**FORM
      10-QSB/A**





SECURITIES
      AND EXCHANGE COMMISSION





WASHINGTON,
      DC 20549




[X]  QUARTERLY
      REPORT PURSUANT TO SECTION 13 OR 15(d)


OF
      THE
      SECURITIES EXCHANGE ACT OF 1934


For
      Quarter Ended June 30, 2007





OR





[  
      ]  TRANSITION
      REPORT PURSUANT TO SECTION 13 OR 15(d)


OF
      THE
      SECURITIES EXCHANGE ACT OF 1934


For
      the
      Transition Period from _______ to _______





Commission
      file number 33-20432





MAGNITUDE
      INFORMATION SYSTEMS, INC.


(Exact
      Name of Registrant as Specified in its Charter)




Delaware75-2228828


(State
      or
      other Jurisdiction of  (IRS
      Employer


Incorporation
      or Organization)  Identification
      No.)





1250
      State Route 26, Branchburg, New Jersey 08876


(Address
      of Principal Executive Office) (Zip Code)





(908)
      879-2722


(Registrant’s
      telephone number including area code)





Indicate
      by check mark whether the Registrant (1) has filed all reports required to
      be
      filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
      the
      preceding 12 months (or for such shorter period that the Registrant was required
      to file such reports) and (2) has been subject to such filing requirements
      for
      the past 90 days.


Yes X   No _____





The
      number of shares of Registrant’s Common Stock, $0.0001 par value, outstanding as
      of July 31, 2007, was 231,945,681 shares.









**** **EXPLANATORY
        NOTE**
  **This
        Amendment No. 1 on Form 10-QSB/A (“Amendment”) to Magnitude Information Systems,
        Inc.’s (the “Company”) Quarterly Report on Form 10-QSB for the quarter ended
        June 30, 2007, filed with the Securities and Exchange Commission on August
        20,
        2007 (the “Form 10-QSB”), is being filed solely to expand the disclosures of the
        transactions listed in Part II, Item 2, Unregistered Sales of Equity Securities
        and Uses of Proceeds of the Amendment to provide the dates of the transactions,
        the number and type of securities issued and to insert a disclosure concerning
        an equity subscription that occurred on June 22, 2007 that was inadvertently
        not
        included in the Form 10-QSB. Except for expanding the disclosures and inserting
        the equity transaction noted above, no information included in the Form 10-QSB
        is amended by this Amendment.  This Amendment speaks only as of the date of
        the Form 10-QSB and, except as noted above, we have not undertaken to amend,
        supplement or update any information contained in the Form 10-QSB to give
        effect
        to subsequent events.**







MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARIES




INDEX











Page
              NumberPART
                1 - FINANCIAL INFORMATIONItem
                1Financial
                Statements (unaudited)Consolidated
                Balance Sheet-
                June 30, 2007
            
            3Consolidated
                Statements of Operations-
                Three and six months ended June 30, 2007 and 2006
            
            4Consolidated
                Statements of Cash Flows-
                Six months ended June 30, 2007 and 2006
            
            5Notes
                to Consolidated Financial Statements
            
            6
                -
                13Item
                2Management’s
                Discussion and Analysis of Financial Conditionand
                Results of Operations
            
            14
                - 16Item
                3Controls
                and Procedures
            
            17PART
                II - OTHER INFORMATION
            
            18SIGNATURES
            
            19













**PART
      I - Item 1 Financial Statements**





MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


CONSOLIDATED
      BALANCE SHEET


June
      30,
      2007 (Unaudited)




AssetsCurrent
                AssetsCash
            
            $
            32,809Accounts
                receivable, net of allowance fordoubtful
                accounts of $1,900
            
            
            66Prepaid
                expenses
            
            
            19,244Total
                Current Assets
            
            
            52,119Property
                and equipment, net of accumulateddepreciation
                of $38,179
            
            
            10,633Deferred
                finance costs, net of accumulatedamortization
                of $203,376
            
            
            96,724Other
                assets
            
            
            22,890Total
                Assets
            
            
            182,366Liabilities
                and Stockholders’ Equity (Impairment)Current
                LiabilitiesAccounts
                payable and accrued expenses
            
            
            725,066Obligations
                to be settled in stock
            
            
            485,400Deferred
                revenue
            
            
            100,109Dividends
                payable
            
            
            368,643Loans
                and notes payable, net of discount of $36,337
            
            
            753,113Derivative
                liability - warrants and options
            
            
            1,826,151Current
                maturities of long-term debt
            
            
            33,529Total
                Current Liabilities
            
            
            4,292,011Long-term
                Debt
            
            
            -Total
                Liabilities
            
            
            4,292,011Stockholders’
                Equity (Impairment)Preferred
                Stock,$0.001
                par value, non-voting, 3,000,000 shares authorized:2,500
                shares have been designated Cumulative Preferred Stock,of
                which 1 share is issued and outstanding
            
            
            0300,000
                shares have been designated Series A Convertible Preferred
                Stock,350,000
                shares have been designated Series B Convertible Preferred
                Stock,120,000
                shares have been designated Series C Convertible Preferred
                Stock,500,000
                shares have been designated Series D Convertible Preferred
                Stock,500,000
                shares have been designated Series E Convertible Preferred
                Stock,of
                which a combined total 93,190 shares are issued and
                outstanding
            
            
            93Common
                Stock,$0.0001
                par value, 300,000,000 shares authorized;issued
                and outstanding 231,195,681 shares
            
            
            23,120Additional
                paid-in capital
            
            
            33,531,153Accumulated
                (deficit)
            
            
            (37,664,011
            )Total
                Stockholders’ Equity (Impairment)
            
            
            (4,109,645
            )Total
                Liabilities and Equity (Impairment)
            
            $
            182,366The
                accompanying notes are an integral part of the consolidated financial
                statements.















MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


CONSOLIDATED
      STATEMENTS OF OPERATIONS


(Unaudited)




Three
                Months Ended
            
            Six
                Months EndedJune
                30,
            
            June
                30,2007
            
            2006
            
            2007
            
            2006Total
                Revenues
            
            $
            933
            
            $
            21,079
            
            $
            3,956
            
            $
            32,154Cost
                of Goods Sold
            
            
            -
            
            
            36,384
            
            
            -
            
            
            72,749Gross
                Profit (Loss)
            
            
            933
            
            
            (15,305
            )
            
            3,956
            
            
            (40,595
            )Selling
                expenses
            
            
            -
            
            
            170,351
            
            
            414
            
            
            310,472Stock-based
                compensation (see below)..
            
