UNITED
STATES


SECURITIES
AND EXCHANGE COMMISSION


Washington,
D.C. 20549






FORM
10-Q





(Mark
One)


T
            QUARTERLY REPORT PURSUANT TO
      SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For
the quarterly period ended March 31, 2008




£
            TRANSITION REPORT PURSUANT TO
      SECTION 13 OR 15(d) OF THE EXCHANGE
ACT





For
the transition period from _________to __________





Commission
file number 000-28739





Mobicom
Corporation


(Exact
name of registrant as specified in its charter)








Nevada
            91-1903590(State
      or other jurisdiction of incorporation or organization)
            (IRS
      Employer Identification No.)





3328
Granada Ave, San Diego, CA 92104


(Address
of principal executive offices)





(619)
977-1515


(Issuer's
telephone number)





____________________________________________


(Former name, former address and former
fiscal year, if changed since last report)





Indicate by check mark whether the
registrant (1) has filed all reports required to be filed Section 13 or 15(d) of
the Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period for which the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90
days.    TYes£No





Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer or a smaller reporting company. See
the definition of "large accelerated filer," "accelerated filer," and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):




Large
      accelerated filer£
            Accelerated
      Filer £Non-accelerated
      filer£
            Smaller
      reporting company T(Do
      not check if a smaller reporting
company)








Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes£NoT





On April
23, 2008, the registrant had outstanding 52,222,034 shares of common stock,
which is the registrant's only class of common equity.













TABLE OF CONTENTS





Part
      I — Financial InformationItem
      1.
            Financial Statements (unaudited)
            2Item
      2.
            Managements Discussion and Analysis of Financial Condition
      and Results of Operations
            10Item
      3.
            Quantitative and Qualitative Disclosures About Market
      Risk
            12Item
      4.
            Controls and Procedures
            12Part
      II — Other InformationItem
      1.
            Legal Proceedings
            14Item
      1A.
            Risk Factors
            14Item
      2.
            Unregistered Sales of Equity Securities and Use of
      Proceeds
            14Item
      3.
            Defaults Upon Senior Securities
            14Item
      4.
            Submission of Matters to a Vote of Security
      Holders
            14Item
      5.
            Other Information
            14Item
      6.
            Exhibits
            14










PART
I — FINANCIAL INFORMATION




ITEM 1.
            FINANCIAL
      STATEMENTS





Mobicom
Corporation and It’s Sole Subsidiary


Mobicom
Korea


Consolidated
Balance Sheet


(Unaudited)





Three
      Months Ended March 31, 2008
              
              
              Three
      Months Ended March 31, 2007United
      States
              
              
              South
      Korean
              
              
              United
      States
              
              
              South
      KoreanDollars
              
              
              Won
              
              
              Dollars
              
              
              WonAssetsCurrent
      assetsCash
      and cash equivalents
              
              $
              38,857
              
              
              $
              35,351,405
              
              
              $
              148,812
              
              
              $
              135,385,741Accounts
      receivable
              
              
              1,130,680
              
              
              
              1,028,667,177
              
              
              
              60,454
              
              
              
              55,000,000Prepayments
              
              
              31,404
              
              
              
              28,570,897
              
              
              
              -
              
              
              
              -Loan
      to related party
              
              
              18,118
              
              
              
              16,482,967
              
              
              
              -
              
              
              
              -Total
      current assets
              
              
              1,219,059
              
              
              
              1,109,072,446
              
              
              
              209,266
              
              
              
              190,385,741Property
      and equipment, net
              
              
              770,473
              
              
              
              700,959,140
              
              
              
              25,090
              
              
              
              22,826,364Deposits
              
              
              173,196
              
              
              
              157,569,592
              
              
              
              33,635
              
              
              
              30,600,000Total
      assets
              
              $
              2,162,728
              
              
              $
              1,967,601,178
              
              
              $
              267,991
              
              
              $
              243,812,105Liabilities
      and Stockholders' DeficitCurrent
      liabilitiesAccounts
      payable and accrued expenses
              
              $
              1,006,281
              
              
              $
              915,491,415
              
              
              $
              14,539
              
              
              $
              13,227,692Advances
      from related parties
              
              
              301,171
              
              
              
              273,999,000
              
              
              
              -
              
              
              
              -Total
      current liabilities
              
              
              1,307,452
              
              
              
              1,189,490,415
              
              
              
              14,539
              
              
              
              13,227,692Total
      liabilities
              
              
              1,307,452
              
              
              
              1,189,490,415
              
              
              
              14,539
              
              
              
