<PAGE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

               For the quarterly period ended: September 30, 2003

                                       OR

    [_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                         Commission file number: 0-30430

                              INTERMOST CORPORATION
             (Exact name of registrant as specified in its charter)

             Wyoming                                            87-0418721
(State or other jurisdiction of                              (I.R.S. Employer
 Incorporation or organization)                              Identification No.)

             10th Floor, B10-07 Guomao Building, Renmin Rd. (South)
                                 Shenzhen, China
                                     518014
                    (Address of principal executive offices)
                                   (Zip Code)
                               (86) 755 8221 0238
               (Registrant's telephone number including area code)
                                       N/A
      (Former name, former address and former fiscal year,
                         if changed since last report)

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

  Check whether the registrant filed all documents and reports required to be
 filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of
          securities under a plan confirmed by a court. YES [ ] NO [_]
                      APPLICABLE ONLY TO CORPORATE ISSUERS

         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: The registrant has
56,392,406 shares of common stock issued and outstanding as of November 10,
2003.

Transitional Small Business Disclosure Format (Check one): Yes [ ] No [x]

<PAGE>


INTERMOST CORPORATION

                                      INDEX

                                                                           Page
                                                                          Number
                                                                          ------
PART I - FINANCIAL INFORMATION

         Item 1.  Financial Statements

         Consolidated Condensed Balance Sheets -- June
            30, 2003  and September 30, 2003(Unaudited)....................    3

         Consolidated Condensed Statements of Operations (Unaudited) --
            For the three months ended September 30, 2002 and 2003.........    4

         Consolidated Condensed Statements of Cash Flows (Unaudited) --
            For the three months ended September 30, 2002 and 2003.........    5

         Notes to Consolidated Condensed Financial Statements..............    6

         Item 2. Management's Discussion and Analysis of Financial
                  Condition and Results of Operations......................    7

         Item 3. Controls and Procedures...................................   14

PART II - OTHER INFORMATION

         Item 1. Legal Proceedings.........................................   14

         Item 2. Changes in Securities.....................................   15

         Item 3. Defaults Upon Senior Securities...........................   15

         Item 4. Submission of Matters to a Vote of
                  Security Holders.........................................   15