            
            172,000
            
            
            409,065
            
            
            292,000
            
            
            521,557Research
                and development cost
            
            
            -
            
            
            34,967
            
            
            735
            
            
            70,529General
                and administrative expenses
            
            
            391,288
            
            
            462,587
            
            
            731,663
            
            
            868,851Loss
                from Operations
            
            
            (562,355
            )
            
            (1,092,275
            )
            
            (1,020,856
            )
            
            (1,812,004
            )Other
                Income (Expense)Misc.
                non-operating expenses
            
            
            (164
            )
            
            (5,000
            )
            
            (164
            )
            
            (5,000
            )Change
                in fair value -derivative liability
            
            
            267,786
            
            
            25,681
            
            
            (635,699
            )
            
            6,203Amortization
                of finance costs
            
            
            (203,376
            )
            
            -
            
            
            (203,376
            )
            
            -Interest
                income
            
            
            -
            
            
            20
            
            
            -
            
            
            20Interest
                expense
            
            
            (103,443
            )
            
            (41,427
            )
            
            (112,803
            )
            
            (149,404
            )Total
                Other Income (Expense)
            
            
            (39,197
            )
            
            (20,726
            )
            
            (952,042
            )
            
            (148,181
            )Loss
                before Provision for Income Taxes
            
            
            (601,552
            )
            
            (1,113,001
            )
            
            (1,972,898
            )
            
            (1,960,185
            )Provision
                for income taxes
            
            
            22,846
            
            
            -
            
            
            22,846
            
            
            1,000Net
                Loss
            
            $
            (624,398
            )
            $
            (1,113,001
            )
            $
            (1,995,744
            )
            $
            (1,961,185
            )Dividends
                on Preferred Stock...........
            
            
            (13,738
            )
            
            (486,884
            )
            
            (27,475
            )
            
            (515,264
            )Net
                Loss applicable to Common Shareholders
            
            $
            (638,136
            )
            $
            (1,599,885
            )
            $
            (2,023,219
            )
            $
            (2,476,449
            )Net
                Loss per Common Share
            
            $
            (0.003
            )
            $
            (0.010
            )
            $
            (0.009
            )
            $
            (0.016
            )Weighted
                Average Number ofCommon
                Shares Outstanding
            
            
            229,842,905
            
            
            167,740,390
            
            
            228,325,074
            
            
            155,227,698





All
      of
      the stock-based compensation relates to selling, general and administrative
      expenses.








The
      accompanying notes are an integral part of the consolidated financial
      statements.












MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


CONSOLIDATED
      STATEMENTS OF CASH FLOWS


(Unaudited)





Six
                Months EndedJune
                30,2007
            
            2006Cash
                Flows from Operating ActivitiesNet
                Loss
            
            $(1,995,744)
            
            $(1,961,185)Adjustments
                to Reconcile Net Lossto
                Net Cash Used by OperationsDepreciation
                and amortization
            
            17,750
            
            81,705Securities
                issued for various expenses
            
            292,000
            
            521,555Change
                in fair value - derivative liabilities
            
            635,699
            
            (6,203)Accretion
                of beneficial conversion feature
            
            78,003
            
            8,000Amortization
                of deferred finance costs
            
            203,376
            
            -Recognition
                of expenses - derivative liabilities
            
            -
            
            102,762Decreases
                (Increases) in AssetsAccounts
                receivable
            
            -
            
            16,339Prepaid
                expenses
            
            20,545
            
            (1,858)Increases
                (decreases) in LiabilitiesDeferred
                revenues
            
            (2,720)
            
            (9,716)Prepayments
            
            -
            
            100,000Obligations
                to be settled in stock
            
            66,561
            
            24,000Accounts
                payable and accrued expenses
            
            236,340
            
            41,399Net
                Cash Used by Operating Activities
            
            (448,190)
            
            (1,083,202)Cash
                Flows from Investing ActivitiesPurchases
                of equipment and fixtures
            
            (3,308)
            
            (6,876)Net
                Cash Used by Investing Activities
            
            (3,308)
            
            (6,876)Cash
                Flows from Financing ActivitiesPrepayments
                on common stock subscriptions
            
            50,000
            
            24,000Proceeds
                from loans and notes
            
            347,000
            
            378,250Repayment
                of loans and notes
            
            -
            
            (48,250)Proceeds
                from conversion of stock options
            
            6,000
            
            -Issuance
                of common and preferred stock
            
            -
            
            624,500Net
                Cash Provided by Financing Activities
            
            403,000
            
            978,500Net
                Decrease in Cash
            
            (48,498)
            
            (111,578)Cash
                at Beginning of Period
            
            
            81,307
            
            
            118,696Cash
                at End of Period
            
            $
            32,809
            
            $
            7,118





SUPPLEMENTAL
      DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:





During
      the period ended June 30, 2007, the Company recognized $114,340 for the
      intrinsic value of the beneficial conversion features underlying convertible
      debt by recording a debt discount and corresponding credit to paid-in
      capital.





During
      the period ended June 30, 2007, the Company incurred $300,100 in deferred
      finance costs from financings for the period, recorded as liabilities, which
      contain provisions for settlement in stock or cash.




The
      accompanying notes are an integral part of the consolidated financial
      statements.












MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


JUNE
      30,
      2007





1.
      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES





Nature
      of
      Organization





Magnitude
      Information Systems, Inc. (the “Company”) was incorporated as a Delaware
      corporation on April 19, 1988 under the name Fortunistics, Inc. On November
      18,
      1998, the Company changed its name to Magnitude Information Systems,
      Inc.





The
      Company and Magnitude, Inc. are two separate legal entities whereby Magnitude,
      Inc. operates as a subsidiary of the Company. However, the operations of the
      combined entity are currently comprised solely of the operations of Magnitude,
      Inc. The 1% of Magnitude, Inc. not owned by the Company constitutes a minority
      interest which is valued at $0.





Business





Prior
      to
      its change in its strategic business plan in 2007, the Company’s primary product
      was an integrated suite of proprietary software modules marketed under the
      name
      ErgoEnterprise TM which
      are designed to help individual computer users and businesses increase
      productivity and reduce the risk of potentially preventable repetitive stress
      injury (RSI). These software modules can be applied individually or together
      in
      a comprehensive ergonomic and early intervention program that seeks to modify
      a
      user’s behavior by monitoring computer usage patterns over time and warning the
      user when to break a dangerous trend in repetitive usage of an input device,
      such as a keyboard or mouse. The product was developed to train people working
      on computers, monitor computer-use related activities and evaluate a user’s risk
      exposure and propensity towards injury or loss of effectiveness in connection
      with his/her day-to-day work.