              13,227,692Stockholders'
      equityCommon
      stock, 250,000,000 shares authorized,par value $.001, 52,222,034 shares
      issued and outstanding
              
              
              57
              
              
              
              52,222
              
              
              
              219,834
              
              
              
              200,000,000APIC
              
              
              1,023,270
              
              
              
              930,947,778
              
              
              
              -
              
              
              
              -Other
      comprehensive loss
              
              
              (3,033
              )
              
              
              -
              
              
              
              -
              
              
              
              -Accumulated
      deficit
              
              
              (165,018
              )
              
              
              (152,889,237
              )
              
              
              33,617
              
              
              
              30,584,413Total
      stockholders' equity
              
              
              855,276
              
              
              
              778,110,763
              
              
              
              253,451
              
              
              
              230,584,413Total
      liabilities and stockholders' equity
              
              $
              2,162,728
              
              
              $
              1,967,601,178
              
              
              $
              267,991
              
              
              $
              243,812,105





The
accompanying notes are an integral part of these consolidated financial
statements.











Mobicom
Corporation and It’s Sole Subsidiary


Mobicom
Korea


Consolidated
Statements of Operations


(Unaudited)





Three
      Months Ended March 31, 2008
              
              
              Three
      Months Ended March 31, 2007United
      States
              
              
              South
      Korean
              
              
              United
      States
              
              
              South
      KoreanDollars
              
              
              Won
              
              
              Dollars
              
              
              WonRevenues
              
              $
              1,382,858
              
              
              $
              1,258,092,664
              
              
              $
              54,959
              
              
              $
              50,000,000ExpensesDepreciation
      and amortization
              
              
              43,065
              
              
              
              39,179,348
              
              
              
              -
              
              
              
              -Salaries,
      wages and benefits
              
              
              163,250
              
              
              
              148,521,300
              
              
              
              898
              
              
              
              816,740Commissions
      and fees
              
              
              856,704
              
              
              
              779,409,653
              
              
              
              2,351
              
              
              
              2,139,119Occupancy
      expenses
              
              
              28,646
              
              
              
              26,061,414
              
              
              
              6,325
              
              
              
              5,754,769Interest
      expense
              
              
              -
              
              
              
              -
              
              
              
              -
              
              
              
              -Supplies
      and server maintenance
              
              
              20,375
              
              
              
              18,536,490
              
              
              
              384
              
              
              
              349,665Research
      and development
              
              
              -
              
              
              
              -
              
              
              
              5,496
              
              
              
              5,000,000Taxes
      and dues
              
              
              2,461
              
              
              
              2,238,620
              
              
              
              3,569
              
              
              
              3,246,600Freight
      expense
              
              
              2,317
              
              
              
              2,108,000
              
              
              
              -
              
              
              
              -Other
      expenses
              
              
              24,867
              
              
              
              22,623,735
              
              
              
              2,318
              
              
              
              2,108,694Total
      expenses
              
              
              1,141,684
              
              
              
              1,038,678,560
              
              
              
              21,341
              
              
              
              19,415,587Operating
      profit
              
              
              241,173
              
              
              
              219,414,104
              
              
              
              33,617
              
              
              
              30,584,413Other
      expenese, net of other income
              
              
              (113
              )
              
              
              (102,736
              )
              
              
              -
              
              
              
              -Net
      income
              
              $
              241,060
              
              
              $
              219,311,368
              
              
              $
              33,617
              
              
              $
              30,584,413Basic
      and diluted loss per common share
              
              
              0.005
              
              
              
              4.200
              
              
              
              0.018
              
              
              
              16.426Weighted
      average number of common shares used in per share
    calculations
              
              
              52,222,034
              
              
              
              52,222,034
              
              
              
              1,862,000
              
              
              
              1,862,000


The
accompanying notes are an integral part of these consolidated financial
statements.





3





Mobicom
Corporation and It’s Sole Subsidiary


Consolidated
Statements of Cash Flows from Operations


(Unaudited)





Three
      Months Ended Ended March 31,
      2008
              
              
              Three
      Months Ended Ended March 31,
      2007United
      States
              
              
              South
      Korean
              
              
              United
      States
              
              
              South
      KoreanDollars
              
              
              Won
              
              
              Dollars
              
              
              WonCash
      flows used for operating activitiesNet
      profit
              
              $
              241,060
              
              
              $
              219,311,368
              
              
              $
              33,617
              
              
              $
              30,584,413Adjustments
      to reconcile net loss to net cash provided by operating
      activities:Depreciation
      and amortization
              
              
              43,065
              
              
              
              39,179,348
              
              
              
