UNITED
      STATES


SECURITIES
      AND EXCHANGE COMMISSION


Washington,
      D.C. 20549





FORM
      10-QSB





x QUARTERLY
      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934





For
      the
      quarter ended September 30, 2007





o TRANSITION
      REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
      1934





For
      the
      transition period from _____ to _____





Commission
      File Number: 333-143645





POWERSAFE
      TECHNOLOGY CORP.


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





Delaware
              (State
                of incorporation)
            98-0522188
              (IRS
                Employer ID Number)





10
      Hakneset Hagdola Street, Tel Aviv, Israel 62917


(Address
      of principal executive offices)





011-972-50-5501574


(Issuer's
      telephone number)





________________________________________________________________


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





Check
      whether the issuer (1) filed all reports required to be filed by Section 13
      or
      15(d) of the Exchange Act during the past 12 months (or for such shorter period
      that the registrant was required to file such reports), and (2) has been subject
      to such filing requirements for the past 90 days.


Yes x   No o





Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act). Yes x No o





Number
      of
      shares of common stock outstanding as of November 12, 2007: 15,075,000 shares
      of
      common stock.





Transitional
      Small Business Format Yes o No x


























**TABLE
      OF CONTENTS**





PagePART
                IItem
                1. Financial Statements
            F-1Item
                2. Management’s Discussion and Analysis or Plan of
                Operation
            2Item
                3 Controls and Procedures
            4PART
                IIItem
                1. Legal Proceedings
            5Item
                2. Unregistered Sales of Equity Securities and Use of
                Proceeds
            5Item
                3. Defaults Upon Senior Securities
            5Item
                4. Submission of Matters to a Vote of Security Holders
            5Item
                5. Other Information
            5Item
                6. Exhibits
            5















































Part
      1


Item
        1.
        Financial Statements





**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**INDEX
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**











Financial
      Statements-





Balance
                Sheet as ofSeptember
                30, 2007
            F-2Statements
                of Operations for the Three-Months and Period EndedSeptember
                30, 2007, and Cumulative from Inception
            F-3Statements
                of Cash Flows for the Period Ended September 30, 2007,and
                Cumulative from Inception
            F-4Notes
                to Financial Statements September 30, 2007
            F-5




















F-1





**POWERSAFE
                TECHNOLOGY CORP.**
              **(A
                DEVELOPMENT STAGE COMPANY)**
              **BALANCE
                SHEET (NOTE 2)**
              **AS
                OF SEPTEMBER 30, 2007**
              **(Unaudited)**




**ASSETS****2007****Current
                Assets:**Cash
                in bank
            
            $
            4,854Total
                current assets
            
            
            4,854**Other
                Assets:**Patent,
                net of accumulated amortization of $679
            
            
            11,887Total
                other assets
            
            
            11,887**Total
                Assets**
            
            $
            16,741**LIABILITIES
                AND STOCKHOLDERS' EQUITY****Current
                Liabilities:**Accrued
                liabilities
            
            $
            3,750Loans
                from related parties - Directors and stockholders
            
            
            6,200Total
                current liabilities
            
            
            9,950Total
                liabilities
            
            
            9,950**Commitments
                and Contingencies****Stockholders'
                Equity:**Common
                stock, par value $.0001 per share, 100,000,000 sharesauthorized;
                15,075,000 shares issued and outstanding
            
            
            1,507Additional
                paid-in capital
            
            
            37,818(Deficit)
                accumulated during the development stage
            
            
            (32,534
            )Total
                stockholders' equity
            
            
            6,791**Total
                Liabilities and Stockholders' Equity**
            
            $
            16,741


























The
      accompanying notes to financial statements


are
      an
      integral part of this balance sheet.


F-2





**POWERSAFE
        TECHNOLOGY CORP.**
 **(A
        DEVELOPMENT STAGE COMPANY)**
 **STATEMENTS
        OF OPERATIONS (NOTE 2)**
 **FOR
        THE THREE-MONTHS AND PERIOD ENDED SEPTEMBER 30, 2007, AND**
 **CUMULATIVE
        FROM INCEPTION (FEBRUARY 5, 2007)**
 **THROUGH
        SEPTEMBER 30, 2007**
 **(Unaudited)**





**Three-Months**
            
            **Period****Ended**
            
            **Ended**
            
            **Cumulative****September
                30,**
            
            **September
                30,**
            
            **From****2007**
            
            **2007**
            
            **Inception****Revenues**
            
            $
            -
            
            $
            -
            
            $
            -**Expenses:**General
                and administrative-Professional
                fees
            
            
            13,660
            
            
            26,410
            
            
            26,410Legal
                fees - Incorporation
            
            
            -
            
            
            2,850
            
            
            2,850Other
            
            
            1,163
            
            
            2,595
            
            
            2,595Amortization
            
            
            349
            
            
            679
            
            
            679Total
                general and administrative expenses
            
            
            15,172
            
            
            32,534
            
            
            32,534**(Loss)
                from Operations**
            
            
            (15,172
            )
            
