<PAGE>

================================================================================

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

                                   ----------


                                 FORM 10-KSB/A-1

                ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                     FOR THE FISCAL YEAR ENDED JUNE 30, 2003

                         Commission File No.: 000-29299

                                CORVU CORPORATION
           (Name of Small Business Issuer as specified in its charter)

             Minnesota                                  41-1457090
  (State or other jurisdiction of                     (IRS Employer
  incorporation or organization)                  Identification Number)

                  3400 West 66th Street, Edina, Minnesota 55435
               (Address of principal executive offices)(Zip Code)

         Issuer's telephone number, including area code: (952) 944-7777

    Securities registered pursuant to Section 12(b) of the Exchange Act: None

      Securities registered pursuant to Section 12(g) of the Exchange Act:
                                  Common Stock

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

Check if disclosure  of delinquent  filers in response to Item 405 of Regulation
S-B  is not  contained  herein,  and  will  not be  contained,  to the  best  of
Registrant's   knowledge,   in  definitive   proxy  or  information   statements
incorporated  by reference  in Part III of this Form 10-KSB or any  amendment to
this Form 10-KSB. |_|

Issuer's revenues for its most recent fiscal year:  $15,717,301.

The  aggregate  market  value of the Common Stock held by  nonaffiliates  of the
Registrant as of August 31, 2003 was  approximately  $12,396,000  based upon the
closing price of the Registrant's Common Stock on such date.

There were 22,193,029 shares of Common Stock outstanding as of August 31, 2003.

                                   ----------


                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None

Transitional Small Business Disclosure Format (check one). Yes |_| No |X|


================================================================================
<PAGE>
This Form 10-KSB/A-1 is being filed to correct  typographical errors in Part II,
Item 7,  and an  administrative  error  with  regard  to the  number  of  shares
beneficially owned by Justin MacIntosh in Part III, Item 11.

                                     PART II

ITEM 7. CONSOLIDATED FINANCIAL STATEMENTS



                       CORVU CORPORATION AND SUBSIDIARIES
                        Consolidated Financial Statements
                             June 30, 2003 and 2002



<PAGE>



REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

To CorVu Corporation:

We  have  audited  the  accompanying   consolidated   balance  sheets  of  CorVu
Corporation  and  subsidiaries  as of June 30,  2003 and 2002,  and the  related
consolidated statements of operations,  stockholders' deficit and cash flows for
the  years  then  ended.  These  consolidated   financial   statements  are  the
responsibility of the Company's management.  Our responsibility is to express an
opinion on these consolidated financial statements based on our audits.

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

In our opinion, the consolidated  financial statements referred to above present
fairly, in all material  respects,  the financial  position of CorVu Corporation
and  subsidiaries,  as of June  30,  2003 and  2002,  and the  results  of their
operations  and their cash flows for the years  then  ended in  conformity  with
accounting principles generally accepted in the United States of America.



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

                                        /s/ VIRCHOW, KRAUSE & COMPANY, LLP

Minneapolis, Minnesota
August 27, 2003


<PAGE>



                       CORVU CORPORATION AND SUBSIDIARIES
                           Consolidated Balance Sheets
                             June 30, 2003 and 2002



<TABLE>
<CAPTION>
                                                                                             2003               2002
                                                                                         ------------      ------------
                                        ASSETS

Current assets:
<S>                                                                                      <C>               <C>
   Cash and cash equivalents .......................................................     $    643,346      $    279,176
   Trade accounts receivable, net of allowance for doubtful accounts of $183,000 and
     $160,000, respectively ........................................................        3,294,193         2,845,858
   Deferred income taxes ...........................................................        1,137,000                --
   Prepaid expenses ................................................................          279,156           154,063
   Other current assets ............................................................           67,334            43,788
                                                                                         ------------      ------------
        Total current assets .......................................................        5,421,029         3,322,885
                                                                                         ------------      ------------
Furniture, fixtures, and equipment .................................................          556,301           398,604
   Less accumulated depreciation ...................................................         (394,920)         (298,664)
                                                                                         ------------      ------------
        Net furniture, fixtures and equipment ......................................          161,381            99,940

Other assets:
   Deferred income taxes ...........................................................        1,478,000                --
                                                                                         ------------      ------------
                                                                                         $  7,060,410      $  3,422,825
                                                                                         ============      ============

                         LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
   Line of credit ..................................................................     $    250,000      $         --
   Accounts payable ................................................................        1,061,768         2,036,842
   Accrued compensation and related costs ..........................................        1,973,304         2,527,493
   Deferred revenue ................................................................        4,438,724         2,872,329
   Accrued interest ................................................................          168,664            73,232
   Other accrued expenses ..........................................................          853,999           845,168
                                                                                         ------------      ------------
        Total current liabilities ..................................................        8,746,459         8,355,064

Notes payable - stockholder ........................................................          685,767           685,767
                                                                                         ------------      ------------
        Total liabilities ..........................................................        9,432,226         9,040,831
                                                                                         ------------      ------------

Stockholders' deficit:
   Undesignated capital stock, 24,000,000 shares in 2003 and 2002, none issued .....               --                --
   Series A convertible preferred stock, $10 par value:
     1,000,000 shares authorized; none and 200 shares issued and outstanding in 2003
     and 2002, respectively ........................................................               --             2,000
   Common stock, $0.01 par value; 75,000,000 shares authorized;
     22,753,029 and 20,730,835 shares issued and outstanding in 2003 and 2002,
     respectively ..................................................................          227,474           207,252
   Additional paid-in capital ......................................................       16,886,375        16,223,744
   Stock subscription receivable ...................................................         (324,000)               --
   Accumulated deficit .............................................................      (18,509,486)      (22,191,944)
   Deferred compensation ...........................................................         (131,250)               --
   Accumulated other comprehensive income (loss) ...................................         (520,929)          140,942
                                                                                         ------------      ------------
        Total stockholders' deficit ................................................       (2,371,816)       (5,618,006)
                                                                                         ------------      ------------
        Commitments (Notes 3, 5, and 13)
        Total liabilities and stockholders' deficit ................................     $  7,060,410      $  3,422,825
                                                                                         ============      ============
</TABLE>

See accompanying notes to consolidated financial statements.

<PAGE>

                       CORVU CORPORATION AND SUBSIDIARIES
                      Consolidated Statements of Operations
                       Years ended June 30, 2003 and 2002

                                                     2003               2002
                                                 ------------      ------------
Revenues:
   Software and license fees ...............     $  7,489,542      $  6,150,619
   Maintenance fees ........................        4,565,341         3,381,731
   Consulting and other ....................        3,662,418         2,809,456
                                                 ------------      ------------
        Total revenues .....................       15,717,301        12,341,806
                                                 ------------      ------------

Operating costs and expenses:
   Cost of consulting and other ............        3,130,587         2,945,787
   Product development .....................        1,353,056         1,076,111
   Sales and marketing .....................        5,932,406         4,154,610
   General and administrative ..............        4,156,384         3,559,807
                                                 ------------      ------------
        Total operating costs and expenses .       14,572,433        11,736,315
                                                 ------------      ------------

        Operating income ...................        1,144,868           605,491
Interest expense, net ......................          (76,940)         (155,960)
                                                 ------------      ------------
        Income  before income taxes ........        1,067,928           449,531
Benefit from income taxes ..................        2,615,000                --
                                                 ------------      ------------
        Net income .........................     $  3,682,928      $    449,531
                                                 ============      ============

Net income per common share--basic .........     $       0.17      $       0.02
Weighted average shares outstanding--basic .       22,197,804        20,413,148
Net income per common share--diluted .......     $       0.16      $       0.02
Weighted average shares outstanding--diluted       22,872,374        21,159,166



See accompanying notes to consolidated financial statements.