         Item 5. Other Information.........................................   16

         Item 6.  Exhibits and Reports on Form 8-K.........................   16

SIGNATURES        .........................................................   17

                                       2
<PAGE>


PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

                     INTERMOST CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
                                                             June 30, 2003       September 30, 2003
                                                                                    (unaudited)
------------------------------------------------------------------------------------------------------
                                                                   RMB           RMB            US$
------------------------------------------------------------------------------------------------------
                                     ASSETS
------------------------------------------------------------------------------------------------------
<S>                                                          <C>            <C>             <C>
Current Assets
------------------------------------------------------------------------------------------------------
     Cash and cash equivalents                                   652,453      5,640,019        681,162
------------------------------------------------------------------------------------------------------
     Accounts receivable                                       1,392,119      2,528,151        305,332
------------------------------------------------------------------------------------------------------
     Inventories                                                 367,522             --             --
------------------------------------------------------------------------------------------------------
    Short Term Loan                                                   --      1,300,000        157,005
------------------------------------------------------------------------------------------------------
     Deposits, prepayments and
        other receivables, net of                              1,314,834      2,323,562        280,623
    allowance for doubtful accounts
    of Rmb197,950
------------------------------------------------------------------------------------------------------
                  Total Current Assets                         3,726,928     11,791,732      1,424,122
------------------------------------------------------------------------------------------------------
  Property and equipment, net                                  1,356,056      1,389,511        167,815
------------------------------------------------------------------------------------------------------
    Goodwill, at cost                                          4,568,552      4,568,552        551,757
------------------------------------------------------------------------------------------------------
    Computer software held for sale                              879,750        724,500         87,500
------------------------------------------------------------------------------------------------------
                          Total Assets                        10,531,286     18,474,295      2,231,194
------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------
                      LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------------------------------------------------------------------------
Current Liabilities
------------------------------------------------------------------------------------------------------
     Accruals and other payables                               2,246,653      3,608,427        435,800
------------------------------------------------------------------------------------------------------
     Accounts payables                                         2,958,920      2,568,697        310,229
------------------------------------------------------------------------------------------------------
     Deferred revenue                                            286,000        365,036         44,086
------------------------------------------------------------------------------------------------------
     Deposits from customers                                     472,664        691,404         83,503
------------------------------------------------------------------------------------------------------
     Business tax and government                                  23,493         22,997          2,777
surcharges payable
------------------------------------------------------------------------------------------------------
     Due to a director                                           422,871        509,540         61,539
------------------------------------------------------------------------------------------------------
             Total current liabilities                         6,410,601      7,766,101        937,934
------------------------------------------------------------------------------------------------------
Minority interests                                               412,556        541,131         65,354
------------------------------------------------------------------------------------------------------
Shareholders' equity
------------------------------------------------------------------------------------------------------
Preferred stock, par value US$0.001:
------------------------------------------------------------------------------------------------------
   - Authorized-5,000,000 shares
------------------------------------------------------------------------------------------------------
   - None outstanding                                                 --             --             --
------------------------------------------------------------------------------------------------------
 Common stock, par value US$0.001:
------------------------------------------------------------------------------------------------------
   -Authorized-100,000,000 shares
------------------------------------------------------------------------------------------------------
   -Outstanding and fully paid-
        49,246,066 shares (6/30/03:                              382,954        407,794         49,250
46,246,066 shares)
------------------------------------------------------------------------------------------------------
 Reserved and to be issued -
       7,146,340 shares (6/30/03:                                 31,630         59,169          7,146
3,820,000 shares)
------------------------------------------------------------------------------------------------------
 Additional paid in capital                                   70,635,073     80,636,292      9,738,683
------------------------------------------------------------------------------------------------------
Less: subscription receivable                                         --     (1,808,352)      (218,400)
------------------------------------------------------------------------------------------------------
 Accumulated deficit                                         (67,310,632)   (69,096,944)    (8,345,042)
------------------------------------------------------------------------------------------------------
 Accumulated other
     comprehensive loss                                          (30,896)       (30,896)        (3,731)
------------------------------------------------------------------------------------------------------
            Total shareholders' equity                         3,708,129     10,167,063      1,227,906
------------------------------------------------------------------------------------------------------
         Total liabilities and
                  shareholders' equity                        10,531,286     18,474,295      2,231,194
------------------------------------------------------------------------------------------------------
</TABLE>

              The accompanying notes are an integral part of these
                        condensed financial statements.

                                       3
<PAGE>


                     INTERMOST CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                            Three Months Ended September 30,
                                        ---------------------------------------
                                            2002                 2003
                                        -----------   -------------------------
                                             RMB           RMB            US$
Net revenues                                510,350     3,572,945       431,515
Cost of revenues                           (498,436)   (2,890,871)     (349,139)
                                        -----------   -----------   -----------
Gross profit                                 11,914       682,074        82,376

Selling, general and administrative
   expenses                              (1,194,901)   (2,345,302)     (283,249)
Profit/(Loss) on disposal of property
   and equipment                            (50,125)           --            --

                                        -----------   -----------   -----------
Loss from operations                     (1,233,112)   (1,663,228)     (200,873)
Interest income                                 438         5,491           663
Other net income                             50,962            --            --
                                        -----------   -----------   -----------

Loss before minority interest            (1,181,712)   (1,657,737)     (200,210)

Minority interests                              826      (128,575)      (15,528)
                                        -----------   -----------   -----------
Net loss                                 (1,180,886)   (1,786,312)     (215,738)
                                        ===========   ===========   ===========
Net loss
  per common share - basic                    (0.04)        (0.04)        (0.01)
                                        ===========   ===========   ===========
Weighted average number of
   shares outstanding-basic              33,120,481    48,369,178    48,369,178
                                        ===========   ===========   ===========

              The accompanying notes are an integral part of these
                        condensed financial statements.


