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

                         FORM 10KSB

      Annual Report Pursuant to Section 13 or 15 (d) of the
               Securities Exchange Act of 1934

                         CORSPAN INC.
      ----------------------------------------------------
     (Exact name of registrant as specified in its charter)


      DELAWARE                              13-4047693
      --------                             ------------
(State or other jurisdiction             (I.R.S. Employer
 of incorporation or organization)        Identification No.)

 Chadwick House
 Birchwood Park
 Warrington, Cheshire, UK                      WA3 6AE
   ----------------------------------          -------
 (Address of principal executive offices)    (Zip Code)


Registrant's telephone number          +44 (0) 1925 846708
                                          --------------

Securities to be registered pursuant to Section 12(g) of
the Act:

           15,000,000    Shares of Voting Common Stock

Check here whether the issuer (1) has filed all reports required
to be filed by Sections 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 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

As of May 30, 2002, the following shares of the Registrant's
common stock were issued and outstanding:

25,000,000 shares authorized, $0.001 par value
15,000,000 issued and outstanding
<page>


                    TABLE OF CONTENTS

                         Part I

Item 1.   Description of the Business

Item 2.   Description of Property

Item 3.   Legal Proceedings

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


                         Part II


Item 5.   Market for Common Equity and Related
             Stockholder Matters

Item 6.   Management's Discussion and Analysis of
             Financial Condition and Results of
             Operations

Item 7.   Financial Statements

Item 8.   Changes in and Disagreements with Accountants
              on Accounting and Financial Disclosure


                        Part III

Item 9.   Directors and Executive Officers

Item 10.  Executive Compensation

Item 11.  Security Ownership of Certain Beneficial
              Owners and Management

Item 12.  Certain Relationships and Related
              Transactions

Item 13.  Exhibits and Reports on Form 8-K

<PAGE>
<page>

PART I

Item 1.   Description of the Business

HISTORY AND ORGANIZATION

CORSPAN  INC.,  (the "Company"), was organized  in  April
1997 under the laws of the State of Delaware, having  the
stated  purpose of engaging in any lawful act or activity
for which corporations may be organized under the General
Corporation  Law of Delaware. The Company was  originally
incorporated to be a provider, developer and manufacturer
of CD Rom software.

On March 16, 2001 the Company entered into an acquisition
agreement  to acquire 100% of the issued and  outstanding
share  capital  of  ICM Resource Limited  ("ICM"),  a  UK
Corporation, which was incorporated on 1 July  1999.  ICM
is  actively engaged in the business of print  management
solutions. Under the terms of the agreement Corspan  Inc.
carried  out  a four for one reverse share split  leaving
1,500,000 shares in issue and then issued 13,500,000  new
shares to the shareholders of ICM.

As  described  in the subsequent events section  of  this
document,  the  company  has sold  its  interest  in  ICM
subsequent  to  the  reporting  period  covered  by  this
document. The company will maintain its existing  product
and  service  offerings through other  trading  divisions
and/or  wholly owned subsidiaries within the group.  None
of  this  reorganisation activity takes place within  the
current  reporting period and has no material effects  on
the  business strategy of the company. As such any future
looking statements within this document refers to Corspan
Inc  as  a  group through any or all of its  existing  or
future trading divisions and or subsidiaries.

Our  clients  outsource the whole of their  print  buying
function of their operation to us. We take on the role of
principal  in the purchase of printed material  and  then
"sell" these items to clients. Clients no longer have  to
manage   a  direct  relationship  with  a  multitude   of
suppliers   such  as  printers,  designers,  reprographic
houses, paper merchants etc.

We  operate in an extremely fragmented industry  and  are
pursuing an aggressive growth and acquisition strategy to
provide  a  bridged  solution for traditional  print  and
digital   media  content  delivery.  This   consists   of
strategic  acquisition and integration into our  business
model.  We  intend  to acquire or invest  in  businesses,
technologies, products or services that are complementary
to our business.

We  provide a print management solution to companies  who
wish  to outsource the procurement and management of  all
their  print  and  print related items, including  design
management,   reprographics,  paper   management,   print
management  and  distribution.   We  intend  to   provide
services  to  fulfil  the  increasing  demand   for   the
integration of print with digital media. Our offering  is
therefore expanding to include Digital Content Management
and  Digital  Asset  Management, which  will  manage  the
delivery  of all the clients' communications through  all
digital media alongside print.

Strategic   alliances   with  market   leading   software
developers  are  providing  fully  developed  and  market
tested  `best  of  breed'  solutions.  This  gives  us  a
formidable   market  advantage.  Continual   developments
should  enable  us to maintain our market position,  lock
out  competitors  and further cement  customer  lock  in.
Among  our  current clients are market leading  companies
who use printed catalogues, brochures and direct mail  as
a  means of communicating the value of their offering  to
their customers.

We  will offer Management Services Provision solutions in
3 main parts:

    *    Management Information Systems (MIS) offering our
      clients workflow tools to manage the tracking of print
      production and proofing cycles

    *    The management and control of content to be used in
      marketing materials across all media, such as print,
      internet, digital interactive TV and all other digital
      channels

    *    The storage and delivery of digital assets, such as
      text, images and product data


In addition to benefiting from the expected growth in the
business  areas  we  serve,  we  intend  to  pursue   the
following growth strategy:

Acquire  or invest in businesses, technologies,  products
or  services that are complementary to our core  business
to accelerate growth opportunities across a wide range of
markets.

    A combination    of   consolidation   and    vertical
      integration   within  a  fragmented   market   will
      leverage  our  offering  to an  expanding  customer
      base.  Strategic acquisition targets  will  promote
      access  to  high  profile clients, in  new  markets
      increasing the aggressive pace of consolidation.
    Best  of  breed products and services. We  intend  to
      acquire additional products and services that  will
      provide  customers with an integrated  value  added
      single source package.
    Integration  of  new  technologies through  strategic
      partnerships  and acquisition rather than  internal
      development  reduces internal  costs  and  time  to
      market for new products and services.
    Increase   market  awareness  of  our  products   and
      services  demonstrating how  our  capabilities  and
      performance     continually    exceeds     customer
      expectations.


Item 2.  Description of Property

The   Company's  administrative  offices  are   currently
located  at  Chadwick House, Birchwood Park,  Warrington,
Cheshire  WA3  6AE,  UK,  and  also  at  Suite  1600  One
Rockefeller  Plaza,  New York, NY 10020.   The  Company's
office  in  New  York is approximately  400  square  feet
utilized  as  a  base  to explore and  contact  potential
business  transactions and to service  the  Company's  US
administrative  needs.   The  United  Kingdom  office  is
approximately  four  thousand square  feet  and  is  also
utilized as design studio, technology service centre  and
European head office.


Item 3.  Legal Proceedings

ICM  has   issued  legal  proceedings  against  Corporate
Computer   Leasing  plc  for  $5,974  and  are  currently
awaiting  for a hearing date from Bradford County  Court.
ICM  anticipate full recovery of our claim including  all
costs.

ICM  has  outstanding  legal  proceedings  received  from
Cradley  Print Ltd. for $25,698 plus costs. An  agreement
has  been  reached  and  legal  proceedings  are  to   be
withdrawn.

ICM  has  outstanding  legal  proceedings  received  from
Impression  Computer Services for the sum of $4,350  plus
costs.   An   agreement  has  been  reached   and   legal
proceedings are to be withdrawn.

The directors are not aware of any further pending legal
proceedings.


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

There were no matters subject to vote of Security Holders.


<PAGE>
<page>
                         PART II

Item 5.    Market for Common Equity and Related Stockholder
            Matters

Market for Common Stock

The Company's common stock began trading on the OTC
Bulletin Board in December 2001 under the trading symbol
"CRPN.OB".  Total trading volume of the shares of the
Company's common stock has been minimal since the listing
of the shares.  The last trade made in the Company's
shares was $3.60 per share.

Dividends

The Company has not paid any cash dividends to date as does not
anticipate paying cash dividends in the foreseeable future.


Item 6.  Management's Discussion and Analysis of Financial
Condition and Results of Operations

Overview

Trading  operations for the period discussed within  this
document  were  carried out through the company's  wholly
owned  subsidiary  ICM, the sale of  which  is  discussed
within the subsequent events section of this document. As
such  any  future looking statements within this document
refers  to Corspan Inc as a group through any or  all  of
its   existing  or  future  trading  divisions   and   or
subsidiaries.