<PAGE>



                       CORVU CORPORATION AND SUBSIDIARIES

Consolidated Statements of Stockholders' Deficit Years ended June 30, 2003
and 2002

<TABLE>
<CAPTION>
                                                      PREFERRED STOCK                COMMON STOCK                 ADDITIONAL
                                                 -------------------------  --------------------------------        PAID-IN
                                                    SHARES      AMOUNT          SHARES          AMOUNT              CAPITAL
                                                 ----------- -------------  ---------------- ---------------   --------------
<S>                                                     <C>  <C>                 <C>         <C>                   <C>
Balance, June 30, 2001                                  200  $      2,000        20,157,781  $      201,522        16,159,995
    Comprehensive loss:
        Net income                                       --            --                --              --                --
        Foreign currency translation adjustment          --            --                --              --                --
    Comprehensive income                                 --            --                --              --                --
    Preferred stock dividends                            --            --                --              --                --
    Non-cash charges related to equity
        transactions (Note 3)                            --            --                --              --             3,046
    Deferred compensation                                --            --                --              --                --
    Conversion of director advance into common
        stock                                            --            --            80,000             800            11,200
    Issuance of common stock                             --            --           493,054           4,930            49,503
                                                 ----------- -------------  ---------------- ---------------   ----------------
Balance, June 30, 2002                                  200  $      2,000        20,730,835  $      207,252        16,223,744
    Comprehensive income:
        Net income                                       --            --                --              --                --
        Foreign currency translation adjustment          --            --                --              --                --
    Comprehensive income                                 --            --                --              --                --
    Preferred stock dividends                            --            --                --              --                --
    Preferred stock redemption                         (200)       (2,000)               --              --                --
    Exercise of stock options                            --            --            66,734             667            18,992
    Exercise of stock warrants                           --            --           488,792           4,888           (4,888)
    Non-cash charges related to equity
        transactions (Note 3)                            --            --                --              --           239,194
    Issuance of common stock                             --            --         1,466,668          14,667           409,333
                                                 ----------- -------------  ---------------- ---------------   ----------------
Balance, June 30, 2003                                   --  $         --        22,753,029  $      227,474        16,886,375
                                                 =========== =============  ================ ===============   ================


                                                                                                    ACCUMULATED
                                                        STOCK                                          OTHER           TOTAL
                                                     SUBSCRIPTION  ACCUMULATED      DEFERRED       COMPREHENSIVE    STOCKHOLDERS'
                                                      RECEIVABLE     DEFICIT      COMPENSATION     INCOME (LOSS)      DEFICIT
                                                     ------------  ------------  -------------    --------------  ----------------
Balance, June 30, 2001                                     --      (22,641,345)      (318,100)         404,137        (6,191,791)
    Comprehensive loss:
        Net income                                         --          449,531             --               --           449,531
        Foreign currency translation adjustment            --               --             --         (263,195)         (263,195)
                                                                                                                  ----------------
    Comprehensive income                                   --               --             --               --           186,336
    Preferred stock dividends                              --             (130)            --               --              (130)
    Non-cash charges related to equity
        transactions (Note 3)                              --               --             --               --             3,046
    Deferred compensation                                  --               --        318,100               --           318,100
    Conversion of director advance into common
        stock                                              --               --             --               --            12,000
    Issuance of common stock                               --               --             --               --            54,433
                                                                                                                  ----------------
                                                    ----------   --------------   ------------    --------------------------------
Balance, June 30, 2002                                             (22,191,944)            --          140,942        (5,618,006)
    Comprehensive income:
        Net income                                         --        3,682,928             --               --         3,682,928
        Foreign currency translation adjustment            --               --             --         (661,871)         (661,871)
                                                                                                                  ----------------
    Comprehensive income                                   --               --             --               --         3,021,057
    Preferred stock dividends                              --             (130)            --               --              (130)
    Preferred stock redemption                             --             (340)            --               --            (2,340)
    Exercise of stock options                              --               --             --               --            19,659
    Exercise of stock warrants                             --               --             --               --                --
    Non-cash charges related to equity
        transactions (Note 3)                              --               --       (131,250)              --           107,944
    Issuance of common stock                         (324,000)              --             --               --           100,000
                                                    ----------   --------------   ------------    --------------------------------
Balance, June 30, 2003                               (324,000)     (18,509,486)      (131,250)        (520,929)       (2,371,816)
                                                    ==========   ==============   ============    ================================
</TABLE>


See accompanying notes to consolidated financial statements.


<PAGE>

                       CORVU CORPORATION AND SUBSIDIARIES
                      Consolidated Statements of Cash Flows
                       Years ended June 30, 2003 and 2002



<TABLE>
<CAPTION>
                                                                                           2003           2002
                                                                                       -----------    -----------
Cash flows from operating activities:
<S>                                                                                    <C>            <C>
   Net income ......................................................................   $ 3,682,928    $   449,531
   Adjustments to reconcile net income to net cash provided in operating activities:
     Depreciation ..................................................................        77,401         67,736
     Warrants and stock options vested .............................................       107,944        321,146
       Deferred income taxes .......................................................    (2,615,000)            --
     Changes in operating assets and liabilities:
        Trade accounts receivable, net .............................................      (598,335)      (295,484)
        Prepaid expenses ...........................................................      (125,093)       (58,716)
        Other current assets .......................................................       (23,546)         6,268
        Accounts payable ...........................................................    (1,175,204)    (1,526,885)
        Accrued compensation and related costs .....................................      (754,189)       (97,049)
        Deferred revenue ...........................................................     1,366,395      1,255,254
        Accrued interest ...........................................................        95,432         49,569
        Other accrued expenses .....................................................        28,784         88,873
                                                                                       -----------    -----------
          Net cash provided in operating activities ................................        67,517        260,243
                                                                                       -----------    -----------

Cash flows from investing activities:
   Capital expenditures ............................................................      (138,842)       (62,603)
                                                                                       -----------    -----------
          Net cash used in investing activities ....................................      (138,842)       (62,603)
                                                                                       -----------    -----------

Cash flows from financing activities:
   Borrowings on line of credit ....................................................       250,000             --
   Repayment of note payable .......................................................            --       (188,123)
   Borrowings notes payable- stockholder ...........................................            --        179,200
   Repayment of notes payable- stockholder .........................................            --        (43,778)
   Net proceeds from sale of common stock ..........................................       100,000         54,433
   Exercise of stock options .......................................................        19,659             --
   Redemption of preferred stock ...................................................        (2,340)            --
                                                                                       -----------    -----------
          Net cash provided by financing activities ................................       367,319          1,732
Effect of exchange rate changes on cash ............................................        68,176          2,395
                                                                                       -----------    -----------
          Net increase in cash and cash equivalents ................................       364,170        201,767
Cash and cash equivalents at beginning of year .....................................       279,176         77,409
                                                                                       -----------    -----------
Cash and cash equivalents at end of year ...........................................   $   643,346    $   279,176
                                                                                       ===========    ===========

Supplemental cash flow disclosures:
Cash paid during the year for interest .............................................   $    81,071    $    15,634
Non-cash investing and financing activities:
Common stock issued for stock subscription receivable ..............................   $   324,000    $        --
Cashless exercise of stock warrants ................................................         4,888             --
Conversion of director advance into common stock ...................................            --         12,000
</TABLE>

See accompanying notes to consolidated financial statements.



<PAGE>

                       CORVU CORPORATION AND SUBSIDIARIES

                   Notes to Consolidated Financial Statements

                             June 30, 2003 and 2002

(1) DESCRIPTION OF BUSINESS AND CONSOLIDATED FINANCIAL STATEMENT PRESENTATION

(A) ORGANIZATION

CorVu  Corporation  (the  Company  or CorVu)  is an  international  provider  of
Integrated Business Intelligence and Business Performance  Management Solutions.
The Company designs, develops,  markets, and supports its proprietary management
software solutions. CorVu is a Minnesota corporation.

The  Company's  products  and services are sold through both direct and indirect
channels.  Sales and support  offices are located in the United  States  (U.S.),
Australia, and United Kingdom/Europe.

(B) BASIS OF CONSOLIDATED FINANCIAL STATEMENT PRESENTATION

The accompanying  consolidated  financial statements include the accounts of the
Company  and  its  wholly   owned   subsidiaries.   Intercompany   accounts  and
transactions have been eliminated in consolidation.