                                       4
<PAGE>

                     INTERMOST CORPORATION AND SUBSIDIARIES
                 CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                          Three Months Ended September 30,
                                                      --------------------------------------
                                                         2002                2003
                                                         ----                ----
                                                          RMB           RMB            US$
<S>                                                   <C>           <C>             <C>
Cash flows from operating activities:
Net loss                                              (1,180,886)   (1,786,312)     (215,738)
Adjustments to reconcile net loss to net cash
used in operating activities:
     Common stock reserved and to be issued in
         Exchange for services                                --       364,320        44,000
         Amortization of computer software held
         for sale                                             --       155,250        18,750
     Loss on disposal of property and equipment           50,125            --            --

     Depreciation                                        155,760        99,092        11,968
     Minority interests                                     (826)      128,575        15,528
(Increase) decrease in operating assets -
     Inventories                                              --       367,522        44,387
     Accounts receivable, net                            486,366    (1,136,032)     (137,202)
     Cost and estimated earnings in excess of
           billings                                       80,180            --            --
     Deposits, prepayments and
           other receivables                              94,417    (1,008,728)     (121,828)
Increase (decrease) in operating liabilities -
     Accruals and other payables                        (184,262)    1,361,774       164,465
     Accounts payables                                        --      (390,223)      (47,128)
     Deferred revenue                                    (43,356)       79,036         9,545
     Deposits from customers                              30,180       218,740        26,418
     Business tax and government surcharges payable          463          (496)          (60)
     Due to directors                                     62,061            --            --
                                                      ----------    ----------      --------

Net cash used in operating activities                   (449,778)   (1,547,482)     (186,895)

Cash flows from investing activities:
Purchase of property and equipment                            --      (132,547)      (16,008)
Short term loan financing                                     --    (1,300,000)     (157,005)
                                                      ----------    ----------      --------
Net cash  used in
 investing activities                                         --    (1,432,547)     (173,013)
                                                      ----------    ----------      --------

Cash flows from financing activities:
Advances from a director                                      --        86,669        10,467
Net proceeds from issuance of common stock                    --     7,880,926       951,804
Net proceeds from a custodian                            364,493            --            --
                                                      ----------    ----------      --------

     Net cash provided by financing activities           364,493     7,967,595       962,271
                                                      ----------    ----------      --------

Net increase/(decrease) in cash and cash
     equivalents                                         (85,285)    4,987,566       602,363
Cash and cash equivalents, beginning of period           443,607       652,453        78,799
                                                      ----------    ----------      --------

Cash and cash equivalents, end of period                 358,322     5,640,019       681,162
                                                      ==========    ==========      ========
Non-cash financing activities:-
Receivable from issuance of common stock                      --     1,808,352       218,400
Issuance of reserved common stock                             --        24,840         3,000
Common stock reserved and to be issued
    as placement commission                                   --           602            73
                                                      ==========    ==========      ========
</TABLE>

              The accompanying notes are an integral part of these
                        condensed financial statements.


                                       5
<PAGE>

INTERMOST CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

1.       UNAUDITED INTERIM FINANCIAL PRESENTATION

The unaudited interim consolidated financial statements are prepared pursuant to
the requirements for reporting on Form 10-QSB. These financial statements have
not been audited by independent accountants. The June 30, 2003 balance sheet
data was derived from audited financial statements but does not include all
disclosures required by generally accepted accounting principles. The unaudited
interim financial statements and notes thereto should be read in conjunction
with the financial statements and notes included in the Company's Form 10-KSB.
In the opinion of management, these interim financial statements reflect all
adjustments of a normal recurring nature necessary for a fair statement of the
results for the interim periods presented. The current period results of
operations are not necessarily indicative of results which ultimately will be
reported for the full year ending June 30, 2004.

2.       CURRENCY PRESENTATION AND FOREIGN CURRENCY TRANSLATION

All amounts are in Renminbi ("Rmb") unless indicated to be in United States
Dollars ("$" or `US$"). Our sales are principally in Renminbi. The translation
of Renminbi amounts into US dollars is for reference purposes only and has
been made at the exchange rate of Rmb8.28 for US$1. The People's Bank of China
sets and publishes daily a base exchange rate with reference primarily to the
supply and demand of Renminbi against the United States dollar in the market
during the prior day. The People's Bank of China also takes into account other
factors such as the general conditions existing in the international foreign
exchange markets. Although Chinese governmental policies were introduced in 1996
to reduce restrictions on the convertibility of Renminbi into foreign currency
for current amount items, conversion of Renminbi into any other currency for
capital items, such as foreign direct investment, loans or security, requires
the approval of the State Administration for Foreign Exchange. The translation
of Renminbi amounts in this quarterly report on Form 10-QSB is not a
representation that the Renminbi amounts could actually be converted into United
States dollars at that rate or at any other rate on that date or on any other
date.

