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                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                              FORM 10-KSB/A (NO. 1)

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

                     FOR THE FISCAL YEAR ENDED JUNE 30, 2001

                         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:  $12,151,063

The aggregate market value of the Common Stock held by nonaffiliates of the
Registrant as of September 15, 2001 was approximately $797,000 based upon the
closing price of the Registrant's Common Stock on such date.

There were 20,157,781 shares of Common Stock outstanding as of September 15,
2001.

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

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None

Transitional Small Business Disclosure Format (check one).  YES      NO  X
                                                               -----   -----

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This Form 10-KSB/A is being filed to amend (i) the Summary Compensation Table
contained in Item 10 of Part III, and (ii) Item 12 of Part III.


                                    PART III


ITEM 10. EXECUTIVE COMPENSATION

SUMMARY COMPENSATION TABLE

         The following table sets forth all cash compensation paid or to be paid
by CorVu, as well as certain other compensation, paid or accrued, during each of
CorVu's last three fiscal years to the Chief Executive Officer and to the other
executive officers whose total annual salary and bonus paid or accrued during
fiscal year 2001 exceeded $100,000.

<Table>
<Caption>
                                                                                  Long Term Compensation
                                                                           -------------------------------------
                                                                                    Awards             Payouts
                                                                           -------------------------------------
                                             Annual Compensation           Restricted    Securities     LTIP         All Other
    Name and Principal                       -------------------              Stock      Underlying    Payouts     Compensation
       Position              Fiscal   Salary ($)   Bonus ($)    Other ($)   Awards ($)   Options ($)     ($)            ($)
--------------------------- -------- ------------ ----------- ------------ ------------ ------------- ---------- ------------------
<S>                          <C>       <C>          <C>           <C>          <C>        <C>            <C>            <C>
Justin M.                    2001      276,800        --          --           --          40,000        --             --
MacIntosh(1)(2)              2000      442,640        --          --           --         843,750        --             --
  Chairman and Chief         1999      412,000        --          --           --            -           --             --
  Executive Officer

David C. Carlson             2001      115,000      13,500        --            --        125,000        --             --
  Chief Financial            2000      115,000      52,000        --            --         90,000        --             --
  Officer                    1999      100,000        --                        --         45,000        --             --

Alan M. Missroon             2001      150,000      20,000        --            --        125,000        --             --
  Vice President             2000      150,000      80,000        --            --         53,750        --             --
  of Marketing               1999      124,500        --          --            --         11,250        --             --
</Table>

(1)      Includes salary from CorVu Australasia Pty. Ltd.
(2)      $242,000 of fiscal 2000 and 2001 salary amounts were subsequently
forgiven by Mr. MacIntosh as part of his amended employment contract.

OPTION GRANTS DURING 2001 FISCAL YEAR

         The following table provides information regarding stock options
granted during fiscal 2001 to the named executive officers in the Summary
Compensation Table. The Company has not granted any stock appreciation rights.

<Table>
<Caption>
                                Number of Shares         Percent of Total        Exercise or
                               Underlying Options       Options Granted to       Base Price
Name                              Granted (1)         Employees in Fiscal Year    Per Share       Expiration Date
---------------------------- ----------------------- ------------------------- ---------------- --------------------
<S>                                <C>                        <C>                   <C>              <C>   <C>
Justin M. MacIntosh                40,000 (1)                 1.87%                 $0.20            02/09/08
David C. Carlson                   20,000 (1)                 0.90%                 $1.31            08/03/07
                                   15,000 (1)                 0.70%                 $0.59            10/12/07


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                                   30,000 (1)                 1.40%                 $0.20            02/09/08
                                   60,000 (1)                 2.80%                 $0.25            04/06/08
Alan M. Missroon                   20,000 (1)                 0.90%                 $1.31            08/03/07
                                   15,000 (1)                 0.70%                 $0.59            10/12/07
                                   30,000 (1)                 1.40%                 $0.20            02/09/08
                                   60,000 (1)                 2.80%                 $0.25            04/06/08
</Table>

(1)      Such option is exercisable in three equal annual installments
         commencing on the date of grant.