(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(A) REVENUE RECOGNITION

The  Company  recognizes  revenues  in  accordance  with the  provisions  of the
American Institute of Certified Public  Accountants  Statement of Position (SOP)
97-2,  "Software  Revenue  Recognition," as amended by SOP 98-4 and SOP 98-9, as
well as  Technical  Practice  Aids  issued  from  time  to time by the  American
Institute of Certified Public Accountants, and in accordance with the Securities
and Exchange Commission Staff Accounting Bulletin No. 101, "Revenue  Recognition
in Financial Statements."

Software  license revenue is recognized when all of the following  criteria have
been met: there is an executed license agreement, software has been delivered to
the  customer,  the  license  fee is fixed and  payable  within  twelve  months,
collection  is deemed  probable and product  returns are  reasonably  estimable.
Revenues related to multiple element  arrangements are allocated to each element
of the  arrangement  based on the fair values of elements  such as license fees,
maintenance, and professional services. Fair value is determined based on vendor
specific objective  evidence.  Maintenance  revenues are recognized ratably over
the term of the maintenance contract,  typically 12 to 36 months. Consulting and
other revenues are recognized when services are performed.

Deferred  revenue  represents  payment  received or amounts billed in advance of
services to be performed. Billing occurs within 30 days of scheduled performance
of services.

(B) RESEARCH AND DEVELOPMENT

Expenditures  for software  research and  development  are expensed as incurred.
Such  costs are  required  to be  expensed  until the point  that  technological
feasibility of the software is established.

Technological   feasibility  is  determined  after  a  working  model  has  been
completed.  The Company's  software  research and  development  costs  primarily
relate  to  software  development  during  the  period  prior  to  technological
feasibility  and are  expensed as  incurred.  During  fiscal  2003 and 2002,  no
software development costs were capitalized.


<PAGE>

(C) COMPREHENSIVE INCOME

Comprehensive  income  represents the change in stockholders'  deficit resulting
from other than stockholder  investments and  distributions.  Accumulated  other
comprehensive  income (loss) in the  consolidated  statements  of  stockholders'
deficit is solely  comprised of the  accumulated  foreign  currency  translation
adjustment.

Comprehensive income and its components consist of the following:


                                   2003           2002
                               -----------    -----------
Net income .................   $ 3,682,928        449,531
Other comprehensive
 income (loss):
Foreign currency translation
   adjustment ..............      (661,871)      (263,195)
                               -----------    -----------
Comprehensive income .......   $ 3,021,057    $   186,336
                               -----------    -----------

(D) FOREIGN CURRENCY TRANSLATION

The functional  currency of the Company's  subsidiaries  is the local  currency.
Accordingly, the Company translates all assets and liabilities into U.S. dollars
at current rates. Revenues,  costs, and expenses are translated at average rates
during each reporting period. Gains and losses resulting from the translation of
the  consolidated  financial  statements are excluded from results of operations
and are  reflected  as a  translation  adjustment  and a separate  component  of
stockholders' deficit.

Gains and losses resulting from foreign currency  transactions are recognized in
the consolidated statement of operations in the period they occur.

(E) NET INCOME PER COMMON SHARE

Basic net income per common  share is  computed  by  dividing  net income by the
weighted average number of common shares outstanding during the period.  Diluted
net income per common  share is computed by dividing  net income by the weighted
average number of common shares  outstanding  plus all  additional  common stock
that would have been outstanding if potentially dilutive common stock related to
stock   options  and  warrants  had  been  issued.   Weighted   average   shares
outstanding-diluted  includes 674,570 and 746,018 shares of dilutive  securities
for the years ended June 30, 2003 and 2002, respectively.


<PAGE>




Following is a  reconciliation  of basic and diluted net income per common share
for the years ended June 30, 2003 and 2002, respectively:



                                              2003          2002
                                           ----------    ----------
Net income                                $ 3,682,928       449,531

Weighted average shares outstanding        22,197,804    20,413,148

Net income per common share--basic        $      0.17          0.02

Net income per common share -- diluted:

Net income                                $ 3,682,928       449,531

Weighted average shares outstanding        22,197,804    20,413,148

Common stock equivalents                      674,570       746,018

Weighted average shares and potential
   diluted shares outstanding              22,872,374    21,159,166

Net income per common share-- Diluted     $      0.16          0.02



The Company uses the treasury  method for calculating the dilutive effect of the
stock options and warrants (using the average market price).

Options and warrants to purchase  4,145,575 and 5,236,890 shares of common stock
with a weighted  average  exercise price of $2.25 and $1.88 were  outstanding at
June 30, 2003 and 2002, respectively,  but were excluded from the computation of
common  share  equivalents  for the years ended June 30,  2003 and 2002  because
their  exercise  prices were greater than the average market price of the common
shares.

(F) STOCK-BASED COMPENSATION

In accordance with Accounting  Principles Board (APB) Opinion No. 25 and related
interpretations, the Company uses the intrinsic value-based method for measuring
stock-based compensation cost which measures compensation cost as the excess, if
any, of quoted market price of the Company's common stock at the grant date over
the amount the employee must pay for the stock. The Company's  general policy is
to grant stock options at fair value at the date of grant.  Options and warrants
issued to non-employees  are recorded at fair value, as required by Statement of
Financial  Accounting  Standards  (SFAS) No. 123,  "Accounting  for  Stock-Based
Compensation", using the Black Scholes pricing method.

Had compensation cost been recognized based on the fair values of options at the
grant dates  consistent  with the  provisions of SFAS No. 123, the Company's net
income  (loss) and basic and  diluted net income  (loss) per common  share would
have been changed to the following pro forma amounts:


<PAGE>






                                                2003              2002
                                             ------------     ------------
Net income (loss):
   As reported                               $  3,682,928        449,531
   Pro forma                                    3,490,070       (402,902)

Basic net income (loss) per common share:
   As reported                                       0.17           0.02
   Pro forma                                         0.16          (0.02)

Diluted net income (loss) per common share:
   As reported                                       0.16           0.02
   Pro forma                                         0.15          (0.02)

Stock based compensation:
   As reported                                    107,944              0
   Pro forma                                      300,802        852,433

In determining the compensation  cost of options granted during years ended June
30, 2003 and 2002,  as  specified by SFAS No. 123, the fair value of each option
grant has been  estimated  on the date of grant using the  Black-Scholes  option
pricing model and the weighted average  assumptions  used in these  calculations
are summarized as follows:



                                              2003             2002
                                          --------------   -------------
Risk-free interest rate                     2.625-4.375%      4.875-7.0%
Expected life of options granted                7 years         7 years
Expected volatility                                  84%            188%
Expected dividend yield                               0%              0%


(G) INCOME TAXES

The Company  accounts  for income  taxes using the asset and  liability  method.
Under the asset and liability  method,  deferred tax assets and  liabilities are
recognized at the enacted rates for the future tax consequences  attributable to
differences  between the financial  statement  carrying  amounts of existing tax
assets and  liabilities and their  respective tax basis.  The effect on deferred
tax assets and  liabilities  of a change in tax rate is  recognized in income in
the  period  that  includes  the  enactment  date.   Valuation   allowances  are
established when necessary to reduce deferred tax assets to the amounts expected
to be realized.

(H) SEGMENT REPORTING

The Company is an international seller of performance management software in the
United States, Australia and the United Kingdom/Europe. Management believes that
the Company meets the criteria for  aggregating  its  operating  segments into a
single reporting segment.



<PAGE>



(I) FAIR VALUE OF FINANCIAL INSTRUMENTS

The  carrying  value  of the  Company's  financial  instruments  (cash  and cash
equivalents,  trade accounts  receivable and accounts  payable) because of their
short-term nature,  approximates fair value. The carrying value of notes payable
approximates  fair value  because the current  rates  approximate  market  rates
available on similar instruments and terms.

(J) CASH AND CASH EQUIVALENTS

Cash equivalents  consist of highly liquid money market accounts carried at cost
plus accrued  interest,  which  approximates  market value. The Company deposits
cash in high credit quality  financial  institutions.  The balances at times may
exceed federally insured limits. All cash equivalents have remaining  maturities
of 90 days or less when purchased.