              -
              
              
              
              -Changes
      in operating assets and liabilitiesIncrease
      in accounts receivable
              
              
              (1,100,133
              )
              
              
              (1,000,876,511
              )
              
              
              (60,454
              )
              
              
              (55,000,000
              )Increase
      in prepayments
              
              
              (20,519
              )
              
              
              (18,668,108
              )
              
              
              -
              
              
              
              -Increase
      in accounts payable and accrued expenses
              
              
              933,227
              
              
              
              849,028,511
              
              
              
              14,539
              
              
              
              13,227,692Cash
      flows used for operating activities
              
              
              96,699
              
              
              
              87,974,608
              
              
              
              (12,297
              )
              
              
              (11,187,895
              )Cash
      flows from financing activitiesAdvances
      from related parties
              
              
              71,446
              
              
              
              65,000,000
              
              
              
              -
              
              
              
              -Proceeds
      from issuance of common stock
              
              
              -
              
              
              
              -
              
              
              
              219,834
              
              
              
              200,000,000Cash
      flows from financing activities
              
              
              71,446
              
              
              
              65,000,000
              
              
              
              219,834
              
              
              
              200,000,000Cash
      flows from investing activitiesPurchase
      of property and equipment
              
              
              (33,525
              )
              
              
              (30,500,000
              )
              
              
              (25,090
              )
              
              
              (22,826,364
              )Increase
      in deposits
              
              
              (131,900
              )
              
              
              (120,000,000
              )
              
              
              (33,635
              )
              
              
              (30,600,000
              )Loan
      to related party
              
              
              (6,686
              )
              
              
              (6,082,967
              )
              
              
              -
              
              
              
              -Cash
      flows from investing activities
              
              
              (172,111
              )
              
              
              (156,582,967
              )
              
              
              (58,725
              )
              
              
              (53,426,364
              )Increase
      in cash and cash equivalents
              
              
              (3,966
              )
              
              
              (3,608,359
              )
              
              
              148,812
              
              
              
              135,385,741Cash
      and cash equivalents - Beginning of period
              
              
              42,823
              
              
              
              38,959,764
              
              
              
              -
              
              
              
              -Cash
      and cash equivalents - End of period
              
              $
              38,857
              
              
              $
              35,351,405
              
              
              $
              148,812
              
              
              $
              135,385,741




The
accompanying notes are an integral part of these consolidated financial
statements.





4




MOBICOM
CORPORATION


CONDENSED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS





Note
1- Basis of Presentation





The
accompanying consolidated financial statements of Mobicom Corporation, a Nevada
corporation, and its wholly-owned subsidiary, Mobicom Korea (together, the
"Company," "us," "we," or "our"), as of March 31, 2008 and for the
three months ended March 31, 2008 and 2007, respectively, are
unaudited.  The official accounting records of the Company are
expressed in Korean Won and are maintained in accordance with the relevant laws
and regulations of the Republic of Korea.  The accounting principles
and reporting practices followed by the Company and generally accepted in Korea
("Korean GAAP") may differ in certain respects from accounting principles and
reporting practices generally accepted in the United States.  To
conform more closely to presentations customary in filings with the Securities
and Exchange Commission of the United States of America, the accompanying
financial statements have been restructured and translated into English for the
convenience of the readers of financial statements.  The conversion
into U.S. dollars was made at the rate of W990.307 to US$1 effective as of the
last business day of the period ended March 31, 2008.  Such conversion
into U.S. dollars should not be construed as representations that the Korean Won
amounts could be converted into U.S. dollars at the above or any other
rate.





In the
opinion of management, the consolidated financial statements reflect all
adjustments, consisting only of normal recurring adjustments, necessary for a
fair presentation of the consolidated financial position, operating results and
cash flows for the periods presented.  Certain prior year amounts may
have been reclassified to conform to current period
presentation.





The
information contained in the following condensed notes to the consolidated
financial statements is condensed from that which would appear in the annual
consolidated financial statements; accordingly, the consolidated financial
statements should be reviewed in conjunction with the consolidated financial
statements and related notes thereto contained in the Annual Report on Form
10-KSB for the year ended December 31, 2007 of the Company. It should be
understood that the accounting measurements at an interim date inherently
involve greater reliance on estimates than at year-end.  The results
of operations for interim periods presented are not necessarily indicative of
operating results for the entire year.