3.       LOSS PER COMMON SHARE - BASIC

Loss per common share is computed in accordance with Statement of Financial
Accounting Standards No. 128, by dividing net loss for each period by the
weighted average number of shares of common stock outstanding during the period.
No diluted loss per common share was presented in the consolidated condensed
statements of operations as there were no dilutive securities available for
exercise.


                                       6
<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

         This report by Intermost Corporation. (the "Company") contains
forward-looking statements. These are statements regarding financial and
operating performance and results and other statements that are not historical
facts. The words "expect," "project," "estimate," "believe," "anticipate,"
"intend," "plan," "forecast," and similar expressions are intended to identify
forward-looking statements. Certain important risks could cause results to
differ materially from the results anticipated by the forward-looking
statements. Some of these risks include, among other things, the risks and
uncertainties that are more fully described in "Management's Discussion and
Analysis of Financial Condition and Results of Operations" and in the section of
this report titled "Certain Factors Affecting Future Operating Results". All of
these risks and uncertainties are difficult to predict and many of these factors
are beyond our control. You are cautioned not to place undue reliance on these
forward-looking statements, which relate only to events as of the date on which
the statements are made. We undertake no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that arise after
the date hereof. You should refer to and carefully review the information in
future documents we file with the Securities and Exchange Commission.

         The following discussion and analysis should be read in conjunction
with our unaudited interim consolidated financial statements and the notes
thereto included in Item 1 of this Quarterly Report on Form 10-QSB.

RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 2003 AS COMPARED TO
THE QUARTER ENDED SEPTEMBER 30, 2002

NET REVENUES

         Net revenues earned during the quarter ended September 30, 2003 were
derived primarily from sales of photographic equipment made by our subsidiary,
Shanghai Newray Photographic Equipment Co., Ltd. The remainder of our revenues
were derived from e-commerce solutions, sales of computer software, and from the
subsidy provided to us by KanHan Technologies Ltd. for our services in
introducing its software. Net revenues earned during the quarter ended September
30, 2002 were derived principally from e-commerce solutions, system sales and
integration and web advertisement. The term "e-commerce solutions" includes web
site design and development and web hosting.

         The following table reflects the total net revenues and percentage of
net revenues by major category for the periods indicated:

<TABLE>
<CAPTION>
                                             Net revenues                    Percent of Net revenues
                                   --------------------------------     --------------------------------
                                   Three Months Ended September 30,     Three Months Ended September 30,
                                   --------------------------------     --------------------------------
                                          2002             2003                2002             2003
                                          ----             ----                ----             ----
                                           US$              US$
<S>                                    <C>              <C>                    <C>             <C>
E-commerce solutions                   36,294           58,047                 58.9%           13.4%
System sales integration               25,125               --                 40.8%             -%
Web advertisement                         217               --                  0.3%             -%
Sales of computer software                 --            4,958                   -%             1.2%
Sales of photographic equipment            --          329,742                   -%            76.4%
Management fee income                      --           38,768                   -%             9.0%
                                      -------          -------              -------         -------
     Total                             61,636          431,515                100.0%          100.0%
                                      =======          =======              =======         =======
</TABLE>

                                       7
<PAGE>

         Total net revenues increased 600% to $432K(1) during the quarter ended
September 30, 2003, as compared to $62K during the quarter ended September 30,
2002. While revenues attributable to e-commerce solutions increased 60%, to $58K
during the quarter ended September 30, 2003, as compared to $36K earned during
the quarter ended September 30, 2002, the increase in total net revenues was
also attributable to sales of the licenses for computer software we purchased
from KanHan Technologies Ltd., sales of photographic equipment made through our
subsidiary, Shanghai Newray Photographic Equipment Co., Ltd. and the subsidy
provided to us by KanHan Technologies Ltd.

COST OF REVENUES

         The following table reflects the principal components of cost of
revenues and the percentage of net revenues represented by each component for
the periods indicated:

<TABLE>
<CAPTION>
                                                 Cost of Revenues                 Percent of Net Revenues
                                         --------------------------------     --------------------------------
                                         Three Months Ended September 30,     Three Months Ended September 30,
                                              2002             2003                   2002           2003
                                               US$               US$
<S>                                          <C>              <C>                     <C>             <C>
Engineering/technician salaries              14,268           21,217                  23.2%           4.9%
Subcontract fees                                195               --                   0.3%            --%
Cost of system sales
 and integration                             32,287               --                  52.4%            --%
Cost of computer software                        --            4,616                    --%           1.1%
Cost of photographic equipment                   --          294,400                    --%          68.2%
Depreciation                                  2,640              736                   4.3%           0.2%
Other                                        10,807           28,170                  17.5%           6.5%
                                            -------          -------               -------        -------
     Total                                   60,197          349,139                  97.7%          80.9%
                                            =======          =======               =======        =======
</TABLE>

         Cost of revenues increased 480%, to $349K, or 81% of net revenues
during the quarter ended September 30, 2003 from $60K, or 98% of net revenues
during the quarter ended September 30, 2002.

