U.S.
      SECURITIES AND EXCHANGE COMMISSION


Washington,
      D.C. 20549





FORM
      10-QSB/A





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


For
      the
      quarter ended June 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




Due
      to
      our limited assets and start-up operations, we are currently a "shell company"
      (as defined in Rule 12b-2 of the Exchange Act).




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 September 18, 2007: 5,025,000 shares
      of
      common stock.





Transitional
      Small Business Format  Yes
oNo
x










**TABLE
      OF CONTENTS**





PagePART
                    IItem
                    1. Financial Statements
                F-1Item
                    2. Management’s Discussion and Analysis or Plan of
                    Operation
                3Item
                    3 Controls and Procedures
                6PART
                    IIItem
                    1. Legal Proceedings
                6Item
                    2. Unregistered Sales of Equity Securities and Use of
                    Proceeds
                7Item
                    3. Defaults Upon Senior Securities
                7Item
                    4. Submission of Matters to a Vote of Security Holders
                7Item
                    5. Other Information
                7Item
                    6. Exhibits
                7




2




**PART
      I - FINANCIAL INFORMATION**





**Item
      1.**  **Financial
      Statements.**




**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**INDEX
      TO FINANCIAL STATEMENTS**


**JUNE
      30, 2007**


**(Unaudited)**


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




F-1




**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**BALANCE
      SHEET (NOTE 2)**


**AS
      OF JUNE 30, 2007**


**(Unaudited)**




**2007****ASSETS****Current
                Assets:**Cash
                in bank
            
            $
            288Total
                current assets
            
            
            288**Other
                Assets:**Patent,
                net of accumulated amortization of $330
            
            
            10,850Deferred
                offering costs
            
            
            20,000Total
                other assets
            
            
            30,850**Total
                Assets**
            
            $
            31,138**LIABILITIES
                AND STOCKHOLDERS' (DEFICIT)****Current
                Liabilities:**Patent
                contract obligation
            
            $
            1,000Accrued
                liabilities
            
            
            9,500Loans
                from related parties - Directors and stockholders
            
            
            37,700Total
                current liabilities
            
            
            48,200Total
                liabilities
            
            
            48,200**Commitments
                and Contingencies****Stockholders'
                (Deficit):**Common
                stock, par value $.0001 per share, 100,000,000
                sharesauthorized;
                3,000,000 shares issued and outstanding
            
            
            300(Deficit)
                accumulated during the development stage
            
            
            (17,362
            )Total
                stockholders' (deficit)
            
            
            (17,062
            )**Total
                Liabilities and Stockholders' (Deficit)**
            
            $
            31,138


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 JUNE 30, 2007, AND**
 **CUMULATIVE
        FROM INCEPTION (FEBRUARY 5, 2007)**
 **THROUGH
        JUNE 30, 2007**
 **(Unaudited)**
  **Three
                  Months**
              
              **Period****Ended**
              
              **Ended**
              
              **Cumulative****June
                  30,**
              
              **June
                  30,**
              
              **From****2007**
              
              **2007**
              
              **Inception****Revenues**
              
              $
              -
              
              $
              -
              
              $
              -**Expenses:**General
                  and administrative-Professional
                  fees
              
              
              11,000
              
              
              12,750
              
              
              12,750Legal
                  fees - Incorporation
              
              
              -
              
              
              2,850
              
              
              2,850Other
              
              
              1,013
              
              
              1,432
              
              
              1,432Amortization
              
              
              312
              
              
              330
              
              
              330Total
                  general and administrative expenses
              
              
              12,325
              
              
              17,362
              
              
              17,362**(Loss)
                  from Operations**
              
              
              (12,325
              )
              
              (17,362
              )
              
              (17,362
              )**Other
                  Income (Expense)**
              
              
              -
              
              
              -
              
              
              -**Provision
                  for income taxes**
              
              
              -
              
              
              -
              
              
              -**Net
                  (Loss)**
              
              $
              (12,325
              )
              $
              (17,362
              )
              $
              (17,362
              )**(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**
              
              
              3,000,000
              
              
              2,527,397




The
      accompanying notes to financial statements


are
      an
      integral part of this balance sheet.





F-3




**POWERSAFE
      TECHNOLOGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**STATEMENTS
        OF CASH FLOWS (NOTE 2)**
 **FOR
        THE PERIOD ENDED JUNE 30, 2007, AND**
 **CUMULATIVE
        FROM INCEPTION (FEBRUARY 5, 2007)**
 **THROUGH
        JUNE 30, 2007**
 **(Unaudited)**
  **Period
                  Ended**
              
              **Cumulative****June
                  30,**
              
              **From****2007**
              
              **Inception****Operating
                  Activities:**Net
                  (loss)
              
              $
              (17,362
              )
              $
              (17,362
              )Adjustments
                  to reconcile net (loss) to net cash(used
                  in) operating activities:Amortization
              
              
              330
              
              
              330Changes
                  in net liabilities-Accrued
                  liabilities
              