Note
2-Going Concern





The
accompanying financial statements have been prepared on a going concern basis,
which contemplates the realization of assets and the satisfaction of liabilities
in the normal course of business.  As shown in the financial
statements, although the Company had increased revenues and a net profit of
$241,060 for the three months ended March 31, 2008; during the period from
February 17, 2007 through December 31, 2007 the Company incurred losses from
operations of $393,972.  In addition, the Company had a working
capital deficit of $88,393 at March 31, 2008.  The financial
statements do not include any adjustments relating to the recoverability and
classification of liabilities that might be necessary should the Company be
unable to continue as a going concern.





Note
3-Summary of Significant Accounting Policies





Use
of Estimates





In
preparing consolidated financial statements in conformity with US GAAP,
management is required to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements and revenues and
expenses during the reported periods.  Actual results could differ
from those estimates.





Cash
and Cash Equivalents





The
Company considers all highly liquid investments with original maturities of
three months or less at the time of purchase to be cash equivalents. As of March
31, 2008, the Company did not have any cash equivalents.





Property
and Equipment





Property
and equipment are stated at cost. Major renewals and betterments, which prolong
the useful life or enhance the value of assets, are capitalized; expenditures
for maintenance and repairs are charged to expenses as incurred.





5





Depreciation
is provided principally by use of the straight-line method over the useful lives
of the related assets, except for leasehold properties, which are depreciated
over the terms of their related leases or their estimated useful lives,
whichever is less.





The
estimated useful lives are as follows:





Office equipment
            5 yearsComputer equipment
            5
years








The gain
or loss on disposal of property, plant and equipment is the difference between
the net sales proceeds and the carrying amount of the relevant assets, and, if
any, is recognized in the statement of operations.





Intangible
Assets





Intangible
assets are stated at cost less amortization computed using the straight-line
method over useful lives.





Impairment
of Assets





In
accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
"Accounting for Impairment or Disposal of Long-Lived Assets", the Company
evaluates its long-lived assets to determine whether later events and
circumstances warrant revised estimates of useful lives or a reduction in
carrying value due to impairment. If indicators of impairment exist and if the
value of the assets is impaired, an impairment loss would be
recognized.  As of March 31, 2008, no impairment loss has been
recognized.





Income
Taxes





Income
tax expense is determined by adding or deducting the total income tax and
surtaxes to be paid for the current period and the changes in deferred income
tax assets and liabilities.





Deferred
tax is recognized on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in
the computation of taxable profits.  Deferred tax liabilities are
generally recognized for all taxable temporary differences with some exceptions
and deferred tax assets are recognized to the extent that it is probable that
taxable profits will be available against which the deductible temporary
differences can be utilized.  The carrying amount of deferred tax
assets is reduced to the extent that it is no longer probable that sufficient
taxable profits will be available to allow all or part of the assets to be
recovered.  Deferred income tax assets and liabilities are classified
into current and non-current based on the classification of related assets or
liabilities for financial reporting purposes.





Revenue
Recognition





Revenue
is recognized in accordance with SEC Staff Accounting Bulletin No. 101, "Revenue
Recognition in Financial Statements".  The Company recognizes revenue
when the significant risks and rewards of ownership have been transferred to the
customer pursuant to applicable laws and regulations, including factors such as
when there has  been evidence of a sales arrangement, the performance
has occurred, or service have been rendered, the price to the buyer is fixed or
determinable, and collectability is reasonably assured.





Foreign
Currency Transactions





The
Company's functional currency is the Korean won and its reporting currency is
U.S. dollars. The Company's consolidated, balance sheet accounts are translated
into U.S. dollars at the year-end exchange rates and all revenue and expenses
are translated into U.S. dollars at the average exchange rates prevailing during
the periods in which these items arise.  Translation gains and losses
are deferred and accumulated as a component of other comprehensive income in
stockholders' equity.  Transaction gains and losses that arise from
exchange rate fluctuations from transactions denominated in a currency other
than the functional currency are included in the statement of operations as
incurred.





6





Fair
Value of Financial Instruments





SFAS No.
107, "Disclosures about Fair Values of Financial Instruments", requires
disclosing fair value to the extent practicable for financial instruments that
are recognized or unrecognized in the balance sheet.  The fair value
of the financial instruments disclosed herein is not necessarily representative
of the amount that could be realized or settled, nor does the fair value amount
consider the tax consequences of realization or settlement.





For
certain financial instruments, including cash, accounts and other receivables,
accounts payable, accruals and other payables, it was assumed that the carrying
amounts approximate fair value because of the near term maturities of such
obligations. The carrying amounts of long-term loans approximate fair value as
the interest on these loans is minimal.





