**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

 

**FORM 10-QSB**

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT

               OF 1934 FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2004

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

                EXCHANGE ACT OF 1934 For the transition period from ___________ to ____________.

 

 

Commission File Number:_________

**Bio-Warm Corporation**

(formerly Rapid Bio Tests Corporation)

(Exact name of small business issuer as specified in its charter)

| Nevada                                                          | 35-0511303                               |
|-----------------------------------------------------------------|------------------------------------------|
| (State of other jurisdiction of		incorporation of organization) | (I.R.S. Employer		Identification Number) |

17011 Beach Blvd., Suite 1230

Huntington Beach, CA 92647

(Address of principal executive offices)

(714) 843-5462

(Issuer's Telephone Number)

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common equity, as of thelatest practical date. As of  November 30, 2004 there were 23,684,214 shares of the issuer's $.001par value common stock issued and outstanding.

 

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**TABLE OF CONTENTS**

 

**PART I. FINANCIAL INFORMATION**

Item 1. Financial Statements (Unaudited)

Item 2. Management's Discussion and Analysisof Financial Condition and Results of Operations

Item 3.Controls and Procedures

**PART II. OTHER INFORMATION**

Item 1. Legal Proceedings

Item 2. Changes inSecurities

Item 3. Default Upon Senior Securities

Item 4. Submission of Matters to a Vote of Security Holders

Item 5. Other Information

Item 6. Exhibits and Reports on Form 8-K

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**PART I. FINANCIAL INFORMATION**

 

**ITEM 1.    FINANCIAL STATEMENTS**

**BIO-WARM CORPORATION**

(Formerly Rapid Bio Tests Corporation)

(ADevelopment Stage Company)

Balance Sheets

 

|   | **November 30, 2004**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | **February 28, 2004** |
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|   | (Unaudited)  
ASSETS       CURRENT ASSETS       		Cash$               		34 $                 		1         		Total Current Assets34 1    PROPERTY AND		EQUIPMENT, NET2,435 -        		TOTAL ASSETS$          		2,469 $                 		1    
LIABILITIES AND STOCKHOLDERS' EQUITY		(DEFICIT)       CURRENT LIABILITIES       		Bank overdraft$               		92 $                    		-    		Accounts payable		45,862 27,716    		Accounts payable - related parties2,920 8,920    		Accrued expenses		12,342 4,500    		Accrued salaries		53,150 53,150    		Accrued interest691 301    		Accrued interest - related parties613 60    		Notes payable		13,000 13,000    		Notes payable - related parties19,062 10,000         		Total Current Liabilities147,732 117,647                  		Total Liabilities147,732 117,647    STOCKHOLDERS'		EQUITY (DEFICIT)       		Common stock, par value $0.001; authorized 120,000,000 shares;            		23,684,214 and 20,584,214 shares issued and outstanding, respectively		23,684 20,584    		Additional paid-in capital		3,650,544 2,918,638    		Prepaid services- (18,802)    		Deferred consulting		(142,124) -    		Stock subscription receivable		(408,500) -    		Deficit accumulated prior to the development stage		989,057) (989,057)    		Deficit accumulated during the development stage(2,279,810) (2,049,009)         		Total Stockholders' Equity (Deficit)(145,263) (117,646)             		TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)$          		2,469 $                 		1    
The accompanying notes are an integral part ofthese financial statements.

**BIO-WARM CORPORATION**

(Formerly Rapid Bio Tests Corporation)

(ADevelopment Stage Company)

Statements of Operations

(Unaudited)

 
 **For the Three Months Ended November 30,** **For the Nine Months Ended November 30,** 
**From Inception Of the Development		Stage on March 1, 2001 through November 30, 2004** **2004** **2003** **2004** **2003**           		REVENUES$                 		- $                 		- $                 		- $                 		- $                     		-          		EXPENSES             		Officer salaries- 18,000 18,000 42,000 79,000    		Consulting fees59,023 12,875 134,811 2,041,323 2,189,009    		Legal fees2,208 - 22,935 - 61,430    		General and Administrative3,831 12,911 53,297 47,916 124,749         		                  		Total Expenses65,062 43,786 229,043 2,131,239 2,454,188          LOSS		FROM OPERATIONS(65,062) (43,786) (229,043) (2,131,239) (2,454,188)          OTHER		INCOME (EXPENSE)             		Gain on extinguishments of debt- - - - 189,233    		Interest expense(734) (130) (1,758) (669) (14,855)   		                  		Total Other Income (Expense)(734) (130) (1,758) (669) 174,378          INCOME		(LOSS) BEFORE INCOME TAXES(65,796) (43,916) (230,801) (2,131,908) (2,279,810)              		Income taxes- - - - -          NET		(LOSS)$       (65,796) $       (43,916) $     (230,801) $  (2,131,908) $       (2,279,810)          BASIC		LOSS PER SHARE$          		(0.00) $          		(0.00) $          		(0.01) $          		(0.12)            		WEIGHTED AVERAGE NUMBER OF SHARES             		OUTSTANDING23,684,214 20,568,170 22,838,032 17,407,467            
The accompanying notes are an integral part ofthese financial statements.