During
      the latter half of fiscal year 2006, Company management concluded that the
      marketplace for the Company’s ergonomic software products was not developing,
      and would not develop to the material extent necessary in the next 12 to 24
      months, to support and sustain the Company’s sales efforts. Accordingly,
      management determined that it would be in the best interests of the Company
      and
      its shareholders to identify another business opportunity and pursue it for
      the
      benefit of our shareholders. On February 19, 2007, the Company, pursuant to
      its
      strategic plan to seek another business opportunity, signed an Agreement and
      Plan of Reorganization with the owners of a social networking website, to
      acquire their Kiwibox.com website and business, represented by Kiwibox Media,
      Inc. Pursuant
      to that certain Agreement and Plan of Reorganization, on August 16, 2007,
      Kiwibox Media, Inc. merged with and into Magnitude Operations, Inc., a wholly
      owned subsidiary of Magnitude Information Systems, Inc., in a "reverse merger"
      transaction. (see subsequent event footnote) The three (3) shareholders of
      Kiwibox Media, Inc. transferred and delivered all of the outstanding stock
      of
      Kiwibox Media, Inc. to Magnitude Information Systems, Inc. and received in
      exchange shares of Magnitude Information Systems, Inc. Also at closing and
      as a
      result of the merger, the separate legal existence of Magnitude Operations,
      Inc.
      ceased and Kiwibox Media, Inc. became the surviving corporation of the merger
      and a wholly owned subsidiary of Magnitude Information Systems, Inc. Following
      the merger, Magnitude Information Systems, Inc. will change its corporate name
      to "KiwiAge Enterprises, Inc. The shareholders of Magnitude Information Systems,
      Inc. had previously approved the merger on June 15, 2007, and an increase in
      the
      number of authorized common shares to 700,000,000 in response to a Schedule
      14A
      consent solicitation (see ”Submission of Matters to a Vote of Security Holders”
).





Basis
      of
      Presentation





The
      accompanying unaudited consolidated financial statements have been prepared
      in
      accordance with generally accepted accounting principles for interim financial
      statements and with the instructions to Form 10-QSB and Article 10 of Regulation
      S-X. Accordingly, they do not include all of the information and disclosures
      required for annual financial statements. These financial statements should
      be
      read in conjunction with the consolidated financial statements and related
      footnotes included in the Company’s quarterly report on Form 10-QSB for the
      period ended March 31, 2007 and its annual report on Form 10-KSB for the year
      ended December 31, 2006.













MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


JUNE
      30,
      2007





SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES, Continued





In
      the
      opinion of the Company’s management, all adjustments (consisting of normal
      recurring accruals) necessary to present fairly the Company’s financial position
      as of June 30, 2007, the results of operations for the three and six months
      ended June 30, 2007 and 2006, and the cash flows for the six months ended June
      30, 2007 and 2006, have been included.





Principles
      of Consolidation





The
      consolidated financial statements include the accounts of Magnitude Information
      Systems, Inc. and its subsidiary, Magnitude, Inc. All significant inter-company
      balances and transactions have been eliminated.





Property
      and Equipment





Property
      and equipment are recorded at cost. Depreciation on equipment, furniture and
      fixtures and leasehold improvements is computed on the straight-line method
      over
      the estimated useful lives of such assets between 3-10 years. Maintenance and
      repairs are charged to operations as incurred.





Evaluation
      of Long Lived Assets





Long-lived
      assets are assessed for recoverability on an ongoing basis. In evaluating the
      fair value and future benefits of long-lived assets, their carrying value would
      be reduced by the excess, if any, of the long-lived asset over management’s
      estimate of the anticipated undiscounted future net cash flows of the related
      long-lived asset.





Securities
      Issued for Services





The
      Company accounts for stock, stock options and stock warrants issued for services
      and compensation by employees under the fair value method. For non-employees,
      the fair market value of the Company’s stock on the date of stock issuance or
      option/grant is used. The Company determined the fair market value of the
      warrants/options issued under the Black-Scholes Pricing Model. Effective January
      1, 2006, the Company adopted the provisions of Statement of Financial Accounting
      Standards (SFAS) 123(R), SHARE-BASED PAYMENT, which establishes accounting
      for
      equity instruments exchanged for employee services. Under the provisions of
      SFAS
      123(R), share-based compensation cost is measured at the grant date, based
      on
      the fair value of the award, and is recognized as an expense over the employee's
      requisite service period (generally the vesting period of the equity grant).
      Prior to January 1, 2006, the Company accounted for share-based compensation
      to
      employees in accordance with Accounting Principles Board (APB) Opinion No.
      25,
      ACCOUNTING FOR STOCK ISSUED TO EMPLOYEES, and related interpretations. The
      Company also followed the disclosure requirements of SFAS 123, ACCOUNTING FOR
      STOCK-BASED COMPENSATION. The Company elected to adopt the modified prospective
      transition method as provided by SFAS 123(R) and, accordingly, financial
      statement amounts for the prior periods presented in the Form 10-QSB have not
      been restated to reflect the fair value method of expensing share-based
      compensation.





Reclassification
      of certain securities under EITF 00-19





Pursuant
      to Emerging Issues Task Force (EITF) Issue 00-19, if a company has more than
      one
      contract subject to this Issue, and partial reclassification is required, there
      may be different methods that could be used to determine which contracts, or
      portions of contracts, should be reclassified. The Company's method for
      reclassification of such contracts is reclassification of contracts with the
      latest maturity date first. The cumulative change in fair value during the
      first
      two quarters of 2007 resulted in a loss of $635,699 for contracts reclassified
      prior to the beginning of 2007. There were no material reclassifications made
      during the current quarter.












MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


JUNE
      30,
      2007





SUMMARY
      OF SIGNIFICANT ACCOUNTING POLICIES, Continued





Income
      Taxes





The
      Company provides for income taxes based on enacted tax law and statutory tax
      rates at which items of income and expenses are expected to be settled in the
      Company’s income tax return. Certain items of revenue and expense are reported
      for Federal income tax purposes in different periods than for financial
      reporting purposes, thereby resulting in deferred income taxes. Deferred taxes
      are also recognized for operating losses that are available to offset future
      taxable income. Valuation allowances are established when necessary to reduce
      deferred tax assets to the amount expected to be realized. The Company has
      incurred net operating losses for financial-reporting and tax-reporting
      purposes. Accordingly, for Federal and state income tax purposes, the benefit
      for income taxes has been offset entirely by a valuation allowance against
      the
      related federal and state deferred tax asset.