              
              9,500
              
              
              9,500**Net
                  Cash (Used in) by Operating Activities**
              
              
              (7,532
              )
              
              (7,532
              )**Investing
                  Activities:**Patent
                  acquired
              
              
              (10,180
              )
              
              (10,180
              )**Net
                  Cash (Used in) Investing Activities**
              
              
              (10,180
              )
              
              (10,180
              )**Financing
                  Activities:**Issuance
                  of common stock for cash
              
              
              300
              
              
              300Deferred
                  offering costs
              
              
              (20,000
              )
              
              (20,000
              )Loans
                  from related parties - Directors and stockholders
              
              
              37,700
              
              
              37,700**Net
                  Cash Provided by Financing Activities**
              
              
              18,000
              
              
              18,000**Net
                  Increase in Cash**
              
              
              288
              
              
              288**Cash
                  - Beginning of Period**
              
              
              -
              
              
              -**Cash
                  - End of Period**
              
              $
              288
              
              $
              288**Supplemental
                  Disclosure of Cash Flow Information:**Cash
                  paid during the period for:Interest
              
              $
              -
              
              $
              -Income
                  taxes
              
              $
              -
              
              $
              -


The
      accompanying notes to financial statements are


an
      integral part of these statements.




F-4


**POWERSAFE
      TECHNOLGY CORP.**


**(A
      DEVELOPMENT STAGE COMPANY)**


**NOTES
      TO FINANCIAL STATEMENTS**


**JUNE
      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 2.0 million shares of newly issued common stock at a price of $0.03
      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.




*Unaudited
      Interim Financial Statements*





The
      interim financial statements of the Company as of June 30, 2007, and for the
      periods ended June 30, 2007, 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 June 30, 2007, and the
      results of its operations and its cash flows for the periods ended June 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.





*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:




F-5


**POWERSAFE
        TECHNOLGY CORP.**
 **(A
        DEVELOPMENT STAGE COMPANY)**
 **NOTES
        TO FINANCIAL STATEMENTS**
 **JUNE
        30, 2007**
 **(Unaudited)**


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 June 30, 2007, the Company recorded patent
      amortization of $330.




*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 June 30, 2007, Powersafe
      had incurred $20,000 in deferred offering costs.





*Concentrations
      of Risk*





As
      of
      June 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 June 30, 2007, no events or circumstances occurred for which an
      evaluation of the recoverability of long-lived assets was required.





( *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 period ended June 30, 2007.




F-6


**POWERSAFE
        TECHNOLGY CORP.**
 **(A
        DEVELOPMENT STAGE COMPANY)**
 **NOTES
        TO FINANCIAL STATEMENTS**
 **JUNE
        30, 2007**
 **(Unaudited)**


*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 June 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 June 30, 2007, and expenses for the periods ended June 30,
      2007, and cumulative from inception. Actual results could differ from those
      estimates made by management.





*Fiscal
      Year End*





The
      Company has adopted December 31 as its fiscal year end.




F-7


**POWERSAFE
          TECHNOLGY CORP.**
 **(A
          DEVELOPMENT STAGE COMPANY)**
 **NOTES
          TO FINANCIAL STATEMENTS**
 **JUNE
          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 Securities and Exchange
      Commission (“SEC”), and raise capital of up to $60,000 from a self-underwritten
      offering of 2.0 million shares of newly issued common stock at a price of $0.03
      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.




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
      June 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 Company is also obligated under the
      Patent Sale Agreement to pay to the inventor $1,000 on April 12, 2008, one
      year
      from the date of recording of the assignment of the patent with no interest.
      As
      of June 30, 2007, the cost of the patent amounted to $11,180 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
          TECHNOLGY CORP.**
 **(A
          DEVELOPMENT STAGE COMPANY)**
 **NOTES
          TO FINANCIAL STATEMENTS**
 **JUNE
          30, 2007**
 **(Unaudited)**
 **(4)**  **Loans
      from Related Parties - Directors and Stockholders**





As
      of
      June 30, 2007, loans from related parties - Directors and stockholders amounted
      to $37,700, 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 June 30, 2007, two loans of $18,850
      each from two Directors and officers who are also stockholders of the Company
      were received by the Company for working capital purposes.





**(6)**  **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-9


**POWERSAFE
          TECHNOLGY CORP.**
 **(A
          DEVELOPMENT STAGE COMPANY)**
 **NOTES
          TO FINANCIAL STATEMENTS**
 **JUNE
          30, 2007**
 **(Unaudited)**
 **(7)**  **Common
      Stock**





On
      February 18, 2007, the Company issued 3,000,000 shares of common stock to two
      Directors and officers of the Company at par value of $0.0001, for proceeds
      of
      $300.





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 2.0 million shares of newly issued common stock at a price of $0.03
      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.





**(8)**  **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.





As
      described in Notes 1, 2 and 7, as of June 30, 2007, the Company commenced a
      capital formation activity to submit a Registration Statement on Form SB-2
      to
      the SEC. In connection with this capital formation activity, the Company is
      committed to pay legal and accounting fees amounting to approximately
      $17,500.