**BIO-WARM CORPORATION**

(Formerly Rapid Bio Tests Corporation)

(ADevelopment Stage Company)

Statements of Stockholders' Equity (Deficit)

 
 **Common** **Additional Paid-In Capital** **Stock Subscription Receivable** **Deferred Consulting** **Prepaid Services** **Deficit Accumulated Prior to the Development Stage** **Accumulated Deficit During the Development Stage** **Shares** **Amount**                      Balance, February		28, 200139,614 $        39 $   563,971 $              		- $           		- $           		- $    (989,057) $               		-                Common stock issued		in satisfaction of debt at $0.123 per share, December 17, 20017,000 7 214,734 - - - - -                Common stock issued		in satisfaction of debt at $0.001 per share, January 28, 20024,000 4 996 - - - - -                Common stock issued		for services at $0.001 per share, February 1, 200263,600 64 15,836 - - - - -                Net income for the		year ended February 28, 2002- - - - - - - 90,714                Balance, February		28, 2002114,214 114 795,537 - - - (989,057) 90,714                Net income for the		year ended February 28, 2003- - - - - - - 44,443                Balance, February		28, 2003114,214 114 795,537 - - - (989,057) 135,157                Common stock issued		for assets at predecessor cost of $0.00 per share on June 19, 200315,000,000 15,000 (15,000) - - - - -                Common stock issued		for consulting services at $0.38 per share on July 24, 20035,450,000 5,450 2,065,550 - - - - -                Assumption and		forgiveness of debt by related parties- - 65,571 - - - - -                Common stock issued		for cash at $0.50 per share on November 12, 200320,000 20 9,980 - - - - -                Net loss for the		year ended February 29, 2004- - - - - - - (2,184,166)                Balance, February		29, 200420,584,214 20,584 2,918,638 - - (18,802) (989,057) (2,049,009)                Option issued for		services, April 12, 2004 (unaudited)- - 178,714 - (178,714) - - -                Options issued for		services, May 12 2004 (unaudited)- - 67,830 - (67,830) - - -                Revaluation of		options issued for services pursuant to amended consulting agreement,		May 13, 2004 (unaudited)- - 23,462 - (23,462) - - -                Issuance of shares		pursuant to exercise of options, May 13, 2004 (unaudited)2,000,000 2,000 298,000 (247,000) - - - -                Issuance of shares		pursuant to exercise of options, May 16, 2004 (unaudited)1,100,000 1,100 163,900 (165,000) - - - -                Cash received for		subscription receivable, July 30, 2004 (unaudited)- - - 3,500 - - - -                Amortization of		deferred consulting expense, nine months November 30, 2004 (unaudited)- - - - 127,882 - - -                Amortization of		services prepaid with common stock, August 31, 2004 (unaudited)- - - - - 18,802 - -                Net loss for the		nine months ended November 30, 2004 (unaudited)- - - - - - - (230,801)                Balance, November		30, 2004 (unaudited)23,684,214 $23,684 $3,650,544 $  (408,500) $  (142,124) $          		- $  (989,057) $(2,279,810)                
The accompanying notes are an integral part ofthese financial statements.

**BIO-WARM CORPORATION**

(Formerly Rapid Bio Tests Corporation)

(ADevelopment Stage Company)

Statements of Cash Flows

(Unaudited)

 
 **For the Nine Months Ended November 30,** **From Inception of the Development Stage on March 1,		2001 through November 30, 2004** **2004** **2003**       CASH FLOWS FROM		OPERATING ACTIVITIES         		Net loss$ 		(230,801) $ 		(2,131,908) $ 		(2,279,810)    		Adjustments to reconcile loss from operations to net           		cash used by operating activities:              		Gain on extinguishment of debt- - (189,233)         		Common stock issued for services- 		2,040,323 2,068,098         		Depreciation215 - 215        		Amortization of prepaid services and deferred consulting		146,685 - 146,685    		Changes in assets and liabilities:              		Increase in accrued interest and accrued interest - related parties943 171 14,008         		Increase in accounts payable and accounts payable - related parties		12,145 		35,873 72,575         		Increase in accrued expenses7,842 33,209 71,492                     		Net cash Used by Operating Activities(62,971) (22,332) (95,970)      CASH FLOWS FROM		INVESTING ACTIVITIES         		Purchase of equipment(2,650) - (2,650)         		Net Cash Used by Investing Activities(2,650) - (2,650)      CASH FLOWS FROM		FINANCING ACTIVITIES         		Proceeds from cash overdraft92 - 92    		Proceeds from notes payable9,062 		13,000 32,062    		Common stock issued for cash- 		10,000 10,000    		Proceeds from exercise of options		53,000 - 53,000    		Proceeds from stock subscription receivable3,500 - 3,500         		Net Cash Provided by Financing Activities65,654 23,000 98,654      NET INCREASE		(DECREASE) IN CASH33 668 34      CASH AT BEGINNING		OF PERIOD1 - -      CASH AT END OF		PERIOD$             		34 $             		668 $              		34      		SUPPLEMENTAL CASH FLOW INFORMATION:         		Cash paid for:              		Interest$               		- $                  		- $                 		-         		Income taxes$               		- $                  		- $                 		-      NON-CASH FINANCING		AND INVESTING ACTIVITIES:         		Common stock issued in satisfaction of debt$               		- $                  		- $      		215,741    		Common stock issued for services$               		- $ 		2,040,0323 $   		2,068,098      
The accompanying notes are an integral part ofthese financial statements.

