# SECURITIES AND
EXCHANGE COMMISSION

# Washington, D.C. 20549

# FORM 10-QSB

(Mark One)

[X]   Quarterly  report under Section 13 or 15(d) of the Securities  Exchange
         Act of 1934 for the quarterly  period ended  September 30, 2003.

[  ]  Transition  report  under  Section  13 or  15(d)  of the  Securities
         Exchange  Act of 1934  for the  transition  period
         from ____________ to ____________               .

``

``

|                                | 
|------------------------------- | 
|Florida                         | 
|(State or other jurisdiction of | 
|incorporation or organization)  | 

``

``

Check whether the registrant: (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.

The number of outstanding shares of the registrant's  common stock,  $0.001
par  value  (the  only  class of  voting  stock),  as of  November 14, 2003 was
48,587,084.

---

TABLE OF CONTENTS



|                  |                                                             |                                                      |    |      |   | 
|----------------- | ----------------------------------------------------------- | ---------------------------------------------------- | -- | ---- | - | 
|                  |                                                             |                                                      |    | Page
|                  |                                                             |                                                      |    |     
|PART I.           |                                                             |                                                      |    |     
|                  | ITEM 1. FINANCIAL STATEMENTS                                |                                                      |    | 3    |  
|                  |                                                             | Unaudited Consolidated Balance Sheet                 |    |      | 4 | 
|                  |                                                             | Unaudited
      Consolidated Statement of Operations |    |      | 5 | 
|                  |                                                             | Unaudited
      Consolidated Statement of Cash Flows |    |      | 6 | 
|                  |                                                             | Notes to Consolidated Unaudited Financial Statements |    |      | 7 | 
|                  |                                                             |                                                      |    |      |   | 
|                  |                                                             |                                                      |    |      |   | 
|                  | ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS                |                                                      |    | 18   |  
|                  | ITEM 3. CONTROLS AND PROCEDURES                             |                                                      |    | 20   |  
|PART II.          |                                                             |                                                      |    |     
|                  | ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |                                                      |    | 20   |  
|                  | ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                    |                                                      |    | 21   |  
|                  | SIGNATURES                                                  |                                                      |    | 22   |  
|INDEX TO EXHIBITS |                                                             |                                                      | 23 |     



---

# PART I

# ITEM 1. FINANCIAL
STATEMENTS

As used herein, the term
Company refers to Jure Holdings, Inc. (formerly known as Thor Ventures
Corp.), a Florida corporation, unless otherwise indicated. In the opinion of management,
the accompanying unaudited financial statements included in this Form 10-QSB reflect all
adjustments (consisting only of normal recurring accruals) necessary for a fair
presentation of the results of operations for the periods presented. The results of
operations for the periods presented are not necessarily indicative of the results to be
expected for the full year.

3

---

JURE HOLDINGS, INC.

(Formerly Thor Ventures
Corp.)

(A Development Stage
Company)

INTERIM CONSOLIDATED BALANCE
SHEET

Expressed in US
Dollars

`As at
                                                                                   September 30               As at
                                                                                           2003         December 31
ASSETS                                                                              (Unaudited)                2002
-------------------------------------------------------------------------- --------------------- --- --------------
Current
    Cash and cash equivalents                                              $            344,268   $           3,404
    Accounts receivable                                                                  45,508                   -
    Other receivables                                                                    27,019                   -
    Due from related party                                                                    -             102,887
    Inventory                                                                           108,707                   -
    Prepaid expenses                                                                      6,453                   -
                                                                           ---- ---------------- --- --------------
                                                                                        531,955             106,291
Rights and technology (note 5)                                                                1                   -
Fixed assets (note 6)                                                                   734,454                   -
                                                                           ---- ---------------- --- --------------
                                                                           $          1,266,410   $         106,291
-------------------------------------------------------------------------- ---- ---------------- --- --------------

LIABILITIES
-------------------------------------------------------------------------- ---- ---------------- --- --------------
Current
    Accounts payable and accrued liabilities                                            182,498              14,965
    Due to related parties (note 3)                                                   2,508,157                   -
                                                                           ---- ---------------- --- --------------
                                                                                      2,690,655              14,965
                                                                           ---- ---------------- --- --------------


Going Concern (note 1)

SHAREHOLDERS' EQUITY (DEFICIENCY)
-------------------------------------------------------------------------- ---- ---------------- --- --------------
Capital Stock
  Authorized: 200,000,000 common shares with a par value of $ 0.01
  Issued and outstanding: 48,017,084 (December 31, 2002: 22,000) common
     shares.                                                               $            456,171   $         158,737
  Additional paid-in capital                                                          (297,078)                   -
  Accumulated other comprehensive income                                               (30,008)                   -
Deficit accumulated during the development stage                                    (1,553,330)            (67,411)
                                                                           ---- ---------------- --- --------------
                                                                                    (1,424,245)              91,326
                                                                           ---- ---------------- --- --------------
                                                                            $         1,266,410   $         106,291
-------------------------------------------------------------------------- ---- ---------------- --- --------------`

4

---

JURE HOLDINGS, INC.

(Formerly Thor Ventures
Corp.)

