UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 AMENDMENT NO. 4 TO FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2010
Accounting Method The Company's financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Development Stage Activities The Company has been in the development stage since its formation. From the Company's inception through March 2010, the Company was engaged in the business of providing long-term equity and debt investment capital to fund growth, acquisitions and recapitalizations of small and middle market companies in a variety of industries, primarily located in the United States. The Company during this time had been very active and had conducted substantial operations, as discussed in our numerous reports filed on Form 8-K filed with the SEC during 2007-2010. In 2010, the Company changed its name to SavWatt USA, Inc. to reflect our new primary business of producing, marketing and selling Light Emitting Diode ("LED") lighting. In furtherance of our new business, we have obtained the exclusive marketing rights in the United States to sell LED street lighting for Unilumin, a Chinese company as well as setting up its distribution and production center in Maryland.
Going Concern The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the financial statements, the Company incurred net losses of $37,146,794 for the period from inception, October 20, 2006 through September 30, 2010. In addition, the Company had an accumulated deficit of $37,146,794 at September 30, 2010. Since its inception, the Company has not generated any revenues and has minimal cash resources. These circumstances raise substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management's efforts have been directed towards the development and implementation of a plan to generate sufficient revenues to cover all of its present and future costs and expenses. Management is taking steps to address this situation. The Company has determined that it cannot continue with its business operations as outlined in its original business plan because of a lack of financial resources; therefore, management has redirected their focus towards identifying and pursuing options regarding the development of a new business plan and direction. The Company intends to explore various business opportunities that have the potential to generate positive revenue, profits and cash flow in order to financially accommodate the costs of being a publicly held company. The Company is in the process of raising capital by implementing its business plan in Led lighting and expects to generate sufficient revenue by the fourth quarter of 2010 with a positive cash flow. Until then, the Company the Company will not have the required capital resources or credit lines available that are sufficient to fund operations. The Company has minimal operating costs and expenses at the present time due to its limited business activities. The Company, however, will be required to raise additional capital over the next twelve months to meet its current administrative expenses, and it may do so in connection with or in anticipation of possible acquisition transactions. This financing may take the form of additional sales of its equity securities and/or loans from its directors. There is no assurance that additional financing will be available, if required, or on terms favorable to the Company. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue in existence. The accompanying financial statements have been prepared, in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC").
EVERYONE...THIS COMPANY HAS NO REVS...WIL NEVER HAVE REVS...IT IS A SCAM TO ONLY BENIFIT THE OFFICERS/OWNER, IT IS A DEBT MACHINE AND WE(SHAREHOLDERS) ARE PAYING IT OFF! PLEASE DO YOUR HOMEWORK BEFORE DROPING ANYMORE MONEY INTO THIS. I ALSO WAS A SHAREHOLDER WHO TOOK A HUGE LOSS AND SHOULD HAVE DONE MORE DD BEFORE INSTEAD OF AFTER...MY MISTAKE. THIS COMPANY WILL NEVER BE FOR REAL! SMOKE AND MIRROR!
ONE LAST THING...WHEN THE NEW SHARES ARE ISSUED, IMO, YOU WILL ALWAYS BE IN THE .000'S!
THE DILUTION IS REAL AND IT IS GOING TO LAST A VERY LONG, LONG TIME!
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