We  have,  as  part of our sales strategy, removed  lower
margin  accounts  from  our customer  base  and  we  have
surpassed  the  increase in margin as per our  forecasted
budgets for this period, from 12.5% in the ten months ended
February 28, 2001 to 21.4% for the same period in 2002.

Over  the  last  year we have brought together  a  strong
management  team that, we believe, is capable  of  taking
the Company forward through periods of growth.

The  last 10 months has been a period of change  in  many
areas of the operating functions within the business. While
sales have decreased from $6,143,364 in 2001 to $2,283,613,
we believe the increased gross profit  percentage  is  an
accurate  representation  of our increased  productivity.

The results of the operations discussed below reflect the
results  of  our operations over a comparative  10  month
period.  The 2002 period represents the period from April
30,2001  to February 28, 2002. The 2001 period represents
the  period  from  April 30, 2000 to  February  28,  2001
(which are unaudited).

Sales

Net sales revenue for the 10 month period ending February
28,  2002 was $2,283,613, compared to sales of $6,143,364
for  the same period in 2001. This represents a reduction
in  sales  revenue  of $3,859,751. We  have  removed  the
burden  on our company low margin, resource hungry  sales
that    historically   represented   a   disproportionate
percentage of the companies sales revenues.

We  believe  the  introduction of our  second  generation
services through Corspan Inc., will enable us to win new
business and increase the entry level margin of new accounts.

Gross Profit

Gross profit for the 10 month period ending February  28,
2002  was  21.4% of sales revenue compared  to  12.5%  of
sales  revenue  for the same period ending  February  28,
2001.  This  represents  an  increase  in  gross  margin
percentage of sales revenues of 8.9%.  Gross margin reduced
in cash terms by $278,593.


General and Administrative Expenses

During  the 10 month period ending February 28,  2002  we
incurred   $2,328,097  in  general   and   administrative
expenses,  as compared to $2,750,676 for the same  period
in 2001. This represents a reduction in cost of $422,579.
We  have reduced expenditure in indirect sales costs such
as  promotion and marketing as part of our strategy whist
going  under  dramatic  reorganisation.  We  believe  the
operational administrative functions of the business will
continue to improve over the next 12 months allowing  the
change in the Company's structure to be successful.


Net Loss

Our  net loss for the 10 month period ending February 28,
2002  was  $2,151,011,  or  $0.14  per  share  basic  and
diluted, compared with $2,093,114 or $0.14 per basic  and
diluted  share  in 2001.  While the loss for 2002 is  the
same as 2001, the sale of ICM  will  bring a  significant
change to the future operations of the Company.

Liquidity and Capital Resources

To date, we have incurred significant and increasing net
losses. We anticipate that we may continue to incur
significant operating losses for some time in the event
that our current business plan does not meet
expectations.

We have an accumulated deficit of $4,652,005 at February
28, 2002, and negative working capital of $1,356,650  at
February 28, 2002. These matters, among others, raise
substantial doubt about our ability to remain a going
concern for a reasonable period of time if planned sales
from second generation services do not occur. The
financial statements do not include any adjustments
relating to the recoverability or classification of
assets or the amounts and classification of liabilities
that might result from the outcome of this uncertainty.
Our existence is dependent on our ability to obtain
additional financing sufficient to allow us to meet our
obligations as they become due and to achieve profitable
operations.

During the year the Company undertook a number of
initiatives to improve short term cash flows. This
included:

*   On February 8th 2002, the company's wholly owned UK
      subsidiary ICM Resource Ltd. presented a proposal for a
      voluntary arrangement under UK legislation with certain
      creditors of ICM. The proposal was accepted without
      modification on February 8th 2002 and will result in
      payments of 18.67 per cent of amounts due to existing
      creditors in settlement of any outstanding debt.
*   factoring of debts
*   waiving of profit-related bonus
*   On May 30, 2002, the Company sold its entire interect in ICM
      as described in the subsequent events section.  The Company
      will maintain its existing product and service offerings
      through other trading divisions and/or wholly owned
      subsidiaries within the group.  None of this reorganization
      activity takes place within the current reporting period
      and has no material effects on the business strategy of the
      company.  As such any future looking statements within this
      document refers to Corspan Inc., as a group through any or
      all of its existing or future trading divisions and/or
 subsidiaries.


We  plan to meet our working capital needs in the  coming
fiscal  year through a combination of organic  growth  of
sales and acquisitions, and through the implementation of
second  generation services developed this  year  to  the
existing  client  base through Corspan Limited. There can
be no assurance  as to whether  or  when we will generate
material  revenues  or achieve profitable operations.
Additionally we intend  to raise the necessary equity
capital to finance our growth plan during the coming year.

We  have  insufficient  relevant operating  history  upon
which an evaluation of our performance and prospects  can
be  made.   We  are still subject to all of the  business
risks  associated with a new enterprise,  including,  but
not limited to, risks of unforeseen capital requirements,
lack  of  fully-developed  products,  failure  of  market
acceptance,  failure to establish business relationships,
reliance  on outside contractors for the manufacture  and
distribution,   and  competitive  disadvantages   against
larger and more established companies.  The likelihood of
our   success  must  be  considered  in  light   of   the
development  cycles of new products and technologies  and
the competitive environment in which we operate.

The Company's viability as a going concern is dependent
upon raising additional capital, and ultimately, having
net income.  Our limited operating history, including our
losses, primarily reflect the operations of its early
stage.

Before  our  operating  plan can  be  effected,  we  will
require  additional financing. Furthermore, in the  event
our plans change or our assumptions change or prove to be
inaccurate,  we  could  be required  to  seek  additional
financing   sooner   than  currently   anticipated.   Any
additional financing may not, however, be available to us
when  needed on commercially reasonable terms, or at all.
If  this were to occur, our business and operations would
be materially and adversely affected.

Based on our operating plan, we are seeking arrangements
for long-term funding through additional capital raising
activities. The Company is actively reviewing various
avenues to raise finance and we are currently visiting
with and meeting a number of potential investors.


Recent Accounting Pronouncements

On  June  29,  2001,  the Financial Accounting  Standards
Board (FASB) approved for issuance Statement of Financial
Accounting  Standards (SFAS) 141, Business  Combinations,
and  SFAS  142,  Goodwill  and Intangible  Assets.  Major
provisions  of  these  Statements  are  as  follows:  all
business combinations initiated after June 30, 2001  must
use  the  purchase method of accounting; the  pooling  of
interest  method of accounting is prohibited  except  for
transactions  initiated before July 1,  2001;  intangible
assets  acquired  in  a  business  combination  must   be
recorded  separately from goodwill  if  they  arise  from
contractual  or other legal rights or are separable  from
the   acquired  entity  and  can  be  sold,  transferred,
licensed, rented or exchanged, either individually or  as
part  of a related contract, asset or liability; goodwill
and  intangible  assets  with indefinite  lives  are  not
amortized but are tested for impairment annually,  except
in  certain  circumstances,  and  whenever  there  is  an
impairment  indicator;  all  acquired  goodwill  must  be
assigned  to  reporting units for purposes of  impairment
testing and segment reporting; effective January 1, 2002,
goodwill will no longer be subject to amortization.


As  permitted,  the Company adopted SFAS 142  during  the
first  quarter ending July 31, 2001.  Upon adoption,  the
Company no longer amortized goodwill, thereby eliminating
annual  goodwill  amortization  of  approximately  $1,809
based  on  anticipated amortization for the period  ended
February 28, 2002.

In June 2001, the FASB issued Statement of Financial
Accounting Standards No. 143 "Accounting for Asset
Retirement Obligations" (Statement 143). Statement 143
requires that the fair value of a liability for an asset
retirement obligation be recognized in the period in
which it is incurred if a reasonable estimate of fair
value can be made.  We are required to adopt Statement
143, for the year beginning January 1, 2002.  The
adoption of Statement 143 is not expected to have a
material effect on our consolidated financial position or
results of operations.