(A Development Stage
Company)

INTERIM CONSOLIDATED STATEMENT
OF OPERATIONS

Expressed in US
Dollars

(Unaudited)

`2003                                 2002
                                 Three Months Ended     Nine Months Ended    Three Months    Nine Months   Inception to
                                    September 30           September 30          Ended          Ended        September
                                                                             September 30   September 30     30, 2003
------------------------------- ---------------------- --------------------- -------------- -------------- --------------

Revenue                                240,478                240,478               -              -              240,478
                                ---------------------- --------------------- -------------- -------------- --------------

Cost of Goods Sold                      40,080                 40,080               -              -               40,080
                                ---------------------- --------------------- -------------- -------------- --------------

Gross Profit                           200,398                200,398               -              -              200,398
                                ---------------------- --------------------- -------------- -------------- --------------


General and Administrative
Expenses
    Advertising                         14,980                 42,834               -              -               42,834

    Consultants and salaries           535,325                813,210               -              -              863,421
    Depreciation                         4,452                 14,216               -              -               14,216

    Office and miscellaneous            48,938                111,150               -              -              113,381
    Professional fees                    8,126                218,743               -              -              233,491
    Rent                                10,708                 54,489               -              -               54,489
                                                                                    -              -
    Information technology              24,730                 80,102                                              80,102

    Shareholder information              2,515                  8,040               -              -                8,040
    Transfer agent fees                  1,019                  6,465               -              -                6,465
    Travel                              16,561                 82,385               -              -               82,385

                                ---------------------- --------------------- -------------- -------------- --------------
                                       667,354              1,431,634               -              -            1,498,824
                                ---------------------- --------------------- -------------- -------------- --------------
                                                                                    -              -
Loss Before the Following            (466,956)            (1,231,236)                                         (1,298,426)
    Acquisition of                                                                  -              -
    Bonneville  (note 8)                     -              (267,405)                                           (267,405)
    Corporate tax                        3,044                  3,044               -              -                2,828
    Interest income                     11,532                  9,678               -              -                9,673

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

Net Loss For The Period              (452,380)            (1,485,919)               -              -          (1,553,330)
------------------------------- ---------------------- --------------------- -------------- -------------- --------------

Loss per Share
    Weighted average shares
    outstanding                     48,017,084             45,476,537
------------------------------- ---------------------- --------------------- -------------- -------------- --------------
    Basic and diluted                   (0.01)                 (0.03)
------------------------------- ---------------------- --------------------- -------------- -------------- --------------`

5

---

JURE HOLDINGS, INC.

(Formerly Thor Ventures
Corp.)

(A Development Stage
Company)

INTERIM CONSOLIDATED STATEMENT
OF CASH FLOWS

Expressed in US
Dollars

(Unaudited)

`For The Nine Months Ended September 30

                                                            Cumulative Since         2003               2002
                                                                Inception
--------------------------------------------------------------------------------------------------------------------
Operating
    Net loss                                                 $     (1,553,330) $      (1,485,919)  $               -
    Items not involving an outlay of cash:
        Depreciation                                                    14,216             14,216                  -
    Changes in non-cash working capital items:
        Accounts receivable                                           (45,508)           (45,508)                  -
        Other receivables                                             (27,019)           (27,019)                  -
        Inventory                                                    (108,707)          (108,707)                  -
        Prepaid expenses                                               (6,453)            (6,453)                  -
        Accounts payable and accrued liabilities                       182,498            167,533                  -
                                                           ---------------------------------------------------------
                                                                   (1,544,303)        (1,491,857)                  -
                                                           ---------------------------------------------------------


Investing
    Amounts due to/from related parties                              2,508,157          2,611,044                  -
    Acquisition of capital assets                                    (748,315)          (748,315)                  -
                                                           ---------------------------------------------------------
                                                                     1,759,842          1,862,729                  -
                                                           ---------------------------------------------------------

Financing
    Comprehensive income                                              (30,008)           (30,008)                  -
    Capital contribution                                               158,737                  -                  -

                                                           ---------------------------------------------------------
                                                                       128,729           (30,008)                  -
                                                           ---------------------------------------------------------

Net increase in cash                                                   344,268            340,864                  -

Cash, beginning of period                                                    -              3,404                  -
                                                           ---------------------------------------------------------


Cash, end of period                                          $         344,268 $          344,268  $               -
--------------------------------------------------------------------------------------------------------------------


Schedule of Non-Cash Transactions
    Acquisition of Rights and Technology by the Issuance
    of  Shares                                               $               1 $                1  $               -
--------------------------------------------------------------------------------------------------------------------

    Acquisition of net assets of Jure Holdings, Inc.         $             355 $              355  $               -
--------------------------------------------------------------------------------------------------------------------`

6

---

JURE HOLDINGS, INC.

(Formerly Thor Ventures
Corp.)

(A Development Stage
Company)

NOTES TO THE
CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2003

Expressed in U.S.
Dollars

(Unaudited)

---

# 1. Organization and
Going Concern

| | Jure
Holdings, Inc. (formerly Thor Ventures Corp.) (the Company) was incorporated
on September 12, 1989, under the laws of the State of Florida with an authorized capital
of 500,000 shares of $0.01 par value preferred stock and 200,000,000 shares of $0.01 par
value common stock.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | On
April 11, 2003 the Company entered into a Stock Exchange Agreement (Agreement)
with OpenLimit Holding AG (OpenLimit), a Swiss corporation, wherein the
Company agreed to issue to the shareholders of OpenLimit 42,000,000 shares in exchange for
the 4,200,000 shares that constitute all the issued and outstanding shares of OpenLimit.
OpenLimit wholly owns OpenLimit Access Marketing AG, a Swiss corporation; OpenLimit
Marketing AG, a German corporation; Bonneville Group AG, a Swiss corporation; SignCubes
GmBH, a German corporation; OpenLimit Tower AG, a Swiss corporation; OpenLimit Services
AG, a Swiss corporation and Openlimit Services GmbH, a German corporation. On April 25,
2003 OpenLimit completed the reverse acquisition under a Stock Exchange Agreement
(RTO) with the Company. The Company had 200,000,000 shares authorized and
3,617,084 shares of common stock issued and outstanding (unaudited). Pursuant to the RTO,
all of the 4,200,000 issued and outstanding shares of common stock of OpenLimit were
exchanged for 42,000,000 shares of the Company, on a 10 to 1 basis.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Immediately
after the RTO, the management of OpenLimit took control of the board and officer positions
of the Company, therefore reflecting a change of control. Because the former owners of
OpenLimit end up with control of the Company, the transaction would normally be considered
a purchase by OpenLimit. However, since the Company is not a business, the transaction is
not a business combination. Instead, the transaction is accounted for as a
recapitalization of OpenLimit and the issuance of stock by OpenLimit (represented by the
outstanding shares of the Company) for the assets and liabilities of the Company. The
value of the net assets of the Company is the same as their historical book value.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
connection with the terms of the Merger, the Company issued 2,400,000 shares of its
restricted common stock to third parties as finders fees.
| | -------------------------------------------------------------------------------------------------------------------------------------------------