         The principal components of cost of revenues during the quarter ended
September 30, 2003 were engineer and technician salaries, costs of computer
software and photographic equipment, other costs associated with support of our
engineering and technical staff and depreciation of equipment utilized in
connection with services.

         The increase in costs of revenues, in total and as a percentage of
revenues, was principally attributable to the increase in our sales as well as
to an increase in engineering and technical staffing during the period. We were
required to increase staff because sales of our e-commerce solutions continued
to increase during the quarter.

----------
(1) As used in this 10-QSB, the letter "K" appearing immediately after a dollar
amount denotes rounding to the nearest $1,000; as an example, $250,799 may be
rounded to "$251K".


                                       8
<PAGE>

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE

         Selling, general and administrative expense ("SG&A") consists
principally of (1) sales commissions, (2) advertising, (3) other marketing
expense, (4) rental expense, (5) salaries for administrative and sales staff,
and (6) corporate overhead.

         The following table reflects the principal components of SG&A and the
percentage of net sales represented by each component for the periods indicated:

<TABLE>
<CAPTION>
                                                       SG&A                        Percent of Net Revenue
                                         --------------------------------     --------------------------------
                                         Three Months Ended September 30,     Three Months Ended September 30,
                                               2002            2003                 2002            2003
                                                US$            US$
<S>                                          <C>              <C>                   <C>             <C>
Sales and marketing salaries and
  commissions                                21,282           37,028                34.5%           8.6%

Advertising and other sales and
  marketing expenses                         11,525           24,892                18.7%           5.8%
Rentals                                      20,385           20,177                33.1%           4.7%
Administrative salaries                      45,907           27,186                74.5%           6.3%
Corporate overhead                           45,212          173,966                73.3%          40.3%
                                            -------          -------               -----           ----
     Total                                  144,311          283,249               234.1%          65.7%
                                            =======          =======               =====           ====
</TABLE>

         For the quarter ended September 30, 2003, SG&A increased 96% to $283K,
in comparison to $144K for the quarter ended September 30, 2002.

         During the quarter ended September 30, 2003, the increase in SG&A was
principally attributable to expenses incurred in conjunction with investor
relations activities, an increase in corporate overhead which included
consultancy fees of $42K, investor relations expenses of $59K, professional fees
of $13K, expenses of $6K related to overseas traveling and costs associated with
an increase of our sales and marketing staff and marketing expenses. We also
recorded a charge of $7K related to the conversion of funds derived from the
proceeds of a private offering of our common stock. For accounting purposes we
used the rate of 8.28 RMB as the equivalent of a U.S. dollar. However, the bank
rate fluctuated and investors would receive higher or lower rates as funds were
deposited into the Company's account.

         Loss on disposal of property and equipment. We incurred $0 loss
relating to the disposal of fixed assets for the quarter ended September 30,
2003 as compared to a loss in the amount of $6K on the disposal of fixed assets
during the quarter ended September 30, 2002. The loss recorded for the quarter
ended September 30, 2002 related to the disposal of furniture and computer
equipment in conjunction with the relocation of our office.


                                       9
<PAGE>

         Other Income, Net. Other income, net, totaled $0K during the quarter
ended September 30, 2003 as compared to other income of $6K received during the
quarter ended September 30, 2002. Other net income received during the quarter
ended September 30, 2002 consisted primarily of income we received from the
rental of office space located at 38/F Guomao Building. Because we are in the
process of selling this real estate, we derived no rental income from it for the
quarter ended September 30, 2003.

         Minority Interests. Minority interests of $16K were reported during the
quarter ended September 30, 2003 as compared to $0.1K of minority interest
reported during the quarter ended September 30, 2002. Minority interests reflect
the minority shareholders' proportionate interests in the losses of Intermost
Focus Advertising and in the profits of Shanghai Newray Photographic Equipment
Co Ltd.