The FASB issued SFAS No. 144, "Accounting for the
Impairment or Disposal of Long-Lived Assets," in August
2001. SFAS No. 144, which addresses financial accounting
and reporting for the impairment of long-lived assets and
for long-lived assets to be disposed of, supercedes SFAS
No.  121 and is effective for fiscal years beginning
after December 15, 2001.  While the Company is currently
evaluating the impact the adoption of SFAS No. 144 will
have on its financial position and results of operations,
it does not expect such impact to be material.

Development of the Business

Up  until  March  16 2001 the Company was  a  development
stage  company and its principal business purpose was  to
locate  and  consummate a merger or  acquisition  with  a
private entity engaged in the CD Rom software industry.

On March 16 2001 the company entered into an agreement to
acquire 100% of the issued and outstanding stock  of  ICM
Resource  Limited which became the sole trading  activity
of   the  company.  ICM  Resource  Limited  is  a   print
facilities management company. Our clients outsource  the
whole  of  their print buying function of their operation
to  us.  We take on the role of principal in the purchase
of  printed  material  and then  "sell"  these  items  to
clients.  Clients  no  longer have  to  manage  a  direct
relationship  with  a  multitude  of  suppliers  such  as
printers, designers, reprographic houses, paper merchants
etc.

As  described  in the subsequent events section  of  this
document,  the  company  has sold  its  interest  in  ICM
subsequent  to  the  reporting  period  covered  by  this
document. The company will maintain its existing  product
and  service  offerings through other  trading  divisions
and/or  wholly owned subsidiaries within the group.  None
of  this  reorganisation activity takes place within  the
current  reporting period and has no material effects  on
the  business strategy of the company. As such any future
looking statements within this document refers to Corspan
Inc  as  a  group through any or all of its  existing  or
future trading divisions and or subsidiaries.

We  operate in an extremely fragmented industry  and  are
pursuing an aggressive growth and acquisition strategy to
provide  a  bridged  solution for traditional  print  and
digital   media  content  delivery.  This   consists   of
strategic  acquisition and integration into our  business
model.  We  intend  to acquire or invest  in  businesses,
technologies, products or services that are complementary
to our business.

We have spent the last three years developing an
integrated print and digital content management solution.
The development of this solution has involved expenses in
the following areas:

*    set up of the internal infrastructure and systems
*    upgrading of internal hardware systems to facilitate
        the solution
*    relocation to provide space for personnel and
        systems
*    recruitment of development staff
*    market research and analysis
*    development of our unique software solution
*    licence agreements with third party software
        developers


We intend to increase our offerings to clients by further
developing the system, which integrates printed media and
digital  formats. This will allow us to  service  clients
total  needs while achieving significant margin  increase
and client lock in.

To  take the traditional print management proposition and
with  the  use  of  Content and Digital Asset  Management
Technology, centralize and manage the delivery of all  of
our  clients communications, through printed and  digital
media.  The provision of existing services gives  us  the
opportunity  to build relationships based  upon  customer
service and trust with an offering clients can understand
and  evaluate. This relationship is expanded  to  include
services  that offers a return at dramatically  increased
margins  and increases clients' dependency upon us  as  a
service  provider. It is the integration of  print  media
with  digital  formats that is driving  the  strategy.  A
strong    ethos   of   continual   innovation    provides
opportunities to expand added value services promoting  a
position of competitive advantage.

We  are  intending  to  offer a solution  that  addresses
clients   current  and  future  needs  without  extensive
investment  in technology and personnel by  our  clients.
Ultimately  we  will  be  responsible  for  the  capture,
storage  and distribution of client's digital  media  and
brand assets.

The market for printed materials is changing. We have  an
opportunity to take advantage of these changes and do not
have   the   pressure  of  financing  expensive   capital
equipment  thereby, we believe, reacting  to  changes  in
market dynamics earlier and quicker than our competition.

Products and Revenue Streams

Our   revenues  to  date  have  been  derived  from   the
development   and  marketing  of  innovative   facilities
management  services,  initially based  upon  established
corporate print communications management. Revenues  will
continue  to be generated from the provision  of  printed
materials  for  the  next 36 months. However  as  digital
marketing channels gain increasing acceptance we  believe
our  integrated approach to print and digital media  will
increase our market share.


Portfolio of Services

*    Print Management Services
     Repro Graphics
     Paper Purchase
     Print Placing and Management
     Quality Control
     Mailing
     Fulfilment

*    The Management of Integrated Creative Services
     Complete Design Offering for Print and Digital
      Media

*    Web Management Services
     Site Management
     Electronic Catalogue and Content Management
     Site Analysis and Profiling
*    Second Generation Services
      Tracker
       On-line job status reporting system

      Procurement
       On line re-ordering system for low end printed
        materials such as business cards, stationery and
        brochures that need minimal amendments prior to
        re-print

      Content Management Services
       The management, control and delivery of brand
        and product related assets into working
        documents such as catalogues, brochures, point
        of sale material, internet pages and other
        digital communication channels

      Digital Asset Management
       The enterprise level management control and
        distribution of brand and product related
        images, text, logo's, video and sound files

      Active Archives
       Data is made available to clients (or their
        suppliers) from extensive on line or near to
        line archives that can be made ready for print,
        writing onto portable storage, such as compact
        disc, or made available "on-line" to download
        through standard internet browsers.

Management Service Provision (MSP)

Western Europe represents an emerging opportunity for ASP
and  MSP.  It is anticipated that ASP revenues will  soar
from $93million in 2000 to more than $5.7billion in 2005,
representing a 128% compound average growth  rate.  `It's
generally  accepted that software as  a  service  concept
will become the accepted delivery' (IDC: ` Worldwide  ASP
Forecast and Analysis, 2001-2005')

The  delivery  of our second-generation services  via  an
MSP/ASP  model  offers  cost  savings  for  clients   who
understand  the  principles of  outsourcing  and  aim  to
reduce internal costs, increase operating margins and re-
focus on core shareholder values.

Customer Profiles

We  intend  to  maintain our offering compatible  to  our
existing  client profile, but will supplement  this  with
clients  that  have  a requirement for  a  "full-service"
proposition  and  not  simply the stereotypical  "design,
print  and repro management". We are already successfully
targeting  organizations  that  use  printed  catalogues,
direct  mail  or  brochures  to  communicate  with  their
customers.  For our second generation of services  -  the
Content  and  Digital  Asset Management  Services  -  our
customer profile diversifies into two main types:

Type  A  -  Medium  and large sized  companies  that  use
essentially   printed  materials  as  their   method   of
communication with their customers, such as a holiday and
travel  company.  This  type of customer  is  looking  to
improve  the  effectiveness of  their  communications  to
their  markets, at the same time as reducing their costs.
New  technology being applied to the process of producing
printed  materials,  together  with  our  expertise   and
experience are the elements of "added value" we bring  to
this  type  of client, which aims to ensure the  client's
objectives  of  improved effectiveness as  well  as  cost
efficiency are achieved.

Type  B - Multi-national corporations that need to manage
not only their brand assets across a global market place,
but  also  the  integrated  delivery  of  content  across
multiple  marketing  channels, from traditionally  mailed
printed  communications to point-of-sale  promotions  and
from  broadcast  media communications  to  the  internet.
Maintaining consistent brand coherence on a global scale,
when    utilizing   such   a   multitude   of   marketing
communications  channels, will be  the  main  element  of
valuable service that we can offer this type of client.

Media Integration

Print/Web Affinity

Many of our clients experience a direct relationship with
the  end user of their products and print is still  their
most direct means of communicating with customers.

We  believe  there is a growing trend for the mail  order
buyer  to  use a printed catalogue to decide on  what  to
buy,  and  then  to use the Internet site to  action  the
purchase.  Print  is  physically  easier  to  read   than
computer  based web pages and the consumer is gaining  in
confidence in the security of internet purchases.

We  believe that buyers who use catalogues to assess  the
value  of  goods are increasingly inclined to access  the
internet sites of the catalogue provider. The environment
they discover will dictate how they react. They will need
to   feel   immediately  comfortable,   recognizing   the
organization of the layout and understanding  the  format
as  a  continuation of the printed material they are used
to seeing.

We  believe  that  the  best  company  for  managing  the
internet  environment  is  the  same  company   that   is
currently  managing the production and  delivery  of  the
printed material.