Net
      Loss
      Per Share





Net
      loss
      per share, in accordance with the provisions of Financial Accounting Standards
      Board No. 128, “Earnings Per Share” is computed by dividing net loss by the
      weighted average number of shares of Common Stock outstanding during the period.
      Common Stock equivalents have not been included in this computation since the
      effect would be anti-dilutive.





Revenue
      Recognition





The
      Company’s revenue recognition policy for software sales is in accordance with
      Accounting Statement of Position (SOP) 97-2 “Software Revenue Recognition” and
      SOP 98-9 “Software Revenue recognition” which modifies SOP 97-2. Revenue is
      recognized at the time of licensing provided that the resulting receivable
      is
      deemed probable of collection and is fixed or determinable. Revenue from
      software maintenance contracts is recognized ratably as earned. When a sales
      contract includes multiple elements, revenues are allocated to the various
      elements based on Company-specific objective evidence of fair value, regardless
      of any separate prices for each element that may be stated within the
      contract.


.


Use
      of
      Estimates





The
      preparation of financial statements in conformity with generally accepted
      accounting principles requires management to make estimates and assumptions
      that
      affect the reported amounts of assets and liabilities and disclosure of
      contingent assets and liabilities at the date of the financial statements and
      the reported amounts of revenues and expenses during the reporting period.
      Actual results could differ from those estimates.





2.
      GOING
      CONCERN





The
      ability of the Company to continue its operations is dependent on increasing
      sales and obtaining additional capital and financing. In their reports for
      the
      fiscal years ended December 31, 2006 and December 31, 2005, our auditors had
      expressed an opinion that, as a result of the losses incurred, there was
      substantial doubt regarding our ability to continue as a going concern. The
      accompanying financial statements do not include any adjustments that might
      be
      necessary if the Company were unable to continue as a going concern.
      Management’s plans are to continue seeking additional working capital through
      equity and debt placements with private and institutional investors.












MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


JUNE
      30,
      2007





3.
      CONCENTRATIONS OF BUSINESS AND CREDIT RISK





The
      Company maintains cash balances in a financial institution which is insured
      by
      the Federal Deposit Insurance Corporation up to $100,000. Balances in these
      accounts may, at times, exceed the federally insured limits. The Company
      provides credit in the normal course of business to customers located throughout
      the U.S. and overseas. The Company performs ongoing credit evaluations of its
      customers and maintains allowances for doubtful accounts based on factors
      surrounding the credit risk of specific customers, historical trends, and other
      information.





4.
      PREPAID EXPENSES





Prepaid
      Expenses at the end of the quarter included $18,444 prepaid insurance costs,
      with the remainder representing miscellaneous prepaid expenses.





5.
      PROPERTY AND EQUIPMENT




Property
                and equipment consist of the following at June 30, 2007:Equipment
            
            
            48,812Less
                accumulated depreciation
            
            
            38,179Total
            
            $
            10,633





Depreciation
      expense charged to operations was $2,750 and $2,685 in the first six months
      of
      2007 and 2006, respectively.





6.
      OTHER
      ASSETS





During
      the period ending June 30, 2007, the Company incurred $300,100 in deferred
      finance costs, $230,100 from financing obtained under convertible debentures
      issued, and $70,000 in value of penalty shares issuable for extension of
      maturities upon default of two notes (see Note 10). Excluding the obligation
      related to the penalty shares, the remaining obligation is payable in cash
      for
      10% of the proceeds received (or $34,700) and in shares of common stock at
      ten
      shares per $1 of original principal (or 3,470,000 shares for fees of $195,400),
      or may be converted into common shares at maturity (see Note 12). Current
      quarter amortization of the finance costs was $203,376.





7.
      ACCOUNTS PAYABLE AND ACCRUED EXPENSES





Accounts
      payable and accrued expenses consisted of the following at June 30,
      2007:




Accounts
                payable
            
            $
            480,687Accrued
                interest
            
            
            99,817Accrued
                salaries
            
            
            3,907Accrued
                commissions
            
            
            12,720Accrued
                professional fees
            
            
            72,500Accrued
                loan origination fees
            
            
            34,700Miscellaneous
                accruals
            
            
            20,735Total
            
            $
            725,066





Accrued
      commissions are due to a consultant who was retained in the capacity of Senior
      Vice President of Business Development.












MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


JUNE
      30,
      2007





8.
      DEFERRED REVENUES





Deferred
      revenues at June 30, 2007 consist of prepaid software maintenance and support
      charges which are amortized ratably over the remaining duration of the
      underlying maintenance agreements. On April 13, 2006 the Company received a
      deposit of $100,000 from a client who also is an investor in the Company. These
      funds were paid pursuant to a contract for the purchase of a customized version
      of the Company’s software products. At June 30, 2007 the contract had not been
      filled and the revenue has been deferred.








9.
      LOANS
      PAYABLE





The
      Company and Magnitude, Inc. had borrowings under short term loan agreements
      with
      the following terms and conditions at June 30, 2007:





On
                December 4, 1996, Magnitude, Inc. repurchased 500,000 shares of its
                common
                stock and retired same against issuance of a promissory note maturing
                twelve months thereafter accruing interest at 5% per annum and due
                December 4, 1998. This note is overdue at June 30, 2007 and no demand
                for
                payment has been made.
            $
            75,000Total
            $
            75,000





10.
      NOTES
      PAYABLE





At
                December 31, 1999 the Company had $1,475,000 of notes outstanding
                related
                to a June 1995 private placement offering. During 2000 the holders
                of
                $1,450,000 worth of notes agreed to accept partial repayment of
                approximately 30% of the note balances and converted the remaining
                balances into common shares or convertible preferred shares. The
                total
                amount of non-converted notes outstanding at September 30, 2006 is
                $25,000. Attempts to locate the holder of this note, to settle this
                liability, have been unsuccessful.
            $
            25,000In
                June and July 2006 two shareholders loaned the Company $240,000 and
                $102,450 pursuant to which the Company issued promissory notes bearing
                interest at the rate of 8% per year. The notes are repayable on
                demand.
            