Earnings/(Losses)
Per Share





Basic
losses per share is computed by dividing the earnings for the year by the
weighted average number of common shares outstanding for the period. Diluted
earnings per share reflects the potential dilution of securities by including
other potential common stock, including stock options and warrants, in the
weighted average number of common shares outstanding for a period, if
dilutive.





Accumulated
Other Comprehensive Income





Accumulated
other comprehensive income represents the change in equity of the Company during
the periods presented from foreign currency translation
adjustments.





Research
and Development Costs





The
Company charges substantially all research and development costs to expense as
incurred.





Stock-Based
Compensation





In
December 2004, the Financial Accounting Standards Board ("FASB") issued SFAS No.
123(R), Share-Based Payment, which is a revision of SFAS No. 123. Generally, the
approach in SFAS No. 123(R) is similar to the approach described in SFAS No.
123. However, SFAS No. 123(R) requires all share-based payments to employees,
including grants of employee stock options, to be recognized in the income
statement based on their grant-date fair values. Pro forma disclosure is no
longer an alternative.





The
Company has adopted SFAS No. 123(R)'s fair value method of accounting for share
based payments. Accordingly, the adoption of SFAS No. 123(R)'s fair value method
may have a significant impact on the Company's results of operations as we are
required to recognize the cost of employee services received in exchange for
awards of equity instruments based on the grant-date fair value of those awards.
SFAS No. 123(R) permits public companies to adopt its requirements using either
the "modified prospective" method or the "modified retrospective"
method.





The
impact of the adoption of SFAS No. 123(R) cannot be predicted at this time
because it will depend on levels of share-based payments granted in the
future.





New
Accounting Pronouncements





In
February 2008, the FASB issued FASB Staff Position (“FSP”) No. FAS 157-2,
“Effective Date of FASB Statement No. 157” (“FSP FAS 157-2”), which delays the
effective date of SFAS No. 157, “Fair Value Measurements” (“SFAS 157”) for
all non-financial assets and non-financial liabilities, except those that are
recognized or disclosed at fair value in the financial statements on a recurring
basis (at least annually) for fiscal years beginning after November 15, 2008,
and interim periods within those fiscal years for items within the scope of this
FSP. We are currently evaluating the impact of adopting FSP FAS 157-2 for
non-financial assets and non-financial liabilities on our financial position,
cash flows, and results of operations.





We have
considered all other recently issued accounting pronouncements and do not
believe the adoption of such pronouncements will have a material impact on our
consolidated financial statements.





7





Provisions,
Contingent Liabilities and Contingent Assets





The
Company recognizes a provision when 1) it has a present obligation as a result
of a past event, 2) it is probable that a disbursement of economic resources
will be required to settle the obligation, and 3) a reliable estimate can be
made of the amount of the obligation.  When a possible range of loss
in connection with a probable loss contingency as of the balance sheet date is
estimable with reasonable certainty, and some amount within that range appears
at the time to be a better estimate than any other amount within the range, the
Company accrues such amount.  When no amount within the range appears
to be a better estimate than any other amount, the minimum amount in that range
is recorded.





The
Company does not recognize the following contingent obligations as
liabilities:





·
            Possible
      obligations related to past events, for which the existence of a liability
      can only be confirmed upon occurrence of uncertain future event or events
      outside the control of the Company.





·
            Present
      obligations arising out of past events or transactions, for which 1) a
      disbursement of economic resources to fulfill such obligations is not
      probable or 2) a disbursement of economic resources is probable, but the
      related amount cannot be reasonably
estimated.





In
addition, the Company does not recognize potential assets related to past events
or transactions, for which the existence of an asset or future benefit can only
be confirmed upon occurrence of uncertain future event or events outside the
control of the Company.





Note
4- Plant and Equipment, net





March31, 2008US$CostOffice
      equipment
            
            
            54,879Computer
      equipment
            
            
            817,592872,470Accumulated
      depreciationOffice
      equipment
            
            
            7,749Computer
      equipment
            
            
            94,248101,997Carrying
      valueOffice
      equipment
            
            
            47,129Computer
      equipment
            
            
            723,344770,473








Depreciation
expense for the three months ended March 31, 2008 was approximately
$43,065.





Note
6-Loans to Related Party





The
Company has a short term loan receivable from two employees of the
Company.  From September 2007 through March 31, 2008, the Company
loaned $18,118 to the employees.  The loan is secured by the
employees’ salary.





8





Note
7-Related Party Transactions





As of
March 31, 2008, and for the year then ended, the Company has the following
transactions and balances with related parties.





The
Company purchased computer hardware in 2007 from its major shareholder totaling
$774,968 in exchange for 1,462,000 shares of its common stock.