(K) FURNITURE, FIXTURES AND EQUIPMENT, NET

Furniture, fixtures and equipment consists of property, equipment, furniture and
computers and are stated at cost less accumulated depreciation.  Depreciation is
calculated using the straight-line method over the estimated useful lives of the
respective  assets that generally range from three to seven years.  Depreciation
expense  was  $77,401  and  $67,736  for the years ended June 30, 2003 and 2002,
respectively.

(L) ADVERTISING COSTS

Advertising   costs  are  expensed  as  incurred.   Advertising   costs  totaled
approximately  $68,000  and  $15,000 for the years ended June 30, 2003 and 2002,
respectively.

(M) BUSINESS AND CREDIT CONCENTRATIONS

Financial  instruments that potentially subject the Company to concentrations of
credit risk consist  primarily of trade accounts  receivable.  The Company sells
principally  to resellers  and end users in the United  States,  Australia,  and
United  Kingdom/Europe.  The Company performs ongoing credit  evaluations of its
customers and trade accounts receivable are unsecured.  On a periodic basis, the
Company  evaluates its accounts  receivable  based on history of past write-offs
and  collections  and current credit  conditions and  accordingly  adjusts their
allowance  for doubtful  accounts.  Past due accounts  are  determined  based on
individual  customer terms and the policy of write-offs  and collection  efforts
vary based on account  circumstances.  The Company  does not accrue  interest on
outstanding  accounts receivable  balances.  The Company had accounts receivable
from one customer that represented  approximately 12% of accounts  receivable at
June 30, 2002.

(N) IMPAIRMENT OF LONG-LIVED ASSETS AND ASSETS TO BE DISPOSED OF

Long-lived  assets  and  certain  identifiable   intangibles  are  reviewed  for
impairment  whenever  events  or  changes  in  circumstances  indicate  that the
carrying amount of an asset may not be recoverable.  Recoverability of assets to
be held and used is measured by a comparison of the carrying  amount of an asset
to future net  undiscounted  cash flows  expected to be  generated by the asset.
Assets to be disposed of are  reported  at the lower of the  carrying  amount or
fair value less costs to sell. The Company did not record any impairment charges
for the years ended June 30, 2003 and 2002.



<PAGE>



(O) USE OF ESTIMATES

The  preparation  of  consolidated   financial  statements  in  conformity  with
accounting  principles  generally  accepted  in the  United  States  of  America
requires  management to make estimates and assumptions  that affect the reported
amounts of assets and liabilities and disclosure of those assets and liabilities
at the date of the financial statements and the reported amounts of revenues and
expenses during the reporting  period.  A change in the facts and  circumstances
surrounding these estimates could result in a change to the estimates and impact
future operating results.


(3) STOCK OPTIONS AND WARRANTS

The Company's  1996 Stock Option Plan (the Plan) provides for the issuance of up
to an aggregate of 4,000,000 shares of common stock to employees, directors, and
consultants.  The Plan provides for the issuance of incentive  and  nonqualified
stock options.

Under the Plan, the exercise price for incentive  stock options is at least 100%
of the fair  market  value on the date of the  grant.  The  exercise  price  for
incentive stock options is at least 110% of the fair market value on the date of
the grant for persons  with  greater than 10% of the voting power of all classes
of stock.  Options  generally  expire in seven years;  however,  incentive stock
options may expire in five years if the optionee  owns stock  representing  more
than 10% of the  voting  power of all  classes  of stock.  Vesting  periods  are
determined by a compensation  committee  appointed by the board of directors and
generally provide for shares to vest ratably over three years.

Under Statement of Financial  Accounting Standards (SFAS) No. 123 Accounting for
Stock-Based  Compensation,  the weighted  average  estimated fair value of stock
options  granted at exercise  price  equal to market  price of grant date during
2003 and 2002 was $0.35 and $0.46 per share, respectively.

The activity for the Plan is summarized as follows:



<TABLE>
<CAPTION>
                                                                     WEIGHTED-
                                                                  AVERAGE EXERCISE
                                                  OPTIONS         PRICE PER SHARE
                                             -------------------  ------------------
<S>                                                   <C>          <C>
Outstanding at June 30, 2001 ............             3,539,666    $           2.64
   Granted ..............................               727,750                0.47
   Exercised ............................                    --                  --
   Forfeited.............................              (937,413)               1.66
                                             -------------------   -----------------
Outstanding at June 30, 2002 ............             3,330,003    $           1.19
   Granted ..............................               397,000                0.45
   Exercised ............................               (66,734)               0.29
   Forfeited.............................              (259,143)               0.98
                                             -------------------   -----------------
Outstanding at June 30, 2003.............             3,401,126    $           1.13
                                             ===================   =================
Options exercisable at June 30, 2003.....             2,804,472    $           1.29
                                             ===================   =================
</TABLE>



At June 30, 2003 and 2002, the weighted  average  remaining  contractual life of
outstanding options was 4.0 and 4.7 years, respectively.



<PAGE>



Options activity outside the Plan is summarized as follows:



<TABLE>
<CAPTION>
                                                                     WEIGHTED-
                                                                  AVERAGE EXERCISE
                                                  OPTIONS         PRICE PER SHARE
                                             -------------------  ------------------
<S>                                                   <C>          <C>
Outstanding at June 30, 2001 ............             1,411,878    $           1.70
   Granted ..............................                    --                  --
   Exercised ............................                    --                  --
   Forfeited.............................               (45,001)               1.97
                                             -------------------   -----------------
Outstanding at June 30, 2002 ............             1,366,877    $           1.69
   Granted ..............................                    --                  --
   Exercised ............................                    --                  --
   Forfeited.............................               (17,438)               1.78
                                             -------------------   -----------------
Outstanding at June 30, 2003.............             1,349,439    $           1.69
                                             ===================   =================
Options exercisable at June 30, 2003.....             1,349,439    $           1.69
                                             ===================   =================
</TABLE>

At June 30, 2003 and 2002, the weighted  average  remaining  contractual life of
outstanding options was 3.0 and 4.0 years, respectively.

The following tables summarize information about stock options outstanding as of
June 30, 2003:



<TABLE>
<CAPTION>
                                     OPTIONS OUTSTANDING                            OPTIONS EXERCISABLE
                   -------------------------------------------------------- ------------------------------------
                                      WEIGHTED-AVERAGE        WEIGHTED-                            WEIGHTED-
                                          REMAINING           AVERAGE                              AVERAGE
EXERCISE                NUMBER           CONTRACTUAL         EXERCISE            NUMBER           EXERCISE
PRICES                OUTSTANDING           LIFE               PRICE           EXERCISABLE          PRICE
-----------------   -----------------  -----------------   ----------------   -----------------   --------------
<S>                          <C>                    <C>    <C>                        <C>         <C>
   $ 0.08-0.12               326,000                5.1    $          0.11            213,004     $        0.12
     0.14-0.20               271,000                4.7               0.19            233,336              0.20
     0.24-0.37               714,000                5.0               0.28            562,172              0.27
     0.38-0.42               418,000                5.8               0.40            191,000              0.39
     0.59-0.92               337,875                3.8               0.78            295,875              0.77
     1.25-1.78             1,424,939                3.3               1.39          1,399,773              1.39
     2.50-3.00             1,234,751                2.3               2.64          1,234,751              2.64
       7.00                   24,000                3.7               7.00             24,000              7.00
-----------------   -----------------  -----------------   ----------------   ----------------    --------------
   $ 0.08-7.00             4,750,565                3.8    $          1.29          4,153,911     $        1.42
=================   =================  =================   ================   ================    ==============
</TABLE>

Warrants and options issued to third parties

During  fiscal 2003,  the Company  issued two warrants to purchase up to 300,000
shares of common  stock  each  (total  600,000  shares)  at $0.37 per share to a
vendor.  The warrants are  exercisable 50% upon issuance and 50% on November 16,
2003,  through  May 2008.  One  warrant  was  issued in  exchange  for  investor
relations  services  and the other was issued in exchange  for  capital  raising
activities. The fair value of the warrants at the date of grant was estimated to
be approximately $175,000 using the Black-Scholes pricing model, with a total of
$43,750 expensed in the 2003 consolidated statement of operations. The remaining
$131,250 is included as deferred  compensation  in the 2003 balance  sheet.  The
following assumptions were used to calculate the expense:  dividend yield of 0%;
expected  volatility of 84%; risk-free interest rate of 2.62%; and expected life
of five years.