            342,450In
                January 2007 two shareholders loaned the Company $50,000 and $50,000
                pursuant to which the Company issued ninety-day promissory notes
                bearing
                interest at the rate of 1% per month on the outstanding principal
                balance
                or 12% per year. The notes call for a loan origination fee of $5,000
                each.
                Upon maturity and provided the Company does not have a registration
                statement pending with the Securities and Exchange Commission: (a)
                the
                Company is obligated to issue 500,000 restricted common shares to
                each
                lender and (b) at the option of the lender, the outstanding principal
                balance, accrued interest and the origination fee may be converted
                into
                shares of the Company's restricted common stock at a conversion rate
                that
                is the lower of $.05 per share or the investment rate utilized in
                any
                private placement consummated with the Company any time following
                the date
                of the note through maturity. Upon default in April 2007, the Company
                was
                obligated to issue 500,000 restricted common shares to each holder
                to
                extend the maturity an additional 90 days.
            
            100,000












MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


JUNE
      30,
      2007




10.
      NOTES
      PAYABLE (continued)





Between
                April and June 2007 four shareholders, one of which is an outside
                director
                of the Company, loaned the Company an aggregate $247,000 pursuant
                to which
                the Company issued ninety-day promissory notes bearing interest at
                the
                rate of 1% per month on the outstanding principal balance or 12%
                per year.
                The notes call for a loan origination fee of 10% of the principal
                amount
                and the issuance of restricted common shares at the rate of ten shares
                per
                amount loaned, both payable at maturity. At the option of the lenders,
                the
                outstanding principal balance, accrued interest and the origination
                fee
                may be converted into shares of the Company's restricted common stock
                at a
                conversion rate that is the lower of $.05 per share or the investment
                rate
                utilized in any private placement consummated with the Company any
                time
                following the date of the note through maturity.
            
            247,000Total
            $
            714,450





Certain
      of the convertible notes issued during the six months ended June 30, 2007 were
      determined to contain beneficial conversion features based on the market price
      of the Company’s common stock on their respective commitment dates. In addition,
      certain of the underlying obligations for origination fees that may be settled
      by conversion into common stock also contained beneficial conversion features.
      Based on this, the Company recognized $114,340 as a discount on the underlying
      debt obligations. As of June 30, 2007, the Company had recorded $78,003 in
      interest expense for the amortization of this discount.





Any
      change in convertible shares due to convertible interest that accrues through
      the maturity date of the notes or the reduction in the conversion rates based
      on
      the reset provision noted above will be assessed for contingent beneficial
      conversion features at the respective maturity dates.





11.
      LONG-TERM DEBT





Long-term
      debt as of June 30, 2007 is comprised of the following:


Discounted
                present value of a non-interest bearing $70,000 settlement with a
                former
                investor of Magnitude, Inc. to be paid in 24 equal monthly payments
                commencing July 1, 1997. The imputed interest rate used to discount
                the
                note is 8% per annum. This obligation is in default.
            
            33,529Total
            
            33,529Less
                current maturities
            
            33,529Long-term
                debt, net of current maturities
            $
            -










MAGNITUDE
      INFORMATION SYSTEMS, INC. AND SUBSIDIARY


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


JUNE
      30,
      2007





12.
      OBLIGATIONS TO BE SETTLED IN STOCK





Obligations
      to be settled in stock consisted of the following at June 30, 2007:





Accrued
                consulting fees
            
            $
            164,000Accrued
                loan origination fees
            
            
            195,400Liability
                for penalty shares for note defaults (Note 10)
            
            
            70,000Liability
                for cash received under stock and warrant subscription
            
            
            50,000Liability
                for converted common stock option
            
            
            6,000Total
            
            $
            485,400





Accrued
      consulting fees are due to two consultants for fourth quarter 2006 and first
      two
      quarters 2007 fees payable


in
      form
      of a total of 1,975,000 common shares based on consulting agreements entered
      into in 2006. Accrued loan origination fees are payable in form of 3,970,000
      restricted common shares, but may instead be converted at the option of the
      holder into common shares at the lower of $0.05 per share or the investment
      rate
      utilized in any private placement consummated anytime following the date of
      the
      underlying note through the maturity date of the note (see Note 9 regarding
      the
      beneficial conversion features of this convertible debt and the underlying
      convertible notes). In June 2007, a holder exercised common stock options for
      600,000 shares of common stock at an exercise price of $0.01, with the shares
      remaining unissued at June 30, 2007.





13.
      COMMITMENTS AND CONTINGENCIES





Stock-Based
      Compensation Agreements





In
      March
      2006, the Company entered into an agreement with a consultant providing options
      for 1,500,000 common shares, exercisable at $0.08 per share, 750,000 common
      shares for services rendered during the initial six month period of the contract
      and an additional 750,000 common shares for an extension period of six months
      (through February 2007). The Consultant is also entitled to contingent
      remuneration based on the achievement by the Company of certain profit goals.
      No
      obligation was incurred for this contingent provision in 2006 or the first
      quarter in 2007. The consultant is also contingently entitled to a fee based
      on
      proceeds that may be obtained through mergers or other business combinations,
      as
      follows: 5% of first $1,000,000 in consideration, 4% of the second $1,000,000,
      3% of the third $1,000,000, 2% of the fourth $1,000,000 and 1% of the
      consideration above $4,000,000.





During
      the second quarter in 2006 the Company’s board of directors ratified a two-year
      consulting agreement with an officer and director of the Company to provide
      specialized business advisory services and to work directly for the chief
      executive officer in connection with certain sales and marketing projects.
      The
      agreement provides for a compensation package which includes the issuance of
      (a)
      200,000 restricted common shares and an option to purchase 500,000 shares at
      the
      price of $0.15/share at the beginning of the consultancy and again after twelve
      month, and (b) 150,000 restricted shares per month during the term.





14.
      RELATED PARTY TRANSACTIONS





On
      January 2, 2007, the Company and a former employee, Steven W. Jagels settled
      a
      lawsuit commenced by Mr. Jagels against the Company based upon claims which
      included breach of his employment agreement. We agreed to make a payment of
      $20,040 to Mr. Jagels and to issue 3,000,000 common shares to him by January
      7,
      2007. We also agreed to include these shares in a registration statement and
      when declared effective by the SEC, to cause a buyer to purchase these shares
      from Mr. Jagels for $75,000 prior to February 28, 2007. Upon Mr. Jagels’ receipt
      of these proceeds, the lawsuit will be discontinued with prejudice, or if not
      consummated as agreed, the lawsuit will continue. At the time of this report,
      Mr. Jagels had received the entire amount, however, in recognition of the fact
      that a portion was received after the February deadline, the Company and Mr.
      Jagels had agreed upon a further remuneration in the form of additional 150,000
      restricted common shares.