            (32,534
            )
            
            (32,534
            )**Other
                Income (Expense)**
            
            
            -
            
            
            -
            
            
            -**Provision
                for Income Taxes**
            
            
            -
            
            
            -
            
            
            -**Net
                (Loss)**
            
            $
            (15,172
            )
            $
            (32,534
            )
            $
            (32,534
            )**(Loss)
                Per Common Share:**(Loss)
                per common share - Basic and Diluted
            
            $
            (0.00
            )
            $
            (0.01
            )**Weighted
                Average Number of Common Shares****Outstanding
                - Basic and Diluted**
            
            
            10,827,717
            
            
            9,214,916











The
      accompanying notes to financial statements are


an
      integral part of these statements.


F-3





**POWERSAFE
                TECHNOLOGY CORP.**
              **(A
                DEVELOPMENT STAGE COMPANY)**
              **STATEMENTS
                OF CASH FLOWS (NOTE 2)**
              **FOR
                THE PERIOD ENDED SEPTEMBER 30, 2007, AND**
              **CUMULATIVE
                FROM INCEPTION (FEBRUARY 5, 2007)**
              **THROUGH
                SEPTEMBER 30, 2007**
              **(Unaudited)**





**Period
                Ended**
            
            **Cumulative****September
                30,**
            
            **From****2007**
            
            **Inception****Operating
                Activities:**Net
                (loss)
            
            $
            (32,534
            )
            $
            (32,534
            )Adjustments
                to reconcile net (loss) to net cash(used
                in) operating activities:Amortization
            
            
            679
            
            
            679Transfer
                agent fees paid by issued shares
            
            
            525
            
            
            525Changes
                in net liabilities-Accrued
                liabilities
            
            
            3,750
            
            
            3,750**Net
                Cash (Used in) by Operating Activities**
            
            
            (27,580
            )
            
            (27,580
            )**Investing
                Activities:**Patent
                acquired
            
            
            (12,566
            )
            
            (12,566
            )**Net
                Cash (Used in) Investing Activities**
            
            
            (12,566
            )
            
            (12,566
            )**Financing
                Activities:**Issuance
                of common stock for cash
            
            
            60,300
            
            
            60,300Deferred
                offering costs
            
            
            (21,500
            )
            
            (21,500
            )Loans
                from related parties - Directors and stockholders
            
            
            41,200
            
            
            41,200Repayment
                of related party loans
            
            
            (35,000
            )
            
            (35,000
            )**Net
                Cash Provided by Financing Activities**
            
            
            45,000
            
            
            45,000**Net
                Increase in Cash**
            
            
            4,854
            
            
            4,854**Cash
                - Beginning of Period**
            
            
            -
            
            
            -**Cash
                - End of Period**
            
            $
            4,854
            
            $
            4,854**Supplemental
                Disclosure of Cash Flow Information:**Cash
                paid during the period for:Interest
            
            $
            -
            
            $
            -Income
                taxes
            
            $
            -
            
            $
            -




On
                July 11, 2007, the Company issued 75,000 (post forward
                split) shares of restricted common stock, valued at $525 for
                payment for transfer agent fees.





The
      accompanying notes to financial statements are


an
      integral part of these statements.


F-4


**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**


**(1)**  **Summary
      of Significant Accounting Policies**





**** *Basis
      of Presentation and Organization*





Powersafe
      Technology Corp. (“Powersafe” or the “Company”) is a Delaware corporation in the
      development stage. The Company was incorporated under the laws of the State
      of
      Delaware on February 5, 2007. The initial business plan of the Company is to
      develop a commercial application utilizing the technology and patent pertaining
      to a multiple outlet power box with selectively protected outlet logic. The
      Company plans to develop a prototype of the multiple outlet power box, and
      then
      to further develop, manufacture and market the product and/or seek third-party
      entities interested in potential partnership opportunities and licensing rights
      to manufacture and market the product. The Company also intends to market the
      product to individuals for home and business use. The accompanying financial
      statements of Powersafe were prepared from the accounts of the Company under
      the
      accrual basis of accounting.





In
      addition, in 2007, the Company commenced a capital formation activity to effect
      a Registration Statement on Form SB-2 with the Securities and Exchange
      Commission (“SEC”), and raise capital of up to $60,000 from a self-underwritten
      offering of 6.0 million shares of newly issued common stock at a price of $0.01
      per share (post forward stock split) in the public markets. The
      Registration Statement on Form SB-2 was filed with the SEC on June 8, 2007,
      and
      declared effective on June 21, 2007. As of September 30, 2007, the Company
      has
      received stock subscriptions for 6.0 million shares of common stock, par value
      $0.0001 per share, at on offering price of $0.01 per share, and deposited
      proceeds of $60,000.