In
      March,
      2007, the Company entered into an agreement with Nevada Agency & Trust
      Company for transfer agent services. For the period ended June 30, 2007,
      transfer agent fees amounted to $1,750.





**(9)**  **Income
      Taxes**





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




F-10


**POWERSAFE
          TECHNOLGY CORP.**
 **(A
          DEVELOPMENT STAGE COMPANY)**
 **NOTES
          TO FINANCIAL STATEMENTS**
 **JUNE
          30, 2007**
 **(Unaudited)**
 **Three
                  Months**
              
              **Period****Ended**
              
              **Ended****June
                  30,**
              
              **June
                  30,****2007**
              
              **2007**Current
                  Tax Provision:Federal
                  and state-Taxable
                  income
              
              $
              -Total
                  current tax provision
              
              $
              -
              
              $
              -Deferred
                  Tax Provision:Federal
                  and state-Loss
                  carryforwards
              
              $
              2,835
              
              $
              3,993Change
                  in valuation allowance
              
              
              (2,835
              )
              
              (3,993
              )Total
                  deferred tax provision
              
              $
              -
              
              $
              -
  The
          Company had deferred income tax assets as of June 30, 2007, as
          follows:
  **2007**Loss
                  carryforwards
              
              $
              3,993Less
                  - Valuation allowance
              
              
              (3,993
              )Total
                  net deferred tax assets
              
              $
              -




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





As
      of
      June 30, 2007, the Company had approximately $17,362 in tax loss carryforwards
      that can be utilized in future periods to reduce taxable income, and expire
      in
      the year 2027.





F-11




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





As
      used
      in this Form 10-QSB, references to the "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 established on behalf
      of
      Mr. Liner. The amount held in escrow will be transferred to Mr. Liner as
      follows: $4,000 was transferred upon execution of the agreement; $4,000 will
      be
      transferred upon the recording of the assignment with the United States Patent
      and Trademark Office; and $1,000 will be transferred one year following the
      date
      of such recording. The assignment was recorded with the United States Patent
      and
      Trademark Office on April 12, 2007. In accordance with the terms of the
      agreement, $4,000 was paid to Mr. Liner out of the escrow on March 26, 2007,
      and
      an additional $4,000 was paid to Mr. Liner out of the escrow on April 24, 2007.




3




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. We have not yet
      entered into any agreements, negotiations, or discussions with any third parties
      with respect to such research and development activities.Although
      we have not yet engaged a manufacturer to develop a prototype of the multiple
      outlet power box, based on our preliminary discussions with certain
      manufacturing vendors, we believe that it will take approximately three months
      to construct a basic prototype of our product.





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.




4




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
      intend
      to raise 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 up to a maximum of 2,000,000
      shares of our common stock at a purchase price of $0.03 per share. The
      net proceeds to us from the sale of such shares will
      vary depending upon the total number of shares sold. 
Regardless of the number of shares sold, we expect to
      incur offering expenses estimated at approximately $17,502 for
      legal, accounting, and other costs in connection with this offering. There
      is no
      guarantee that we will be successful at selling any of
      the securities being offered in this prospectus. If we are not successful
      in obtaining net proceeds equal to at least the $24,000 needed to develop our
      prototype, we will attempt to raise additional capital through the private
      sale
      of our equity securities or borrowings from third party lenders. 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.
      We
      do not have any plans, arrangements or agreements to sell or merge our
      Company.




Our
      auditors have issued an opinion on our financial statements for the period
      ending March 31, 2007, which includes a statement describing our going concern
      status. This means that there is substantial doubt that we can continue as
      an
      on-going business for the next twelve months unless we obtain additional capital
      to pay our bills. This is because we have not generated any revenues and no
      revenues are anticipated until we begin selling the product. Accordingly, we
      must raise capital from sources other than the actual sale of the product.
      We
      must raise capital to implement our project and stay in business. Even if we
      raise the maximum amount of money in this offering, we do not know how long
      the
      money will last, however, we do believe it will last at least twelve
      months.




5




**Liquidity
      and Capital Resources**




As
      of
      June 30, 2007, we had $288 in cash. However, subsequent to that date, the
      Company has raised equity in the amount of $60,000 , by the issuance of 2
      million shares in accordance to the effectiveness of the SB2 statement filed
      with the SEC.




We
      are
      not aware of any material trend, event or capital commitment, which would
      potentially adversely affect liquidity. In the event such a trend develops,
      we
      believe that we will have sufficient funds available to satisfy working capital
      needs through advances from the current shareholder loans and / or the funds
      expected from the current equity sale.





**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.





**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.




6




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





**Unregistered
      Sales of Equity Securities**





None





**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 2,000,000 shares of our common stock at a
      purchase price of $0.03 per share. We have raised $60,000 from the insurance
      of
      2,000,000 shares. However, the Company has not yet commenced its business plan
      activities.





**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 June 30, 2007.





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





None.




**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)





7


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:
                September 18, 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)


8