"The  stronger the affinity between an offering  made  in
print and that of the same offering through an internet e-
commerce  site  dramatically increases the likelihood  of
interest being converted to a purchase." (British Telecom
2000)


Activity Tracking

The   ability  to  analyze  the  response  to  a  printed
catalogue  is  limited to what has sold. The  ability  to
analyze the response to a catalogue that resides  on  the
Internet is far more extensive. Activity of a prospective
customer through an Internet site can be tracked down  to
the  most popular pages, products and routes through  the
site.  It  is possible to assess what has been viewed  by
the visitor, but not purchased.

Site activity generates data about individual's interests
and   abilities.  The  Customer  Relationship  Management
system  (CRM)  responds  with the targeting  of  specific
individuals  with  specific products  based  on  activity
history and customer profile. An Internet presence is the
most  cost  effective  medium  for  an  organization   or
national mail order or publishing venture to enter into a
global market. The activity of visitors to the site gives
a  realistic indication of interest in other geographical
markets prior to further investment.

The benefit to our clients of integration of Print with
Digital Media is:

*    A reduction in the cost of communications across
  multiple media.

*    Increased consistency of finished product, both
  printed and Internet resident, creating higher
  communicative value of the clients offering.

*    A single point of contact for the project management
  of printed and on line publications promoting efficient
  communications and transparent reporting responsibility.

*    A single cross-enterprise team for all concept,
  design and layout promotes a greater brand coherence
  across channels.

*    With activity tracking, content becomes increasingly
  relevant to the reader, continually improving the focus
  to customer interest of future publications.

*    The digital re-purposing of content allows for a
  single repository of all digital content, securely
  accessed via standard Internet browser, reducing
  administration costs and increasing workflow
  productivity.


Services

We   currently  provide  Print  Management  Services,  as
described  below,  to  an  existing  customer   base   of
companies  who use catalogues, direct mail and  brochures
as  a means of communicating to their customers. Services
are  priced  on a job by job basis, with continual  price
comparison to competitors.

We  have  an enviable reputation for quality and  service
but  margins  are restricted as print is  regarded  as  a
commodity.

We  believe  that the demand for the integration  of  the
delivery  of  printed materials with  innovative  digital
media  is gaining pace as customer acceptance of  digital
formats,  such as the Internet, increases. As a  response
to  this our operating model has been enhanced to include
Content  Management (Nucleus), Digital  Asset  Management
and Internet Management Services.

Web Management Services

We   have   the  technology,  management  resources   and
strategic  planning  capabilities  to  create  successful
Internet  channels  to support clients existing  markets,
while  ensuring they have the flexibility  to  take  full
advantage  of  future market dynamics. The conversion  of
printed  materials to digital formats enables clients  to
communicate through innovative digital media as and  when
their  customers are ready, through Web,  Interactive  TV
and WAP.

We  intend  to  introduce existing  clients  and  clients
acquired through the acquisition of subsidiaries, to  new
services:

*    Electronic Catalogue Publishing
*    Cross Media Content Development and Management
*    E-commerce platforms
*    Internet Strategy Consulting and Management


Second Generation Services

    1.    Clients  provide us with a brief, e.g.  product
      catalogue for a high street retailer two versions one for
      print and the other the Internet.

    2.    Content is entered into a central framework  in
      Nucleus using predefined rules as agreed with the Client.

    3.    The  delivery of printed materials and Internet
      resident content is managed centrally.

    4.   The Customer Relationship Management system (CRM)
      records and analyses the activity on client's websites.
      At this point we makes recommendations to the client on
      amendments to the content of the website and the next
      printed catalogue.

    5.   The Assets (graphics, text photos etc.) that are
      combined to make up content are centrally stored, in the
      Digital Asset Management System.

MIS  (Management Information System) is the  organization
of  the  business, providing controlled internal workflow
of  the  production  process. Part of the  MIS  evaluates
supplier  competencies and prices  for  each  print  job,
giving the ability to calculate costs in seconds, a major
competitive advantage.


Content Management System

Nucleus  manages  content (content is  a  combination  of
assets  such as text, photography and graphics)  and  the
relationships that exist between assets. In  a  catalogue
products  may be described by means of a small amount  of
text, a photo, logo graphics and a price. This is grouped
together  as  content. The grouped content (describing  a
product)  may  be  placed on a page in several  locations
such  as  a  web  page  on an internet  site,  a  printed
catalogue, an advert to be placed in trade press, several
small brochures, fliers etc.

Nucleus provides a central repository for the content. If
the photo needs to be updated, it is a lengthy and costly
process to update across all media individually. With the
use  of  Nucleus,  the photo can be  changed  once.  This
automatically  replaces  all  the  occasions  that  photo
appears across all media.

With the use of Nucleus, the production time and cost of,
layout  and  design of new catalogues  and  brochures  is
reduced  compared  to  traditional  production  workflow.
Content  can  then  be  pushed to multiple  channels  for
delivery  to  print,  internet  and  all  other   digital
channels.

The approved work can be sent to a commercial printer  in
a  digital format ready for print and placed in  Internet
pages  simultaneously. We believe the  ability  to  offer
these   services   will  provide  us   with   substantial
competitive  advantages  over  separate  print  and   web
service providers.


Digital Asset Management

Digital Asset Management (DAM) takes the process a  stage
further.   Digital   Asset   Management   is   a   highly
sophisticated  storage and retrieval system  for  digital
assets  of any type (photos, text, video, sound, graphics
etc.).

As  our  customer base increases and the number of assets
under  our management expands, DAM will be introduced  to
manage  the storage and delivery of our clients'  assets.
The  use  of  DAM introduces a further group  of  service
capabilities.

Active  Web  Archiving - Data can be  made  available  to
clients (or their suppliers) from extensive "on line"  or
"near to line" archives that can be made ready for print,
writing  onto portable storage, such as compact disc,  or
made  available  "on line" to download  through  standard
internet browsers enabling the following ;

*    A publisher of industry specific magazines can offer
  content  from  a back catalogue of publications,  at  a
  higher level of subscription charges, to readers of the
  magazines and track the usage.

*    A   multi-national  global  corporation  can  make
  specific  data  (logos, text, video, training  manuals)
  available to employees anywhere in the world. These items
  can be combined and delivered in any format. Multi levels
  of security access can be introduced.

At  this  point,  we would be managing  the  storage  and
delivery of clients' valuable brand assets and the  means
of  communication across all media platforms  within  the
clients' organization and with clients' customers.


Subsequent Events

Acquisition of Total Print Solutions Ltd.

On March 1, 2002 Corspan Inc., acquired the total outstanding
share capital of Total Print Solutions Ltd.  TPS are a UK print
broker. Key personnel are remaining as employees of TPS and TPS
will continue to operate autonomously maintaining its existing
supplier relationships and customer base.

Incorporation of New Media North Ltd.

On March 1, 2002 the New Media operations of the company began
trading as a wholly owned incorporated subsidiary company of
Corspan Inc. This reflects the expansion that has taken place in
this distinct area of the company's operations. New Media North
Ltd. (NMN) is currently trading at a profit.

Disposal of our interest in ICM Resource Ltd.

On May 30th 2002 Corspan Inc. disposed of its interest in
ICM Resource Ltd.  to Rob Scott Systems Inc.(RSS) a US
Corporation which has acquired the total outstanding share
capital of ICM Resource Ltd.  RSS wished to acquire, develop and
bring to market the ICM "Eazyprint" quick print solution which is
no longer core to Corspan's development strategy.

There has been significant doubts as to the continuation of ICM
as a print management company. Bad debts incurred from the demise
of Tiny Computers Ltd., a former client of ICM Resource Ltd., the
UK computer retailer created increasing cashflow shortfalls.

The Directors are of the opinion that the disposal of this
interest was required to progress the Corspan Inc. strategic plan
and remove day to day operational pressures from the executives
of the company allowing them to focus on the development of the
acquisition growth strategy of Corspan Inc.

The  company  will  maintain  its  existing  product  and
service offerings through other trading divisions  and/or
wholly owned subsidiaries within the group. This sale has
no  material  effects  on the business  strategy  of  the
company.  As  such  any future looking statements  within
this  document  refers to Corspan Inc as a group  through
any  or  all of its existing or future trading  divisions
and or subsidiaries.