*Unaudited
      Interim Financial Statements*





The
      interim financial statements of the Company as of September 30, 2007, and for
      the periods ended, and cumulative from inception, are unaudited. However, in
      the
      opinion of management, the interim financial statements include all adjustments,
      consisting only of normal recurring adjustments, necessary to present fairly
      the
      Company’s financial position as of September 30, 2007, and the results of its
      operations and its cash flows for the periods ended September 30, 2007, and
      cumulative from inception. These results are not necessarily indicative of
      the
      results expected for the calendar year ending December 31, 2007. The
      accompanying financial statements and notes thereto do not reflect all
      disclosures required under accounting principles generally accepted in the
      United States. Refer to Powersafe’s audited financial statements contained in
      its Registration Statement on Form SB-2 as of March 31, 2007, for additional
      information, including significant accounting policies.





*Cash
      and Cash Equivalents*





For
      purposes of reporting within the statements of cash flows, the Company considers
      all cash on hand, cash accounts not subject to withdrawal restrictions or
      penalties, and all highly liquid debt instruments purchased with a maturity
      of
      three months or less to be cash and cash equivalents.








F-5


**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**





*Revenue
      Recognition*





The
      Company is in the development stage and has yet to realize revenues from planned
      operations. It plans to realize revenues from the sale of its multiple outlet
      power box with selectively protected outlet logic to individuals for home and
      office use, and from potential partnership opportunities and licensing rights
      to
      manufacture and market the product. Revenues will be recognized by major
      categories under the following policies:





For
      manufacturing and selling activities, revenues will be realized when the product
      is delivered to customers, and collection is reasonably assured.





For
      licensing activities, revenues from such agreements will be realized over the
      term and under the conditions of each specific license once all contract
      conditions have been met. Payments for licensing fees are generally received
      at
      the time the license agreements are executed, unless other terms for delayed
      payment are documented and agreed to between the parties.





*Patent*





The
      Company acquired a United States patent and all other intellectual property
      rights relating to the technology from the inventor on March 26, 2007, under
      the
      terms of a Patent Transfer and Sale Agreement. The patent was originally granted
      to the inventor by the United States Patent and Trademark Office on January
      13,
      1998. The cost of obtaining the patent has been capitalized by the Company,
      and
      is being amortized using the straight-line method over a period of approximately
      10 years. Through the period ended September 30, 2007, the Company recorded
      patent amortization of $679.




*Deferred
      Offering Costs*





The
      Company defers as other assets the direct incremental costs of raising capital
      until such time as the offering is completed. At the time of the completion
      of
      the offering, the costs are charged against the capital raised. Should the
      offering be terminated, deferred offering costs are charged to operations during
      the period in which the offering is terminated. As of September 30, 2007,
      $21,500 in deferred offering costs were charged against the capital raised
      upon
      completion of the offering.





*Concentrations
      of Risk*





As
      of
      September 30, 2007, the Company maintained its cash account in United States
      dollars at one commercial bank in Israel. The balance in the account was subject
      to the normal and customary risks of disbursement and withdrawal pertaining
      to a
      foreign currency account in that country.





*Impairment
      of Long-Lived Assets*





The
      Company evaluates the recoverability of long-lived assets and the related
      estimated remaining lives when events or circumstances lead management to
      believe that the carrying value of an asset may not be recoverable. For the
      period ended September 30, 2007, no events or circumstances occurred for which
      an evaluation of the recoverability of long-lived assets was
      required.


F-6


**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**





( *Loss)
      per Common Share*





Basic
      (loss) per share is computed by dividing the net (loss) attributable to the
      common stockholders by the weighted average number of shares of common stock
      outstanding during the period. Fully diluted (loss) per share is computed
      similar to basic (loss) per share except that the denominator is increased
      to
      include the number of additional common shares that would have been outstanding
      if the potential common shares had been issued and if the additional common
      shares were dilutive. There were no dilutive financial instruments issued or
      outstanding for the periods ended September 30, 2007.





*Income
      Taxes*





The
      Company accounts for income taxes pursuant to SFAS No. 109, “ *Accounting
      for Income Taxes”* (“SFAS
      109”). Under SFAS 109, deferred tax assets and liabilities are determined based
      on temporary differences between the bases of certain assets and liabilities
      for
      income tax and financial reporting purposes. The deferred tax assets and
      liabilities are classified according to the financial statement classification
      of the assets and liabilities generating the differences.





The
      Company maintains a valuation allowance with respect to deferred tax assets.
      The
      Company establishes a valuation allowance based upon the potential likelihood
      of
      realizing the deferred tax assets and taking into consideration the Company’s
      financial position and results of operations for the current period. Future
      realization of the deferred tax benefit depends on the existence of sufficient
      taxable income within the carryforward period under the Federal and state tax
      laws.





Changes
      in circumstances, such as the Company generating taxable income, could cause
      a
      change in judgment about the realizability of the related deferred tax assets.
      Any change in the valuation allowance will be included in income in the year
      of
      the change in estimate.