MAGNITUDE
        INFORMATION SYSTEMS, INC. AND SUBSIDIARY


NOTES
      TO
      CONSOLIDATED FINANCIAL STATEMENTS


JUNE
      30,
      2007





14.
      RELATED PARTY TRANSACTIONS (continued)





In
      January we issued warrants for 3,125,000 shares, exercisable at $0.05 per share,
      to the former president and chief executive officer, and in May we issued
      2,000,000 restricted common shares in connection with a settlement agreement
      reached during the fourth quarter in 2006, as amended during the second quarter
      in 2007.





15.
      SUBSEQUENT EVENTS: MERGER WITH KIWIBOX MEDIA INC.





On
      August
      16, 2007, Magnitude Information Systems, Inc. closed on its acquisition of
      Kiwibox Media, Inc. through a reverse merger between Kiwibox and its wholly
      owned acquisition subsidiary. As a result of the merger, Kiwibox became the
      wholly owned subsidiary of Magnitude. At the closing, Magnitude (1) issued
      an
      aggregate 30 million restricted common shares to the three Kiwibox shareholders,
      (2) issued an aggregate 43,610 shares of its Senior Convertible Series G
      Preferred stock to these principals, (3) paid an aggregate $150,000 in cash
      to
      these Kiwibox principals, less a $7,000 investment banking fee paid to
      Southridge Investment Group, and (4) signed two-year employment agreements
      with
      Messrs. Lin Dai, Ivan Tumanov and Michael Howard, the three Kiwibox
      shareholders, all pursuant to the terms and provisions of the Agreement and
      Plan
      of Reorganization, dated February 19, 2007, and amendments thereto, most
      recently modified by Amendment No. 3 between the parties on August 2, 2007.
      The
      43,610 Series G Preferred Shares issued to the Kiwibox principals at closing
      have an aggregate conversion value of $500,000 (the “Conversion Value”),
      which $500,000 Conversion Value is convertible into Company common shares by
      dividing it by the “Market Price” of the Company’s common stock during the
      twenty (20) successive trading days immediately preceding the second anniversary
      of the agreement.





On
      August
      2, 2007, Magnitude signed and accepted a firm commitment from a Swiss investment
      firm, Tell Capital AG, who subscribed to purchase an aggregate $3,000,000 of
      Company equity securities over the next several months. Tell Capital AG has
      subscribed to purchase 60,000,000 “units” from the Company, with each unit
      comprised of one restricted common share and one 5-year warrant to purchase
      a
      common share at $.07 at the subscription price of $.05 per unit. The Company
      agreed to file a registration statement under the Securities Act on or before
      November 30, 2007, seeking to register for resale the unit common shares as
      well
      as those underlying the unit warrants.





**** On
      August
      2, 2007, as well, Magnitude and Kiwibox signed an amendment to their merger
      agreement, restructuring Magnitude’s $3.5 million investment commitment to
      Kiwibox. Pursuant to their amended merger agreement, at the closing on August
      16, 2007, Magnitude confirmed its receipt of the first $500,000 tranche of
      equity funding from Tell Capital AG, $300,000 of such funding was dedicated
      to
      cover the $150,000 cash payment to the Kiwibox shareholders and the balance
      for
      Kiwibox operations. Over the approximate 18 month period following the closing,
      $1.7 million of its Kiwibox investment is to be available during the period
      from
      closing through October 31, 2007, an additional $1.8 million available on or
      before February 1, 2008, and a last $300,000 within 12 months of closing.
      Magnitude has also agreed to issue to the Kiwibox principals 60,000 Company
      common shares for each day any part of the $3.5 million investment amount is
      delayed and further agreed to provide Kiwibox with a right of rescission if
      a
      30-day payment default is not cured after notice.




**** The
      Kiwibox employment agreements cover a term of two (2) years and pay each Kiwibox
      Shareholder an annual base salary of $150,000. In addition, the Company has
      agreed to pay each an annual bonus if certain business goals are met. The
      Company agreed to pay each a $100,000 bonus if the Kiwi Business has received
      no
      less than an average 215,000 “Unique Visitors” during either the 10th, 11th or
      12th month of the first year of the term or achieved no less than $316,000
      in
      gross revenues within the 12 moth period following the Closing. Alternatively,
      the Company agreed to pay each a $50,000 bonus if the Kiwi Business has received
      at least an average 175,000 but less than an average 215,000 “Unique Visitors”
during either the 10th, 11th or 12th month of the first year of the term or
      at
      least $237,000 in gross revenues but less than $316,000 within the 12 moth
      period following the Closing. A “Unique Visitor” is a person who visits a
      Kiwibox website during any month during the term. For the second year of
      their employment agreements, the Company has agreed to pay each a $100,000
      bonus
      if the Kiwi Business has received no less than an average 550,000 Unique
      Visitors during either the 22nd, 23rd or 24th month of the second year
      of the term or attained $1,961,000 in gross revenues, or a bonus of $50,000
      each
      if the Kiwi Business has received at least an average 415,000 but less than
      an
      average 550,000 Unique Visitors during either the 22nd, 23rd or 24th month
      of the second year of the term or attained at least $1,500,000 in gross
      revenues but less than $1,961,000. Each Kiwibox Shareholder received a stock
      option to purchase up to 7,500,000 shares of our common stock at an exercise
      price of $.05 per share which shall vest and be exercisable by the Kiwibox
      Shareholders, 50% on the first anniversary date of the Closing, 25% 18 months
      after the Closing and 25% on the second anniversary of the Closing. Each was
      issued, as well, under the terms of their employment agreements, a performance
      stock option to purchase up to an additional 3,000,000 shares of our common
      stock, 1,500,000 of which options shall vest and be exercisable by the Kiwibox
      Shareholders after the first anniversary date of the Closing if the Kiwi
      Business has received no less than an average 215,000 Unique Visitors during
      either the 10th, 11th or 12th month of the first year of the term or achieved
      $316,000 in gross revenues during the first year, and the balance, or 1,500,000
      options shall vest and be exercisable by the Kiwibox Shareholders after the
      second anniversary date of the Closing if the Kiwi Business has received at
      least an average 550,000 Unique Visitors during either the 22nd, 23rd or
      24th month of the second year of the term or achieved $1,961,000 in gross
      revenues during the second year of the agreements. The exercise prices for
      these
      stock options is $.05 per share





The
      Company intends to focus its business efforts on the further development and
      marketing of the Kiwibox social networking website.












**Item
      2.**


MANAGEMENT’S
      DISCUSSION AND ANALYSIS OF


FINANCIAL
      CONDITION AND RESULTS OF OPERATIONS


**Results
      of Operations**





The
      closing of the Kiwibox Agreement, originally scheduled for on or about June
      15,
      2007, has been rescheduled to occur on or about the date of August 16, 2007.
      The
      acquisition was approved by a majority of the shareholders on June 15,
      2007.