MATERIAL CHANGES IN FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

         At September 30, 2003 we had cash and cash equivalents of $681K and
working capital of $486K as compared to $79K of cash and cash equivalents and
$324K of negative working capital at June 30, 2003.

         Net cash used in operating activities was $187K for the quarter ended
September 30, 2003, while net cash used in operating activities was $54K for the
quarter ended September 30, 2002. During the quarter ended September 30, 2003,
cash was used to fund our net loss of $216K. Cash was also used to pay
liabilities, which increased due to our expanded operations. Our use of cash was
partially offset by non-cash charges, including depreciation expense in the
amount of $12K and amortization of computer software in the amount of $19K.

         Investing activities used $173K during the quarter ended September 30,
2003. Funds used in investing activities were used to purchase equipment, mainly
for our e-commerce operations, and to support our operations. Investing
activities also included a short term loan in the amount of $157K made to an
unrelated third party. The loan was unsecured and interest free. The loan will
be fully repaid in November 2003.

         Net cash provided by financing activities was $962K for the quarter
ended September 30, 2003 as compared to $44K for the quarter ended September 30,
2002. Funds provided by financing activities consisted of $1,210,740 of gross
proceeds received from a private offering of 6,053,700 shares of our common
stock.

         The Company had no long-term debt at September 30, 2003.

         Currently, we are experiencing an increase in web design projects
therefore we are recruiting additional staff to meet project deadlines. In order
to enhance our reputation in the e-commerce market we have implemented certain
procedures that we anticipate will help us provide better products to our
customers, thereby generating referral business. Our salespersons now also act
as liaisons with our customers, assisting with the preparation of schedules for


                                       10
<PAGE>

the completion of projects, keeping our customers apprised of the status of
projects and working with our customers to better provide our designers with
input during the creation of the websites. We also determined that cost controls
could improve the operational results of Shanghai Newray Photographic Equipment
Co., Ltd., therefore we implemented procedures for inventory control, including
stock in/stock out records and proper documentation for invoicing and receivable
collection. We continue to evaluate various opportunities to attain
profitability, including the investment in, or acquisition of, businesses that
are not dependent on the Internet market.

         On October 3, 2003 our wholly-owned subsidiary, IMOT Information
Technology (Shenzhen) Co., Ltd., referred to herein as "IMOT Technology",
entered into an agreement for the acquisition of 25% of the issued and
outstanding shares of Shanghai Fortune Venture Limited ("Shanghai Fortune") from
certain shareholders of Shanghai Fortune. The agreement is subject to final
approval from the government of Shanghai, China, the completion of a due
diligence investigation by the parties and approval by the board of directors of
each party. The consideration for this acquisition is RMB600,000, approximately
$72,464, in cash plus 10 million shares of our common stock. The value of the
common stock was computed as $0.24 per share, based upon the average closing
price during the 10-day period from September 22, 2003 to October 1, 2003.

         Shanghai Fortune is a registered member of Shanghai Property Right
Exchange Centre ("Shanghai Exchange Centre"). Shanghai Exchange Centre has
granted Shanghai Fortune the right, and since March 2003 Shanghai Fortune has
been operating, the North Shanghai Branch of Shanghai Technology Property Right
Exchange Centre ("NSB"). NSB engages in the transfer of property rights,
intellectual property rights, and other services related to property right
transfers.

         We have been able to meet our cash requirements by implementing a
stringent cost savings program and by using funds provided by the private
offering of our common stock that took place in the first quarter of fiscal
2003. We have also conserved cash by issuing common stock in exchange for
services. Our web design projects, sales of KanHan Technologies Ltd. software
and sales of photographic equipment from Shanghai Newray may provide revenue
during the remainder of the fiscal year sufficient to sustain our operations,
however, there is no assurance that any such revenues will be earned or, if
revenues are earned, that they will be sufficient to meet our cash flow needs.
If our revenues are insufficient to sustain our operations and we cannot borrow
money or raise funds by selling our securities, we may be required to severely
curtail, or even cease, our operations. We have no commitments for funding and
we cannot assure you that funding will be available to us on acceptable terms,
or at all.