<PAGE>

During 2002,  the Company  issued a warrant to purchase  10,000 shares of common
stock at $0.26 per share to a vendor.  The warrant is exercisable  from the date
of grant  through  May 2007.  The fair value of the warrant at the date of grant
was estimated to be approximately  $1,500 using the Black-Scholes  pricing model
which  was  expensed  in the 2002  consolidated  statement  of  operations.  The
following assumptions were used to calculate the expense:  dividend yield of 0%;
expected  volatility of 60%;  risk-free interest rate of 5.0%; and expected life
of five years.

As of June 30, 2003,  warrants to purchase a total of 1,967,342 shares of common
stock were  outstanding at exercise  prices ranging from  $0.15-$7.00 per share,
expiring through June 2008.

Information regarding the Company's warrants is summarized below:



                                                                     WEIGHTED-
                                                                     AVERAGE
                                                                     EXERCISE
                                                                    PRICE PER
                                                 NUMBER               SHARE
                                              -------------        ------------
Outstanding at June 30, 2001 .............       3,797,099         $      5.11
   Granted ...............................          10,000                0.26
   Exercised .............................              --                  --
   Forfeited..............................      (1,954,339)               8.00
                                              -------------        ------------
Outstanding at June 30, 2002 .............       1,852,760         $      2.04
   Granted ...............................         733,332                0.34
   Exercised .............................        (506,250)               0.01
   Forfeited..............................        (112,500)               1.04
                                              -------------        ------------
Outstanding at June 30, 2003..............       1,967,342         $      1.98
                                              =============        ============


(4) INCOME TAXES

The Company has incurred cumulative net operating losses since inception.

The income tax benefit  differed  from the amount  computed by applying the U.S.
federal  income tax rate of 34% to income before income taxes as a result of the
following:



<TABLE>
<CAPTION>
                                                                     2003         2002
                                                                 -------------  ----------
<S>                                                                      <C>         <C>
Federal statutory tax rate benefits..........................            34.0%       34.0%
State tax, net of federal benefit............................             2.0         4.0
Reduction of net operating losses............................           100.0          --
Benefits related to foreign operations.......................            (5.5)      (18.1)
Change in valuation allowance................................          (377.6)      (34.2)
Permanent differences and other..............................             2.2        14.3%
                                                                 -------------  ----------
Effective tax rate...........................................          (244.9)%        --%
                                                                 =============  ==========
</TABLE>

<PAGE>


The tax effect of temporary  differences that give rise to significant  portions
of the deferred tax assets as of June 30 is presented below (in thousands):



<TABLE>
<CAPTION>
                                                                     2003          2002
                                                                 ------------- -------------
Deferred income tax assets:
<S>                                                              <C>           <C>
   Foreign net operating loss carryforwards..................    $       2,376 $      2,531
   U.S. and state net operating loss carryforwards and
     credits.................................................            2,066        3,375
   Miscellaneous reserves and accruals.......................              337          291
                                                                 ------------- -------------
        Total gross deferred tax assets......................            4,779        6,197
Less: Valuation allowance....................................           (2,164)      (6,197)
                                                                 ------------- -------------
        Net deferred income tax assets.......................    $       2,615 $         --
                                                                 ============= =============
</TABLE>

In  assessing  the  realization  of deferred  tax assets,  management  considers
whether it is more likely than not that some  portion or all of the deferred tax
assets will not be realized.  The ultimate realization of deferred tax assets is
dependent  upon the  generation of future  taxable  income during the periods in
which those temporary differences become deductible.

Based on the  level of  historical  taxable  income  and  projections  of future
taxable income over the periods in which the deferred tax assets are deductible,
during  2003,  the  Company  recorded  a  deferred  tax asset of  $2,615,000.  A
valuation  allowance  has been  provided for the  remaining  deferred tax assets
related to certain foreign net operating loss carryforwards as of June 30, 2003.
As of June 30, 2002,  the Company fully  reserved for the deferred tax assets as
of that date.

As of  June  30,  2003,  the  Company  has  reported  U.S.  net  operating  loss
carryforwards of approximately $5,480,000.  The net operating loss carryforwards
expire in the years 2010 through 2021.

Federal tax laws  impose  significant  restrictions  on the  utilization  of net
operating  loss  carryforwards  in the  event of a change  in  ownership  of the
Company  that  constitutes  an  "ownership  change," as defined by the  Internal
Revenue Code,  Section 382. The Company's net operating loss carryforward may be
subject to the above limitations.

(5) COMMITMENTS AND CONTINGENCIES

OPERATING LEASES

The  Company  leases  certain  facilities  and  equipment  under   noncancelable
operating leases that expire at various dates through 2008. Future minimum lease
commitments under these operating leases are as follows:


YEAR ENDING JUNE 30:
--------------------
2004................................    $         555,000
2005................................              438,000
2006................................              337,000
2007................................              308,000
2008................................              150,000
                                        ------------------
                                        $       1,788,000
                                        ==================


<PAGE>

Rent expense under  operating  leases for the years ended June 30, 2003 and 2002
were $915,000 and $744,000, respectively.

LEGAL PROCEEDINGS

The Company is involved in legal actions in the ordinary course of its business.
Although the outcome of any such legal actions  cannot be predicted,  management
believes  that there are no pending legal  proceedings  against or involving the
Company for which the outcome is likely to have a material  adverse  effect upon
the Company's financial position, results of operations, or cash flow.

In October  2002,  the Company was named as a defendant in a lawsuit  brought by
the  bankruptcy  trustee of the subsidiary  corporation of a customer.  The suit
claims the Company received a fraudulent payment as defined in the United States
Bankruptcy  Code.  During 1999, the Company sold and installed  software for the
customer.  Subsequently,  the Company received  payment  totaling  approximately
$160,000 from the customer's subsidiary  corporation.  No assurance can be given
on the outcome of this suit. The Company and its legal counsel  believe that the
Company has  meritorious  defenses to the action.  The trustee in bankruptcy has
filed a suit  seeking  the return of the  $160,000  on the theory that the party
making the payment (the  subsidiary  corporation  of the  customer)  received no
benefit from the transaction.

(6) NOTES PAYABLE- STOCKHOLDER

The Company has received interest-bearing advances from a stockholder under term
notes.  The notes bear  interest at 8.5% per annum and expire  December 31, 2006
with the right to demand  payment on or after  September 30, 2004. The notes are
secured by substantially all the assets of the Company. Balances due under these
notes were  approximately  $686,000 as of June 30,  2003 and 2002,  respectively
plus accrued interest of approximately  $81,000 and $73,000, as of June 30, 2003
and 2002, respectively.  These amounts have been included in accrued interest in
the accompanying balance sheets.  Interest expense was approximately $62,000 for
the years ended June 30, 2003 and 2002, respectively.

(7) LINE OF CREDIT

In April 2003,  the Company  entered  into a one-year  revolving  line of credit
agreement  with a bank  with a credit  limit  of  $300,000.  The line of  credit
carries  an  interest  rate  based on the prime  rate plus 2% (6.25% at June 30,
2003) and is secured by the assets of its  wholly-owned  subsidiary  CorVu North
America,  Inc. and is guaranteed by the Company.  The amount  outstanding  as of
June 30, 2003 was $250,000,  which is included in the accompanying  consolidated
balance  sheet.   Interest  expense  for  the  year  ended  June  30,  2003  was
approximately  $500,  which is included in interest  expense in the accompanying
consolidated statement of operations.