Pending Acquisitions by Corspan Inc.

We are currently in discussions with several company's
with regard to possible acquisition with the next 12
months. This includes print manufacturing and traditional
media companies.
<PAGE>
<Page>

Item 7.   Financial Statements

REPORT OF INDEPENDENT ACCOUNTANTS

Board of Directors and Shareholders of Corspan Inc.

We  have  audited  the accompanying consolidated  balance
sheets  of Corspan Inc as of February 28, 2002 and  April
30,  2001  and  the  related consolidated  statements  of
operations, stockholders' deficit and cash flows for  the
year ended April 30, 2001 and the ten month period  ended
to February 28, 2002.   These  financial  statements  are
the  responsibility  of   the Company's  management.  Our
responsibility   is  to  express  an  opinion   on  these
consolidated financial  statements based on our audits.

We  conducted  our  audits  in accordance  with  auditing
standards  generally  accepted in the  United  States  of
America.   Those  standards  require  that  we  plan  and
perform  the  audit to obtain reasonable assurance  about
whether  the  financial statements are free  of  material
misstatement.   An audit includes examining,  on  a  test
basis, evidence supporting the amounts and disclosures in
the   financial  statements.   An  audit  also   includes
assessing  the accounting principles used and significant
estimates  made by management, as well as evaluating  the
overall financial statement presentation.  We believe our
audits provide a reasonable basis for our opinion.

In  our  opinion,  the financial statements  referred  to
above  present  fairly,  in all  material  respects,  the
consolidated  financial position of  Corspan  Inc  as  of
February  28,  2002 and April 30, 2001  and  the  related
consolidated   statements  of  operations,  stockholders'
deficit and cash flows for the year ended from  April 30,
2001 and the ten month period  ended  February  28,  2002
in  conformity   with   accounting  principles  generally
accepted in the  United  States  of America.

The  accompanying financial statements have been prepared
assuming  that  the  Company will  continue  as  a  going
concern.   As  shown  in  the financial  statements,  the
Company  incurred  a  net loss of $2,151,011  during  the
ten months ended February 28, 2002 and, as of  that date,
the  Company's  current  liabilities exceeded its current
assets by $1,356,650.  These  factors,  among  others, as
discussed in  Note D to the financial statements, raise
substantial doubt about the Company's ability to continue
as a going concern. Management's plans in regard to these
matters are  also  described in Note D.  The financial
statements do not include any adjustments that might result
from the outcome of this uncertainty.

GRANT THORNTON

Manchester, England
May 30, 2002

<PAGE>
<page>
                          CORSPAN INC
                  CONSOLIDATED BALANCE SHEET
<table>

                                28 February 2002  30 April 2001

                                 <c>           <c>

ASSETS                               $             $

Current assets
Accounts receivable, net of             81,864        882,360
allowance for doubtful accounts of
$30,872 and $33,900.
Inventories                              1,811         40,215
Prepaid expenses and other assets       16,591         65,420
                                    -----------    -----------
Total current assets                   100,266        987,995

Property and equipment - net           207,503        190,531

Other assets, net                           -           1,789
                                    -----------    -----------
TOTAL ASSETS                           307,769      1,180,315
                                    ===========    ===========

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities
Bank overdraft                          37,719         60,798
Short term debt                        149,202             -
Accounts payable                       115,417      2,398,282
Factored receivables                   501,728         73,038
Due to Parent Company                       -         496,971
Accrued liabilities and customer       642,046        686,619
deposits
Current maturities of obligations       10,804             -
under capital leases
                                    -----------    -----------
                                     1,456,916      3,715,708

OTHER LIABILITIES
Long term maturities of obligations
under capital leases                    64,160             -
Long term debt                       3,438,698         32,350
                                    -----------    -----------
                                     3,502,858         32,350


STOCKHOLDERS' DEFICIT
Common stock, authorized 25,000,000
shares of $0.001 par value;
  Issued and outstanding 15,000,000     15,000         15,000
    shares
Additional paid-in capital             477,110        484,067
Accumulated deficit                 (5,342,883)    (3,191,872)
Accumulated other comprehensive
   income                              198,768        125,062
                                    -----------    -----------
Total stockholders' deficit         (4,652,005)    (2,567,743)
                                    -----------    -----------
Total liabilities and stockholders'    307,769      1,180,315
deficit                             ===========    ===========

</table>

The  accompanying  accounting  policies  and  notes  form   an
integral part of these financial statements.


<PAGE>
<Page>

                          CORSPAN INC
             CONSOLIDATED STATEMENT OF OPERATIONS

<table>
                             10 months      Year ended    10 months
                             ended          April 30,     ended
                             February 28,   2001          February 28,
                             2002                         2001

                          <c>            <c>           <c>
                              $              $             $
                              (Audited)      (Audited)     (Unaudited)

Net sales                      2,283,613      6,899,001     6,143,364

Cost of goods sold            (1,794,821)    (6,032,496)   (5,375,979)

Gross profit                     488,792        866,505       767,385

General and administrative    (2,328,097)    (3,000,597)   (2,750,676)
expenses

Loss from operations          (1,839,305)    (2,134,092)   (1,983,291)

Interest expense                (311,706)      (151,002)     (109,823)

NET LOSS                      (2,151,011)    (2,285,094)   (2,093,114)


Net loss attributable to      (2,151,011)    (2,285,094)   (2,093,114)
common shares


Net loss per common share
Basic and diluted                  (0.14)         (0.15)        (0.14)

Weighted average common       15,000,000     15,000,000    15,000,000
shares outstanding

</table>


The  accompanying  accounting  policies  and  notes  form   an
integral part of these financial statements.

<PAGE>
<page>
                            CORSPAN INC.
        CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
<table>
                       Common Stock      Additional   Preference    Accumulated
                                         Paid-in        shares         Deficit
                                         capital
                     Shares     Amount              Shares   Amount

                 <c>        <c>      <c>        <c>       <c>      <c>

Balance at April 30,      1,000   1,565         -        -         -   (906,778)
2000

Issuance of $0.001   15,000,000  15,000    556,105       -         -          -
common stock

Reclassification of
additional capital           -        -    356,500       -         -          -

LSI accumulated              -        -   (428,538)      -         -          -
deficit

Net loss for the year
ended April 30, 2001         -        -          -       -         - (2,285,094)

Foreign currency             -        -          -       -         -          -
translation adjustment

Issuance of                  -        -          -  387,667  554,540          -
preference stock

Reclassification of     (1,000)  (1,565)         - (387,667)(554,540)         -
$0.001 common stock
and preference stock
                     ---------- -------- --------  -------- -------- -----------
Balance at April 30,
2001                15,000,000  $15,000   $484,067        -  $    - $(3,191,872)

Net loss for the             -        -          -        -       -  (2,151,011)
period

Foreign currency             -        -          -        -       -           -
translation
adjustment
                     ---------- --------  --------  -------- ------- -----------
Comprehensive loss
Balance at February
28, 2002            15,000,000  $15,000   $484,067        -  $    - $(5,342,883)
                    ============================================================

                                   Accumulated
                                         Other   Comprehensive  Stockholders'
                                 Comprehensive   Income/(loss) equity/(deficit)
                                        income

Balance at April 30, 2000               23,702             -        (881,511)
Issuance of $0.001 common stock              -             -         571,105
Reclassification of additional               -             -         356,500
capital
LSI accumulated deficit                      -             -        (428,538)
Net loss for the year ended
  April 30, 2001                             -  $ (2,285,094)     (2,285,094)
Foreign currency translation           101,360       101,360         101,360
  adjustment
Issuance of preference stock                 -             -         554,540
Reclassification of $0.001 common            -             -        (556,105)
stock and preferred stock
                                                --------------
Comprehensive loss                              $ (2,183,734)
                                     ---------- ==============   ------------
Balance at April 30, 2001           $  125,062             -      (2,567,743)
Net loss for the period                      -  $ (2,151,011)     (2,151,011)
Foreign currency translation            66,749        66,749          66,749
adjustment
                                                --------------
Comprehensive loss                              $ (2,084,262)
                                     ---------- ==============   ------------
Balance at February 28, 2002         $ 191,811                   $(4,652,005)
                                     ==========                  ============

</table>

The accompanying accounting policies and notes form an integral
part of these financial statements.