An
officer of the Company advanced $301,171 from September 2007 through March 31,
2008 for operating expenses.





Note
8-Subsequent Events





On April 28, 2008 the Company mailed a
consent solicitation statement to each of the holders of record of the Company’s
common stock as of the close of business on April 25, 2008 seeking to elect each
of Kyung Hoon Ahn, Young Jae Lee, Michael Levinsohn and Sung Hwan Park to the
board of directors; and change the Company's name from "Satellite Security
Corporation" to "Mobicom Corporation."On May 6, 2008, the Company received
consents
from its stockholders representing the requisite number of shares of the
Company’s outstanding common stock as of the record date to approve both
actions.  Accordingly, on May 7, 2008, the Company’s name was changed
with the Secretary of State of Nevada to Mobicom
Corporation.




9


ITEM2.
            MANAGEMENT'S
      DISCUSSION AND ANALYSIS OR PLAN OF
OPERATION






SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS





This
report contains forward-looking statements.  These forward-looking
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical results or anticipated
results, including those set forth under "ITEM 1A. RISK FACTORS," below, and
elsewhere in this report.  In some cases, you can identify forward
looking statements by terms such as "may," "intend," "might," "should," "could,"
"would," "expect," "believe," "anticipate," "estimate," "predict," "potential,"
or the negative of these terms, and similar expressions are intended to identify
forward-looking statements.  Such statements are subject to certain
risks and uncertainties, which could cause actual results to differ materially
from those projected.  Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof.  We undertake no obligation to publicly release the result of
any revisions to these forward-looking statements, which may be made to reflect
events or circumstances after the date hereof or to reflect the occurrence of
unanticipated events.  The forward-looking statements in this report
are based upon management's current expectations and beliefs, which management
believes are reasonable.





In this
report, unless the context indicates otherwise, the terms "Company," "we," "us,"
and "our" refer to Mobicom Corporation, a Nevada corporation, and its
subsidiary, Mobicom Korea.





Overview





The
following discussion and analysis of the consolidated financial condition and
results of operations should be read with our consolidated financial statements
and related notes appearing elsewhere in this report. This discussion and
analysis contains forward-looking statements that involve risks, uncertainties
and assumptions. The actual results may differ materially from those anticipated
in these forward-looking statements as a result of certain factors, including,
but not limited to, those set forth under "Risk Factors" and elsewhere in this
report.





Plan
of Operations





Mobicom
Korea established its current business on February 17, 2007.  Mobicom
Korea funded its initial operations including working capital, capital
equipment, software and related technology through financing transactions
involving the issuance of debt and equity securities.  The outstanding
shares of Mobicom Korea were subsequently exchanged into shares of our common
stock pursuant to a share exchange transaction in December 2007.





At March
31, 2008, Mobicom Korea was generating monthly cash flow from operations
sufficient to meet its operating expenses.  Management intends to
finance its operating activities through increased operating
income.  Mobicom Korea has submitted several proposals which are
currently being reviewed by potential customers and, if obtained, would
substantially increase revenues and operating income.  Initial
indications are that these proposals have been well received; however no firm
contracts for these contracts are in place at this time and we cannot assure you
that we will be successful in securing these projects.





Management
believes that there are significant opportunities to cross sell the products and
services offered by Mobicom Korea into other markets and to sell new products
and services into the Korean market. Management also believes that critical mass
is a significant factor in the growth and sustainability of service providers in
the mobile phone and Internet markets and clearly defined strategies to achieve
critical mass and to reach installed user bases will be identified, developed
and executed.  We will evaluate opportunities to consolidate and
aggregate marketing activities and databases in the mobile phone and Internet
markets, particularly by offering brand owners tangible and measurable channels
to market.





RESULTS
OF OPERATIONS





Revenues





Revenues
were $1,382,858 for the three months ended March 31, 2008, compared to $54,959
for the same period in 2007. Revenues increased $1,327,899 or 2416% for the
three months ended March 31, 2008, compared to the same period in 2007. The
increases were primarily due to the successful launch of full scale operations
after the initial period which began February 17, 2007.





10





Revenues
were derived primarily from the Consulting Division of Mobicom Korea which
provides clients with strategic marketing services, such as Decision Support
Systems, which are designed to assist clients in the development of their mobile
marketing campaigns. The Decision Support System is then used to analyze the
client’s position in the market place and in turn to design predictive modeling
and consumer purchase programs which are then implemented by our
clients.