| | The
merged entity trades on the Over the Counter Bulletin Board (OTCBB) in the
United States under the symbol JURH.
| | -----------------------------------------------------------------------------------------------------------------------

| | OpenLimit
was incorporated in the Canton of Aargua, Switzerland on June 15, 2001 under the name
LuBeck AG and re-registered in the Canton of Zug, Switzerland, effective August 27, 2002,
at which time the name was changed to OpenLimit Holding AG. OpenLimit was inactive until
October 2002.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

7

---

| | The
Company is a leading Swiss developer of internet enabled credit cards (Smartcards) that
are to be sold as part of a package to internet users through a specialized network
marketing program that directs customers to an OpenLimit internet portal where subscribers
will be able to purchase goods and services. The OpenLimit package is to consist of an
internet credit card (OpenLimit Card) with an integrated chip that utilizes a digital
signature, the OpenLimit card reader and the OpenLimit SignCubes software. Each OpenLimit
subscriber is to receive an immediate credit line, starting at $200 up to $1,000 depending
on the credit evaluation of the individual. Once a credit limit has been established, each
subscriber is to be granted access to the OpenLimit Tower, where customers will be able to
transact purchases on the internet at preferred rates with the security that comes from
using digital signatures. Existing credit cards do not offer this functionality or
security on the internet.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# Going Concern and Liquidity Considerations

| | The
accompanying consolidated financial statements have been prepared assuming that the
Company will continue as a going concern, which contemplates, among other things, the
realization of assets and satisfaction of liabilities in the normal course of business. As
at September 30, 2003, the Company has a loss from operations, an accumulated deficit of $
1,553,330 and has incurred an accumulated operating cash flow deficit of $ 1,544,303 since
incorporation. The Company intends to fund operations through sales and equity financing
arrangements, which may be insufficient to fund its capital expenditures, working capital
and other cash requirements for the year ending December 31, 2003.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Thereafter,
the Company will be required to seek additional funds to finance its long-term operations.
The successful outcome of future activities cannot be determined at this time, and there
is no assurance that, if achieved, the Company will have sufficient funds to execute its
intended business plan or generate positive operating results.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
response to these problems, management intends to raise additional funds through future
private placement offerings. Management expects its increased marketing efforts to result
in future sales. There can be no assurances, however, that managements expectations
of future sales will be realized.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | These
factors, among others, raise substantial doubt about the Companys ability to
continue as a going concern. The accompanying financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# 2. Significant
Accounting Policies

# a)          Fiscal Period

The
Companys fiscal year ends on December 31.

# b)          Use of Estimates

| | The
preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make certain estimates and
assumptions that affect the reported amounts and timing of revenues and expenses, the
reported amounts and classification of assets and liabilities, and disclosure of
contingent assets and liabilities. These estimates and assumptions are based on the
Companys historical results as well as managements future expectations. The
Companys actual results could vary materially from managements estimates and
assumptions.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

---

# c) Risks and Uncertainties

| | The
Company operates in an emerging industry that is subject to market acceptance and
technological change. The Companys operations are subject to significant risks and
uncertainties, including financial, operational, technological and other risks associated
with operating an emerging business, including the potential risk of business failure.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# d) Cash and Cash Equivalents

| | Cash
equivalents consist of highly liquid debt instruments purchased with an initial maturity
of three months or less.
| | ----------------------------------------------------------------------------------------------------------------------

# e)  Inventory

| | Inventory
is stated at the lower of cost or market. Cost includes all costs of purchase, cost of
conversion and other costs incurred in bringing the inventory to its present location and
condition, and is calculated using the weighted average method. Market value is determined
by reference to the sales proceeds of items sold in the ordinary course of business after
the balance sheet date or to management estimates based on prevailing market conditions.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# f)  Property, Plant,
Equipment and Depreciation

| | Property,
plant and equipment are stated at cost. Depreciation is computed using the straight line
method to allocate the cost of depreciable assets over the estimated useful lives of the
assets as follows:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Estimated useful life)(in years)

|                         | 
|------------------------ | 
|Furniture and fixtures   | 
|Transportation equipment | 
|Miscellaneous equipment  | 

| | Maintenance,
repairs and minor renewals are charged directly to the statement of operations as
incurred. When assets are disposed of, the related cost and accumulated depreciation
thereon are removed from the financial statements and any resulting gain or loss is
included in the statement of operations.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# g)  Long Lived Assets

| | Long
lived assets are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount of the assets might not be recoverable. Management does
not perform a periodic assessment of assets for impairment in the absence of such
information or indicators. Conditions that would necessitate an impairment assessment
include a significant decline in the observable market value of an asset, a significant
change in the extent or the manner in which an asset is used, or a significant adverse
change that would indicate that the carrying amount of an asset or group of assets is not
recoverable. For long-lived assets to be held and used, management measures fair market
value based on the quoted market prices or based on discounted estimates of future cash
flows.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9