*Fair
      Value of Financial Instruments*





The
      Company estimates the fair value of financial instruments using the available
      market information and valuation methods. Considerable judgment is required
      in
      estimating fair value. Accordingly, the estimates of fair value may not be
      indicative of the amounts the Company could realize in a current market
      exchange. As of September 30, 2007, the carrying value of the patent contract
      obligation, accrued liabilities, and loans from related parties - Directors
      and
      stockholders, approximated fair value due to the short-term maturity and nature
      of these instruments.





*Estimates*





The
      financial statements are prepared on the basis of accounting principles
      generally accepted in the United States. The preparation of financial statements
      in conformity with generally accepted accounting principles requires management
      to make estimates and assumptions that affect the reported amounts of assets
      and
      liabilities as of September 30, 2007, and expenses for the periods ended
      September 30, 2007, and cumulative from inception. Actual results could differ
      from those estimates made by management.


F-7


**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**





**(2)**  **Development
      Stage Activities and Going Concern**





The
      Company is currently in the development stage, and its business plan is to
      develop a commercial application utilizing the technology and patent pertaining
      to a multiple outlet power box with selectively protected outlet logic. The
      Company plans to develop a prototype of the multiple outlet power box, and
      then
      to further develop, manufacture and market the product and/or seek third-party
      entities interested in potential partnership opportunities and licensing rights
      to manufacture and market the product. The Company also intends to market the
      product to individuals for home and business use.





In
      addition, in 2007, the Company commenced a capital formation activity to effect
      a Registration Statement on Form SB-2 with the SEC, and raise capital of up
      to
      $60,000 from a self-underwritten offering of 6.0 million shares of newly issued
      common stock at a price of $0.01 per share in the public markets. The
      Registration Statement on Form SB-2 was filed with the SEC on June 8, 2007,
      and
      declared effective on June 21, 2007. Since June 21, 2007, the Company has
      received stock subscriptions for 6.0 million shares of common stock, par value
      $0.0001 per share, at on offering price of $0.01 per share (post forward split),
      and deposited proceeds of $60,000.





While
      management of the Company believes that the Company will be successful in its
      operating activities, there can be no assurance that the Company will be
      successful in the development of a prototype of its technology and patent,
      or
      sales of its product that will generate sufficient revenues to sustain the
      operations of the Company.





The
      accompanying financial statements have been prepared in conformity with
      accounting principles generally accepted in the United States of America, which
      contemplate continuation of the Company as a going concern. The Company has
      incurred an operating loss since inception, had negative working capital as
      of
      September 30, 2007, and the cash resources of the Company are insufficient
      to
      carryout its business plan. These and other factors raise substantial doubt
      about the Company’s ability to continue as a going concern. The accompanying
      financial statements do not include any adjustments to reflect the possible
      future effects on the recoverability and classification of assets or the amounts
      and classification of liabilities that may result from the possible inability
      of
      the Company to continue as a going concern.





**(3)**  **Patent**





The
      Company acquired a United States patent for a multiple outlet power box with
      selectively protected outlet logic, and all other intellectual property rights
      relating to the technology from an unrelated third-party inventor on March
      26,
      2007, under the terms of a Patent Transfer and Sale Agreement (the “Patent Sale
      Agreement”) for total consideration of $9,000. The patent was originally granted
      to the inventor on January 13, 1998, for a period of twenty years from the
      filing date (March 12, 1996) by the United States Patent and Trademark Office.
      The Company paid $4,000 to the inventor under the terms of the Patent Sale
      Agreement on March 26, 2007, the date of execution of the Agreement. The Company
      was also obligated to pay to the inventor an additional $4,000 under the Patent
      Sale Agreement at the time of recording the assignment of the patent with the
      United States Patent and Trademark Office. The assignment of the patent was
      recorded on April 12, 2007, and the additional consideration of $4,000 was
      paid
      to the inventor on April 24, 2007. The remaining $1,000 due under the agreement
      was paid as of September 30 2007 . As of September 30, 2007, the cost of the
      patent amounted to $12,566 consisting of the patent acquisition cost and related
      legal fees. The Company has no continuing or contingent obligation to pay
      royalties under the Patent Sale Agreement. Further, the inventor is not a
      promoter or stockholder of the Company.


F-8


**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**




**(4)**  **Loans
      from Related Parties - Directors and Stockholders**





As
      of
      September 30, 2007, loans from related parties - Directors and stockholders
      amounted to $6,200, and represented advances for working capital purposes from
      two Directors and officers who are also stockholders of the Company. The loans
      are unsecured, non-interest bearing, and due on demand.





**(5)**  **Related
      Party Transactions**





As
      described in Note 4, during the period ended September 30, 2007, advances for
      working capital purposes from two Directors and officers who are also
      stockholders of the Company were received and subsequently partially repaid
      by
      the Company.





**(6)**  **Common
      Stock**





On
      February 18, 2007, the Company issued 9,000,000 shares of common stock (post
      forward split) to two Directors and officers of the Company at par value of
      $0.0001, for proceeds of $300.