**BIO-WARM CORPORATION**

(Formerly Rapid Bio Tests Corporation)

(ADevelopment Stage Company)

Notes to Financial Statements

November 30, 2004 and February 28, 2004

 

**NOTE 1 - BASIS OF FINANCIAL STATEMENT PRESENTATION** 
The accompanying unaudited financial statements have been prepared by the Company pursuantto the rules and regulations of the Securities and Exchange Commission.  Certain informationand footnote disclosures normally included in financial statements prepared in accordance withaccounting principles generally accepted in the United States of America have been condensed oromitted in accordance with such rules and regulations.  The information furnished in the interimfinancial statements includes normal recurring adjustments and reflects all adjustments, which, inthe opinion of management, are necessary for a fair presentation of such financial statements.Although management believes the disclosures and information presented are adequate to makethe information not misleading, it is suggested that these interim financial statements be read inconjunction with the Company's most recent audited financial statements and notes theretoincluded in its February 28, 2004 Annual Report on Form 10-KSB.  Operating results for thenine months ended November 30, 2004 are not necessarily indicative of the results that can beexpected for the year ending February 28, 2005.
 
Certain amounts related to prior periods have been reclassified to conform with current periodfinancial statement presentation.

**NOTE 2 - GOING CONCERN** 
The Company'sfinancial statements are prepared using accounting principles generally acceptedin the United States of America applicable to a going concern which contemplatesthe realization of assets and liquidation of liabilities in the normal course ofbusiness. The Company currently has minimal operations and has incurredsignificant losses which have resulted in an accumulated deficit of $3,268,867 at November 30, 2004 which raises substantial doubt aboutthe Company's ability to continue as a going concern.  The accompanying financial statementsdo not include any adjustments relating to the recoverability and classification of asset carryingamounts or the amount and classification of liabilities that might result from the outcome of thisuncertainty.
 
As discussedin Note 3, in December 2004, the Company entered into an acquisition agreementto acquire Mirae Tech Co., Ltd., a Korean corporation engaged in the manufactureof conductive textile products.  The Company plans on obtaining additionaldebt and equity financing to support the newly acquired business.  It isexpected that the revenues generated from the newly acquired business along withpotential debt and equity funding will enable the Company to continue itsoperations with any shortfall expected to be covered by management andshareholders of the Company.  However, there is no assurance that theCompany's plan will be successful or that the Company's management will continueto provide sufficient capital to cover the operating expenses of the Company.

**NOTE 3 - SIGNIFICANT AND SUBSEQUENT EVENTS** 
Changes in Management

 

Dr. Geoffrey V.F. Seaman, Ph.D., passed away on June 30, 2004.  He had served as ChiefExecutive Officer and as a director since June 16, 2003.  Margaret Seaman, Dr. Seaman's wife,has succeeded him as a director.  Paul R. Hemmes, PhD, one of our directors had been acting as interim Chief Executive Officer until August 10, 2004 when the Company appointed Dr.Michael Huchital as the Chief Executive Officer and entered into an employment agreement withhim.  Effective October 10, 2004, Dr. Huchital terminated his employment with the Companyand Mr. Hemmes was again acting as interim Chief Executive Officer. Effective December 2,2004, Messrs. Paul Hemmes and David Regan and Ms. Margaret Seaman resigned as officersand members of the board of directors of Rapid Bio-Tests. A majority of shareholders of theCompany approved the Stock Purchase Agreement between the Company and Mirae Tech Co.,Ltd. and appointed Messrs. Jong-Ho Bae, Dong Won Lee, Johnny Park, and Timothy Pham asnew members of the board. Additionally, Jong-Ho Bae was appointed as new Chief ExecutiveOfficer, Johnny Park as President, Dong Won Lee as Secretary and Timothy Pham as Treasurerand Chief Financial Officer of the Company.

 

Stock Issuances
 
On April 12, 2004, the Company's Chief Executive Officer, acting on behalf of the Company,entered into a twelve month consulting agreement with Daniel Peterson whereby Mr. Petersonwas to advise the Company on strategic planning and business development.  On this date theCompany issued to Mr. Peterson options to purchase two million shares of its common stock atan exercise price of $0.265 per share.  A Black-Scholes analysis determined the value of theoptions on this date to be $178,714.  On May 13, 2004 the Company's Chief Executive Officer,acting on behalf of the Company, amended the Company's initial agreement with Mr. Petersonby reducing the exercise price of the options to $0.15 per share.  Pursuant to this amendment, anew Black-Scholes analysis determined that the new value of the options was $202,176, a$23,462 increase from the first valuation.  Mr. Peterson exercised his options in full on May 13,2004 by paying $53,000 cash and executing a note whereby Mr. Peterson is to pay the remaining$247,000 he owes the Company over a twelve month period beginning May 13, 2004.  The notebears no interest.

On May 12, 2004, the Company's Chief Executive Officer, acting on behalf of the Company,entered into a twenty-four month consulting agreement with Henry Fahman whereby Mr. Fahmanwas to advise the Company on business opportunities, including prospective mergers,acquisitions, joint ventures, investment opportunities, and introduction of the Company's futureproducts to the Asian markets.  On this date the Company issued to Mr. Fahman options topurchase 1.1 million shares of its common stock at an exercise price of $0.15 per share.  ABlack-Scholes analysis determined the value of the options on this date to be $67,830.  Mr.Fahman exercised his options in full on May 16, 2004 in exchange for a promissory note in theamount of $165,000. The note bears no interest. On July 16, 2004, the Company received $3,500from Mr. Fahman, reducing the note balance to $161,500. As of August 31, 2004, the promissorynote was amended to become due and payable in full on February 28, 2005. 
 
