996, to acquire 75% (75 shares) of the outstanding common
     shares of Mutual Exchange Canada, Inc. (MEC).  The terms of the agreement
     call for a non-refundable deposit of $50,000 U.S. upon execution of the
     agreement.  An additional payment of $450,000 U.S. will be made not later
     than 30 days after the completion of the merger.  Additional terms state
     that within 30 days of the completion   date of the merger, Corsaire must
     obtain $500,000 U.S. financing through a private placement of Regulations S
     shares in the Capital of Corsaire at a price of not less than $2.00 U.S.
     per post split stock.

     As of November 14, 1996, Mutual Exchange Canada, Inc. Has notified the
     Company that it believes the agreement is no longer valid, due to
     nonperformance of certain terms and conditions contained in the agreement.
     The position of legal counsel and the Company is that there is no basis for
     this assertion and the agreement is still valid.

     Effective as of April 24, 1996, the Company entered into a settlement and
     escrow agreement with a stockholder, whereby 43,041 of his shares of common
     stock were canceled and the balance of 35,000 shares of common stock were
     transferred to an escrow account.  In accordance with the escrow
     instructions, beginning May 15, 1996 a maximum of 1,500 shares of common
     stock per month will be released from escrow for sale by the stockholder.


                                      -13-
<PAGE>


ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

              Corsaire Snowboard, Inc. (the "Company") is an
         inactive company and has limited operations.  The Company expended
         $2,271,183 in the year ended December 31, 1995, compared with no
         expenditures for the same period in 1994.  The increase is attributed
         to consulting expenses in connection with the seeking of merger
         partners.

              An additional $172,512 was expended for the period ended
         September 30, 1996 which was also attributable to legal and consulting
         expenses in connection with the seeking of merger partners.

              Management has been seeking opportunities to acquire
         operating entities, which in the opinion of Management will  provide
         profitable operations to the Registrant.

              It is anticipated that the investigation of specific
         business opportunities and the negotiation, drafting and execution of
         relevant agreements, disclosure documents and other instruments will
         require substantial management time and attention and substantial
         costs for accountants, attorneys, and others.  If a decision is made
         not to participate in a specific business opportunity, the costs
         therefore incurred in the related investigation would not be
         recoverable.  Furthermore, even if an agreement is reached for the
         participation in a specific business opportunity, the failure to
         consummate that transaction may result in the loss to the Company of
         the related costs incurred.

              Management is not able to determine the time nor
         the resources that will be necessary to complete an acquisition such
         as is contemplated.  There is no assurance that the Company will be
         able to acquire an interest in any such businesses, products or
         opportunities that may exist or that any activity of the Company, even
         after any acquisition, will be profitable.


                                     - 14 -
<PAGE>

                                     PART II

                                OTHER INFORMATION


ITEM 1.   LEGAL PROCEEDINGS

          None

ITEM 2.   CHANGES IN SECURITIES

          None

ITEM 3.   DEFAULTS UPON SENIOR SECURITIES

          None
ITEM 4.   SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS

          None

ITEM 5.   OTHER INFORMATION

          None

ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K

          (a)  Exhibits: None

          (b)  Reports on Form 8-K: None


                                     - 15 -
<PAGE>


                                   SIGNATURES

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

                                        CORSAIRE SNOWBOARD, INC.



DATED: February 27, 1997           BY: /s/Rene M. Hamouth
                                        _____________________________
                                        RENE M. HAMOUTH
                                        President and Chief
                                        Financial Officer



                                     - 16 -