On
      July
      11, 2007, the Company issued 75,000 shares of restricted common stock (post
      forward split) in payment for transfer agent fees. The transaction was valued
      at
      $525.





In
      addition, in 2007, the Company commenced a capital formation activity to effect
      a Registration Statement on Form SB-2 with the SEC, and raise capital of up
      to
      $60,000 from a self-underwritten offering of 6.0 million shares of newly issued
      common stock at a price of $0.01 per share (post forward split), in the
      public markets. The Registration Statement on Form SB-2 was filed with the
      SEC
      on June 8, 2007, and declared effective on June 21, 2007. Since June 21, 2007,
      the Company has received stock subscriptions for 6.0 million shares of common
      stock, par value $0.0001 per share, at an offering price of $0.01 per share
      (post forward split), and deposited proceeds of $60,000.





**(7)**  **Transfer
      Agent Agreement**





On
      July
      9, 2007, the Company entered into a Consulting Agreement with Island Capital
      Management, LLC dba Island Stock Transfer (“Island Stock Transfer”) for
      consulting and advisory services. Under the Agreement, the Company agreed to
      pay
      Island Stock Transfer initial fees amounting to $2,525 plus transaction fees
      payable as follows: (1) $1,000 due at the time of execution of the Agreement;
      and, $1,000 within 60 days; (2) the issuance of 75,000 shares of the Company’s
      common stock (post forward split) with a value of $525; and (3) transaction
      fees in accordance with the fee schedule for services of Island Stock Transfer.
      The Company also has the right under the Agreement to repurchase the 75,000
      shares of common stock from Island Stock Transfer for a period of 12 months
      for
      $10,000. For the three months ended September 30, 2007, the Company paid the
      initial fee of $2,000 for consulting and advisory services, and issued 75,000
      shares of common stock (post forward split) for such services with a value
      of $525.


F-9


**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**





**(8)**  **Income
      Taxes**





The
      provision (benefit) for income taxes for the periods ended September 30, 2007,
      was as follows (assuming an effective federal and state tax rate of
      23%):







**Three-Months**
            
            **Period****Ended**
            
            **Ended****September
                30,**
            
            **September
                30,****2007**
            
            **2007**Current
                Tax Provision:Federal
                and state-Taxable
                income
            
            $
            -Total
                current tax provision
            
            $
            -
            
            $
            -Deferred
                Tax Provision:Federal
                and state-Loss
                carryforwards
            
            $
            3,490
            
            $
            7,483Change
                in valuation allowance
            
            
            (3,490
            )
            
            (7,483
            )Total
                deferred tax provision
            
            $
            -
            
            $
            -




The
      Company had deferred income tax assets as of September 30, 2007, as
      follows:





**2007**Loss
                carryforwards
            
            $
            7,483Less
                - Valuation allowance
            
            
            (7,483
            )Total
                net deferred tax assets
            
            $
            -




The
      Company provided a valuation allowance equal to the deferred income tax assets
      for the period ended September 30, 2007, because it is not presently known
      whether future taxable income will be sufficient to utilize the loss
      carryforwards.





As
      of
      September 30, 2007, the Company had approximately $32,534 in tax loss
      carryforwards that can be utilized in future periods to reduce taxable income,
      and expire in the year 2027.








F-10


**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**





**(9)**  **Commitments
      and Contingencies**





The
      Company has entered into a verbal commitment with a third-party consultant
      to
      provide financial and capital formation services. Consulting services under
      the
      arrangement principally commenced subsequent to June 30, 2007. The consultant
      will receive $75 per hour for his services.





In
      March
      2007, the Company entered into an agreement with Nevada Agency & Trust
      Company for transfer agent services. For the period ended September 30, 2007,
      transfer agent fees amounted to $2,235.





**(10)**  **Recent
      Accounting Pronouncements**





In
      September 2006, the Financial Accounting Standards Board (“FASB”) issued
      Statement of Financial Accounting Standards (“SFAS”) No. 157, “ *Fair
      Value Measurements* .”
This
      statement defines fair value, establishes a framework for measuring fair value
      in generally accepted accounting principles, and expands disclosure about fair
      value measurements. This statement applies under other accounting pronouncements
      that require or permit fair value measurement, the FASB having previously
      concluded in those accounting pronouncements that fair value is the relevant
      measurement attribute. This statement does not require any new fair value
      measurements. However, for some entities, the application of the statement
      will
      change current practice. This statement is effective for financial statements
      issued for fiscal years beginning after November 15, 2007, and interim periods
      within those fiscal years. The management of the Company does not believe that
      this new pronouncement will have a material impact on its financial
      statements.