---

# h)  Revenue Recognition

| | Revenues
are recognized when all of the following criteria have been met: persuasive evidence for
an arrangement exists; delivery has occurred; the fee is fixed or determinable; and
collection is reasonably assured.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# i)  Foreign Currency Transactions

| | The
Company records all transactions with foreign suppliers in accordance with SFAS No. 57,
Foreign Currency Translation. When an invoice is received, the
Company translates these amounts to U.S. dollars at the exchange rate effective on the
invoice date. If the exchange rate changes between the time of purchase and the time
actual payment is made, a foreign exchange gain or loss results.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Additionally,
the Company computes a foreign exchange gain or loss at each balance sheet date on all
recorded foreign transactions that have not been settled. The difference between the
exchange rate that could have been used to settle the transaction at the date it occurred
(the invoice date), and the exchange rate at the balance sheet date, is the unrealized
gain or loss recognized in current net income.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# j)  Advertising

| | The
Company expenses the cost of advertising when incurred. Advertising expenses are included
in selling, general and administrative expenses in the accompanying statements of
operations.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# k)  Shipping and Handling Charges

| | Shipping
and handling costs are included in cost of goods sold in the accompanying statements of
operations in accordance with Emerging Issues Task Force (EITF) No.
00-10, Accounting for Shipping and Handling Fees and Costs.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# l)  Income Taxes

| | Income
taxes are accounted for using the asset and liability method. Deferred tax assets and
liabilities are recognized for the future tax consequences attributable to differences
between the financial statement carrying amounts of existing assets and liabilities and
their respective tax bases and operating loss and tax credit carryforwards. Deferred tax
assets and liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be recovered or
settled. The effect on deferred tax assets and liabilities of a change in tax rates is
recognized in income in the period that includes the enactment date. A valuation allowance
is provided for significant deferred tax assets when it is more likely than not that such
assets will not be recovered.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# m)  Fair Value of Financial Instruments

| | The
carrying values of the Companys financial instruments, consisting of its cash and
cash equivalents, accounts receivable, other accounts receivable, related party payables,
accounts payable and accrued liabilities, materially approximated their respective fair
values at each balance sheet date due to the immediate or short-term maturity of these
financial instruments. The fair value of long-term notes payable is based on current rates
at which the Company could borrow funds with similar remaining maturities.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10

---

# n)  Concentrations of Credit Risk

| | The
Companys financial instruments that are exposed to concentrations of credit risk
primarily consist of its cash and cash equivalents and related party receivables. The
Company places its cash and cash equivalents with financial institutions of high credit
worthiness. At times, its cash and cash equivalents with a particular financial
institution may exceed any applicable government insurance limits. The Companys
management also routinely assesses the financial strength and credit worthiness of any
parties to which it extends funds, and as such, it believes that any associated credit
risk exposures are limited.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# o)  Derivative Financial Instruments

| | The
Company was not a party to any derivative financial instruments during any of the reported
fiscal periods.
| | --------------------------------------------------------------------------------------------------------------

# p)  Segment Reporting

| | SFAS
No. 131, Disclosures about Segments of an Enterprise and Related
Information, changed the way public companies report information about segments
of their business in their quarterly reports issued to stockholders. It also requires
entity-wide disclosures about the products and services an entity provides, the material
countries in which it holds assets and reports revenues and its major customers. The
Company currently operates in one segment, as disclosed in the accompanying statements of
operations.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# q)  Stock-Based Compensation

| | The
Company accounts for stock-based compensation issued to employees using the intrinsic
value method as prescribed by Accounting Principles Board Opinion (APB) No. 25
Accounting for Stock Issued to Employees. Under the intrinsic
value method, compensation is the excess, if any, of the fair value of the stock at the
grant date or other measurement date over the amount an employee must pay to acquire the
stock. Compensation, if any, is recognized over the applicable service period, which is
usually the vesting period. The Financial Accounting Standards Board
(FASB) has issued SFAS No. 123 Accounting for
Stock-Based Compensation, as amended by SFAS No. 148, Accounting for
Stock-Based Compensation  Transition and Disclosure, an amendment of FASB
Statement No. 123 and interpreted by FASB Interpretation No.
(FIN) 44, Accounting for Certain Transactions Involving Stock
Compensation, an Interpretation of APB 25.This standard, if fully
adopted, changes the method of accounting for all stock-based compensation to the fair
value method. For stock options and warrants, fair value is determined using an option
pricing model that takes into account the stock price at the grant date, the exercise
price, the expected life of the option or warrant and the annual rate of quarterly
dividends. Compensation expense, if any, is recognized over the applicable service period,
which is usually the vesting period.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
adoption of the accounting methodology of SFAS No. 123 for employees is optional and the
Company has elected to continue accounting for stock-based compensation issued to
employees using APB 25; however, pro forma disclosures, as if the Company had adopted the
cost recognition requirements under SFAS No. 123, are required to be presented.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
at September 30, 2003, the Company had no stock-based compensation plans nor had it
granted options to employees. The Company would account for such grants under the
recognition and measurement principles of APB 25, and related Interpretations. No
stock-based employee compensation cost is reflected in net loss, as no options had been
granted.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11

---

# r)  Comprehensive Income

| | SFAS
No. 130, Reporting Comprehensive Income, establishes standards for
reporting and display of comprehensive income and its components in a full set of
general-purpose financial statements.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# s)  Earnings per Share

| | The
Company computes net loss per common share using SFAS No. 128 Earnings Per
Share. Basic loss per common share is computed based on the weighted average
number of shares outstanding for the period. Diluted loss per share is computed by
dividing net loss by the weighted average shares outstanding assuming all dilutive
potential common shares were issued. There were no dilutive potential common shares at
September 30, 2003 and 2002. Because the Company has incurred net losses and has no
potentially dilutive common shares, basic and diluted loss per share are the same.
Additionally, for purposes of calculating diluted loss per share, there were no
adjustments to net loss.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# t)  Treasury Stock

| | The
Company accounts for acquisitions of treasury stock under the cost method. Treasury stock
is recorded as a separate component of stockholders equity at cost, and paid-in
capital accounts are not adjusted until the time of sale, retirement or other disposition.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# u)  Software Costs

