10-Q 1 redox10q_093001.txt FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2001 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. 20549 FORM 10-Q QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended September 30, 2001 Commission File Number: 33-22142 ReDOX TECHNOLOGY CORPORATION Delaware Corporation 55-0681106 (State of Incorporation) (I.R.S. Employer Identification No.) 340 North Sam Houston Parkway East, Suite 250 Houston, Texas 77060 (713) 445-0020 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 [ ] APPLICABLE ONLY TO CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. CLASS NUMBER OF SHARES OUTSTANDING ON: December 10, 2001 Common Stock Par value $0.00005 per share 65,865,780 PART I ITEM 1. FINANCIAL INFORMATION

~~Inception~~REDOX 3TECHNOLOGY ~~Months~~CORPORATION ~~Ended~~(A 6Development ~~Months~~Stage ~~Ended~~Company) ~~Through~~BALANCE ~~June~~SHEETS ~~30,~~As ~~June~~of ~~30,~~September ~~June~~ 30, ~~June~~2001 ~~30,~~and ~~June~~December 3031, ~~2001~~ 2000 (Unaudited) (Restated) 2001 2000 ~~2001~~----------- ----------- ASSETS Cash $ 765 $ 633 Property and equipment, net 21,218 17,650 Other assets 1,159 1,159 ----------- ----------- Total Assets $ 23,142 $ 19,442 =========== =========== LIABILITIES Accounts payable $ 39,929 $ 30,011 Note payable to founder 1,080,712 ----------- ----------- ~~General~~Total &Liabilities ~~administrative~~39,929 1,110,723 ----------- ~~paid~~----------- inSTOCKHOLDERS' ~~cash~~DEFICIT $Preferred ~~112~~stock,~~786~~ $.001 72par,~~123~~ $10,000,000 ~~163~~shares authorized,~~369~~ $0 ~~233~~and 0 shares outstanding Common stock,~~845~~ $.00005 1par,~~329~~ 100,~~995~~000,000 -shares ~~paid~~authorized, in67,189,399 ~~stock~~and 150,~~193,~~950,000 ~~Research~~shares &outstanding ~~development~~respectively 263,~~743~~359 372,~~743~~547 ~~37,743~~Additional ~~Interest~~paid ~~expense~~in ~~(103)~~capital 163,~~108 52~~517,~~132~~008 ~~Depreciation~~ 1,~~924 1~~342,~~229~~156 Deficit accumulated during the development stage (3,~~551~~537,154) (2,~~459 42~~435,~~935~~984) ----------- ----------- ~~-----------~~Total Stockholders' Deficit ( 16,787) (1,091,281) ----------- ----------- ~~Net~~TOTAL ~~(loss)~~LIABILITIES $AND ~~(141,350)~~STOCKHOLDERS' $DEFICIT ~~(73,352)~~ $ ~~(220~~23,~~771)~~142 $ ~~(236~~19,~~304)~~442 ~~$(2,656,755)~~ =========== =========== ~~=========== =========== =========== Net (loss) per common share $ (.002) $ (.001) $ (.004) $ (.005) Weighted average common shares outstanding 63,553,978 50,950,000 60,236,317 50,950,000~~