Acquisition
 
On December 2, 2004, the Company entered into a Stock Purchase Agreement to acquire 100%of the equity interest of Mirae Tech Company, Ltd. ("Mirae"), a Republic of Korea corporationwith its principal offices located in South Korea.  The Company acquired 100% of the equityinterest of Mirae in exchange for 37,200,000 shares of the Company's common stock to beissued to Mirae's shareholders.  The Company changed its name to Bio-Warm Corporation andwill divest itself of its rapid diagnostic testing technology in order to fully focus on Mirae's lineof business.
 
Effective December 2, 2004, Messrs. Paul Hemmes and David Regan and Ms. Margaret Seamanresigned as officers and members of the Board of Directors of the Company. A majority ofshareholders of the Company have approved and appointed new Board members.
 
Equity Line of Credit
 
On December 11, 2004, Southridge Capital Management LLC entered into a term sheet of an Equity Line of Credit with the Company for a commitment to purchase up to $5,000,000 of the Company's common stock for a period of two years.  The Company may draw upon the Equity Line of Credit periodically during the term by the Company's delivery to the purchaser of a written notice requiring the purchaser to purchase a dollar amount in shares of common stock. In no event may the shares issuable pursuant to such a notice, when aggregated with the shares then held by the purchaser on the date of the draw down, exceed 4.99% of the Company's outstanding common stock. The purchase price of any share of common stock purchased under the Equity Line of Credit facility shall equal 93% of the average of the two lowest closing bids prices during the valuation period. As of the date of this report the Company has not filed a registration statement with the SEC to draw down on the Equity Line of Credit and has not received any funding from Southridge Capital Management, LLC through this transaction.

 

**ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS**

 

THIS FOLLOWING INFORMATION SPECIFIES CERTAIN FORWARD-LOOKINGSTATEMENTS OF MANAGEMENT OF THE COMPANY. FORWARD-LOOKINGSTATEMENTS ARE STATEMENTS THAT ESTIMATE THE HAPPENING OF FUTUREEVENTS AND ARE NOT BASED ON HISTORICAL FACT. FORWARD-LOOKINGSTATEMENTS MAY BE IDENTIFIED BY THE USE OF FORWARD-LOOKINGTERMINOLOGY, SUCH AS "MAY", "SHALL", "WILL", "COULD", "EXPECT","ESTIMATE", "ANTICIPATE", "PREDICT", "PROBABLE", "POSSIBLE", "SHOULD","CONTINUE", OR SIMILAR TERMS, VARIATIONS OF THOSE TERMS OR THENEGATIVE OF THOSE TERMS. THE FORWARD-LOOKING STATEMENTS SPECIFIEDIN THE FOLLOWING INFORMATION HAVE BEEN COMPILED BY OURMANAGEMENT ON THE BASIS OF ASSUMPTIONS MADE BY MANAGEMENT ANDCONSIDERED BY MANAGEMENT TO BE REASONABLE. OUR FUTURE OPERATINGRESULTS, HOWEVER, ARE IMPOSSIBLE TO PREDICT AND NO REPRESENTATION,GUARANTY, OR WARRANTY IS TO BE INFERRED FROM THOSEFORWARD-LOOKING STATEMENTS.

 

THE ASSUMPTIONS USED FOR PURPOSES OF THE FORWARD-LOOKINGSTATEMENTS SPECIFIED IN THE FOLLOWING INFORMATION REPRESENTESTIMATES OF FUTURE EVENTS AND ARE SUBJECT TO UNCERTAINTY AS TOPOSSIBLE CHANGES IN ECONOMIC, LEGISLATIVE, INDUSTRY, AND OTHERCIRCUMSTANCES. AS A RESULT, THE IDENTIFICATION AND INTERPRETATION OFDATA AND OTHER INFORMATION AND THEIR USE IN DEVELOPING ANDSELECTING ASSUMPTIONS FROM AND AMONG REASONABLE ALTERNATIVESREQUIRE THE EXERCISE OF JUDGMENT. TO THE EXTENT THAT THE ASSUMEDEVENTS DO NOT OCCUR, THE OUTCOME MAY VARY SUBSTANTIALLY FROMANTICIPATED OR PROJECTED RESULTS, AND, ACCORDINGLY, NO OPINION ISEXPRESSED ON THE ACHIEVABILITY OF THOSE FORWARD-LOOKINGSTATEMENTS. WE CANNOT GUARANTY THAT ANY OF THE ASSUMPTIONSRELATING TO THE FORWARD-LOOKING STATEMENTS SPECIFIED IN THEFOLLOWING INFORMATION ARE ACCURATE, AND WE ASSUME NO OBLIGATIONTO UPDATE ANY SUCH FORWARD-LOOKING STATEMENTS.