| | The
Companys policy is that software development costs related to the product line are
charged to expense as incurred in accordance with SFAS No. 86, Accounting for the
Costs of Computer Software to Be Sold, Leased, or Otherwise Marketed.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Costs
for internal use software, whether developed or obtained, are assessed to determine
whether they should be capitalized or expensed in accordance with American Institute of
Certified Public Accountants Statement (SOP) 98-1,
Accounting for the Costs of Computer Software Developed or Obtained for
Internal Use.Capitalized software costs, if any, will be reflected as fixed
assets on the statements of financial condition.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# v)  Interim Financial Information

| | The
interim financial information for the period ended September 30, 2003 is unaudited. In the
opinion of management, such statements reflect all adjustments (consisting only of normal
recurring adjustments) necessary for a fair representation of the results of the interim
period. The results of operations for the period ended September 30, 2003 are not
necessarily indicative of the results for the entire year.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# w)  Recently Adopted Accounting Standards

| | In
June 2001, the FASB issued SFAS No. 141, Business Combinations. SFAS
No. 141 mandates the purchase method of accounting for all business combinations initiated
after 30 June 2001. In addition, SFAS No. 141 addresses the accounting for intangible
assets and goodwill acquired in business combinations completed after 30 June 2001. The
Company adopted SFAS No. 141, as required, with no material impact on its financial
statements.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

12

---

| | In
June 2001, the FASB issued SFAS No. 142, Goodwill and Other Intangible
Assets, which revises the accounting for purchased goodwill and other intangible
assets. Under SFAS No. 142, goodwill and other intangible assets with indefinite lives
will no longer be systematically amortized into operating results. Instead, each of these
assets will be tested, in the absence of an indicator of possible impairment, at least
annually, and upon an indicator of possible impairment, immediately. The Company adopted
SFAS No. 142, as required, on 1 January 2002 with no material impact on its financial
statements.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
August 2001, the FASB issued SFAS No. 143, Accounting for Asset Retirement
Obligations. SFAS No. 143 requires entities to record the fair value of a
liability for an asset retirement obligation in the period in which it is a cost by
increasing the carrying amount of the related long-lived asset. Over time, the liability
is accreted to its present value each period, and the capitalized cost is depreciated over
the useful life of the related obligation for its recorded amount or incurs a gain or loss
upon settlement. The Company adopted SFAS No. 143, as required, on January 1, 2003 with no
material impact on its financial statements.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
August 2001, the FASB issued SFAS No. 144,Accounting for the Impairment or
Disposal of Long-lived Assets. SFAS No. 144 was issued to resolve
certain implementation issues that had arisen under SFAS No. 121. Under SFAS No. 144, a
single uniform accounting model is required to be used for long-lived assets to be
disposed of by sale, whether previously held and used or newly acquired, and certain
additional disclosures are required. The Company adopted SFAS No. 144, as required, with
no material impact on its financial statements.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
April 2002, the FASB issued SFAS No. 145, Rescission of FASB Statements Nos. 4,
44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections.SFAS No. 145 updates, clarifies and simplifies existing accounting pronouncements, by
rescinding SFAS No. 4, which required all gains and losses from extinguishment of debt to
be aggregated and, if material, classified as an extraordinary item, net of related income
tax effect. As a result, the criteria in APB No. 30 will now be used to classify those
gains and losses. Additionally, SFAS No. 145 amends SFAS No. 13 to require that certain
lease modifications that have economic effects similar to sale-leaseback transactions be
accounted for in the same manner as sale-leaseback transactions. Finally, SFAS No. 145
also makes technical corrections to existing pronouncements. While those corrections are
not substantive in nature, in some instances, they may change accounting practice. The
Company adopted the provisions of SFAS No. 145 that amended SFAS No. 13, as required, on
15 May 2002 for transactions occurring after such date with no material impact on its
financial statements. The Company adopted the remaining provisions of SFAS No. 145, as
required, on 1 January 2003 with no material impact on its financial statements.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

13

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| | In
June 2002, the FASB issued SFAS No. 146, Accounting for Costs Associated with
Exit or Disposal Activities. SFAS No. 146 was issued to address the
financial accounting and reporting of costs associated with exit or disposal activities,
unless specifically excluded. SFAS No. 146 requires that a liability for a cost associated
with a covered exit or disposal activity be recognized and measured initially at its fair
value in the period in which the liability is incurred, except for a liability for
one-time termination benefits that is incurred over time. If employees are not required to
render service until they are terminated in order to receive the one-time termination
benefits or if employees will not be retained to render services beyond the minimum
retention period (as dictated by existing law, statute or contract, or in the absence
thereof, 60 days), a liability for the termination benefits shall be recognized and
measured at its fair value at the communication date. If employees are required to render
service until they are terminated in order to receive the on-time termination benefits and
will be retained to render service beyond the minimum retention period, a liability for
the termination benefits shall be measured initially at the communication date based on
the fair value of the liability as of the termination date. The liability shall be
recognized ratably over the future service period. SFAS No. 146 also dictates that a
liability for costs to terminate an operating lease or other contract before the end of
the term shall be recognized when the entity terminates the contract in accordance with
the contract terms. A liability for costs that will continue to be incurred under a
contract for its remaining term without economic benefit to the entity is to be recognized
and measured at its fair value when the entity ceases using the right conveyed by the
contract. SFAS No. 146 further dictates that a liability for other covered costs
associated with an exit or disposal activity be recognized and measured at its fair value
in the period in which the liability is incurred. The Company adopted SFAS No. 146, as
required, on January 1, 2003 with no material impact on its financial statements.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
December 2002, the FASB issued SFAS No. 148, Accounting for Stock-Based
Compensation  Transition and Disclosure. SFAS 148 amends SFAS No.
123, to provide alternative methods of transition for a voluntary change to the fair value
based method of accounting for stock-based employee compensation. In addition, SFAS 148
amends the disclosure requirements of SFAS 123 to require prominent disclosures in both
annual and interim financial statements about the method of accounting for stock-based
employee compensation and the effect of the method used on reported results. SFAS 148 is
effective for fiscal years beginning after December 15, 2002. The interim disclosure
provisions are effective for financial reports containing financial statements for interim
periods beginning after December 15, 2002. The Company adopted SFAS No. 148, as required,
on January 1, 2003 with no material impact on its financial statements.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | On
April 30, 2003, the FASB issued SFAS No. 149, Amendment of Statement 133 on
Derivative Instruments and Hedging Activities. SFAS No. 149 amends and
clarifies accounting for derivative instruments, including certain derivative instruments
embedded in other contracts, and for hedging activities under SFAS No. 133. The new
guidance amends SFAS No. 133 for decisions made as part of the Derivatives Implementation
Group (DIG) process that effectively required amendments to SFAS No. 133, and
decisions made in connection with other FASB projects dealing with financial instruments
and in connection with the implementation issues raised in relation to the application of
the definition of a derivative and characteristics of a derivative that contains financing
components. In addition, it clarifies when a derivative contains a financing component
that warrants special reporting in the statement of cash flows. SFAS No. 149 is effective
for contracts entered into or modified after June 30, 2003 and for hedging relationships
designated after June 30, 2003. The Company adopted SFAS No. 149, as required, on July 1,
2003 with no material impact on its financial statements.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

