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UBDE GOING TO BLOW!!!!!!!!
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[QUOTE]Originally posted by BENJAMINS: [QB] Form 10QSB for US BIODEFENSE INC -------------------------------------------------------------------------------- 17-Jul-2006 Quarterly Report Item 2. Management's Discussion and Plan of Operation Forward-Looking Statements This Quarterly Report contains forward-looking statements about US Biodefense, Inc.'s business, financial condition and prospects that reflect management's assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. If any of our management's assumptions should prove incorrect, or if any of the risks and uncertainties underlying such expectations should materialize, UBDE's actual results may differ materially from those indicated by the forward-looking statements. The key factors that are not within our control and that may have a direct bearing on operating results include, but are not limited to, acceptance of our services, our ability to expand our customer base, managements' ability to raise capital in the future, the retention of key employees and changes in the regulation of our industry. There may be other risks and circumstances that management may be unable to predict. When used in this Quarterly Report, words such as, "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions. Overview We were incorporated in the State of Utah on June 29, 1983, under the name Teal Eye, Inc. We merged with Terzon Corporation and changed our name to Terzon Corporation in 1984. We subsequently changed our name to Candy Stripers Candy Corporation. We were engaged in the business of manufacturing and selling candy and gift items to hospital gift shops across the country. We were traded Over-the-Counter Bulletin Board for several years. In 1986 we ceased the candy manufacturing operations and filed for Chapter 11 Bankruptcy protection. After emerging from Bankruptcy in 1993, we remained dormant until January 1998, when we changed our name to Piedmont, Inc. On May 13, 2003, we filed an amendment to our Articles of Incorporation to change our name from Piedmont, Inc. to US Biodefense, Inc. We are a registered government contractor with the Department of Defense Logistics Agency that is focused on designing ad developing homeland security and biodefense products. Results of Operations Revenues Our revenues totaled $20,000 for the three months ended May 31, 2006, compared to $16,667 for the second quarter ended May 31, 2005. Revenues for the current fiscal quarter were attributable solely to the October 15, 2005 renewal of the agreement with Financialnewsusa.com, a related party, to provide consulting services to them in exchange for $40,000, for which we were paid in advance the entire balance of the contract. Financialnewsusa.com is currently our only customer, which represents all of our revenues generated during the three and six months ended May 31, 2006. We cannot guarantee that we will be able to attract future customers and continue to generate sales. In the year ago period, we did not generate any revenues. During the six months ended May 31, 2006, we generated $40,000 in revenues, as opposed to revenues of $79,167 in the prior six month period ended May 31, 2005. The decrease in revenues in the comparable six month periods is attributable to the lower contracted service price with Financialnewsusa.com. Expenses Total expenses for the three months ended May 31, 2006 were $11,718, consisting primarily of research and development costs in the amount of $10,305 and general and administrative expenses of $1,413. For the three months ended May 31, 2005, we incurred expenses of $30,611, all of which was considered general and administrative expenses. Our aggregate expenses decreased year-to-year primarily due to a significant decrease in salaries and executive compensation, resulting in general and administrative expenses lowering by 95%. Our research and development costs increased materially due to our refocus from establishing our infrastructure to commitment to identify products and services to commercialize. Although we are dedicated to bring products or services to market, we cannot estimate when, if ever, we will do so, nor that we will realize any revenues from such products or services. -------------------------------------------------------------------------------- Total expenses for the six months ended May 31, 2006 were $33,872, consisting of $23,171 in research and development and $10,701 in general and administrative expenses. In the year ago six month period ended May 31, 2005, our total expenses were $69,168, consisting solely of $69,168 in general and administrative expenses. The shift in our expenses and allocation thereof in the six months ended May 31, 2006 and 2005 are attributable to similar factors present in the three months ended May 31, 2006 and 2005. Net Income (Loss) We realized net income of $8,282 for the most recent quarter ended May 31, 2006. In comparison, we incurred a net loss from operations in the amount of $13,944 in the year ago three month period. The key factor providing this change: namely, our expenses were significantly lower in the current period as opposed to a year ago. For the six months ended May 31, 2006, we generated $6,128 in net income, as opposed to net income of $9,999 in the prior six month period ended May 31, 2005. The difference is attributable mainly to the level of revenues generated in the period ended May 31, 2005 being approximately 49% higher than in the current period ended May 31, 2006. Liquidity and Capital Resources We have limited cash on hand, in the amount of $9,037 as of May 31, 2006, and may be unable to continue operations for the next at least 12 months if we are unable to generate revenues or obtain capital infusions by issuing equity or debt securities in exchange for cash. If we are unable to obtain capital through issuances of equity or debt, David Chin, a shareholder and President of our company, has verbally agreed to loan us cash, which shall bear no interest and be due upon demand. As of May 31, 2006, David Chin loaned us a total of $4,312 to pay for general and administrative expenses. The loan bears no interest and is due upon demand. As of May 31, 2006, the amount owed is $1,313. We have no formal written agreement with Mr. Chin for any further loans, and we cannot guarantee you that we will be able to enforce our verbal agreement. Notwithstanding this, there can be no assurance that we will be able to secure additional funds in the future to stay in business. Our independent registered public accountants have expressed substantial doubt about our ability to continue as a going concern because we have limited operations. There are no known trends, events or uncertainties that have had or that are reasonably expected to have a material impact on our revenues from continuing operations. Our management does not anticipate the need to hire additional full- or part- time employees over the next 12 months, as the services provided by our officers and directors appear sufficient at this time. We believe that our operations are currently on a small scale that is manageable by a few individuals. While we believe that the addition of employees is not required over the next 12 months, we intend to hire independent contractors to perform research activities and market any potential products and services we may develop. We do not have any off-balance sheet arrangements. We currently do not own any significant plant or equipment that we would seek to sell in the near future. We have not paid for expenses on behalf of any of our directors. Additionally, we believe that this fact shall not materially change. Our board of directors was advised by E. Randall Gruber, CPA, PC, our independent registered public accounting firm, that during their performance of audit procedures for 2005 E. Randall Gruber, CPA, PC identified a material weakness as defined in Public Company Accounting Oversight Board Standard No. 2 in our internal control over financial reporting [/QB][/QUOTE]
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