 

CRITICAL ACCOUNTING POLICY AND ESTIMATES. Our Management's Discussion andAnalysis of Financial Condition and Results of Operations section discusses our financialstatements, which have been prepared in accordance with accounting principles generallyaccepted in the United States of America. The preparation of these financial statements requiresmanagement to make estimates and assumptions that affect the reported amounts of assets andliabilities at the date of the financial statements and the reported amounts of revenues andexpenses during the reporting period. On an on-going basis, management evaluates its estimatesand judgments, including those related to revenue recognition, accrued expenses, financingoperations, and contingencies and litigation. Management bases its estimates and judgments onhistorical experience and on various other factors that are believed to be reasonable under thecircumstances, the results of which form the basis for making judgments about the carrying valueof assets and liabilities that are not readily apparent from other sources. Actual results may differfrom these estimates under different assumptions or conditions. The most significant accountingestimates inherent in the preparation of our financial statements include estimates as to theappropriate carrying value of certain assets and liabilities which are not readily apparent fromother sources. These accounting policies are described at relevant sections in this discussion andanalysis and in the notes to the financial statements included in our Quarterly Report on Form10-QSB for the period ended August 31, 2004.

 

OUR BUSINESS. On June 16, 2003, we entered into Employment and Asset PurchaseAgreements with Dr. Geoffrey Seaman, Dr. Paul Hemmes, and Dr. David Regan to retain theirmanagement and technical services and to purchase the intellectual property necessary to developour proposed medical testing products. Pursuant to these agreements, we issued thirty millionshares of our common stock to Dr. Seaman, to Dr. Hemmes, and to Dr. Regan in exchange fortheir management services and certain intellectual property necessary to develop our proposedproducts and processes. With the assistance of our new management, we intended to develop,manufacture and market a series of rapid, sensitive, accurate and reliable diagnostic tests thatcould be used to detect a variety of human diseases and conditions, and which would have utilityin a variety of veterinary and agricultural products. We believed that diagnostic tests werenecessary to respond to epidemics, bio-terrorism attacks and simply to cut the current high costof diagnostics for general health care.

 

Our management had examined a wide range of current technologies used for rapid identificationof microorganisms and toxic agents, but believed that cutting edge and high tech approacheswere unproven on a large scale and did not meet the needs of today's environment. For thesereasons, we planned to focus our efforts on established technology. We proposed to develop apanel of rapid, accurate, robust and easy to perform tests for field assays and point-of-caretesting. We also proposed to develop a product line of tests for the rapid and definitive detectionof infectious diseases including bacterial and viral pathogens, as well as toxins, which ourmanagement believed could be met by rapid latex agglutination slide tests for the primary on-siteidentification. We believed that such tests were simple, easy to manufacture, inexpensive andwould not require instrumentation or electricity, nor were highly trained personnel necessary toread the test results. 

 

We intended to develop and bring to the market place a series of diagnostic tests for variousdiseases and conditions using a latex-based technology that was novel and proprietary. Weplanned to make use of technology that is protected by existing patent applications and ourmanagement believed that the key steps in the process were virtually impossible to reverseengineer. Our management had agreed to take the necessary steps to ensure that all intellectualproperty necessary to conduct such tests, including patents, would be transferred to us. Ourmanagement believed that such rapid latex-based diagnostic tests represented an effective,simple, inexpensive and versatile analysis method, which would be robust, technically matureand usable in the field. Our management believed that broad applications for this type of testingtechnology included identification of infectious diseases originating from epidemics, acts ofterrorism or individual cases at point- of- care facilities. Our management anticipated that thelatex technology platform would also be broadly applicable in the medical, veterinary,agricultural and water diagnostic test markets. Our management believed that rapid latex testswould have major advantages over many other diagnostic test approaches in speed and costs. Inthe estimation of our management, such test technology would translate to less expensivedelivery of health care, not only to the American public and other developed nations, but also indeveloping nations. Because rapid latex diagnostic tests would not require laboratory facilitiesor electrical power, our management believed these types of tests would ideally be suited forfield-testing or use by first responders or various emergency personnel.

 

We believed that an appropriate combination of the technology inventions, identification of idealtarget markets, coupled with the basic capabilities of the principals would enable us to achieveour objectives and rapidly reduce the latex technology platforms to practice, allowing us toproceed to commercialization and sale of our products.

 

However, due to the sudden death of our late Chairman and Chief Executive Officer, Dr.Geoffrey Seaman and the subsequent resignation of Dr. Michael A. Huchital, our new ChiefExecutive Officer who had succeeded Dr. Geoffrey Seaman, our management was nolonger convinced that the Company would be well-positioned to pursue the development ofdiagnostic tests as its core business. As a result, the Company entered into a Stock PurchaseAgreement dated December 2, 2004 to acquire 100% of Mirae Tech Company, Ltd., a Republicof Korea corporation, which is engaged in the manufacturing and marketing of far infraredconductive textile products, in exchange for 37,200,000 restricted shares of common stock of thecompany. The transaction was approved by a  majority shareholders of  the Company .

 

**FOR THE THREE MONTH PERIOD ENDED NOVEMBER 30, 2004.**

 

LIQUIDITY AND CAPITAL RESOURCES. As of  November 30, 2004, we only had $34 incash, no other current assets, and $2,435 in net equipment and property. Ourtotal current liabilities were $147,732 at November 30, 2004, which wasrepresented mainly by accounts payable of $45,862, accrued expenses of $12,342,accrued salaries of $53,150, and notes payable of $32,062 which included $19,062to related parties. At November 30, 2004, our liabilities exceeded ourassets by $145,263.

 

**RESULTS OF OPERATIONS.**

 

REVENUES. From inception of the development stage on March 1, 2001 through November 30,2004 we have not realized any revenues. We expect to generate significant revenues in the nexttwelve months as a result of the acquisition of  Mirae Tech Company, Ltd.  However, we cannotguarantee that Mirae Tech Company, Ltd. will succeed in its business plan.