14

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| | In
May 2003, the FASB issued SFAS No. 150, Accounting for Certain Financial
Instruments with Characteristics of both Liabilities and Equity. SFAS
No. 150 establishes standards for classifying and measuring as liabilities certain
financial instruments that embody obligations of the issuer and have characteristics of
both liabilities and equity. SFAS No. 150 is effective for all financial instruments
created or modified after May 31, 2003 and otherwise is effective at the beginning of the
first interim period beginning after June 15, 2003. The Company adopted SFAS No. 150, as
required, on July 1, 2003 with no material impact on its financial statements.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# 3. Related Party
Balances and Transactions

| | The
amounts due to related party is to a director of the Company and are non-interest bearing
and are due on demand. Including in salary and consulting is:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------

$134,478
paid to a director of the Company.

$93,100
paid to an officer of the Company.

$13,375 paid to a director of the Company

---

# 4. Income Taxes

| | The
income taxes of the Company are substantially attributable to the operations in
Switzerland whose statutory tax rate is 0.5  1.5% based on capital and reserves.
This is paid on a yearly basis.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# 5. Rights and Technology

| | During
the period, the Company purchased, from a related party, the rights to use, exclusively,
the digital signature and encryption software. As consideration, the Company issued
3,980,000 common shares. Since this is a related party transaction the right as well as
the consideration given up (being the issuance of shares) have been recorded, on the
related partys cost basis, which has been deemed to be the nominal value of $1.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

---

# 6. Capital Assets

Details
are as follows:

`2003               2002
                                                                 Accumulated          Net Book           Net Book
                                                     Cost       Depreciation             Value              Value
                                        ------------------ ------------------ ----------------- ------------------
Office equipment                        $          97,122  $          8,529   $         88,593  $               -
Mobile equipment                                   78,233             5,687             72,546                  -
Computer hardware, software and
licenses                                          573,315                 -            573,315                  -
                                        ---- ------------- --- -------------- --- ------------- ---- -------------
                                        ---- ------------- --- -------------- --- ------------- ---- -------------
                                        $         748,670  $         14,216   $        734,454  $               -
                                        ---- ------------- --- -------------- --- ------------- ---- -------------`

15

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# 7. Share Capital

a)  At the date of  incorporation,  the Company  issued 100 shares of common stock at CHF 1,000 each for total
         consideration of CHF 100,000 or $72,153.  On August 14, 2002, the Company's  shareholder  split the number
         of shares on a 100 for 1 basis so that a total of 10,000 shares were  outstanding.  All share  information
         presented in these financial statements reflect the shares on a post split basis.

| | b)  On October 4, 2002,  the  Company  issued to the sole  shareholder  a further  12,000  common  shares at a
         subscription price of 10 CHF for a gross amount of $86,584.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c)  During the period, the Company split the number of outstanding shares on a 10 new for 1 old basis.
| | ------------------------------------------------------------------------------------------------------

# 8. Acquisition of Subsidiary

| | On April 11, 2003,  the Company  purchased,  from a related party,  a company named  Bonneville,  incorporated
     March 21, 1995 in Switzerland,  and its  wholly-owned  subsidiary,  SignCubes GMBH,  incorporated  October 14,
     2002 in Germany.  As  consideration,  the Company paid  100,000 CHF  (approximately  $72,280),  that being the
     nominal  share  value of  Bonneville.  At the  date of the  acquisition,  the  Consolidated  Balance  Sheet of
     Bonneville was as follows :
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                | 
|------------------------------- | 
|Cash and cash equivalents       | 
|Third Party receivables         | 
|Other receivables               | 
|Prepaid expenses                | 
|                               
|                               
|                                | 
|Fixed assets, at net book value | 
|                               
|                               
|                                | 
|                               
|                               
|Bank overdraft                  | 
|Accounts payable                | 
|Due to related parties          | 
|Accrued liabilities             | 
|                               
|                               
|                                | 
|                               
|                               
|Share capital                   | 
|Legal reserve                   | 
|Deficit                         | 
|                               
|                               
|                                | 
|                               
|                               
|                                | 
|                               

The purchase method of accounting has
been used and the excess purchase price paid over fair value for identifiable net assets
($267,405) will be allocated directly to deficit as the excess relates to research and
development of intangible assets, being rights and software development related to certain
parts of the Companys technology that will be for sale.