OPTION EXERCISES DURING 2001 FISCAL YEAR AND FISCAL YEAR-END OPTION VALUES

         No options were exercised by the named executive officers during fiscal
2001. The following table provides information related to the number and value
of options held at June 30, 2001:

<Table>
<Caption>
                                      NUMBER OF SECURITIES
                                     UNDERLYING UNEXERCISED                    VALUE OF UNEXERCISED IN-THE-
                                   OPTIONS AT FISCAL YEAR END               MONEY OPTIONS AT FISCAL YEAR END(1)
------------------------------ ------------------------------------- ------------------------------------------------
NAME                             EXERCISABLE       UNEXERCISABLE            EXERCISABLE             UNEXERCISABLE
------------------------------ ----------------- ------------------- --------------------------- --------------------
<S>                                 <C>               <C>                    <C>                           <C>
Justin M. MacIntosh                 688,334           251,666                $ --                          $--
David C. Carlson                    266,667           105,833                $ --                          $--
Alan M. Missroon                    230,417           104,583                $ --                          $--
</Table>

(1)      Value is calculated on the basis of the difference between the option
         exercise price and $0.15, the average of the closing bid and ask price
         on June 30, 2001, as quoted on the OTC Bulletin Board.

EMPLOYMENT AGREEMENTS

         Effective July 1, 1999, CorVu entered into a three-year employment
agreement with Justin M. MacIntosh. Pursuant to the agreement, Mr. MacIntosh
will serve as our Chairman, President and Chief Executive Officer. During the
term of the agreement, Mr. MacIntosh will be paid annual base salaries of
$330,000 for the first employment year, $380,000 for the second and $420,000 for
the third employment year. He was also granted options to purchase a total of
675,000 shares of our Company's common stock at $1.33 per share, with 225,000 of
these options vesting at the beginning of each employment year. Subsequently, on
January 1, 2001, CorVu reached an agreement with Mr. MacIntosh on an amendment
to his employment agreement. Base compensation was reduced to $180,000 per year.
In addition, Mr. MacIntosh will receive bonus compensation based on the
achievement of certain pre-determined audited annual earnings before interest
and taxes. As part of this amendment, Mr. MacIntosh agreed to forgive
approximately $242,000 of compensation owed as of December 31, 2000. Mr.
MacIntosh will participate in any retirement, welfare and other benefit program
our Company provides for its executive officers. Mr. MacIntosh will receive
payments in the amount of at least 9 monthly installments of the base salary in
effect at the time of termination if we terminate his employment without cause.
Mr. MacIntosh is subject to certain confidentiality and non-compete provisions
under the agreement.


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         Effective July 15, 1996, CorVu entered into a one-year employment
agreement with David Carlson that was amended as of July 20, 1998. Pursuant to
the agreement Mr. Carlson will serve as our Chief Financial Officer. The term of
the agreement is automatically renewed for successive one-year periods unless
the agreement has been terminated earlier. Mr. Carlson currently receives an
annual base salary in the amount of $115,000 and additional 25% quarterly bonus
payments, based on attaining quarterly business plan profits and his personal
performance. Mr. Carlson will participate in any retirement, welfare and other
benefit program our Company provides for its executive officers. Both parties to
the agreement can terminate the agreement without cause upon 60 days prior
written notice. Mr. Carlson is subject to certain confidentiality provisions
under the agreement.

         Effective January 2, 1997, CorVu entered into a one-year employment
agreement with Alan M. Missroon. The agreement is automatically renewed for
successive one year terms unless terminated earlier. Mr. Missroon receives an
annual base salary of $150,000 and additional bonuses, based on our profits. In
addition, Mr. Missroon was granted options to purchase a total of 112,500 shares
of stock of our company at $2.53 all of which have been vested. Mr. Missroon
will participate in any retirement, welfare and other benefit program our
Company provides for its executive officers. If we terminate his employment
without cause, Mr. Missroon will receive his base salary for a period of three
months after the date of termination, with an additional one month of base pay
added for each year of employment up to a maximum of six months. Mr. Missroon is
subject to certain confidentiality and non-compete provisions under the
agreement.

DIRECTORS' COMPENSATION

         For fiscal year 2001, directors who are not employees of CorVu were
compensated at the rate of $900 per month plus $900 for each Board meeting
attended and $500 for each committee meeting attended. In addition, on July 21,
2000, each nonemployee director received a five-year nonqualified option to
purchase 10,000 shares at an exercise price of $2.50 per share, which was the
market value of CorVu's common stock on the date of grant.

         For fiscal year 2002, directors who are not employees of CorVu are to
be compensated at the rate of $1,225 per month plus $1,225 for each Board
meeting attended and $500 for each committee meeting attended. In addition, on
July 11, 2001, each nonemployee director received a five-year nonqualified
option to purchase 10,000 shares at an exercise price of $0.12 per share, which
was the market value of CorVu's common stock on the date of grant.