In
      September 2006, the FASB issued SFAS No. 158, “ *Employers’
      Accounting for Defined Benefit Pension and Other Postretirement Plans - An
      Amendment of FASB Statements No. 87, 88, 106 and 132(R)* .”
This
      statement improves financial reporting by requiring an employer to recognize
      the
      overfunded or underfunded status of a defined benefit postretirement plan (other
      than a multi-employer plan) as an asset or liability in its statement of
      financial position and to recognize changes in that funded status in the year
      in
      which the changes occur through comprehensive income of a business entity or
      changes in unrestricted net assets for a not-for-profit organization. This
      statement also improves financial reporting by requiring an employer to measure
      the funded status of a plan as of the date of its year-end statement of
      financial position, with limited exceptions. The management of the Company
      does
      not believe that this new pronouncement will have a material impact on its
      financial statements.




In
      February 2007, the FASB issued SFAS No. 159, " *The
      Fair Value Option for Financial Assets and Financial Liabilities - Including
      an
      Amendment of FASB Statement No. 115* ,"
      which
      permits entities to measure many financial instruments and certain other items
      at fair value that are not currently required to be measured at fair value.
      An
      entity would report unrealized gains and losses on items for which the fair
      value option has been elected in earnings at each subsequent reporting date.
      The
      objective is to improve financial reporting by providing entities with the
      opportunity to mitigate volatility in reported earnings caused by measuring
      related assets and liabilities differently without having to apply complex
      hedge
      accounting provisions. The decision about whether to elect the fair value option
      is applied instrument by instrument, with a few exceptions; the decision is
      irrevocable; and it is applied only to entire instruments and not to portions
      of
      instruments. SFAS No. 159 requires disclosures that facilitate comparisons
      (a)
      between entities that choose different measurement attributes for similar assets
      and liabilities and (b) between assets and liabilities in the financial
      statements of an entity that selects different measurement attributes for
      similar assets and liabilities. SFAS No. 159 is effective for financial
      statements issued for fiscal years beginning after November 15, 2007. Early
      adoption is permitted as of the beginning of a fiscal year provided the entity
      also elects to apply the provisions of SFAS No. 157. Upon implementation, an
      entity shall report the effect of the first re-measurement to fair value as
      a
      cumulative-effect adjustment to the opening balance of retained earnings. Since
      the provisions of SFAS No. 159 are applied prospectively, any potential impact
      will depend on the instruments selected for fair value measurement at the time
      of implementation. The management of the Company does not believe that this
      new
      pronouncement will have a material impact on its financial
      statements.


F-11


**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**SEPTEMBER
      30, 2007**


**(Unaudited)**





**(11)**  **Subsequent
      Events**





On
      October 29, 2007, the Company notified the NASD of its intention to
      complete a 3 for 1 forward stock split
      of
      its issued and outstanding common stock to the holders of record as of November
      7, 2007. The stock split became effective as of November 8, 2007. The
      accompanying financial statements and related notes have been adjusted
      accordingly to reflect this forward stock split.











F-12








**Item
      2.**  **Management’s
      Discussion and Analysis or Plan of Operations.**





As
      used
      in this Form 10-QSB, references to the “Powersafe,” Company,” “we,” “our” or
“us” refer to Powersafe Technology Corp. unless the context otherwise
      indicates.





**Forward-Looking
      Statements**





The
      following discussion should be read in conjunction with our financial
      statements, which are included elsewhere in this Form 10-QSB. We and our
      representatives may, from time to time, make written or verbal forward-looking
      statements, including statements contained in our filings with the United States
      Securities and Exchange Commission and in our reports to shareholders.
      Generally, the inclusion of the words “believe”, “expect”, “intend”, “estimate”,
“anticipate”, “will”, and similar expressions or the converse thereof, identify
      statements that constitute “forward-looking statements”.





These
      forward-looking statements are subject to uncertainties and other factors that
      could cause actual results to differ materially from such statements as a result
      of a number of risks and uncertainties including: (a) those risks and
      uncertainties related to general economic conditions, (b) whether we are able
      to
      manage our planned growth efficiently and operate profitable operations, (c)
      whether we are able to generate sufficient revenues or obtain financing to
      sustain and grow our operations, (d) whether we are able to successfully fulfill
      our primary requirements for cash.





**Overview**





We
      were
      incorporated in Delaware on February 5, 2007. We are a development stage
      company. We have not generated any revenues to date and our operations have
      been
      limited to organizational, start-up, and fund raising activities. We currently
      have no employees other than our officers, who are also our
      directors.





