10-Q 1 redox2q10q7412.txt QUARTERLY REPORT 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 June 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: June 30, 2001 Common Stock Par value $0.00005 per share 63,887,311 PART I FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS OF ReDOX TECHNOLOGY CORPORATION (Hereinafter referred to as Registrant or Company) Registrant prepared the accompanying financial statements from its own books and records. In management's opinion, these financial statements present fairly in all material respects Registrant's financial condition and changes therein as of June 30, 2001, and the results of operations and cash flows for the period, in conformity with generally accepted accounting principles. REDOX TECHNOLOGY CORPORATION (A Development Stage Company) BALANCE SHEET As of June 30, 2001 and December 31, 2000 (Restated) (Unaudited) 2001 2000 ----------- ----------- ASSETS Cash $ 3,645 $ 633 Property and equipment, net 20,535 17,650 Other assets 1,159 1,159 ----------- ----------- Total Assets $ 25,339 19,442 =========== =========== LIABILITIES Accounts payable $ 40,813 30,011 Note payable to founder 1,080,712 ----------- ----------- Total Liabilities 40,813 1,110,723 ----------- ----------- STOCKHOLDERS' EQUITY Preferred stock, $.001 par, 10,000,000 shares authorized, 0 and 0 shares outstanding Common stock, $.00005 par, 100,000,000 shares authorized, 63,887,311 and 50,950,000 shares outstanding respectively 3,194 2,547 Additional paid in capital 2,638,087 1,342,156 Deficit accumulated during the development stage (2,656,755) (2,435,984) ----------- ----------- Total Stockholders' Equity (15,474) (1,091,281) ----------- ----------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 25,339 $ 19,442 =========== =========== Page 2 REDOX TECHNOLOGY CORPORATION (A Development Stage Company) STATEMENT OF EXPENSES For the Three Months and 6 Months ended June 30, 2001, and 2000, and the Period from April 9, 1993 (Inception) Through June 30, 2001 (Restated) (Unaudited)

Page 3 REDOX TECHNOLOGY CORPORATION (A Development Stage Company) STATEMENT OF CASH FLOWS For the Three Months Ended March 31, 2001, and 2000, and the Period from April 9, 1993 (Inception) Through March 31, 2001 (Restated) (Unaudited)

Page 4 REDOX TECHNOLOGY CORPORATION (A Development Stage Company) NOTES TO FINANCIAL STATEMENTS (Restated) 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-KSB, have been omitted. Page 5 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 Liquidity and Capital Resources: In April of 2001, the Company raised $120,000 through a private placement by selling 1,000,000 shares of Common Stock at $0.12 per share to a single individual investor. Operating Data: There was no revenue from sales and ancillary income for the quarters ended June 30,2000 and June 30, 2001. Operating expenses were $72,123 for the second quarter of 2000 and were $$112,786 for the first quarter of 2001. Page 6 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) On June 13, 2001, an 8-K was filed to disclose the Board's action in terminating our auditor, Want & Ender, CPA, PC, and appointing Malone & Bailey, PLLC. Page 7 ITEMS REPORTED ITEM 1. ACQUISITION/DISPOSITION OF ASSETS None ITEM 2. APPOINTMENT OF RECEIVER None ITEM 3. REGISTRANT/DISMISSAL OF CPA Yes. Our financial statements for the past seven fiscal years, ended December 31, 1993 through December 31, 2000 inclusive, were audited by Want & Ender CPA, PC. In June 12,2001, by action of the Board of Directors, we terminated our auditor-client relationship with that firm. The report of Want & Ender CPA, PC on the financial statements did not contain an adverse opinion or disclaimer of opinion, and was not modified as to uncertainty, audit scope, or accounting principles. There were no disagreements between the Company and Want & Ender CPA, PC with respect to any matter of accounting principals or audit scope. In June of 2001, the Board of Directors appointed Malone & Bailey, PLLC, and, by action of the Board, that firm was engaged on June 12, 2001. Prior to its engagement, Malone & Bailey, PLLC was not consulted by the company with respect to any matter. ITEM 4. RESIGNATION OF DIRECTOR WITH DISAGREEMENT None ITEM 5. OTHER MATERIAL MATTERS (c) None Page 8 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: 8/14/01 /s/ Richard A. Szymanski ------------------------ Richard A. Szymanski President/CEO/Director Page 9

REDOX TECHNOLOGY CORP 10-Q