X...Quarterly report under section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2001.
....Transition report under section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _________ to _________.
Commission File No: 0-29803
SAFE ID CORPORATION
(Name of small business in its charter)
|
Nevada |
88-0407078 |
| (State or other jurisdiction of Incorporation) | (IRS Employer Identification. No.) |
| Suite B3,
1700 Varsity Estates Drive NW Calgary, Alberta Canada |
T3B-2W9 |
| (Address of Principal Office) | Zip Code |
Issuer's telephone number: (403) 208-1081
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ..X.. No ....
Applicable only to issuers involved in bankruptcy proceedings during the past five years.
Check whether the issuer has 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. At September 30, 2001, the following shares of common were outstanding: Common Stock, no par value, 22,584,000 shares.
Transitional Small Business Disclosure Format (Check one): Yes ..... No ..X..
PART 1 - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS AND EXHIBITS
(a) The unaudited financial statements of registrant for the nine months ended September 30, 2001, follow. The financial statements reflect all adjustments which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented.
| INDEX TO FINANCIAL STATEMENTS: | |
| Balance Sheets | |
| Statements of Operations | |
| Statements of Cash Flows | |
| Notes to Financial Statements |
Safe ID Corporation
(A Development Stage Company)
Balance Sheets
(Unaudited)
(U.S. Dollars)
| September 30,
2001 |
December 31,
2000 | ||
| Assets | |||
| Current | |||
| Cash | $1,785 | $844 | |
| Accounts Receivable | 2,438 | 0 | |
| Total Assets | $4,223 | $844 | |
| Liabilities | |||
| Current | |||
| Accounts Payable | $37,885 | $39,939 | |
| Due to Stockholders | 27,578 | 7,333 | |
| Total Liabilities | 65,463 | 47,272 | |
| Stockholders' Deficiency | |||
| Common Stock, 25,000,000 shares authorized, par value | |||
| $0.001, 22,584,000 (2000 - 24,000,000) shares issued | |||
| and outstanding | 22,584 | 24,000 | |
| Additional Paid-In Capital | 33,416 | 32,000 | |
| Deficit Accumulated During the Development Stage | (117,240) | (102,428) | |
| Total Stockholders' Deficiency | (61,240) | (46,428) | |
| Total Liabilities and Stockholders' Deficiency | $4,223 | $844 | |
SAFE ID CORPORATION
(A Development Stage Company)
Statements of Operations
(Unaudited)
(U.S. Dollars)
| 27-Jun-96 | ||||||
| Nine Months | (Inception) | |||||
|
Three Months Ended September 30, |
Ended September 30, |
to September 30, |
||||
| 2001 | 2000 | 2001 | 2000 | 2001 | ||
| Sales | $9,750 | $0 | $21,490 | $0 | $21,490 | |
| Cost of Sales | 7,375 | 0 | 16,555 | 0 | 16,555 | |
| Gross Profit | 2,375 | 0 | 4,935 | 0 | 4,935 | |
| Operating Expenses | ||||||
| Professional fees |
2,788 |
17,477 | 13,292 | 34,444 | 62,927 | |
| Selling and | ||||||
| administrative |
1,714 |
8 | 2,484 | 4,446 | 8,589 | |
| Rent | 737 | 745 | 2,178 | 2,255 | 6,830 | |
| Bank charges |
53 |
18 | 168 | 125 | 374 | |
| Consulting | 0 | 0 | 973 | 688 | 37,827 | |
| Travel |
0 |
0 | 652 | 0 | 5,628 | |
| 5,292 | 18,248 | 19,747 | 41,958 | 122,175 | ||
| Net Loss for | ||||||
| Period | ($2,917) | ($18,248) | ($14,812) | ($41,958) | ($117,240) | |
| Net Loss Per | ||||||
| Share | $0.00 | $0.00 | $0.00 | $0.00 | ||
| Weighted Average | ||||||
| Number of | ||||||
| Shares | ||||||
| Outstanding | 22,584,000 | 24,000,000 | 22,718,857 | 24,000,000 | ||
Safe ID Corporation
(A Development Stage Company)
Statements of Cash Flows
(Unaudited)
(U.S. Dollars)
| June 27, 1996 | |||||
| Nine Months | (Inception) | ||||
| Ended September 30, | to September 30, | ||||
| 2001 | 2000 | 2001 | |||
| Operating Activities | |||||
| Net loss |
($14,812) |
($41,958) | ($117,240) | ||
| Adjustment to reconcile net loss | |||||
| to net cash used by operating | |||||
| activities | |||||
| Issuance of common stock for payment |
0 |
0 | 31,000 | ||
| of services | |||||
| Changes in Non-Cash Working Capital | |||||
| Prepaid expense | 0 | 5,600 | 0 | ||
| Accounts payable | (2,053) | 28,843 | 37,885 | ||
| Accounts receivable | (2,438) | 0 | (2,438) | ||
| Net Cash Used In Operating Activities | (19,303) | (7,515) | (50,793) | ||
| Financing Activities | |||||
| Advances from stockholders |
20,244 |
6,000 | 27,578 | ||
| Issuance of common stock |
0 |
0 | (25,000) | ||
| Net Cash Provided by Financing Activities | 20,244 | 6,000 | 52,578 | ||