We
      intend
      to engage in the manufacture and distribution of a multiple outlet power box.
      We
      own the technology and patent for a new and improved multiple outlet power
      box.
      Such patent, entitled the “Power Outlet Box with Special Protection Logic,” was
      approved and granted by the United States Patent and Trademark Office on January
      13, 1998, and was assigned the United States Patent No. 5,708,554. The inventor
      of the technology covered by such patent was Leonard Liner. The patent and
      all
      other intellectual property rights relating to the technology were acquired
      by
      us on March 26, 2007. On such date, we entered into a Patent Transfer and Sale
      Agreement with Mr. Leonard Liner, pursuant to which Mr. Liner assigned to us
      all
      of his rights, title, and interest in the patent and other intellectual property
      rights related thereto. In consideration therefor, we agreed to pay $9,000
      to
      Mr. Liner. Such amount was paid by us into an escrow account established on
      behalf of Mr. Liner. As of September 30 2007, the full amount had been paid
      to
      Mr Liner . The assignment was recorded with the United States Patent and
      Trademark Office on April 12, 2007




2


The
      invention is characterized by a multiple outlet power box with selectively
      protected outlet logic. The main unit, for example a computer or medical device,
      is connected to the new and improved power box, and secondary units are
      connected as well. One of the primary goals of the device is to prevent the
      interruption of power to the main unit because of a short circuit or other
      problem with one or more of the secondary units. Additional benefits include
      selective fuse protection for secondary outlets, a more durable and reliable
      design, and more cost effective manufacturing process. Our principal business
      plan is to develop a prototype and then manufacture and market the product
      and /
      or seek third party entities interested in licensing the rights to manufacture
      our product.







**Plan
      of Operation**





During
      the next twelve months, we will focus on developing a prototype, which can
      then
      be used to develop and manufacture the actual product we intend to sell. We
      intend
      to retain one or more third parties to conduct research concerning our multiple
      outlet power box device and to develop a prototype model.





If
      and
      when a prototype is successfully developed, we will contract with third parties
      for the manufacture and distribution of the product. We estimate that we would
      need approximately an additional four to six months to bring this product to
      market. Our objective would be to either market the product as an off-the-shelf
      device and/or to license the product to technology to hardware or software
      manufacturers and have them include it with their equipment or applications.
      If
      our manufacturing and distribution agreements are not satisfactory, we may
      not
      be able to develop or commercialize our device as planned. In addition, we
      may
      not be able to contract with third parties to manufacture our device in an
      economical manner. Furthermore, third-party manufacturers may not adequately
      perform their obligations, which may impair our competitive position. If a
      manufacturer fails to perform, we could experience significant time delays
      or we
      may be unable to commercialize or continue to market our multiple outlet power
      box device. There are currently no discussions or other consideration being
      given to any third party manufacturers.




Other
      than our current directors and officers, we have no other full or part-time
      employees. We have entered into a verbal commitment with a third-party
      consultant to provide financial and capital formation services. Pursuant to
      such
      arrangement, the third-party consultant, who is not affiliated with either
      the
      Company or its directors and officers, is to receive $75 per hour for his
      services. If and when we develop the prototype for our multiple outlet power
      box
      device and are able to begin manufacturing and marketing, we may need additional
      employees for such operations. We do not foresee any significant changes in
      the
      number of employees or consultants we will have over the next twelve
      months.





We
      expect
      that it will cost us at least $24,000 to engage a manufacturing company to
      work
      with us to develop the prototype. We expect that we will need an additional
      $36,000 in order to further bring the product to market on a full scale basis. We
      raised
      the funds needed to develop the prototype and the product by the sale of shares
      of our common stock. On June 21, 2007, the Securities and Exchange Commission
      declared effective our Registration Statement on Form SB-2 (SEC File No.
      333-143645) relating to the sale by us of 6,000,000 shares of our common stock
      at a purchase price of $0.01 per share (post forward split). We
      incurred offering expenses of approximately $21,500 for legal,
      accounting, and other costs in connection with this offering. We have no
      commitments or arrangements from any person to provide us with any additional
      capital. If additional financing is not available when needed, we may need
      to
      dramatically change our business plan, sell the Company or cease operations.




Although
      our initial intention was to focus on the manufacture and distribution of a
      multiple outlet power box, the Company is experiencing difficulties in its
      current line of business. These difficulties have arisen mainly from our
      inability to engage a manufacturer to develop such a product at a cost efficient
      price due to the complexity of the electronic and technologic applications
      as
      set out in the patent. Accordingly, in the event such difficulties continue,
      we
      may explore other business opportunities, including the potential sale of the
      Company.


3







**Going
      Concern Consideration**





The
      Company is a development stage company and has not commenced planned principal
      operations. The Company had no revenues and incurred a net loss of $15,172
      for
      the quarter ended September 30, 2007, and a net loss of $32,534 for the period
      from February 5, 2007 (inception) through September 30, 2007. These factors
      raise substantial doubt about the Company’s ability to continue as a going
      concern.





The
      financial statements contained herein for the period ending September 30, 2007,
      have been prepared on a “going concern” basis, which contemplates the
      realization of assets and the satisfaction of liabilities in the normal course
      of business. For the reasons discussed herein and in the footnotes to our
      financial statements included herein, there is a significant risk that we will
      be unable to continue as a going concern. Our audited financial statements
      included in our Registration Statement on Form SB-2 (Registration No.
      333-143645) for the period ending March 31, 2007, contain additional note
      disclosures describing the circumstances that lead to this disclosure by our
      independent auditors.