ITEM 12. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

         Edward Adams, a director of CorVu until September 29, 2000, is a
principal of Jon Adams Financial Co., L.L.P., and president and chief executive
officer of Equity Securities Investments, Inc., a registered broker-dealer. Jon
Adams Financial Co., L.L.P. received for its services in connection with the
merger of CorVu and Minnesota American, Inc., $47,500 plus 389,031 shares of
common stock and warrants to purchase additional 185,572 shares of CorVu common
stock. Equity Securities Investments, Inc. received a commission of 7.5% plus a
non-accountable expense allowance of 1% on most of the security sales and
financing transactions of CorVu since November 1999. In March and April 2000,
CorVu sold 100,000 shares of common stock and warrants to purchase 30,000 shares
of common stock, at exercise prices ranging from


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$4 to $7, to four accredited investors for a total purchase price of $400,000.
Equity Securities Investments, Inc. received a commission of 7.5% for these
sales and a warrant to purchase up to 30,000 shares of common stock, at exercise
prices ranging from $4 to $7.

         On May 28, 1999, David Carlson, the Chief Financial Officer and a
director of CorVu, and his wife Cynthia loaned CorVu $300,000. Interest payable
was based upon a bank index rate plus 2%. CorVu paid the promissory note in full
on December 13, 1999. On March 31, 2000, Mr. Carlson and his wife loaned CorVu
$300,000. Interest payable is based upon a bank index rate plus 2%. As of June
30, 2001, the balance due under this loan was $50,000. Subsequent to June 30,
2001 the Company repaid $25,000 of this loan.

         One of the directors of CorVu, Ismail Kurdi, advanced to CorVu money at
an interest rate of 5% per annum on numerous occasions in fiscal 1997, fiscal
1998 and fiscal 1999. Mr. Kurdi advanced $150,000 on June 26, 1997, $200,000 on
October 28, 1997, and $250,000 on December 26, 1997. CorVu paid amounts of
$80,000 each back to Mr. Kurdi on January 27, 1998 and February 27, 1998. Mr.
Kurdi loaned $150,000 to CorVu on November 27, 1998, so that as of December 31,
1998, CorVu owed Mr. Kurdi the principal amount of $590,000 and interest
totaling $29,489. Mr. Kurdi advanced $200,000 to CorVu on February 26, 1999 and
$30,000 on April 14, 1999. As of June 30, 1999, outstanding loans from Mr. Kurdi
to CorVu totaled $820,000. Mr. Kurdi and CorVu agreed to convert the amount of
$790,000 into CorVu common stock, at a per share price of $2, effective June 30,
1999. On October 13, 1999, Mr. Kurdi advanced $150,000 to CorVu. On December 13,
1999, CorVu paid $30,000 to Mr. Kurdi. As of December 31, 1999, the principal
amount of $150,000 was outstanding, as well as interest in the amount of
$49,975. On January 31, 2000, we paid the principal of $150,000 back to Mr.
Kurdi. In April 2000, Mr. Kurdi exercised warrants at $.01 per share and we
reduced the amount of interest owing by the exercise price ($2,750). On February
15, 2001, Mr. Kurdi converted the interest owed on the advances ($47,871)
together with unpaid director fees ($18,500) and reimbursable travel expenses
incurred in attending Board meetings ($13,005) into 387,200 shares of common
stock at a price of $0.205, the fair market value of the stock on the date of
conversion.

         Justin M. MacIntosh, the Chairman, President, Chief Executive Officer
of CorVu and one of our Directors, and his wife advanced money to CorVu on a
regular basis. As of the end of fiscal year 2001, CorVu owed approximately
$536,000 on these advances, including accrued interest of approximately $24,000.
We intend to settle these amounts as soon as possible.

         Pierce A. McNally, a director of CorVu until September 26, 2000, is a
20% shareholder of LAC, Inc. which bought LockerMate, Inc. from Minnesota
American, Inc. prior to the merger of Minnesota American, Inc. with CorVu. The
sale of LockerMate, Inc. was one of the conditions for the closing of the
merger.


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                                   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:  March 20, 2002                By: /s/ Justin M. MacIntosh
                                          --------------------------------------
                                          Justin M. MacIntosh, Chief Executive
                                          Officer


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