During
      the second quarter management concentrated on obtaining commitments for the
      funding of future operations following the Kiwibox merger, as stipulated and
      required pursuant to the merger agreement. Our operating expenses, aside from
      legal and other professional fees which were unusually high primarily due to
      transactions and preparations for the Kiwibox merger, and excluding non-cash
      expenses for stock issuances, were reduced to approximately $200,000 for the
      quarter. The aforementioned legal expenses totaled $193,125, and the cost of
      restricted common stock issued in connection with the settlement
      of claims from two former employees (see “Related Party Transactions”),
      recognized as non-cash “stock-based compensation” amounted to $172,000.
      Altogether, the Company realized a loss from operations of $562,355 for the
      three months period ended June 30, 2007. Non-operating expenses consisted
      primarily of amortization of finance costs and the amortization of beneficial
      conversion features underlying certain loan financing transactions (see
      Liquidity and Capital Resources below) which charges aggregated $281,379. These
      expenses were partially offset by an accounting credit of $267,786 reflecting
      the change in fair value of outstanding options and warrants during the quarter,
      resulting mostly from the expiration of such instruments during the period.
      The
      period result was a net loss of $624,398 for the quarter, compared to a loss
      of
      $1,113,001 for the same period in 2006. Restricted stock is priced at market
      and
      options and warrants grants are valued using the Black-Scholes valuation
      model.




After
      accounting for dividend accruals on outstanding preferred stock for the quarter
      which totaled $13,738, the net losses for the quarter and the six months period
      ended June 30, 2007 applicable to common shareholders were $638,136 or $0.003
      and $2,023,219 or $0.009 per share respectively, compared to losses of
      $1,599,885 or $0.010 per share, and $2,476,449 or $0.016 per share for the
      same
      periods in the previous year.




**Liquidity
      and Capital Resources**





In
      the
      absence of cash flow from operations, required working capital to finance
      ongoing operations was supplied entirely from short-term borrowings. During
      the
      quarter, the Company received $347,000 in proceeds in connection with borrowings
      under convertible notes which bear interest of 12% p.a. and are accompanied
      by
      certain loan origination fees, payable in stock grants of ten shares per Dollar
      invested and cash at 10% of proceeds received. In addition, during the quarter
      that Company received $50,000 in proceeds from a subscription for common stock
      and stock purchase warrants, and $6,000 from a holder’s exercise of common stock
      options for 600,000 shares..





At
      June
      30, 2007, the deficit in working capital amounted to $4,239,892 as compared
      to
      $3,796,960 at March 31, 2007. Stockholders’ equity showed an impairment of
      $4,109,645 at the end of the quarter. The negative cash flow from operations
      for
      the six months ended June 30, 2007 totaled $448,190 and was substantially
      financed by borrowings.




At
      the
      time of this submission, the Company had no bank debt. At June 30, 2007 its
      short-term liabilities, aside from trade payables and accruals, consisted of
      certain notes and loans aggregating $789,450 (before debt discount), a
      derivative liability for its outstanding options and warrants totaling
      $1,826,151 and $368,643 accrued unpaid dividends on outstanding preferred stock.
      We expect that these dividends will be paid only if and when capital surplus
      and
      cash-flow from operations are sufficient to cover the outstanding amounts
      without thereby unduly impacting the Company’s ability to continue operating and
      growing its business.





Current
      cash reserves and net cash flow from operations expected during the near future
      are inadequate when measured against present and anticipated future needs,
      and
      the Company’s financial situation remains precarious. In order to remedy the
      liquidity constraints management is seeking further investments in form of
      debt
      or equity capital. There can be no assurance, however, that these efforts will
      lead to the desired outcome and that the Company will be successful in obtaining
      the working capital needed to fund on-going operations. If the Company failed
      to
      do so, either by not acquiring sufficient funds, or not receiving such funds
      in
      a timely manner, management may be forced to effect further severe cut-backs
      in
      the Company’s operations.


.

















**Item
      3.** CONTROLS AND PROCEDURES





(a)
      Evaluation of Disclosure Controls and Procedures.





As
      of the
      end of the period covered by this Form 10-QSB for the quarter ended June 30,
      2007, an evaluation was undertaken, under the supervision and with the
      participation of the Company’s management, including the Company’s Chief
      Executive Officer and Chief Financial Officer, of the effectiveness of the
      design and operation of the Company’s disclosure controls and procedures
      pursuant to Rule 13a-15(e) of the Exchange Act; and; based upon that evaluation,
      Company management, including the Chief Executive Officer and the Chief
      Financial Officer, has concluded that the design of the Company’s disclosure
      controls and procedures are effective and ensure that all material information
      required to be disclosed by the Company in the reports that it files or submits
      under the Act, are recorded, processed, summarized and reported within the
      time
      periods specified in the Commission’s rules and forms; in addition, the
      evaluation confirmed that the Company’s disclosure controls and procedures are
      designed to ensure that the information required to be disclosed by the Company
      in the reports that it files or submits under the Act is accumulated and
      communicated to Company management, including its Chief Executive Officer and
      Chief Financial Officer, as appropriate to allow timely decisions regarding
      required disclosure.





The
      Company maintains a system of internal controls designed to provide reasonable
      assurance that: (i) the Company’s transactions are properly authorized; (ii) the
      Company’s assets are protected against unauthorized or improper use, and (iii)
      the Company’s transactions are properly recorded and reported, all to permit the
      preparation of complete and accurate financial statements in conformity with
      generally accepted accounting principles.





(b)
      Changes in Internal Control over Financial Reporting





Since
      the
      date of the most recent evaluation of the Company’s internal controls by Company
      management, including the Chief Executive Officer and Chief Financial Officer,
      there have not been any changes in the Company’s internal controls or other
      factors for the period covered by the subject Form 10-QSB that materially
      affected or were likely to materially affect the Company’s internal control over
      financial reporting.















**PART
      II - OTHER INFORMATION**





Item
      1  LEGAL
      PROCEEDINGS





At
      the
      time of this report, the Company is not a party in any legal proceedings.





Item
      2  UNREGISTERED
      SALES OF EQUITY SECURITIES AND USE OF PROCEEDS





a)  Issuance
      of unregistered securities





During
      the quarter ended June 30, 2007, the Company issued the following unregistered
      securities:




(i)
            2,150,000
                  shares of common stock: 150,000 shares issued on May 4, 2007  to a
                  former employee and 2,000,000 shares issued on May 16, 2007 to
                  the former
                  president and chief executive officer of the Company, in settlement
                  of
                  respective proceedings (see “Related Party Transactions”).