 

OPERATING EXPENSES. For the three months ended  November 30, 2004, our total operatingexpenses were $65,062 compared to total expenses of $43,786 for the corresponding period in2003. The expenses for the three months ended November 30, 2004 was represented by $59,023in consulting fees, $2,208 in legal fees, and $3,831 in general and administrative expenses. Thisis in comparison to the same period ending November 30, 2003, where we had operatingexpenses of $43,786 which was represented mainly by $18,000 in officer salaries, $12,875 inconsulting fees and  $12,911 in general and administrative expenses. The increase  in operatingexpenses is due to the increase in consulting fees and legal fees, the reduction of general andadministrative expenses, and the absence of officer salaries as a result ofminimal activity and officer services and the termination of employmentagreement with Dr. Michael Huchital.

 

For the three months ending November 30, 2004, we also had an interest expense of $734,compared to $130 for the same period ending November 30, 2003. Therefore our net loss was$65,796 for the three months ended November 30, 2004, or equivalent to ($0.00) per share, ascompared to a net loss of $43,916 for the three months ended November 30, 2003, or equivalentto ($0.00) per share. Our net loss from operations from our inception of the development stage onMarch 1, 2001 through to November 30, 2004 was $2,279,810.

 

**FOR THE NINE MONTH PERIOD ENDED NOVEMBER 30, 2004.**

 

**RESULTS OF OPERATIONS.**

 

REVENUES. From inception of the development stage on March 1, 2001 through August 31,2004, we have not realized any revenues.

 

OPERATING EXPENSES. For the nine months ended November 30, 2004, our total operatingexpenses were $229,043 compared to total expenses of $2,131,239 for the corresponding periodin 2003. The expenses for the nine months ended November 30, 2004 was represented by$18,000 in officer salaries, $134,811 in consulting fees, $22,935 in legal fees, and $53,297 ingeneral and administrative expenses. This is in comparison to the same period ending November30, 2003 which was represented by $42,000 in officer salaries, $2,041,323 in consulting fees and$47,916 in general and administrative expenses. The large decrease in operating expenses is dueto the decrease in consulting fees and officer salaries as a result of minimalactivity and officer services and the termination of the employment agreementwith Dr. Michael Huchital, offset by the increase in legal fees andgeneral and administrative expenses.

 

For the nine months ending November 30, 2004, we also had an interest expense of $1,758.Therefore our net loss was $230,801, or equivalent to ($0.01) per share. This is in comparison to$669 in interest expenses for the nine months ended  November 30, 2003, making our net loss forthe corresponding period in 2003 a total of $2,131,908, or equivalent to ($0.12) per share.

 

OUR PLAN OF OPERATION FOR THE NEXT TWELVE MONTHS. As of  November 30,2004, we had only $34 in cash. We expect to generate significant revenues and cash flows fromoperations over the next twelve months as a result of our acquisition of Mirae Tech Company,Ltd.  Our plan of operation is materially dependent on our ability to raise additional workingcapital either through the sale of our common stock or through loans.  We plan on raisingadditional operating funds through the proposed Equity Line of Credit with Southridge CapitalManagement, LLC. If we are not able to raise additional funds, we may arrangefor loans or other borrowings. Our forecast of the period of time through whichour financial resources will be adequate to support our operations is aforward-looking statement that involves risks and uncertainties, and actualresults could vary as a result of a number of factors. There is no guaranteethat we will be able to obtain funding through the Equity Line of Credit or thatwe will be able to arrange for borrowings on acceptable terms if at all. 

 

Our inability to access the capital markets or obtain acceptable financing could harm our resultsof operations and financial condition. To the extent that additional capital is raised through thesale of equity or equity-related securities, the issuance of such securities could result in dilutionof our stockholders. 
 
**ITEM 3.    CONTROLS AND PROCEDURES**
 
(a) Evaluation of disclosure controls and procedures. We maintain controls and proceduresdesigned to ensure that information required to be disclosed in the reports that we file or submitunder the Securities Exchange Act of 1934 is recorded, processed, summarized and reportedwithin the time periods specified in the rules and forms of the Securities and ExchangeCommission. Based upon their evaluation of those controls and procedures performed within 90days of the filing date of this report, our chief executive officer and the principal financial officerconcluded that our disclosure controls and procedures were adequate.

 

(b) Changes in internal controls. There were no significant changes in our internal controls or inother factors that could significantly affect these controls subsequent to the date of the evaluationof those controls by the chief executive officer and principal financial officer.

**PART II -- OTHER INFORMATION**

**ITEM 1.    LEGAL PROCEEDINGS.**

 

None.

**ITEM 2.    CHANGES IN SECURITIES.**

 

As a result of  the Company's name change to Bio-Warm Corporation on December6, 2004,the Company's common stock now bears the new corporate name "Bio-Warm Corporation"with a new CUSIP number. 

**ITEM 3.    DEFAULTS UPON SENIOR SECURITIES**

None.

**ITEM 4.    SUBMISSION OF MATTERS TO VOTE OF SECURITY HOLDERS**

 

On December 2, 2004, 15,849,000 shares out of 23,684,214 of shares outstanding and eligible tovote voted in favor of the Stock Purchase Agreement between the Company and Mirae TechCompany, Ltd., a Korean corporation, whereby the Company would acquire 100% of Mirae TechCompany, Ltd. in exchange for 37,200,000 of restricted common stock of the Company.