<PAGE>
                                  CORSPAN INC.

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
                                Period ended      Year ended     Period ended
                             February 28, 2002  April 30, 2001 February 28, 2001
                                      $                $               $
                                  (Audited)       (Audited)       (Unaudited)

                              <c>             <c>            <c>
Cash flows from operating
activities:
  Net loss                        ($2,151,011)    ($2,285,094)    ($2,093,114)

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

Foreign currency transaction
   adjustment                              -           25,067          22,612
Depreciation and amortization         83,085          100,330          91,550
Profit/(loss) on sale of
  property and equipment                   -          (16,893)          6,740
Changes in:
  Receivables                        123,172         (239,306)     (1,187,499)
  Inventories                         38,404           19,229        (255,433)
  Prepaid expenses and other          48,830            8,868         (75,943)
  Accounts payable                   833,872        2,075,230       1,972,880
  Accrued liabilities and
   customer deposits                 641,340          681,597         974,163
                                  -----------      -----------     -----------
   Net cash provided /(used)
   in operating activities          (382,308)         369,028        (544,044)

Cash flows from investing activities:
Purchase of property and equipment    (9,264)        (219,128)        (213,837)
Sale of property and equipment             -           91,640                -
                                  -----------      -----------     -----------
Net cash used in investing activities (9,264)        (127,488)        (213,837)

Cash flows from financing activities:
Bank overdraft                       (23,079)         (39,152)         (76,811)
Net repayments of loan                     -           (4,716)               -
Payments on obligations under
  capital leases                     (14,039)        (107,914)         (25,580)
Net receipts on factored receivables 428,690          (98,317)         860,272
                                  -----------      -----------     -----------
Net cash provided by financing
  activities                         391,572         (250,099)         757,881
                                  ===========      ===========     ===========
NET INCREASE IN CASH                       -            8,559                -

EFFECT OF EXCHANGE RATE
  CHANGES ON CASH                          -           (8,559)               -

Cash, beginning of period                  -                -                -
                                  -----------      -----------     -----------
Cash, end of period                        -                -                -

Supplemental cash flow information:
Cash paid for interest         $     311,706       $  149,301      $   109,823

Non-cash information:
   Conversion of debt
    into common stock                      -       $  554,540      $   554,540
   Equipment acquired through
    capital leases             $      89,003                -                -


</table>

The accompanying accounting policies and notes form an integral
part of these financial statements.

<PAGE>
<page>
CORSPAN INC - NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

   London Software Industries Inc. changed its name on October
12, 2001 to Corspan Inc.  ("the Company") and conducted its
operations during the financial period through its wholly owned
subsidiary, ICM Resource Limited ("ICM"), located in the United
Kingdom.  ICM is a facilities management company which provides a
print management solution to companies who wish to outsource the
procurement and management of their print and print related
items.

    On February 27, 2002 the Company changed its year end from
April 30 to February 28.  The financial information presented
includes the 10 months ended February 28, 2002, the unaudited
corresponding 10 months ended February 28, 2001, and the audited
12 months ended April 30, 2001.

    The financial information for the 10 months ended February
28, 2001, which is presented due to the change in the Company's
year end, is unaudited, but includes all adjustments (consisting
only of normal recurring adjustments) that the Company consider
necessary for fair presentation of the results of operations and
cash flows for the period then ended.


    1.  Principles of Consolidation

    The consolidated financial statements include the accounts of
the Company and its wholly owned subsidiary, ICM.

    On March 16, 2001, the Company, a non-operating company with
15,000,000 common shares outstanding, acquired 100% of the
outstanding common stock of ICM, a company incorporated under
the laws of the United Kingdom ("the Acquisition").  The
Acquisition resulted in the owners and management of ICM having
effective operating control of the combined entity.

    Under accounting principles generally accepted in the United
States of America, the Acquisition is considered to be a capital
transaction in substance, rather than a business combination.
That is, the Acquisition is equivalent to the issuance of stock
by ICM for the net monetary assets of the Company and is
accounted for as a change in capital structure.  Accordingly, the
accounting for the Acquisition is identical to that resulting
from a reverse acquisition, except that no goodwill is recorded.
Under reverse takeover accounting, the post reverse-acquisition
comparative historical financial statements of the "legal
acquirer" the Company, are those of the "legal acquiree" ICM
(i.e. the accounting acquirer).

    Accordingly, the consolidated financial statements of the
Company presented, are the historical financial statements of ICM
for the same periods adjusted for the following transaction
contained in the Share Exchange Agreement executed at
consummation of the Acquisition.  The basic structure and terms
of the Acquisition, together with the applicable effects were
that the Company acquired all of the outstanding shares of common
stock of ICM in exchange for 13,500,000 shares of newly issued
common stock of the Company.  The common stock in addition to the
existing Company shares outstanding, collectively resulted in the
recapitalization of the Company.  Earnings per share (EPS)
calculations include the Company's change in capital structure
for all periods presented.

    2.  Revenue Recognition

   The Company recognizes income when products are shipped, and
the customer has accepted delivery.

    3.  Significant customer
   Sales to one customer accounted for 34% of turnover in 2002
and 0.27% of turnover in 2001.  During February 2002, this
customer went into receivership and all the outstanding
receivables were written  down to zero.

    4. Inventories

    Inventories consist primarily of raw materials,
work-in-progress, and finished goods and are carried at the lower
of cost (first-in, first-out method) or market value.


    5. Property and Equipment

    Property and equipment are stated at cost and depreciated
using straight-line and accelerated methods over the assets'
estimated useful lives.  Costs of maintenance and repairs are
charged to expense as incurred; significant renewals and
betterments are capitalized.  Estimated useful lives are as
follows:

           Office furniture and equipment      3 - 10 years
           Vehicles                            3 - 4 years


    6. Income Taxes

    The Company accounts for income taxes using an asset and
liability approach for financial accounting and reporting
purposes.  Deferred income tax assets and liabilities are
determined based on differences between the financial reporting
and tax bases of assets and liabilities and are measured using
the currently enacted tax rates and laws.

    7. Use of Estimates

    The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of
America requires management of the Company to make estimates and
assumptions affecting the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities
at the date of the financial statements, as well as revenues and
expenses during the reporting period.  The amounts estimated
could differ from actual results.


    8. Net Loss Per Common Share

    Net loss per common share, basic and dilutive, has been
computed using weighted average common shares outstanding.  The
company has no potential dilutive securities.


    9. Comprehensive Income

    Comprehensive income / (loss) represents net income / (loss)
plus the effect of translation adjustments on consolidation.


    10.  Recent Accounting Pronouncements

   On June 29, 2001, the Financial Accounting Standards Board
(FASB) approved for issuance Statement of Financial Accounting
Standards (SFAS) 141, Business Combinations, and SFAS 142,
Goodwill and Intangible Assets. Major provisions of these
Statements are as follows: all business combinations initiated
after June 30, 2001 must use the purchase method of accounting;
the pooling of interest method of accounting is prohibited except
for transactions initiated before July 1, 2001; intangible
assets acquired in a business combination must be recorded
separately from goodwill if they arise from contractual or other
legal rights or are separable from the acquired entity and can be
sold, transferred, licensed, rented or exchanged, either
individually or as part of a related contract, asset or
liability; goodwill and intangible assets with indefinite lives
are not amortized but are tested for impairment annually, except
in certain circumstances, and whenever there is an impairment
indicator; all acquired goodwill must be assigned to reporting
units for purposes of impairment testing and segment reporting;
effective January 1, 2002, goodwill will no longer be subject to
amortization.  As permitted, the Company adopted SFAS 141 and 142
during the first quarter ending July 31, 2001.  Upon adoption,
the Company no longer amortized goodwill, thereby eliminating
annual goodwill amortization of approximately $1,789 based on
anticipated amortization for the period ended February 28, 2002.

In June 2001, the FASB issued Statement of Financial Accounting
Standards No. 143 "Accounting for Asset Retirement Obligations"
(Statement 143). Statement 143 requires that the fair value of a
liability for an asset retirement obligation be recognized in the
period in which it is incurred if a reasonable estimate of fair
value can be made.  We are required to adopt Statement 143, for
the year beginning January 1, 2002.  The adoption of Statement
143 is not expected to have a material effect on our consolidated
financial position or results of operations.