General
and Administrative





General
and administrative expenses include payroll and related employee benefits, and
other headcount-related costs associated with finance, sales, marketing,
facilities, and legal and other administrative fees.  General and
administrative costs were $1,141,684 for the three months ended March 31, 2008
compared with $15,845 for the same period in 2007. General and administrative
expenses increased $1,125,839 or 7105%, for the three months ended March 31,
2008 compared to the same period a year ago.  The increases in general
and administrative expenses were primarily due to the launch of full scale
operations after the initial period which began February 17, 2007.





Research
and Development





Research
and development expenses include payroll and other costs associated with
software development, product design and outsourcing.  Research and
development expenses were $0 for the three months ended March 31, 2008, compared
to $5,496 for the same period in 2007.  The decrease was due to the
completion of research and development projects in 2007 and no such projects
during the same period in 2008.





Other
Income (Expense)





Other
expense was $113 for the three months ended March 31, 2008 compared to $0 for
the same period in 2006.





Net
Income





Net
income includes operating profit and other income (expense).  We
recorded net income of $241,060 for the three months ended March 31, 2008
compared to net income of $33,617 for the same period in 2007.  The
increase in net income for the three months ended March 31, 2008 as
compared to the same period of 2007 was due to an increase in operating
profit, as a result of an increaserevenue of $1,327,899 offset by an
increase in operating costs of $1,120,343, further
offset by other expense of $113.





Liquidity
and Capital Resources





On March
31, 2008, we had cash of $38,857 and accounts receivable, net of allowance for
doubtful accounts, of $1,130,680.  Our working capital deficit as of
March 31, 2008 was $88,393 compared to working capital of $194,727 at December
31, 2007.





Net cash
used in operating activities during the three months ended March 31, 2008 was
$96,699.  The primary source of cash from operating activities was the
increase in accounts payable of $933,227. The primary use of cash from operating
activities was an increase in accounts receivable of $1,100,133.





There was
$71,446 net cash from financing activities during the three months ended March
31, 2008.  The source of cash from financing activities was an advance
from a related party.





Net cash
used in investing activities during the three months ended March 31, 2008 was
$172,111.  The primary uses of cash from investing activities were
$33,525 for the purchase of property and equipment; $131,900 in new deposits,
primarily related to a new facility lease; and $6,686 in loans to an
employee.  There are no significant capital expenditures planned by
the Company within the foreseeable future.





11





Our
current sources of liquidity are positive cash flows from
operations.  We have no other credit facilities available to use at
this time.





As of
March 31, 2008 our operations were generating nominal positive cash flow on a
monthly basis.  Based on the current budget forecasts, management
believes that Mobicom Korea will not require substantial outside funding in the
near future.  We intend to manage our expenses and cover our monthly
costs from operations on an ongoing basis.  As the scope of our
activities expands, new personnel will be hired. Because the mobile phone and
Internet markets are primarily service and not fixed asset based, people will
play an increasingly important role in our operations. Nonetheless, we will
endeavor to manage operating expenses so they are commensurate with the growth
of our business.





However,
as noted above, we had a working capital deficit at March 31,
2008.  We do not have the capital resources to sustain a significant
disruption in our revenues or overcome a substantial unexpected operating
expense.  There are no agreements or arrangements for a financing in
place at this time, and no assurances can be given concerning whether we will
receive additional financing or as to the terms of any financing.





ITEM3.
            QUANTITATIVE
      AND QUALITATIVE DISCLOSURES ABOUT MARKET
RISK





Intentionally
omitted pursuant to Item 305(e) of Regulation S-K.





ITEM4.
            CONTROLS AND
      PROCEDURES





Disclosure
controls and procedures are designed to ensure (i) that information we are
required to disclose in the reports we file or submit under the Exchange Act are
recorded, processed, summarized, and reported within the time periods specified
in the SEC's rules and forms; and (ii) that information we are required to
disclose in the reports we file or submit under the Exchange Act is accumulated
and communicated to our management, including our principal executive and
principal financial officer, or persons performing similar functions, as
appropriate to allow timely decisions regarding required
disclosure.





Under the
supervision of our Chief Executive Officer, we evaluated the effectiveness of
the design and operation of our disclosure controls and procedures as of the end
of the period covered by this report.  Based upon that evaluation, our
Chief Executive Officer concluded that as of March 31, 2008, the design and
operation of such disclosure controls and procedures were not effective at the
reasonable assurance level because of material weaknesses in those controls and
procedures.





Material
Weaknesses.