 

 

**ITEM 5.    OTHER INFORMATION**
 
None.

 

**ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K**

 

(a) Exhibits

 

31.1                                      Rule 13a-14a/15d-14(a) Certification of Chief Executive Officer

31.2                                      Rule 13a-14a/15d-14(a) Certification of Chief Financial Officer

32.1                                      Section 1350 Certification of Chief Executive Officer

32.2                                      Section 1350 Certification of Chief Financial Officer

 

(b) Reports onForm 8-K

 

**ON DECEMBER 09, 2004, WE FILED A REPORT ON FORM 8-K  CONTAINING THEINFORMATION BELOW:**

 

On December 2, 2004, Rapid Bio Tests Corporation (the "Company") entered into a StockPurchase Agreement (the "Agreement") to acquire 100% of the equity interests of Mirae TechCompany Ltd. ("Mirae"), a Republic of Korea corporation with its principal offices located inSouth Korea. Mirae has been in business since 2001 and has developed and holds severalpatents related to "Conductive Textile". Conductive Textile is a product that utilizes infrared orradiant heat to create products that transmit energy or heat in various applications. Mirae hasutilized this technology and is currently selling products in Asia. Mirae plans to introduce itsproduct line to the North American marketplace.

 

Terms of the Agreement (attached hereto as Exhibit 10.4) include the Company's acquisition100% of the equity interest of Mirae in exchange for 37,200,000 shares of the Company'scommon stock to be issued to Mirae's shareholders. Upon entry into the Agreement, theCompany's current Board of Directors will appoint principals and nominees of Mirae to theCompany's board and resign their positions with the Company. In addition, the Company will,after gaining approval from its majority shareholders, file an amendment to its Articles ofIncorporation in order change its name to "Bio-Warm Corporation" and will divest itself of itsrapid diagnostic testing technology in order to fully focus on Mirae's line of business. Effective December 2, 2004, all officers and members of the board of directors of RapidBio-Tests have resigned. A majority of shareholders of the Company have approved thetransaction and appointed Messrs. Jong-Ho Bae, Dong Won Lee, Johnny Park, and TimothyPham as new members of the board. Additionally, Jong-Ho Bae was appointed as new ChiefExecutive Officer, Johnny Park as President, Dong Won Lee as Secretary and Timothy Pham asTreasurer and Chief Financial Officer of the new company.

 

Johnny Park , President 31, brings over 15 years of experience in marketing and productdevelopment. From 2003 - 2004, Mr. Park has served as a business development consultant andalso set up several companies, including RED5 Holdings, Inc., a diversified holding companywith interests in technology to advertising, of which he has been serving as president and CEO.From 1997-2002, Mr. Park held the position of Vice President Asia of Frank-Lin DistilledProducts, of San Jose CA, where he brought several key brands to market. Mr. Park's strengths inproduct development and marketing have already helped develop several core products that willhave a significant impact to Bio-Warm Co. 

 

Jong Ho Bae, Chief Executive Officer, 45, brings over 20 years of experience in research anddevelopment in the field of electrical energy. He was responsible for developing the principlesbehind Bio-Warm's core products. From 2001-2004 he has been serving as President of MiraTech. Co., Ltd. of South Korea. From 1991-2001, Mr. Bae held the position of division head atInterior Gallery Inc., a Korean corporation involved with construction and interior. From1986-1990 served as Deputy Section Chief of KT Communications of Korea, the largestcommunication company in Korea. 

 

Dong Won Lee, Secretary, 47, has over 23 years of experience in energy and environmentalindustries. Prior to joining Bio-Warm Corp, from 1999-2003 Mr. Lee served as president ofTamina Group. a South Korean corporation involved in development and marketing ofhousehold products. He also served as Vice President of Green Vision Inc. from 1989-1999, aHong Kong Corporation, where he was responsible for the marketing of environmental-friendlychemicals that helped clean oil spills. 

 

Timothy D. Pham, Treasurer and Chief Financial Officer, 37. Prior to joining Bio-WarmCorporation, from May 2004 - present Mr. Pham has served as a Management Consultant inSouthern CA and Asia. From January 2001 - April 2004, he was a Branch Manager for FocusFinancial Services in Monterey Park, CA. From August 2000 - December 2000, he was aRegistered Representative with Intrepid Securities in Torrance, CA. From April 1996 - August2000 he was Operations/Trading Manager at Providential Securities, Inc. in Fountain Valley, CA.Currently, he is registered with Rich Ave Financial, Monterey Park, CA, as independentregistered representative and registering with Focus Financial, Monterey Park, CA, asindependent health insurance agent but not actively conducting business in these areas. Mr. Phamholds a B.S. degree in Business Administration with emphasis on Finance and Marketing fromU.C. Berkeley, CA.

 

The new corporate office of Bio-Warm Corp will immediately be relocated to 17011 BeachBlvd., Suite 1230, Huntington Beach, CA 92647; Telephone: (714) 843-5462; Fax:714-843-5452. The Company's manufacturing facilities are situated at 636-3 Yeolla-ri,Yeoju-eup, Yeoju-gun, Gyeonggi-do, Korea; Telephone: 031-882-6883; Fax 031-882-6889.