~~Inception~~REDOX ~~Through~~TECHNOLOGY ~~Mar.~~CORPORATION ~~31,~~(A ~~2001~~Development ~~2000~~Stage ~~2001~~Company) ~~--------~~STATEMENTS ~~--------~~OF ~~-----------~~EXPENSES ~~CASH~~For ~~FLOWS~~the ~~FROM~~Three ~~OPERATING~~Months ~~ACTIVITIES~~and ~~Accumulated~~Nine ~~deficit~~Months ~~during~~ended ~~the~~September ~~development stage $(79~~30,~~421)~~ ~~$(162~~2001,~~952)~~ ~~$(2~~and 2000,~~515,405)~~ ~~Adjustments~~and tothe ~~reconcile~~Period ~~deficit~~from toApril ~~cash~~9, ~~used~~1993 by(Inception) ~~operating~~Through ~~activities:~~September ~~Stock~~30, ~~issued~~2001 ~~for~~(Year ~~lawsuit~~2000 ~~settlement~~periods ~~125,000~~and ~~125,000~~period ~~Stock~~from ~~issued~~inception ~~for~~are ~~patent~~restated) ~~1,500~~(Unaudited) ~~Stock~~Inception ~~issued~~3 ~~for~~Months ~~services~~Ended ~~1,068,950~~9 ~~Depreciation~~Months ~~1,627~~Ended ~~1,230~~Through 41September 30,~~011~~ ~~Increase~~September in30, ~~deposits~~Sept. (130,~~159)~~ ~~Increase~~2001 in2000 ~~accounts~~2001 ~~payable~~2000 ~~27,347~~2001 ~~1,238 57,358~~ --------- --------- ----------- ~~NET CASH USED BY OPERATING ACTIVITIES (50,447) (35,484) (1,222,745)~~ -------- -~~-------~~ ----------- ~~CASH~~General ~~FLOWS~~& ~~FROM~~administrative ~~INVESTING~~- ~~ACTIVITIES~~paid ~~Purchase~~in ofcash ~~fixed~~$ ~~assets (4~~35,~~496)~~015 ~~(61~~$ 104,~~530)~~116 ~~--------~~$ ~~-----------~~198,384 ~~CASH~~$ ~~FLOWS~~337,961 ~~FROM~~$ ~~FINANCING~~1,365,010 ~~ACTIVITIES~~- ~~Sales~~paid ofin ~~common~~ stock ~~for~~825,522 ~~cash~~825,522 ~~350~~2,019,472 ~~Contributions~~Research to& ~~capital~~development ~~by founder 54~~18,~~557~~139 3255,~~804~~882 155,~~284,172~~882 ~~--------~~Interest ~~--------~~expense ~~-----------~~( ~~NET~~6) ~~CASH~~16,102 ~~PROVIDED~~52,126 BYDepreciation ~~FINANCING~~1,729 ~~ACTIVITIES~~1,539 545,~~557~~280 323,~~804~~998 144,~~284,522~~664 --------- --------- ----------- ~~NET INCREASE (DECREASE) IN CASH (386) (2,680) 247 CASH AT BEGINNING OF PERIOD 633 3,233 0~~ -------- -~~-------~~ ----------- ~~CASH~~Net ATloss ~~END~~$(880,399) OF$(105,655) ~~PERIOD~~ $(1,101,170) ~~247~~ $(341,959) ~~553~~ $(3,537,154) ~~247~~ ========= ========= =========== ~~SUPPLEMENTAL~~========= ~~DISCLOSURES~~=========== ~~Paid~~Net inloss ~~capital~~per ~~converted~~common ~~into~~share $ (~~from~~.01) ~~note~~$ to(.00) ~~founder~~$ (.02) $ (1.01) Weighted average common shares outstanding 66,~~080~~639,~~712)~~051 50,825,000 62,370,561 50,887,500

REDOX TECHNOLOGY CORPORATION (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS NOTE 1 - BASIS OF PRESENTATION The accompanying unaudited interim financial statements of Redox Technology Corporation have been prepared in accordance with generally accepted accounting principles and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the years ended December 31, 2000, 1999, and 1998, as reported in the 10-K, have been omitted. NOTE 2 - RESTATEMENTS In connection with the restatement the audited statements as of December 31, 2000 in mid-2001, the year 2000 interim periods and the period from inception to date were also restated. These revised amounts are presented in this current interim statement. NOTE 3 - COMMON STOCK On July 18, 2001, the Company issued 3,302,088 shares to two Officers and one Director at the then market value of $.25 per share as compensation for services rendered. The total value of $825,522 was charged against general & administrative expense. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS As previously reported, this corporation is in development stage and has not yet conducted any business so as to become an income producing entity. The Company continues to utilize capital borrowed from it principal shareholder, said capital's recognition as or equity contribution is being negotiated as required. Registrant's financial condition has not changed materially from December 31, 2000 to the date of the financial statements herewith provided. To the extent that the Company has incurred continuing expenses without any revenues having been generated, shareholder's equity would have suffered proportionately had it not been for the continuing infusion of capital from the Company director Richard Szymanski. Management expects that the technologies will start generating revenues in the first quarter of 2002. Liquidity and Capital Resources: On July 18, 2001, we issued 3,302,088 shares to two Officers and one Director at $0.25 per share, which was the fair market value at that time. The issuance is considered exempt by reason of Section 4 (2) of the Securities Act of 1933. Operating Data: There was no revenue from sales and ancillary income for the quarters ended September 30, 2000 and September 30, 2001. Operating expenses were $104,116 for the third quarter of 2000 and were $35,015 for the third quarter of 2001. PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS None ITEM 2. CHANGES IN SECURITIES None ITEM 3. DEFAULTS UPON SENIOR SECURITIES None ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS None ITEM 5. OTHER INFORMATION None ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (S 229.30 of this chapter) None. ITEMS REPORTED ITEM 1. ACQUISITION/DISPOSITION OF ASSETS None ITEM 2. APPOINTMENT OF RECEIVER None ITEM 3. REGISTRANT/DISMISSAL OF CPA None. ITEM 4. RESIGNATION OF DIRECTOR WITH DISAGREEMENT None ITEM 5. OTHER MATERIAL MATTERS (c) None SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. REDOX TECHNOLOGY CORPORATION (Registrant) DATE: 12/10/01 /s/ Richard A. Szymanski ------------------------ Richard A. Szymanski President/CEO/Director

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