         Our plan for the future is to strengthen our core Internet business,
control our overall expenditures, enhance the effectiveness of our operations
and continue to acquire profitable businesses using our common stock. We believe
that active trading of our common stock will be important to the principals of
target companies and future acquisitions may be dependent on the active trading

                                       11
<PAGE>

of our common stock. However, our common stock has not been actively traded and,
if our common stock continues to trade flatly, we may not be able to make
acquisitions.

CERTAIN FACTORS AFFECTING FUTURE OPERATING RESULTS

         Our operating results have been, and will continue to be, affected by a
wide variety of factors that could have a material adverse effect on revenues
and profitability during any particular period. Some of these factors include:

o        our ability to successfully implement our current business plan;

o        whether or not we will be able to obtain the additional capital
         necessary to support our operations;

o        whether or not we will find joint venture prospects or acquisition
         prospects with which to enhance our business;

o        whether or not we can successfully integrate acquisitions that we make
         into our business;

o        the level and rate of acceptance of our products and services by the
         Chinese people;

o        continued growth in the use of the Internet in China;

o        entry of new competition (including established companies from outside
         China and companies with substantially greater resources) into our
         market;

o        fluctuations in the level of orders for services delivered in a
         quarter;

o        rescheduling or cancellation of orders by customers;

o        competitive pressures on selling prices;

o        changes in product, service or customer mix;

o        rapid changes in technology, which result in our technology becoming
         obsolete;

o        dependence upon certain key employees;

o        availability and cost of computer technicians;

o        loss of any strategic relationships;

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<PAGE>

o        our ability to introduce new products and services on a timely basis;

o        new product and service introductions by our competitors;

o        fluctuations in exchange rates, and

o        general economic conditions.

         Except as noted above, we are not aware of any trends, events or
uncertainties that have had, or are reasonably likely to have, a material impact
on our operations or our short-term or long-term liquidity.

CRITICAL ACCOUNTING POLICIES

         The following critical accounting policies require management's
assumptions, judgments and estimates and were used in the preparation of our
consolidated financial statements:

Revenue Recognition

         Revenues are recognized (i) with respect to services, at the time a
project (or a milestone thereof) is completed and accepted by the customer, and
(ii) with respect to products, at the time products are delivered to customers
and collectibility for such sales is reasonably assured. We have adopted Staff
Accounting Bulletin No.101, Revenue Recognition ("SAB 101") in our financial
statements. SAB 101 provides in part further interpretive guidance for public
companies on the recognition, presentation, and disclosure of revenues in
financial statements.

Accounts Receivable

         We typically extend credit to our customers. From time to time,
e-commerce solution services are provided under fixed-price contracts where the
revenues and the payment of related receivable balances are due upon the
achievement of certain milestones. Management estimates the probability of
collection of the receivable balances and provides an allowance for doubtful
accounts based upon its judgment in assessing the realization of these
receivable balances taking into consideration aging, historical experience,
the customer's financial condition and general economic conditions.

Long-lived assets and goodwill

The Company periodically evaluates the carrying value of long-lived assets held
or used whenever events and circumstances indicate that the carrying value of
the asset may no longer be recoverable. An impairment loss, measured on the fair
value of the asset, is recognized if expected future undiscounted cash flows are
less than the carrying value of the assets.

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<PAGE>

We evaluate goodwill, at a minimum, on an annual basis and whenever events and
changes in circumstances suggest that the carrying amount may not be recoverable
in accordance with SFAS No. 142 "Goodwill and Other Intangible Assets".
Impairment of goodwill is tested at the reporting unit level by comparing the
reporting unit's carrying amount, including goodwill, to the fair value of the
reporting unit. The fair values of the reporting units are estimated using
discounted cash flows approach. If the carrying amount of the reporting unit
exceeds its fair value, goodwill is considered impaired and a second step is
performed to measure the amount of impairment loss, if any.