16

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---

|9. |  | Commitments and Subsequent Events
|-- |  | ---------------------------------

|a) |  | During the period, the Company entered into an agreement, with a third party,
               for the third party to provide project services and supply and install certain
               multi-level marketing software for the purposes of distributor registration and
               commission, sales order process and inventory control and management. Total
               contract budget for this software is 80,000 Pounds Sterling (approximately
               $133,550) of which $130,000 has been paid.
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|b) |  | Subsequent to September 30, 2003, the Company is arranging a financing of up to
               $3,000,000 at a price of $0.75 per share. Commission will be paid, in cash,
               equal to $0.15 per share.
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|c) |  | During the period, the Company signed an agreement with T-Systems International
               GMBH (T-Systems), a division of Deutsche Telekom AG, whereby
               T-Systems will analyze and model the Companys smartcard technology for
               integration into T-Systems business. Preliminary budget figures to
               accomplish this have been estimated at between $175,000 and $330,000.
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company and T-Systems also agreed to specific terms for support and services by T-Systems
to the Company, with relation to the Internet Credit Card with digital signature. These
terms include commissions based on dollar usage of the smartcards, credit rating service
costs, specific credit risk premiums and pre-financing costs.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

17

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---

# ITEM 2.
MANAGEMENTS DISCUSSION AND ANALYSIS

The following discussion and analysis
of our financial condition and results of operations should be read in conjunction with
the financial statements and accompanying notes and the other financial information
appearing elsewhere in this registration statement. The Companys fiscal year end is
December 31.

# General

On April 11, 2003 the Company entered
into a stock exchange agreement with OpenLimit Holding AG, a Swiss corporation, wherein
the Company agreed to issue to the shareholders of OpenLimit 42,000,000 shares in exchange
for the 4,200,000 shares that constitute all the issued and outstanding shares of
OpenLimit.

The Company is a leading Swiss
developer of internet enabled credit cards (Smartcards) that are to be sold as part of a
package to internet users through a specialized network marketing program that directs
customers to an OpenLimit internet portal where subscribers will be able to purchase goods
and services. The OpenLimit package is to consist of an internet credit card (OpenLimit
Card) with an integrated chip that utilizes a digital signature, the OpenLimit card reader
and the OpenLimit SignCubes software. Each OpenLimit subscriber is to receive an immediate
credit line, starting at $200 up to $1,000 depending on the credit evaluation of the
individual. Once a credit limit has been established, each subscriber is to be granted
access to the OpenLimit Tower, where customers will be able to transact purchases on the
internet at preferred rates with the security that comes from using digital signatures.
Existing credit cards do not offer this functionality or security on the internet.

# Results of Operations

# Sales

Sales for the three months ended
September 30, 2003 were $240,478 from $0 for the three month period ended September 30,
2002. Sales for the nine months ended September 30, 2003 were $240,478 from $0 for the
nine month period ended September 30, 2002. The realization of initial revenues within the
last three months of this year is attributable to the commencement of sales of the
OpenLimit package. The Company anticipates that revenues will continue to increase as it
expands sales of the OpenLimit package and begins to recognize revenue incidental to the
use of the OpenLimit package over the next twelve months.

# Losses

Net losses for the three months ended
September 30, 2003 were $452,380 from $0 for the three month period ended September 30,
2002. Net losses for the nine months ended September 30, 2003 were $1,485,919 as compared
to net losses of $0 for the nine month period ended September 30, 2002. Net losses for the
three and nine month periods can be attributed to the Companys lack of revenue
recognition until the current period and the expenses related to establishing its
business. The Company expects to continue to reduce net losses over the next twelve months
as revenues increase.

18

---

# Expenses

Selling, general and administrative
expenses for the three months ended September 30, 2003 were $667,354 from $0 for the three
month period ended September 30, 2002. Selling, general and administrative expenses for
the nine months ended September 30, 2003 were $1,431,634 from $0 for the nine month period
ended September 30, 2002. The significant selling, general and administrative expenses are
a result of high personnel costs and the costs associated with establishing the
Companys business. The Company expects that selling, general and administrative
expenses will decline over the next twelve months as the Companys corporate
structure is now in place.

Cost of goods sold for the three
months ended September 30, 2003 was $40,080 from $0 for the three month period ended
September 30, 2002. Cost of goods sold for the nine months ended September 30, 2003 was
$40,080 as compared to $0 for the nine month period ended September 30, 2002. The Company
expects that the cost of goods sold will rise in relation to increases in revenue over the
next twelve months.

Depreciation expenses for the nine
months ended September 30, 2003 and September 30, 2002 were $14,216 and $0 respectively.

# Income Tax Expense
(Benefit)

The Company has an income tax benefit
resulting from net operating losses to offset operating profit.

# Impact of Inflation

The Company believes that inflation
has had a negligible effect on operations over the past three years. The Company believes
that it can offset inflationary increases in the cost of materials and labor by increasing
sales and improving operating efficiencies.

# Liquidity and Capital
Resources

Cash flow used in operations was
$1,491,857 for the nine months ended September 30, 2003, as compared to cash flow used in
operations of $0 for the nine months ended September 30, 2002. Negative cash flows from
operating activities are primarily attributable to losses realized in the establishment of
the Companys business.

Cash flow used in financing
activities was $30,008 for the nine months ended September 30, 2003 and $0 for the nine
months ended September 30, 2002. The cash flows used in financing activities was due to
changes in the foreign exchange rates between the Swiss Franc, the Euro and the U.S.
Dollar.

The Company has funded its cash needs
from inception through September 30, 2003 through revenues and a series of debt and equity
transactions, including several private placements. The bulk of these transactions have
taken place outside the United States. Since the Company has only recently realized
revenues it may still require new debt or equity transactions to satisfy cash needs over
the next twelve months.

# Capital Expenditures

Cash flows from investing activities
in property, equipment and intellectual property in the nine months ended September 30,
2003 and 2002 was $1,862,729 and $0 respectively.

19

---

# ITEM 3. CONTROLS AND
PROCEDURES

The Companys chief executive
officer and the Companys chief financial officer are responsible for establishing
and maintaining disclosure controls and procedures for the Company.