**Liquidity
      and Capital Resources**




As
      of
      September 30, 2007, we had $4,854 in cash. The Company does not believe that
      such funds will be sufficient to fund its expenses over the next twelve months.
      There can be no assurance that additional capital will be available to the
      Company. The Company currently has no agreements, arrangements or understandings
      with any person to obtain funds through bank loans, lines of credit or any
      other
      sources. Since the Company has no such arrangements or plans currently in
      effect, its inability to raise funds for the above purposes will have a severe
      negative impact on its ability to remain a viable company.





**Off
      Balance Sheet Arrangements**





None.





**Item
      3.**  **Controls
      and Procedures.**





**Evaluation
      of Disclosure Controls and Procedures**





Our
      disclosure controls and procedures are designed to ensure that information
      required to be disclosed in reports that we file or submit under the Securities
      Exchange Act of 1934 is recorded, processed, summarized and reported within
      the
      time periods specified in the rules and forms of the United States Securities
      and Exchange Commission. Our principal executive and financial officer has
      reviewed the effectiveness of our "disclosure controls and procedures" (as
      defined in the Securities Exchange Act of 1934 Rules 13a-14(c) and 15d-14(c))
      within the end of the period covered by this Quarterly Report on Form 10-QSB
      and
      has concluded that the disclosure controls and procedures are effective to
      ensure that material information relating to the Company is recorded, processed,
      summarized, and reported in a timely manner. There were no significant changes
      in our internal controls or in other factors that could significantly affect
      these controls subsequent to the last day they were evaluated by our principal
      executive and financial officer.





**Changes
      in Internal Controls over Financial Reporting**





There
      have been no changes in the Company's internal control over financial reporting
      during the last quarterly period covered by this report that have materially
      affected, or are reasonably likely to materially affect, the Company's internal
      control over financial reporting.


4





**PART
      II**


**OTHER
      INFORMATION**





**Item
      1.**  **Legal
      Proceedings.**





There
      are
      no pending legal proceedings to which the Company is a party or in which any
      director, officer or affiliate of the Company, any owner of record or
      beneficially of more than 5% of any class of voting securities of the Company,
      or security holder is a party adverse to the Company or has a material interest
      adverse to the Company. The Company’s property is not the subject of any pending
      legal proceedings.




**Item
      2.**  **Unregistered
      Sales of Equity Securities and Use of Proceeds.**





**Unregistered
      Sales of Equity Securities**





On
      July
      11 the Company issued 25,000 shares of restricted common stock in payment for
      transfer agent and related business consulting fees ..





**Purchases
      of equity securities by the issuer and affiliated
      purchasers**





None.





**Use
      of Proceeds**





On
      June
      21, 2007, the Securities and Exchange Commission declared effective our
      Registration Statement on Form SB-2 (SEC File No. 333-143645) relating to the
      sale by us of up to a maximum of 6,000,000 shares of our common stock at a
      purchase price of $0.01 per share (post forward split). We have raised $60,000
      from the issuance of 6,000,000 shares. We incurred offering expenses
      of approximately $21,500 for legal, accounting, and other costs in connection
      with this offering. In addition, we repaid an aggregate of $35,000 in related
      party loans.




**Item
      3.**  **Defaults
      Upon Senior Securities.**





None.





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





There
      was
      no matter submitted to a vote of security holders during the fiscal quarter
      ended September 30, 2007.





**Item
      5.**  **Other
      Information.**





On
      October 29, 2007, the Company notified the NASD of its intention to
      implement a 3 for 1 forward stock split of its issued and outstanding
      common stock to the holders of record as of November 7, 2007. The forward stock
      split became effective as of November 8, 2007.




**Item
      6.**  **Exhibits**





Exhibit
                No.
            
            Description31.1
            
            Rule
                13a-14(a)/15d14(a) Certifications of Einat Krasney, the President
                and
                Director (Attached Hereto)31.2
            
            Rule
                13a-14(a)/15d14(a) Certifications of Mordechai Schwartz, the Secretary,
                Treasurer, and Director(Attached Hereto)32.1
            
            Section
                1350 Certifications of Einat Krasney, the President and Director(Attached
                Hereto)32.2
            
            Section
                1350 Certifications of Mordechai Schwartz, the Secretary, Treasurer,
                and
                Director (Attached Hereto)














5








**SIGNATURES**





In
      accordance with to requirements of the Exchange Act, the registrant caused
      this
      report to be signed on its behalf by the undersigned, thereunto duly
      authorized.






POWERSAFE
                TECHNOLOGY CORP.Dated:
                November 12, 2007
            By:
            /s/
                Einat KrasneyName:
            Einat
                KrasneyTitle:
            President
                and Director(Principal
                Executive Officer)By:
            /s/
                Mordechai SchwartzName:
            Mordechai
                SchwartzTitle:
            Secretary,
                Treasurer, and Director(Principal
                Financial and Accounting Officer)