<PAGE>



(8) INDUSTRY SEGMENT AND OPERATIONS BY GEOGRAPHIC AREAS:

The Company operates  predominantly in one industry  segment,  being the design,
development,  support  and  marketing  of its  proprietary  management  software
solutions.  The geographic distributions of the Company's revenue and long-lived
assets are summarized in the following table:



                                              YEAR ENDED JUNE 30,
                                  --------------------------------------------
                                          2003                   2002
                                  ---------------------   --------------------
Total Revenues:
   United States...............   $          6,080,000              5,429,000
   Australia...................              5,316,000              4,150,000
   United Kingdom..............              4,321,000              2,763,000
                                  ---------------------   --------------------
                                  $         15,717,000             12,342,000
                                  =====================   ====================


Long-Lived Assets:
   United States...............   $            100,000                 28,000
   Australia...................                 26,000                 30,000
   United Kingdom..............                 35,000                 41,000
                                  ---------------------   --------------------
                                  $            161,000                100,000
                                  =====================   ====================


(9) PREFERRED STOCK

The Series A Convertible Preferred Stock ($10 par value) bears a 6.5% cumulative
dividend rate payable  January 1 and July 1 of each year. Each share of Series A
Convertible  Preferred  Stock is convertible  into eight shares of common stock.
The Holder of each share of Series A Convertible  Preferred Stock is entitled to
eight votes, subject to adjustment. Upon an involuntary or voluntary liquidation
or  dissolution  of the  Company  at any  time,  the  holders  of the  Series  A
Convertible Preferred Stock are entitled to receive a liquidation  preference of
$10 per share.  The preferred  stock may be called for redemption in whole or in
part by the Company for a redemption  price of $11.70 per share.  In March 2003,
the Company  redeemed  all 200 shares of  preferred  stock then  outstanding  by
paying the redemption price plus all accrued but unpaid dividends.

(10) CREDITOR SETTLEMENT AGREEMENT

In November 2001 the Company entered into a Stipulation of Settlement  agreement
with a creditor for  approximately  $976,000  under which the Company  agreed to
make quarterly  principal payments through December 2003, at which time it would
also pay accrued interest on the unpaid  principal  balance from the date of the
agreement to December  2003 at a rate of 9% per annum.  In the event of default,
the obligation would be accelerated, the interest rate would be increased to 15%
and legal fees in the amount of  $100,000  would  become  due.  The  Company has
granted a security  interest in the receivables of CorVu North America,  Inc. as
part of this  settlement.  As of June 30, 2003 and 2002,  the balance under this
obligation,   which  is  included  in  accounts   payable  in  the  accompanying
consolidated   balance  sheets,   was   approximately   $112,000  and  $650,000,
respectively, including accrued interest.



<PAGE>



(11) NEW ACCOUNTING PRONOUNCEMENTS

In  October  2002,  the  Financial  Accounting  Standards  Board  (FASB)  issued
Statement  of  Financial  Standards  (SFAS) No.  147,  "Acquisitions  of Certain
Financial Institutions". SFAS No. 147 is effective October 1, 2002. The adoption
of SFAS No. 147 did not have a  material  effect on the  Company's  consolidated
financial statements.

In December  2002,  the FASB issued SFAS No. 148,  "Accounting  for  Stock-Based
Compensation - Transition and Disclosure."  SFAS No. 148 is an amendment to SFAS
No. 123 providing  alternative  methods of transition for a voluntary  change to
the fair value based method of accounting for stock-based employee  compensation
and also requires  additional  disclosures  about the method of  accounting  for
stock-based  employee  compensation.  The amendments are effective for financial
statements  for fiscal years ending after  December 31, 2002 and for the interim
periods  beginning after December 15, 2002. The Company has currently  chosen to
not adopt the voluntary  change to the fair value based method of accounting for
stock-based employee compensation,  pursuant to SFAS No. 148, which, if adopted,
could have a material effect on the Company's consolidated financial statements.

In April 2003,  the FASB issued  Statement  of  Financial  Accounting  Standards
(SFAS) No. 149,  "Amendment  of  Statement  133 on  Derivative  Instruments  and
Hedging Activities," effective for contracts entered into or modified after June
30, 2003. This amendment  clarifies when a contract meets the characteristics of
a  derivative,  clarifies  when a derivate  contains a financing  component  and
amends certain other existing pronouncements.  The Company believes the adoption
of SFAS No. 149 will not have a material  effect on the  Company's  consolidated
financial statements.

In May 2003, the FASB issued Statement of Financial  Accounting Standards (SFAS)
No. 150,  "Accounting for Certain Financial  Instruments with Characteristics of
both   Liabilities  and  Equity."  SFAS  No.  150  is  effective  for  financial
instruments  entered  into or modified  after May 31,  2003,  and  otherwise  is
effective at the beginning of the first interim period  beginning after June 15,
2003. SFAS No. 150 requires the  classification  as a liability of any financial
instruments  with a mandatory  redemption  feature,  an obligation to repurchase
equity shares,  or a conditional  obligation based on the issuance of a variable
number of its equity shares. The Company does not have any financial instruments
as defined by SFAS No. 150.  The Company  believes  the adoption of SFAS No. 150
will  not  have a  material  effect  on  the  Company's  consolidated  financial
statements.

In  November  2002,  the FASB issued FASB  Interpretation  No. 45,  "Guarantor's
Accounting  and  Disclosure  Requirements  for  Guarantees,  Including  Indirect
Guarantees  of   Indebtedness   of  Others"  (FIN  45).  FIN  45  clarifies  the
requirements  for  a  guarantor's  accounting  for  and  disclosure  of  certain
guarantees  issued  and  outstanding.   The  initial   recognition  and  initial
measurement provisions of FIN 45 are applicable to guarantees issued or modified
after December 31, 2002. The disclosure requirements of FIN 45 are effective for
financial statements for periods ending after December 15, 2002. The adoption of
FIN 45 did not impact the Company's consolidated financial statements.

In January 2003, the FASB issued FASB  Interpretation No. 46,  "Consolidation of
Variable  Interest  Entities"  (FIN 46). FIN 46 states that  companies that have
exposure to the economic  risks and  potential  rewards  from  another  entity's
assets  and  activities  have a  controlling  financial  interest  in a variable
interest entity and should consolidate the entity,  despite the absence of clear
control through a voting equity interest.  The consolidation  requirements apply
to all variable  interest  entities created after January 31, 2003. For variable
interest  entities  that existed  prior to February 1, 2003,  the  consolidation
requirements  are effective for annual or interim  periods  beginning after June
15, 2003.  Disclosure of significant  variable  interest entities is required in
all financial  statements issued after January 31, 2003,  regardless of when the
variable  interest was created.  The Company does not expect the adoption of FIN
46 to have a material impact on the Company's consolidated financial statements.

(12) PROFIT SHARING AND 401(K) RETIREMENT PLAN

The  Company  has a  pre-tax  salary  reduction/profit  sharing  plan  under the
provisions of Section 401(k) of the Internal  Revenue Code that covers employees
meeting  certain  eligibility  requirements.   Any  employer  contributions  are
discretionary.  There were no Company contributions for the years ended June 30,
2003 and 2002.


<PAGE>

(13) CONSULTING AGREEMENT

In  September  2002,  the  Company  entered  into a  consulting  agreement  with
GlobalNet Venture Partners,  L.L.C.  (GlobalNet) to provide management  advisory
services for a period of 30 months. In exchange for these services,  the Company
paid  GlobalNet  a fee of $26,500 per month.  In  addition,  GlobalNet  can earn
additional  fees under the agreement as a result of its involvement in obtaining
financing and for introducing and developing strategic  partnerships that result
in revenue to the Company.  The agreement can be terminated by either party upon
60 days  written  notice.  As part of the  services  to be  provided  under this
agreement, a principal of GlobalNet agreed to serve as the Company's Chairman of
the Board for a period of 24 months. See Note 15- Subsequent Events.

(14) STOCK PURCHASE

In September  2002, the Company sold 1.2 million shares of the Company's  common
stock  to  GlobalNet  at a price  of  $0.27  per  share  under a stock  purchase
agreement.  GlobalNet paid the entire  purchase price by delivering a promissory
note to the Company and pledged the stock  purchased  as security  for the note.
The note,  which expires in September  2009,  bears an interest rate of 5.5% per
annum  through  September 2, 2009,  with  interest  payable  quarterly  starting
September 30, 2002. The note is a limited  recourse note in that in the event of
non-payment, the Company's only recourse is against the pledged shares. See Note
15- Subsequent Events.