ITEM 3. CONTROLS AND PROCEDURES

         (a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. Regulations under
the Securities Exchange Act of 1934 require public companies to maintain
"disclosure controls and procedures," which are defined to mean a company's
controls and other procedures that are designed to ensure that information
required to be disclosed in the reports that it files or submits under the
Securities Exchange Act of 1934 is recorded, processed, summarized and reported,
within the time periods specified in the Commission's rules and forms. Our Chief
Executive Officer ("CEO") who is also our Chief Financial Officer ("CFO")
carried out an evaluation of the effectiveness of our disclosure controls and
procedures as of the end of the period covered by this report. Based on those
evaluations, as of the Evaluation Date, our CEO/CFO believes:

                  (i) that our disclosure controls and procedures are designed
         to ensure that information required to be disclosed by us in the
         reports we file under the Securities Exchange Act of 1934 is recorded,
         processed, summarized and reported within the time periods specified in
         the SEC's rules and forms and that such information is accumulated and
         communicated to our management, including the CEO/CFO, as appropriate
         to allow timely decisions regarding required disclosure; and

                  (ii) that our disclosure controls and procedures are
effective.

         (b) CHANGES IN INTERNAL CONTROLS. There were no significant changes in
our internal controls or, to our knowledge, in other factors that could
significantly affect our internal controls subsequent to the evaluation date.

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings.

         Not applicable.

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<PAGE>

Item 2.  Changes in Securities.

         During the quarter ended September 30, 2003 we issued the following
securities:

         We undertook a private offering of our common stock to accredited
investors living in the People's Republic of China and sold 6,053,700 shares at
$0.20 per share. The stock was sold in reliance on an exemption provided by
Regulation S of the Securities Act of 1933.

         In conjunction with the private offering, we issued 72,640 shares of
common stock to two consultants in exchange for services. The value of the stock
was determined to be $0.20 per share, for a total value of $14,528. The stock
was issued in reliance on the exemption from registration provided by Section
4(2) of the Securities Act of 1933.

         During the quarter we issued common stock to various individuals in
exchange for services. The value of the common stock was based on the market
price of the shares at the date of the transaction. The issuances were as
follows:

         (i) On May 30, 2003 our Board of Directors authorized the issuance of,
and on July 29, 2003 we issued, 3,000,000 shares of common stock with a value of
$0.05 per share to certain designated shareholders of Firstmax Investment
Limited who rendered services to us having a value of $150,000. The stock was
issued in reliance on the exemption from registration provided by Section 4(2)
of the Securities Act of 1933.

         (ii) On May 22, 2003 our Board of Directors authorized the issuance of,
and on October 30, 2003 we issued, 320,000 shares of common stock to Yorkshire
Capital Ltd. in exchange for services rendered in connection with the
acquisition of 51% of the shares of Shanghai Newray Photographic Equipment Co.,
Ltd. The negotiated price of the stock was $0.12 per share, for a total value of
$38,400. The stock was issued in reliance on the exemption from registration
provided by Section 4(2) of the Securities Act of 1933.

         (iii) On September 30, 2003 our Board of Directors authorized the
issuance of 700,000 shares of common stock to Stanford Capital International
Limited for investment relationship services rendered to us having a value of
$158,000 as of September 30, 2003. The value of the shares was negotiated
between us and Stanford Capital International Limited. The stock was issued in
reliance on the exemption from registration provided by Section 4(2) of the
Securities Act of 1933.

Item 3.  Defaults Upon Senior Securities.

         Not applicable.


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

         Not applicable.

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<PAGE>

Item 5.  Other Information.

         Not applicable

Item 6.  Exhibits and Reports on Form 8-K

         (a)      Exhibits

                  2        Articles of Merger of IMOT Corporation (Utah Parent)
                           into Intermost Corporation (Wyoming Subsidiary).(1)

                  3(i)     Articles of Incorporation of Intermost
                           Corporation.(1)

                  3(ii)    Bylaws of Intermost Corporation.(1)

                  31.      Certification of Chief Executive Officer Pursuant to
                           Rule 13a-14(a) and 15d- 14(a).(2)

                  32.      Certification Pursuant to 18 U.S.C. Section 1350, as
                           adopted pursuant to Section 906 of the Sarbanes-Oxley
                           Act of 2002.(2)

                  (1) Incorporated by reference from the registrant's Form
                      10-QSB filed with the Securities and Exchange Commission
                      on May 15, 2003 (Commission File No. 0-30430.

                  (2) Filed herewith.

Reports on Form 8-K

                  No reports on Form 8-K were filed during the quarter ended
September 30, 2003.


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<PAGE>

                                   SIGNATURES

         In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.



                              INTERMOST CORPORATION



                                      By: /s/ Andy Lin
                                          --------------------------------------
                                              Andy Lin,
                                              President, Chief Executive Officer
                                              and Chief Financial Officer

Dated:   November 13, 2003



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