The FASB issued SFAS No. 144, "Accounting for the Impairment or
Disposal of Long-Lived Assets," in August 2001. SFAS No. 144,
which addresses financial accounting and reporting for the
impairment of long-lived assets and for long-lived assets to be
disposed of, supercedes SFAS No.  121 and is effective for fiscal
years beginning after December 15, 2001.  While the Company is
currently evaluating the impact the adoption of SFAS No. 144 will
have on its financial position and results of operations, it does
not expect such impact to be material.


NOTE B - INVENTORIES

    Inventories consist of the following:


                                 February 28       April 30
                                        2002           2001
                                           $              $

   Raw materials                           -         28,602
   Work in progress                    1,811         11,613
                                 ------------    -----------
                                       1,811         40,215
                                 ============    ===========

NOTE C - PLANT AND EQUIPMENT

  Plant and equipment consist of the following:


                                 February 28       April 30
                                        2002           2001

    Office furniture and equipment   256,139        248,726
    Vehicles                          87,743              -
                                 ------------    -----------
                                     343,882        248,726
    Less accumulated depreciation
      and amortization              (136,379)       (58,195)
                                 ------------    -----------
                                     207,503        190,531
                                 ============    ===========

  During the year the Company acquired equipment on capital
leases totaling $89,003.  The gross amounts payable as at the
year end are $90,791, which includes interest of $15,827, leaving
the net amounts repayable of $10,804 in the short term and
$64,160 in the long term.

NOTE D - BASIS OF PRESENTATION AND REALIZATION OF ASSETS

   The financial statements have been prepared on a basis that
contemplates the Group's continuation as a going concern and the
realization of our assets and liquidation of our liabilities in
the ordinary course of business. We have an accumulated deficit
of $5,342,883 at February 28, 2002, and negative working capital
of $1,356,650 at February 28, 2002. These matters, among others,
raise substantial doubt about our ability to remain a going
concern for a reasonable period of time. The financial statements
do not include any adjustments relating to the recoverability or
classification of assets or the amounts and classification of
liabilities that might result from the outcome of this
uncertainty. The Group's continued existence is dependent on its
ability to obtain additional financing sufficient to allow it to
meet its obligations as they become due and to achieve profitable
operations.

    The Group's viability as a going concern is dependent upon
raising additional capital, and ultimately, having net income.
The Group's limited operating history, including its losses,
primarily reflect the operations of its early stage.

    The Group requires additional capital principally to meet its
costs for the implementation of its business plan. Should the
Group's business plan not work then it is not anticipated that
the Group will be able to meet its financial obligations through
internal net revenue in the foreseeable future.  Therefore,
future sources of liquidity will be limited to the Group's
ability to obtain additional debt or equity funding.

     During the year, the Group undertook a number of initiatives
to improve short term cashflows, including the accepted proposal
for a company voluntary arrangement under UK legislation with
certain creditors of ICM, factoring some of the accounts
receivables and waiving of profit related bonus.

     Based on our operating plan, we are seeking arrangements for
long-term funding through additional capital raising activities.
The Group is actively reviewing various avenues to raise finance
and we are currently visiting with and meeting a number of
potential investors.


NOTE E - AMOUNTS DUE TO PARENT COMPANY

    As at February 28, 2002, ICM owed $550,804 to Ci4Net.com
Limited, the ultimate parent company.  This loan is included in
the voluntary arrangement and is repayable in line with the terms
of this arrangement.


NOTE F - LONG TERM DEBT

    During the year ICM entered into a company voluntary
arrangement, whereby the company will pay 8,800 GBP per month for
a period of 4 years.  The debt included within the arrangement is
not extinguished until the 4 years' payments have been made.
Therefore, the majority of this debt ($3,438,698) has been
classified as long term within the consolidated balance sheet and
the payments to be made in less than one year ($149,202) have
been classified as short term debt.


NOTE G - PROVISION FOR INCOME TAXES

    Due to the continuing losses, the company does not have any
taxable income and accordingly no tax expense has been recorded.

                                       2002           2001


Current tax expense                 $        -     $        -

  Deferred tax assets (liabilities)
    Tax loss carryforward           $1,022,400     $  426,253
      Other                                  -              -
                                    -----------   ------------
                                     1,022,400        426,253

     Less valuation allowance       (1,022,400)      (426,253)

     Net deferred tax asset         $        -     $        -


    The Company has available for carryforward approximately
$3,408,000 of income tax losses.  A valuation allowance is
required for those deferred tax assets that are not likely to be
realized.  The change in the valuation allowance for the 10
months ended February 28, 2002 was $596,147.

    Realization is dependent upon future earnings during the
period that temporary differences and carry forwards are expected
to be available.  Because of the uncertain nature of their
ultimate utilization, a full valuation allowance is recorded
against these deferred tax assets.


NOTE H - COMMITMENT

    The Group rents office space under operating leases, through
ICM, that expire through 2010.  Rent expense under these leases
was $94,000 in 2002.  Due to the disposal of ICM on May 30, 2002
the commitments noted below are currently being reviewed.

    Future minimum lease payments on the leases are as follows
(thousands):


     Year ending February 28,

          2003                                 81,356
          2004                                 81,356
          2005                                 81,356
          2006                                 81,356
          2007                                 81,356
         Thereafter                           186,440

         Total                               $593,220


NOTE I - FACTORING OF DEBTS

The company has an agreement to sell, on an on-going basis,
certain receivables subject to the terms of the agreement.  As
the credit risk of these receivables remains with the company,
this arrangement is accounted for as a loan securitized.  The
company is permitted to receive advances of up to 60% of the
receivables sold to the lender.  At February 28, 2002, $501,728
had been borrowed from the lender which is included in
current liabilities.


NOTE J - SUBSEQUENT EVENTS

On March 1, 2002 Corspan Inc., acquired the total outstanding
share capital of Total Print Solutions Limited, a UK print
broker.

On May 30, 2002 Corspan Inc. disposed of its interest in ICM
Resource Limited, which included substantially all of the assets
and liabilities of the Company to Rob Scott Systems Inc. (RSS), a
US Corporation, for nominal consideration. RSS wished to acquire,
develop and bring to market the ICM "Eazyprint" quick print
solution which is no longer core to Corspan's development
strategy.


<PAGE>
<Page>

Item 8.  Changes in and disagreements with Accountants on
 accounting and financial disclosure

There have been no disagreements with accountants on accounting
and financial disclosure matters.

On August 10, 2001, Graf Repetti & Co LLP and the Company agreed
to the resignation of Graff Repetti & Co LLP as independent
public accountants of Registrant.

The reports of Graf Repetti & Co LLP on the financial statements
of the Company for the year ended April 30, 2000, contained no
adverse opinion or disclaimer of opinion and were not qualified
or modified as to audit scope or accounting principles.

The Registrant's Board of Directors participated in and approve
the decision to change independent accountants.

In connection with its audits and through August 10, 2001, there
were no disagreements with Graf Repetti & Co LLP on any matter of
accounting principles or practices, financial statement
disclosure, or auditing scope or procedure,, which disagreements
if not resolved to the satisfaction of Graf Repetti & Co LLP
would have caused them to make reference thereto in their report
on the financial statements for such years.

During the two most recent fiscal years and through August 10,
2001, there were no reportable events (as defined in Regulation
S-B Item 304(a)(1)(vi)).

The Company engaged Grant Thornton as its new independent
accountants as of August 17, 2001.  During the period through
August 10, 2001, the Company had not consulted with Grant
Thornton on items which (1) were or should have been subject to
SAS 50 or (2) concerned the subject matter of a disagreement or
reportable event with the former auditor (as described in
Regulation S-B Item 403(a)(2)).

                            PART III

Item 9.  Directors and Executive Officers

On August 15, 2001, Barbara Platts officially tendered her
resignation as President and Director and was replaced by Ian
Warwick as the Company's new President.


Name                     Age     Positions

Ian Warwick               42     President and Director
Alan G R Bowen            55     Secretary and Director

All directors hold office until the next annual meeting of
stockholders and until their successors have been duly elected
and qualified.  There are no agreements with respects to the
election of directors.