Because we did not have
any materials operations from the period of March 3, 2007 until our acquisition
of Mobicom Korea on December 31, 2007, we did not have material financial
operations and our requirements for internal controls were limited during our
fiscal year ended December 31, 2007.  In connection with our
acquisition of Mobicom Korea we acquired substantial new operations, including
international operations, new accounting systems, new financial personnel, and
new financial procedures for which we had not implemented controls as of March
31, 2008.  We
anticipate implementing internal controls and testing against a standardized
framework over the next few fiscal quarters.




Changes
In Internal Controls Over Financial Reporting.





No
changes were made in our internal control over financial reporting (as defined
in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) during our most recent
fiscal quarter that has materially affected, or is likely to materially affect,
our internal control over financial reporting.





12





Limitations On Disclosure Controls
And Procedures.





Our
management does not expect that our disclosure controls or internal controls
over financial reporting will prevent all errors or all instances of fraud. A
control system, no matter how well designed and operated, can provide only
reasonable, not absolute, assurance that the control system's objectives will be
met. Further, the design of a control system must reflect the fact that there
are resource constraints, and the benefits of controls must be considered
relative to their costs. Because of the inherent limitations in all control
systems, no evaluation of controls can provide absolute assurance that all
control issues and instances of fraud, if any, within our company have been
detected. These inherent limitations include the realities that judgments in
decision-making can be faulty, and that breakdowns can occur because of simple
error or mistake. Controls can also be circumvented by the individual acts of
some persons, by collusion of two or more people, or by management override of
the controls. The design of any system of controls is based in part upon certain
assumptions about the likelihood of future events, and any design may not
succeed in achieving its stated goals under all potential future conditions.
Over time, controls may become inadequate because of changes in conditions or
deterioration in the degree of compliance with policies or procedures. Because
of the inherent limitation of a cost-effective control system, misstatements due
to error or fraud may occur and not be detected.





13





PART
II — OTHER INFORMATION





ITEM1.
            LEGAL
      PROCEEDINGS





In the
course of business, the Company has been, and may continue to be, involved in
various claims seeking monetary damages and other relief.  The amount
of the ultimate liability, if any, from such claims cannot be determined.
However, in the opinion of the Company's management, the ultimate liability for
any legal claims currently pending against the Company will not have a material
adverse affect on the Company's financial position, results of operations or
cash flows.





ITEM1A.
            RISK
      FACTORS





There
have not been any material changes to the risk factors previously disclosed in
our Annual Report on Form 10-KSB.





ITEM2.
            UNREGISTERED
      SALES OF EQUITY SECURITIES AND USE OF
PROCEEDS





None.





ITEM3.
            DEFAULTS
      UPON SENIOR SECURITIES





None.





ITEM
      4.
            SUBMISSION
      OF MATTERS TO A VOTE





On April
28, 2008, the Company mailed a consent solicitation statement to each of the
holders of record of the Company’s common stock as of the close of business on
April 25, 2008.  The consent solicitation statement solicited the
consent of the Company's stockholders to (i) elect each of Kyung Hoon
Ahn, Young Jae Lee, Michael Levinsohn and Sung Hwan Park to the board of
directors; and (ii) change
the Company's name from "Satellite Security Corporation" to "Mobicom
Corporation."  On May 6, 2008, the Company received consents
from its stockholders representing the requisite number of shares of the
Company’s outstanding common stock as of the record date to approve both
actions.  Accordingly,
on May 7, 2008, the Company filed a certificate of amendment to its article of
incorporation with the Secretary of State of Nevada to change the name of the
corporation to Mobicom Corporation.  For more information regarding
the consent solicitation statement, please see the Definitive Schedule 14A filed
by the Company with the Securities and Exchange Commission on April 28,
2008.





ITEM5.
            OTHER
      INFORMATION





None.





ITEM6.
            EXHIBITS







Exhibit
      No.
            
            Description31.1*
            
            Certification
      of Periodic Report by the Chief Executive Officer, Pursuant to Section 302
      of the Sarbanes-Oxley Act of 2002.31.2*
            
            Certification
      of Periodic Report by the Chief Financial Officer, Pursuant to Section 302
      of the Sarbanes-Oxley Act of 2002.32.1*
            
            Certification
      of Chief Executive Officer pursuant to 18 U.S.C, Section 1350, adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002.32.2*
            
            Certification
      of Chief Financial Officer pursuant to 18 U.S.C, Section 1350, adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of
  2002.


*  Filed
as an exhibit to this report





14





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.








Mobicom
      CorporationDated:
      May 13, 2008
            By:
            /s/MichaelLevinsohnMichael LevinsohnChief
      Executive Officer(Principal
      Executive and Principal Financial
Officer)






15