 

**SIGNATURES**
 
In accordance with the requirements of the Securities Exchange Act of 1934, the registrantcaused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

January 25, 2005

Bio-Warm Corporation

 

/s/ Johnny Park

Johnny Park, President

**Exhibit 31.1**

 

**CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER**

**PURSUANT TO 15 U.S.C. 78m(a) OR 78o(d)**

**(SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)**
 
I, Johnny Park, certify that:
 
1. I have reviewed this quarterly report on Form 10-QSB of  Bio-Warm Corporation;
 
2. Based on my knowledge, this quarterly report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statements made, in light ofthe circumstances under which such statements were made, not misleading with respect to theperiod covered by this quarterly

report;
 
3. Based on my knowledge, the financial statements, and other financial information included inthis quarterly report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periods presented in this quarterlyreport;
 
4. The registrant's other certifying officers and I are responsible for establishing and maintainingdisclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for theregistrant and have:
 
a) designed such disclosure controls and procedures to ensure that materialinformation relating to the registrant, including its consolidated subsidiaries, is made known to usby others within those entities, particularly during the period in which this quarterly report isbeing prepared;

b) evaluated the effectiveness of the registrant's disclosure controls and procedures asof a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date");and
 
c) presented in this quarterly report our conclusions about the effectiveness of thedisclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant's other certifying officers and I have disclosed, based on our most recentevaluation, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
 
a) all significant deficiencies in the design or operation of internal controls whichcould adversely affect the registrant's ability to record, process, summarize and report financialdata and have identified for the registrant's auditors any material weaknesses in internalcontrols; and
 
b) any fraud, whether or not material, that involves management or other employeeswho have a significant role in the registrant's internal controls; and
 
6. The registrant's other certifying officers and I have indicated in this quarterly report whether ornot there were significant changes in internal controls or in other factors that could significantlyaffect internal controls subsequent to the date of our most recent evaluation, including anycorrective actions with regard to significant deficiencies and material weaknesses.
 
Date: January 25, 2005
 
/s/ Johnny Park

Johnny Park

President

**Exhibit 31.2**

 

**CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER**

**PURSUANT TO 15 U.S.C. 78m(a) OR 78o(d)**

**(SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002)**

I, Timothy Pham, certify that:
 
1. I have reviewed this quarterly report on Form 10-QSB of Bio-Warm Corporation;
 
2. Based on my knowledge, this quarterly report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statements made, in light ofthe circumstances under which such statements were made, not misleading with respect to theperiod covered by this quarterly

report;
 
3. Based on my knowledge, the financial statements, and other financial information included inthis quarterly report, fairly present in all material respects the financial condition, results ofoperations and cash flows of the registrant as of, and for, the periods presented in this quarterlyreport;
 
4. The registrant's other certifying officers and I are responsible for establishing and maintainingdisclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for theregistrant and have:
 
a) designed such disclosure controls and procedures to ensure that materialinformation relating to the registrant, including its consolidated subsidiaries, is made known tous by others within those entities, particularly during the period in which this quarterly report isbeing prepared;
 
b) evaluated the effectiveness of the registrant's disclosure controls and procedures asof a date within 90 days prior to the filing date of this quarterly report (the "Evaluation Date");and
 
c) presented in this quarterly report our conclusions about the effectiveness of thedisclosure controls and procedures based on our evaluation as of the Evaluation Date;
 
5. The registrant's other certifying officers and I have disclosed, based on our most recentevaluation, to the registrant's auditors and the audit committee of

registrant's board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls whichcould adversely affect the registrant's ability to record, process, summarize and report financialdata and have identified for the registrant's auditors any material weaknesses in internalcontrols; and
 
b) any fraud, whether or not material, that involves management or other employeeswho have a significant role in the registrant's internal controls; and

6. The registrant's other certifying officers and I have indicated in this quarterly reportwhether or not there were significant changes in internal controls or in other factors that couldsignificantly affect internal controls subsequent to the date of our most recent evaluation,including any corrective actions with regard to significant deficiencies and material weaknesses.

Date: January 25, 2005
 
/s/ Timothy Pham

Timothy Pham

Chief Financial Officer

**Exhibit 32.1**

 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTIO0N 1350, AS ADOPTED PURSUANTTO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

 

 In connection with the Quarterly Report of  Bio-Warm Corporation on form 10-QSB for thethree and nine months ending November 30, 2004, as filed with the Securities and ExchangeCommission on the date hereof (the "Report"), I, Johnny Park, President of the Company, certify,pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-OxleyAct of 2002, that, to the best of my knowledge and belief: (1) the Report fully complies with therequirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) theinformation contained in the Report fairly presents, in all material respects, the financialcondition and result of operations of the Company.

 

/s/ Johnny Park

Johnny Park

President

**Exhibit 32.2**

 

**CERTIFICATION PURSUANT TO 18 U.S.C. SECTIO0N 1350, AS ADOPTED PURSUANTTO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

 

 In connection with the Quarterly Report of  Bio-Warm Corporation on form 10-QSB for thethree and nine months ending November 30, 2004, as filed with the Securities and ExchangeCommission on the date hereof (the "Report"), I, Timothy Pham, Chief Financial Officer of theCompany, certify, pursuant to 18 U.S. C. Section 1350, as adopted pursuant to Section 906 of theSarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief: (1) the Report fullycomplies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;and (2) the information contained in the Report fairly presents, in all material respects, thefinancial condition and result of operations of the Company.

 

/s/ Timothy Pham

Timothy Pham

Chief Financial Officer |