| Cash Inflow (Outflow) | 941 | (1,515) | 1,785 | ||
| Cash, Beginning of Period | 844 | 2,778 | 0 | ||
| Cash, End of Period | $1,785 | $1,263 | $1,785 | ||
Safe ID Corporation
(A Development Stage Company)
Notes to Financial Statements
September 30, 2001
(Unaudited)
(U.S. Dollars)
ITEM 1. MANAGEMENT'S REPRESENTATION OF INTERIM FINANCIAL INFORMATION
Basis of Presentation
These unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information. These financial statements are condensed and do not include all disclosures required for annual financial statements. The organization and business of the Company, accounting policies followed by the Company and other information are contained in the notes to the Company's audited financial statements filed as part of the Company's December 31, 2000 and Form 10-SB-12G.
In the opinion of Company's management, these financial statements reflect all adjustments necessary to present fairly the Company's financial position at September 30, 2001 and December 31, 2000, and the results of operations and cash flows for the nine months ended September 30, 2001, and 2000. The results of operations for the three months and nine months ended September 30,2001 are not necessarily indicative of the results to be expected for the entire fiscal year.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
Plan of Operations
We have begun to make sales although we do not have sufficient funds available to initiate a full-scale launch of operations. Our current plan is to continue limited operations, filling orders as they come in at the same time that we are seeking the additional funds considered necessary to initiate full-scale operations. The initiation of full-scale operations would include building of inventory prior to receipt of orders, initiating planned marketing activities, and the like.
Since current cash on hand is insufficient for any material purpose other than maintaining a relatively low sales volume and filling orders as they come in, it is necessary to fund operating expenses primarily from outside sources. Therefore, although we do not have a firm commitment from members of management to do so, our current expectation is that management will continue to advance the funds necessary for payment of operating expenses which exceed our available cash on hand.
Our estimate is that we would require approximately $250,000 in additional capital in the next twelve months in order to pay operating expenses and to initiate a full-scale launch of operations. This would include approximately $50,000 to establish dynamic link relationships with major markets (i.e. establish a direct link between our web site and other web sites), to produce and circulate brochures and initial advertising announcements and to build initial inventory, and an additional $200,000 in working capital to insure liquidity for a period of twelve months following the full-scale launch of operations.
We have not yet determined what plan of capital formation we will pursue in order to obtain the required capital to launch full-scale operations, but currently believe that the most likely course of action would be to raise funds through sale of additional shares of common stock in one or more public or private offerings under the Securities Act of 1933. It is our hope that by starting business operations and continuing to make limited sales, we will become more attractive to potential investors, thereby increasing our likelihood of success in raising additional capital. funds. However, there is no assurance that the additional funds we are seeking will be available or that we will ever be successful in implementing our plans for initiation of full-scale operations.
We do not have any new products in development and do not currently expect that we will engage in the development of new products.
We have no current plans to purchase or sell any plant or significant equipment.
We have no current plans to change the number of employees. However, we do hope our business will grow, and any significant growth in our business would be accompanied by an increase in the number of employees.
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.
(b) No reports on Form 8-K were filed by the Company for the quarter ended September 30, 2001.
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.
Safe ID Corporation
By: /S/ MAURIZIO FORIGO
Maurizio Forigo, President and Director
By: /S/ LANCE MORGINN
Lance Morginn, Secretary and Director
Date: November 13, 2001