(15) SUBSEQUENT EVENTS (UNAUDITED)

On July 30,  2003,  the Company  entered  into a  restructuring  agreement  with
GlobalNet pursuant to which GlobalNet ceased to provide  consulting  services to
the Company. As part of the restructuring  agreement, the principal of GlobalNet
who was  serving  as the  Company's  Chairman  of the Board  resigned  from that
position  effective July 31, 2003. In addition,  the Company  purchased  560,000
shares of the Company's common stock that was previously held by GlobalNet for a
price of $0.27 per  share by  canceling  $151,200  of the  promissory  note that
existed  between  the two  parties  and  adjusting  the  balance  of the note to
$172,800.

Under separate agreements,  the Company has the option to purchase up to 440,000
shares at a price of $0.62 per share from  GlobalNet on or before  September 15,
2003.  The Company would pay for these shares by reducing the principal  balance
of the  promissory  note held by  $118,800  and making  cash  payments  totaling
$154,000. In addition,  for the remaining 200,000 shares of common stock held by
GlobalNet, the Company has the option to convert those shares into 112,903 fully
paid shares by reducing the remaining  principal  balance  under the  promissory
note ($54,000) to zero.



                                    PART III

ITEM 11. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
         RELATED STOCK MATTERS

The following table provides  information as of August 31, 2003,  concerning the
beneficial  ownership of our Company's  common stock by (i) each director of the
company,  (ii) each executive officer named in the Summary  Compensation  Table,
(iii)  the  persons  known by us to own more than 5% of our  outstanding  common
stock,  and (iv) all  directors  and  executive  officers as a group.  Except as
otherwise  indicated,  the  persons  named in the  table  have sole  voting  and
investment power with respect to all shares of common stock owned by them.



<PAGE>

<TABLE>
<CAPTION>
        Name or Identity of Beneficial
        Owner & Management                                          Common Stock
                                          -----------------------------------------------------------------
                                                  Number of Shares(1)                       Percent
                                                Beneficially Owned                         of Class

<S>                     <C>                                <C>                                  <C>
        David C. Carlson(2)                                562,910(3)                           2.5%
        Ismail Kurdi(2)                                  1,674,492(4)                           7.5%
        Justin M. MacIntosh(2)                           9,448,488(5)                          40.8%
        James L. Mandel(2)                                 254,061(6)                           1.1%
        Alan M. Missroon, Jr.(2)                           484,677(7)                           2.1%
        Directors and executive
           officers as a group                          12,424,628(8)                          51.8%

        Troy Rollo (9)                                   1,124,867(10)                          5.0%
        Opella Holdings Limited(11)                      7,541,733(12)                         34.0%
        Dominic K.K. Sum(11)                             7,541,733(13)                         34.0%
        ---------------------------------------------------------------------------------------------------
</TABLE>

------------------
*Less than 1%

(1)      For each person or group,  any securities  that the person or group has
         the right to acquire  within 60 days  pursuant  to  options,  warrants,
         conversion  privileges  or other  rights,  have been added to the total
         amount of outstanding shares when determining the percent owned by such
         person or group.

(2)      Address: 3400 West 66th Street, Suite 445, Edina, MN 55435.

(3)      Mr. Carlson's  beneficial ownership includes 392,500 shares that may be
         purchased upon exercise of options.  Mr. Carlson  disclaims  beneficial
         ownership of 194,444 of the shares that may be purchased  upon exercise
         of  options  because  the  pecuniary   interest  in  these  shares  was
         transferred to his ex-spouse under a divorce decree from January 2003.

(4)      Mr. Kurdi's  beneficial  ownership  includes  45,000 shares that may be
         purchased upon exercise of options.

(5)      Mr.  MacIntosh's  beneficial  ownership  includes (i) 7,541,733  shares
         registered in the name of Barleigh Wells Limited (see also footnotes 12
         and 13),  (ii) 940,000  shares that may be purchased  upon  exercise of
         options held by Mr.  MacIntosh,  and (iii)  250,744  shares held by Mr.
         MacIntosh's  spouse  and  a  company  controlled  by  his  spouse.  Mr.
         MacIntosh  disclaims  beneficial  ownership  of the shares owned by his
         spouse.

(6)      Mr. Mandel's  beneficial  ownership includes (i) 80,000 shares that may
         be  purchased  upon  exercise  of options  held by Mr.  Mandel and (ii)
         15,350  shares  held  by Mr.  Mandel's  spouse.  Mr.  Mandel  disclaims
         beneficial ownership of the shares owned by his spouse.

(7)      Mr. Missroon's beneficial ownership includes 355,000 shares that may be
         purchased upon exercise of stock options.

(8)      Includes  1,812,500 shares that may be purchased upon exercise of stock
         options.

(9)      Address: c/o CorVu Australasia Pty. Ltd., Level 4, 1 James Place, North
         Sydney, NSW 2060, AUSTRALIA.

(10)     Mr. Rollo's  beneficial  ownership  includes 142,542 shares that may be
         purchased upon exercise of stock options.


<PAGE>

(11)     Address: c/o Tempio Corporate Consultants Limited,  Suite 701, 7/F, 6-8
         Pottinger Street, Central, HONG KONG.

(12)     Opella Holdings Limited as trustee of The Asia Pacific Technology Trust
         is the beneficial  owner of 7,541,733 shares of Common Stock registered
         in the name of Barleigh  Wells  Limited as street name  holder.  Opella
         Holdings  Limited  shares  beneficial  ownership of the shares with Mr.
         MacIntosh (see footnote 5) and Mr. Sum (see footnote 13).

(13)     Mr.  Sum is the  sole  shareholder  of  Opella  Holdings  Limited  (see
         footnote 12). The director of Opella  Holdings  Limited is Pio Services
         Limited  whose sole  shareholder  is Tempio Group of Companies  Limited
         which in turn is wholly owned by Mr. Sum. Pio Services  Limited has two
         directors, one of which is Mr. Sum.


ITEM 13. EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits.

                  See "Exhibit Index"  immediately  following the signature page
                  of this Form 10-KSB/A-1.

         (a)      Reports on Form 8-K.

                  None



                                   SIGNATURES

         In  accordance  with  Section  13 or 15(d)  of the  Exchange  Act,  the
Registrant has caused this Report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                                     CORVU CORPORATION



Dated:  November 10, 2003                            By: /s/ Justin M. MacIntosh
                                                         -----------------------
                                                         Justin M. MacIntosh
                                                         Chief Executive Officer


<PAGE>

                                CORVU CORPORATION
                                EXHIBIT INDEX FOR
              FORM 10-KSB/A-1 FOR FISCAL YEAR ENDED JUNE 30, 2003

Exhibit
Number                                 Description
-----------     ----------------------------------------------------------------

        2       Agreement and Plan of  Reorganization  between CorVu Corporation
                and  Minnesota   American,   Inc.   dated  as  of  November  17,
                1999--incorporated  by  reference  to Exhibit 2 to  Registrant's
                Form 10-SB, File No. 000-29299

        3.1     Articles  of  Incorporation  of the  Registrant  as  amended  to
                date--incorporated  by reference to Exhibit 3.1 to  Registrant's
                Form 10-SB, File No. 000-29299

        3.2     Bylaws--incorporated   by   reference  to  Exhibit  3.2  to  the
                Registrant's Form 10-SB, File No. 000-29299

        4       Rights of Holders of Series A Convertible  Preferred  Stock--see
                Article 3 of Articles of Incorporation (Exhibit 3.1)

        10.1    Subscription  Agreement and Letter of Investment  Intent,  dated
                April  27,   1999,   from  Ismail   Kurdi,   accepted  by  CorVu
                Corporation,  to  Purchase  150,000  Shares of Common  Stock and
                Warrants to  Purchase  150,000  Shares of Common  Stock of CorVu
                Corporation,  including  Warrant  to  Ismail  Kurdi to  Purchase
                150,000      Shares     of     Common     Stock     of     CorVu
                Corporation--incorporated   by  reference  to  Exhibit  10.1  to
                Registrant's Form 10-SB, File No. 000-29299