Set forth below is certain biographical information regarding the
Company's executive officers and directors:

Ian Warwick has been President and Chief Executive Officer since
August 15, 2001. Mr Warwick has been President and CEO of ICM
Resource Limited since 1995 when he founded the company. From
1994 to 1995, Mr. Warwick was UK Sales Manager at British
Printing Company Ltd, Europe's largest printing company.  From
1992 To 1994, Mr. Warwick was Sales Manager at Graphoprint, a
printing company. From 1987 to 1991 Mr Warwick worked in the
advertising and Marketing Industry for various companies in the
Southern USA, Mr Warwick's role included the control and
management of corporate sponsorship contracts linked to specific
events. From 1982 to 1986 Mr Warwick worked as a consultant in
the Oil Business both in the North Sea and Texas with specific
responsibilities for exploration oil wells involving toxic gases.
From 1976 to 1982 Mr Warwick was a communications specialist in
Her Majesty's Royal Navy, serving in both the Falklands and
Middle East. Mr Warwick received qualifications in Communications
and Oil Field Engineering from Leith Nautical College and
Business Management Studies from Newcastle College.

Alan G.R. Bowen, the Company's Secretary and director, is a
graduate in Mathematics from Birmingham University (UK) and
worked within the UK as a graduate trainee for Unilever before
moving into retailing with British Shoe Corporation, part of the
Sears Group.  In 1971, he joined NSS Newsagents and progressed
to become Retail Director and then Group Managing Director.  He
left NSS Newsagents after it was taken over by Gallahers Tobacco
and formed an independent business Mayfair Cards, a greetings
card company.  He retired from Mayfair Greetings Cards in 1999
and joined Corspan Inc.

To the best knowledge of management, during the past five years,
no present or former director or executive
officer of the Company:

(1) filed a petition under the federal bankruptcy laws or any
state insolvency law, nor had a receiver, fiscal agent or similar
officer appointed by a court for the business or present of such
a person, or any partnership in which he was a general partner at
or within two years before the time of such filing, or any
corporation or business association of which he was an executive
officer within two years before the time of such filing;

(2) was convicted in a criminal proceeding or named subject of a
pending criminal proceeding (excluding traffic violations and
other minor offences);

(3) was the subject of any order, judgment or decree, not
subsequently reversed, suspended or vacated, of any court of
competent jurisdiction, permanently or temporarily enjoining him
form or otherwise limiting, the following activities: (i) acting
as a futures commission merchant, introducing broker, commodity
trading advisor, commodity pool operator, floor broker, leverage
transaction merchant, associated person of any of the foregoing,
or as an investment advisor, underwriter, broker or dealer in
securities, or as an affiliated person, director of any
investment company, or engaging in or continuing any conduct or
practice in connection with such activity; (ii) engaging in any
type of business practice; or (iii) engaging in any activity in
connection with the purchase or sale of any security or commodity
or in connection with any violation of federal or state
securities laws or federal commodity laws;

(4) was the subject of any order, judgment, or decree, not
subsequently reversed, suspended, or vacated, of any federal or
state authority barring, suspending, or otherwise limiting for
more than 60 days the right of such person to engage in any
activity described above under this Item, or to be associated
with persons engaged in any such activity;

(5) was found by a court of competent jurisdiction in a civil
action or by the Securities and Exchange Commission to have
violated any federal or state securities law, and the judgment in
subsequently reversed, suspended, or vacate;

(6) was found by a court of competent jurisdiction in a civil
action or by the Commodity Futures Trading Commission to have
violated any federal commodities law, and the judgment in such
civil action or finding by the Commodity Futures Trading
Commission has not been subsequently reversed, suspended or
vacated.

The Company's Common Stock is registered pursuant to Section
12(g) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), and in connection therewith, directors,
officers, and beneficial owners of more than 10% of the Company's
Common Stock are required to file on a timely basis certain
reports under Section 16 of the Exchange Act as to their
beneficial ownership of the Company's Common Stock.


Item 10.    Executive Compensation

SUMMARY

The Company has not had a profit sharing, or deferred
compensation plan for the benefit of its employees, officers or
directors.  All profit related bonuses due to the directors of
the Group have been waived during the year.

Summary Compensation Table

     The following table sets forth information for each of the
fiscal periods ended February 28, 2002, and 2001 concerning the
compensation paid and awarded to all individuals serving as our
executive officers or key employees whose total annual salary and
bonus exceeded $100,000 for these periods:


Name            Position      Year     Salary        Bonus

Ian Warwick     President     2002    $  123,000        -
                              2001    $  123,000        -


CASH COMPENSATION:
Compensation of $140,790 was paid to Ian Warwick during the
period ended February 28, 2002.

BONUSES AND DEFERRED COMPENSATION: None.

COMPENSATION PURSUANT TO PLANS: None.

PENSION TABLE: None.

OTHER COMPENSATION: None.

COMPENSATION OF DIRECTORS: None.

TERMINATION OF EMPLOYMENT AND CHANGE OF CONTROL ARRANGEMENT:
There are no compensatory plans or arrangements of any kind,
including payments to be received from the Company, with respect
to any person which would in any way result in payments to any
such person because of his or her resignation, retirement, or
other termination of such person's employment with the Company
or its subsidiaries, or any change in control of the Company, or
a change in the person's responsibilities following a change in
control of the Company.


Item 11.   Security ownership of certain beneficial owners and
           managements

The following table sets forth the information, to the best
knowledge of the Company as of May 31, 2002, with respect to each
person known by the Company to own beneficially more than 5% of
the Company's outstanding common stock, each director of the
Company and all directors and officers of the Company as a group.


Name and Address of         Amount and Nature of       Percent
Beneficial Owner            Beneficial Ownership       of Class
----------------            --------------------       --------

DBP Holdings Ltd .                   9,450,000            63%
The Old Chapel
Sacre Couer, Rouge Bouillon
St Helier, Jersey, C.I.

Picturesque Limited                  4,050,000            27%
2B International House
Bell Lane
Gibraltar
(Ian Warwick)

The Company has been advised that each of the persons listed
above has sole voting, investment, and dispositive power over the
share indicated above. Percent of Class (third column above) is
based on 15,000,000 shares of common stock outstanding as of the
date of this filing.


Item 12.   Certain relationships and related transactions

TRANSACTIONS WITH MANAGEMENT AND OTHERS.

To the best of Management's knowledge, during the period ended
February 28, 2002, there were no material transactions, or series
of similar transactions, since the beginning the Company's last
fiscal year, or any currently proposed transactions, or series of
similar transactions, to which the Company was or is to be a
party, in which the amount involved exceeds $60,000, and in which
any director or executive officer, or any security holder who is
known by the Company's common stock, or any member of the
immediate family of any of the foregoing persons, has an
interest.


CERTAIN BUSINESS RELATIONSHIPS:

During the period ended February 28, 2002, there were no material
transactions between the Company and its management.


INDEBTEDNESS OF MANAGEMENT:

To the best of Management's knowledge, during the period ended
February 28, 2002 there were no material transactions, or series
of similar transactions, since the beginning of the Company's
last fiscal year, or any currently proposed transactions, or
series of similar transactions, to which the Company was or is to
be a party, in which the amount involved exceeds $60,000, and in
which any director or executive officer, or any security holder
who is known by the Company to own of record or beneficially more
than 5% of any class of the company's common stock, or any member
of the immediate family of any of the foregoing persons, has an
interest.

TRANSACTIONS WITH PROMOTERS:

To the best Knowledge of management, no such transactions exist.


Item 13.   Exhibits and reports on Form 8-K

(C) REPORTS ON FORM 8-K

On February 27, 2002 a form 8k was filed disclosing the change in
the Company's fiscal year end from April
30 to February 28.

A form 8k was filed on June 12, 2002, disclosing the disposal of
ICM Resource Limited.

<PAGE>
<Page>

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities
Exchange Act of 1934, the registrant has duly caused this
registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized.

The undersigned is an officer of Corspan Inc., has read the
statements contained in this Registration statement and states
that the contents are true to the undersigned's own knowledge.


                         CORSPAN INC.
----------------------
                         (Registrant)
Date: June 14, 2002

By: /s/ Ian Warwick
    ------------------
    President