(ii)
            1,666,667
                shares of common stock issued
                on April 24, 2007 to a shareholder pursuant to his conversion
                of 16,667 shares of Series E Senior Convertible Preferred
                Stock.




(iii)
            During
                    April and June 2007, the Company closed on six 90-day notes from
                    four (4)
                    shareholders and previous investors in the Company, all of whom
                    are
                    accredited investors, in the total amount of $247,000: .$147,000
                    on April
                    27, 2007; $25,000 on June 1, 2007, and; $75,000 on June 6, 2007.
                    As
                    partial consideration of these loans, each lender was granted
                    10
                    restricted common shares for each $1 of the loan, for an aggregate
                    2,470,000 restricted common share, issuable upon maturity provided
                    there
                    is no pending registration statement. The notes accrue interest
                    at the
                    rate of 1% per month and upon maturity, the Company is obligated
                    to pay to
                    the lenders the outstanding principal balance, accrued interest
                    and an
                    origination fee of 10% of the loan amounts together with shares
                    of common
                    stock to be issued In the event of non-payment at maturity, the
                    notes are
                    automatically extended for successive 90 day periods until paid
                    or
                    converted and upon each such non-payment event, the Company will
                    owe the
                    note holder an amount of restricted common shares equal to those
                    initially
                    due as consideration for the loan. At the option of the lender,
                    the
                    outstanding principal balance, accrued interest and the origination
                    fee
                    may be converted into shares of the Company’s restricted common stock at a
                    conversion rate that is the lower of $.05 per share or the investment
                    rate
                    utilized in any private placement consummated with the Company
                    any time
                    following the date of the note through
                    payment.  (iv)
            On June 22, 2007, the Company accepted subscription
              proceeds in the amount of $50,000 from one Swiss shareholder/investor
              for
              1,000,000 units, each unit of which is comprised of one restricted
              common
              share and one 5-year warrant to purchase a common share at an exercise
              price of $.07, for the subscription price of $.05 per unit.




The
                  Company relied upon the exemptions from the registration requirements
                  of
                  the Securities Act of 1933, as amended (the “Securities Act”), of Section
                  4(2) and Regulation D in connection with the issuance of the above
                  identified securities. The Company had a pre-existing relationship
                  with
                  the recipients and no general solicitation was involved; each is
                  an
                  accredited investor and all securities issued contained a restrictive
                  legend, disclosing that any transfer or other disposition could
                  only be
                  made in compliance with the registration requirements of the Securities
                  Act or pursuant to exemptions
                  therefrom.




(b)
            Not
                applicable





(c)
            None








Item
      3  DEFAULTS
      UPON SENIOR SECURITIES





The
      Company, as of the date of this filing, is in arrears on the payment of certain
      dividends on its Series A, C, and D Senior Convertible Preferred Stock. Such
      arrears total approximately $368,000. These dividends have been accrued,
      however, the Company’s management has refrained from making payments at this
      time because of the absence of positive equity and/or surplus funds.








Item
      4  SUBMISSION
      OF MATTERS TO A VOTE OF


SECURITY
      HOLDERS





During
      the second quarter in 2007 the Company mailed a Schedule 14A Consent
      Solicitation to all shareholders, seeking approval on three items: (1) the
      pending acquisition of Kiwibox Media Inc., (2) an amendment of the Company’s
      Certificate of Incorporation, increasing the number of authorized common shares
      from 300,000,000 to 700,000,000, (3) an amendment of the Company’s Certificate
      of Incorporation, changing the name of the Company to KiwiAge Enterprises
      Inc.















Item
      4
      (continued)





The
      results were announced on June 15, 2007, as follows:





Proposal
                1
            FOR
                - 125,969,137
            AGAINST
                - 13,700
            ABSTAIN
                - 25,800Proposal
                2
            FOR
                - 132,393,832
            AGAINST
                - 2,235,105
            ABSTAIN
                - 189,700Proposal
                3
            FOR
                - 125,948,933
            AGAINST
                - 39,901
            ABSTAIN
                - 19,803








Item
      5  OTHER
      INFORMATION





-
      None















Item
      6  EXHIBITS
      AND REPORTS ON FORM 8-K





(a)
            Exhibits





(3)(i)
      -
      Articles of Incorporation and Amendments thereto, incorporated herein by
      reference to Exhibits of previous filings with the Commission.





(3)(ii)
      -
      By-laws of the Company, incorporated herein by reference to Exhibits of previous
      filings with the Commission.





(31.1)
      -
      Certification of Edward Marney, Chief Executive Officer, pursuant to Section
      302
      of the Sarbanes-Oxley Act of 2002.





(31.2)
      -
      Certification of Joerg H. Klaube, Chief Financial Officer, pursuant to Section
      302 of the Sarbanes-Oxley Act of 2002.





(32.1)
      -
      Certification of Edward Marney, Chief Executive Officer, pursuant to Sections
      906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350





(32.2)
      -
      Certification of Joerg H. Klaube, Chief Financial Officer, pursuant to Sections
      906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350


(b)
              Reports
                  on Form 8-K:





On
      April
      10, 2007, the Company filed a report on Form 8-K, informing about the signing
      of
      a License and Client Software Support Agreement.





On
      April
      19, 2007, the Company filed a report on Form 8-K, informing about the hiring
      of
      an executive to serve in the capacity of Senior Vice President of
      Operations.





On
      April
      27, 2007, the Company filed a report on Form 8-K, informing about a bridge
      financing transaction for $147,000.





On
      June
      1, 2007, the Company filed a report on Form 8-K, informing about a bridge
      financing transaction for $100,000.





On
      June
      15, 2007, the Company filed a report on Form 8-K, announcing the results of
      a
      Schedule 14A Shareholder Consent Solicitation.









SIGNATURES





Pursuant
        to the requirements of the Securities Exchange Act of 1934, the Registrant
        has
        duly caused this Amendment
        No. 1 to our report
        on
        Form 10-QSB to be signed on its behalf by the undersigned, thereunto duly
        authorized.




MAGNITUDE INFORMATION SYSTEMS,
              INC.Date: September 11, 2007
            By:/s/
                Edward
                MarneyEdward
                MarneyChief
                Executive OfficerBy:/s/
                Joerg H. KlaubeJoerg
              H. KlaubeChief
                Financial Officer and PrincipalAccounting
                Officer