        10.2    Subscription  Agreement and Letter of Investment  Intent,  dated
                June 30, 1999, from Ismail Kurdi, accepted by CorVu Corporation,
                to  Purchase  125,000  Shares of Common  Stock and  Warrants  to
                Purchase  125,000  Shares of Common Stock of CorVu  Corporation,
                including  Warrant to Ismail Kurdi to Purchase 125,000 Shares of
                Common Stock of CorVu  Corporation--incorporated by reference to
                Exhibit 10.2 to Registrant's Form 10-SB, File No. 000-29299

        10.3    Subscription  Agreement and Letter of Investment  Intent,  dated
                June 30, 1999, from Ismail Kurdi to Subscribe for 395,000 Shares
                of Common Stock of CorVu  Corporation in full  satisfaction  and
                payment of cash  advances--incorporated  by reference to Exhibit
                10.3 to Registrant's Form 10-SB, File No. 000-29299

        10.4*   Employment  Agreement  between  Registrant and Justin MacIntosh,
                dated July 1, 1999--incorporated by reference to Exhibit 10.4 to
                Registrant's Form 10-SB, File No. 000-29299

        10.5*   Employment  Agreement  between  Registrant and David C. Carlson,
                dated July 15, 1996 and amended July 20,  1999--incorporated  by
                reference to Exhibit 10.5 to Registrant's  Form 10-SB,  File No.
                000-29299

        10.6*   Employment  Agreement  between  Registrant and Alan M. Missroon,
                dated January 2, 1997--incorporated by reference to Exhibit 10.6
                to Registrant's Form 10-SB, File No. 000-29299

        10.7    Lease Agreement  between United  Properties  Investment LLC. and
                CorVu Corporation for premises at 3400 West 66th Street,  Edina,
                Minnesota-incorporated   by   reference   to  Exhibit   10.7  to
                Registrant's  Form  10-KSB  for the  fiscal  year ended June 30,
                2002, File No. 000-29299

        10.8    Commercial  Lease between  Viestall  Pty. and CorVu  Australasia
                Pty. Ltd.,  dated April 15, 1999, for the premises at Level 4, 1
                James Place, North  Sydney-incorporated  by reference to Exhibit
                10.8 to Registrant's Form 10-SB, File No. 000-29299


<PAGE>

        10.9    Underlease  between  Michael  John  Haynes,  Raymond John Evans,
                Terrance  Guy  Hawker  and CorVu PLC and CorVu  Corporation  for
                premises   at   Craven   House,   40   Uxbridge   Road,   London
                W5--incorporated  by reference  to Exhibit 10.9 to  Registrant's
                Form 10-SB, File No. 000-29299

        10.10   Loan Agreement  between CorVu  Australasia  Pty Ltd, CorVu North
                America,  Inc.,  CorVu PLC and  Integral  Business  Finance Pty.
                Limited--incorporated   by   reference   to  Exhibit   10.10  to
                Registrant's Form 10-SB, File No. 000-29299

        10.11*  Specific  and  Floating  Charge / Deed of Charge  between  CorVu
                Australasia  Pty  Ltd.  and  Integral   Business   Finance  Pty.
                Limited--incorporated   by   reference   to  Exhibit   10.11  to
                Registrant's Form 10-SB, File No. 000-29299

        10.12   Letter  Agreement   between  CorVu  Corporation  and  Jon  Adams
                Financial Co.,  L.L.P.,  dated 12 May, 1999, as amended  October
                27,   1999-incorporated   by  reference  to  Exhibit   10.12  to
                Registrant's Form 10-SB, File No. 000-29299

        10.13   Bridge  Loan  Agreement  dated as of November  15, 1999  between
                CorVu  Corporation and Gildea  Management  Company - The Network
                Funds,  including  Subordinated Unsecured Convertible Promissory
                Note for  $250,000,  and  Warrant  for up to  250,000  Shares of
                Common  Stock  of CorVu  Corporation,  both as of  November  15,
                1999--incorporated by reference to Exhibit 10.13 to Registrant's
                Form 10-SB, File No. 000-29299

        10.14   Bridge  Loan  Agreement  dated as of November  15, 1999  between
                CorVu  Corporation  and  Calton,  Inc.,  including  Subordinated
                Unsecured Convertible  Promissory Note for $250,000, and Warrant
                for up to 250,000  Shares of Common Stock of CorVu  Corporation,
                both as of  November  15,  1999--incorporated  by  reference  to
                Exhibit 10.14 to Registrant's Form 10-SB, File No. 000-29299

        10.15*  CorVu  Corporation  1996 Stock Option Plan,  as amended  through
                November  30,  1999 and  approved by the  shareholders  at their
                meeting  on  January  13,  2000--incorporated  by  reference  to
                Exhibit 10.15 to Registrant's Form 10-SB, File No. 000-29299

        10.16*  Minnesota  American,  Inc. 1993 Stock  Incentive Plan as amended
                and approved by the shareholders at their meeting on January 30,
                1996--incorporated by reference to Exhibit 10.16 to Registrant's
                Form 10-SB, File No. 000-29299

        10.17*  Amendment to Employment  Agreement between CorVu Corporation and
                Justin  MacIntosh,   dated  January  1,   2001--incorporated  by
                reference to Exhibit 10.16 to  Registrant's  Form 10-KSB for the
                fiscal year ended June 30, 2001, File No. 000-29299

        10.18   Letter  Agreement dated June 19, 2002 between CorVu  Corporation
                and GlobalNet Venture Partners, LLC-incorporated by reference to
                Exhibit  10.7 to  Registrant's  Form  10-KSB for the fiscal year
                ended June 30, 2002, File No. 000-29299

        10.19   Stock  Purchase  Agreement  dated June 19,  2002  between  CorVu
                Corporation and GlobalNet Venture Partners, LLC--incorporated by
                reference  to Exhibit A to  Schedule  13D of  GlobalNet  Venture
                Partners, LLC filed September 19, 2002

        10.20   Amendment  dated  September 3, 2002 to Stock Purchase  Agreement
                dated June 19, 2002  between  CorVu  Corporation  and  GlobalNet
                Venture Partners, LLC--incorporated by reference to Exhibit B to
                Schedule 13D of GlobalNet Venture Partners,  LLC filed September
                19, 2002


<PAGE>

        10.21   Secured Promissory Note dated September 3, 2002 in the principal
                amount of $324,000 from GlobalNet Venture Partners, LLC to CorVu
                Corporation--incorporated  by reference to Exhibit C to Schedule
                13D of GlobalNet Venture Partners, LLC filed September 19, 2002

        10.22   Pledge  Agreement  dated  September  3, 2002  between  GlobalNet
                Venture  Partners,  LLC and  CorVu  Corporation-incorporated  by
                reference  to Exhibit D to  Schedule  13D of  GlobalNet  Venture
                Partners, LLC filed September 19, 2002

        10.23*  Amendment   No.  2  to   Employment   Agreement   between  CorVu
                Corporation and Justin MacIntosh, dated February 28, ** 2003

        21**    Subsidiaries of CorVu Corporation

        23**    Consent of Independent Auditors - Virchow, Krause & Company, LLP

        24**    Power of  Attorney  (contained  on  Signature  Page of this Form
                10-KSB)

        31.1*** Certification of Chief Executive Officer Pursuant to Section 302
                of the Sarbanes-Oxley Act of 2002

        31.2*** Certification of Chief Financial Officer Pursuant to Section 302
                of the Sarbanes-Oxley Act of 2002

        32***   Certification  of Chief  Executive  Officer and Chief  Financial
                Officer  Pursuant  to Section 906 of the  Sarbanes-Oxley  Act of
                2002



-----------------
*       Indicates a  management  contract or  compensatory  plan or  arrangement
        required to be filed as an exhibit.
**      Previously  filed on  September  18, 2003 as exhibits to the Form 10-KSB
        for year ended June 30, 2003.
***     Filed herewith.