(a) Evaluation of
Disclosure Controls and Procedures

Based on their evaluation as of
September 30, 2003, the chief executive officer and the chief financial officer have
concluded that the Companys disclosure controls and procedures (as defined in Rule
13a-14(c) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) are effective
to ensure that information required to be disclosed by the Company in reports that the
Company files or submits under the Securities Exchange Act, as amended is recorded,
processed, summarized and reported within the time periods specified in the rules and
forms of the Securities and Exchange Commission.

(b) Changes in Internal
Controls

Based on their evaluation as of
September 30, 2003, the chief executive officer and the chief financial officer have
concluded that there were no significant changes in the Companys internal controls
over financial reporting or in any other areas that could significantly affect the
Companys internal controls subsequent to the date of his most recent evaluation,
including any corrective actions with regard to significant deficiencies and material
weaknesses.

# PART II

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

On September 18, 2003, the
Companys board of directors adopted resolutions proposing and declaring advisable an
amendment to our articles of incorporation. Specifically, the board of directors proposed
that the Companys articles of incorporation be amended to permit a change in the
Corporations name from Jure Holdings, Inc. to OPENLIMIT, Inc.,
that the Companys bylaws be amended to permit a reduction in the quorum requirement
for meetings of the Companys shareholders and to confirm Henry Dattler, Josef
Mettler and Beat Baer as comprising the Companys board of directors.

On September 19, 2003, pursuant to
Shareholders Action in Lieu of an Extraordinary Special Meeting of the Shareholders, the
amendment to the Companys articles of incorporation was adopted by the written
consent of holders of 24,637,000 or 51.3% of the Companys common shares constituting
a majority of the issued and outstanding shares entitled to vote thereon in accordance
with the provisions set forth in the State of Florida Corporate Statutes Title XXXVI,
Chapter 607.0704 and Article II, Section 12 of the Companys bylaws. The change in
the Companys name to OPENLIMIT, Inc. will be effective on filing with the Florida
Secretary of State.

On September 19, 2003, pursuant to
Shareholders Action in Lieu of an Extraordinary Special Meeting of the Shareholders, the
amendment to the Companys bylaws was adopted by the written consent of holders of
24,637,000 or 51.3% of the Companys common shares constituting a majority of the
issued and outstanding shares entitled to vote thereon. The change in the Companys
quorum requirements for meetings of its shareholders will be effective on the filing of
the amendment to the Companys articles of incorporation with the Florida Secretary
of State.

20

---

On September 19, 2003, pursuant to
Shareholders Action in Lieu of an Extraordinary Special Meeting of the Shareholders, the
appointments of Henry Dattler, Josef Mettler and Beat Baer as comprising the
Companys board of directors were approved by the written consent of holders of
24,637,000 or 51.3% of the Companys common shares constituting a majority of the
issued and outstanding shares entitled to vote thereon.

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

|(a) |  | Exhibits Exhibits required to be attached by Item 601 of Regulation S-B
               are listed in the Index to Exhibits on page 23 of this Form 10-QSB, and are
               incorporated herein by this reference.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(b) |  | Reports on Form 8-K. The Company filed no disclosures on Form 8-K during
               the period covered by this report.
|--- |  | --------------------------------------------------------------------------------------------------------------------------

21

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# SIGNATURES

In accordance with the requirements
of the Securities Exchange Act of 1934, the registrant caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized, this 14thday of
November, 2003.

# JURE HOLDINGS, INC.

/s/ Henry Dattler

Henry Dattler

President, Chief
Executive Officer, and Director

/s/ Josef Mettler

Josef Mettler

Chief Financial Officer
and Director

22

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### INDEX TO EXHIBITS

|Exhibit No. | Page No. | Description                                                                                                                                                                                                                  
|----------- | -------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|3(i)(a)     | *        | Articles of Incorporation of the Company (incorporated by reference from the 10-SB filed with
the Commission on December 31, 1999)                                                                                           
|3(i)(b)     | *        | Amended Articles of Incorporation of the Company (incorporated by reference from the 10-KSB filed with the
Commission on April 9, 2003).                                                                                     
|3(i)(c)     | Attached | Amended Articles of Incorporation of the Company.                                                                                                                                                                            
|3(ii)(a)    | *        | Bylaws of the Company (incorporated by reference from the 10-SB filed with the Commission on December 31, 1999).                                                                                                             
|3(ii)(b)    | Attached | Amended Bylaws of the Company.                                                                                                                                                                                               
|10(i)       | *        | Stock Exchange Agreement dated April 25, 2003 between the Company and OpenLimit Holding AG. (incorporated by
reference with the 8-K filed with the Commission on May 5, 2003).                                               
|10(ii)      | *        | Debt Settlement Agreement dated December 19, 2002 between the Company and Zmax Capital Corp. (incorporated by
                           reference from the 10-KSB filed with the Commission on April 9, 2003).              
|10(iii)     | *        | Debt Settlement Agreement dated December 19, 2002 between the Company and Shafiq Nazerali (incorporated by
                           reference from the 10-KSB filed with the Commission on April 9, 2003).                 
|10(iv)      | *        | Debt Settlement Agreement dated December 19, 2002 between the Company and Zmax Capital Corp. (incorporated by
reference from the 10-KSB filed with the Commission on April 9, 2003).                                         
|10(v)       | *        | Debt Settlement Agreement dated December 19, 2002 between the Company and Shafiq Nazerali (incorporated by
reference from the 10-KSB filed with the Commission on April 9, 2003).                                            
|10(vi)      | *        | Subscription Agreement dated April 18, 2003 between the Company and Affaires Financieres S.A. (incorporated by
reference from the 10-QSB filed with the Commission on May 14, 2003).                                         
|31(a)       | Attached | Certification of the Chief Executive Officer pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934,
                           as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|31(b)       | Attached | Certification of the Chief Financial Officer pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934,
                           as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|32(a)       | Attached | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.                                                                        
|32(b)       | Attached | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section
906 of the Sarbanes-Oxley Act of 2002.                                                                        

* Disclosures submitted to the Commission in previous filings.

---