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

| Large      accelerated filer                             o                                                                                                                                                                                                                                                                 | Accelerated      filer                                                       o    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Non-accelerated      filer                                                                        o | Smaller      reporting      company                                                       x      |

----

|                                                                                                         | Page      |
|--------------------------------------------------------------------------------------------------------------|-----------|
| PART      I                                                                                                  |      |
| Item      1. Financial Statements                                                                            | F-1  |
| Item 2.      Management’s Discussion and Analysis of Financial Condition and      Results of Operation | 2    |
| Item      3 Quantitative and Qualitative Disclosures About Market    Risk                                    | 3    |
| Item      4. Controls and Procedures                                                                         | 3         |
|                                                                                                         |      |
| PART      II                                                                                                 |      |
| Item      1. Legal Proceedings                                       | 4    |
| Item      IA. Risk Factors                                                                                   | 4    |
| Item      2. Unregistered Sales of Equity Securities and Use of    Proceeds                                  | 4    |
| Item      3. Defaults Upon Senior Securities                                                                 | 4         |
| Item      4. Submission of Matters to a Vote of Security Holders                                             | 4    |
| Item      5. Other Information                                                                               | 4    |
| Item      6. Exhibits                                                                                        | 4         |

----

| Interim      Financial Statements                                                                                                                                                             |   |  Page      No. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|
|                                                                                                                                                                                               |   |                |
| Balance      Sheets as of June 30, 2008, and December 31, 2007                                                                                                                                |   | F-2                 |
|                                                                                                                                                                                          |   |                |
| Statements      of Operations for the Three Months Ended June 30, 2008, and 2007, the Six      Months Ended June 30, 2008, the Period Ended June 30, 2007, and Cumulative      from Inception |   | F-3                 |
|                                                                                                                                                                                          |   |                |
| Statements      of Cash Flows for the Six Months Ended June 30, 2008, the Period Ended      June 30, 2007, and Cumulative from Inception                                                      |   | F-4                 |
|                                                                                                                                                                                          |   |                |
| Notes      to Financial Statements June 30, 2008, and 2007                                                                                                                                    |   | F-5                 |

----

| POWERSAFE      TECHNOLOGY CORP.                                                   |   |   |      |   |   |   |
|-----------------------------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| (A      DEVELOPMENT STAGE COMPANY)                                                |   |   |      |   |   |   |
| BALANCE      SHEETS (NOTE 2)                                                      |   |   |      |   |   |   |
| AS      OF JUNE 30, 2008, AND DECEMBER 31, 2007                                   |   |   |      |   |   |   |
| (Unaudited)                                                                       |   |   |      |   |   |   |
|                                                                              |   |   |      |   |   |   |
| ASSETS                                                                            |   |   |      |   |   |   |
|                                                                              |   |   |      |   |   |   |
|                                                                              |   | 2008   |      |   | 2007   |   |
| Current      Assets:                                                              |   |   |      |   |   |   |
| Cash      in bank                                                                 |   | $      | -         |   |   | $      | 3,405 |   |
| Cash      in escrow account                                                       |   |   | 2,147     |   |   |   | - |   |
| Prepaid      expenses                                                             |   |   | 5,098     |   |   |   | - |   |
|                                                                              |   |   |      |   |   |   |   |   |
|    Total      current assets                                       |   |   | 7,245     |   |   |   | 3,405 |   |
|                                                                              |   |   |      |   |   |   |   |   |
| Other      Assets:                                                                |   |   |      |   |   |   |   |   |
| Patent,      net of accumulated amortization of  $1,735 and      $1,031 |   |   |      |   |   |   |   |   |
|    in      2008, and 2007, respectively                            |   |   | 10,831    |   |   |   | 11,535 |   |
| Investment      in Amplification Technologies, Inc. - Series C Preferred    Stock |   |   | 1,317,155 |   |   |   | - |   |
| Due      from affiliate - Amplification Technologies, Inc.                        |   |   | 32,263    |   |   |   | - |   |
|                                                                              |   |   |      |   |   |   |   |   |
| Total      other assets                                                           |   |   | 1,360,249 |   |   |   | 11,535 |   |
|                                                                              |   |   |      |   |   |   |   |   |
| Total      Assets                                                                 |   | $      | 1,367,494 |   |   | $      | 14,940 |   |
|                                                                              |   |   |      |   |   |   |   |   |
| LIABILITIES AND      STOCKHOLDERS' EQUITY                                         |   |   |      |   |   |   |   |   |
|                                                                              |   |   |      |   |   |   |   |   |
| Current      Liabilities:                                                         |   |   |      |   |   |   |   |   |
| Accounts      payable - Trade                                                     |   | $      | 56        |   |   | $      | 56 |   |
| Due      to escrow agent                                                          |   |   | 38,490    |   |   |   | - |   |
| Accrued      liabilities                                                          |   |   | 35,543    |   |   |   | 6,807 |   |
|                                                                              |   |   |      |   |   |   |   |   |
|    Total      current liabilities                                  |   |   | 74,089    |   |   |   | 6,863 |   |
|                                                                              |   |   |      |   |   |   |   |   |
|    Total      liabilities                                          |   |   | 74,089    |   |   |   | 6,863 |   |
|                                                                              |   |   |      |   |   |   |   |   |
| Commitments      and Contingencies                                                |   |   |      |   |   |   |   |   |
|                                                                              |   |   |      |   |   |   |   |   |
| Stockholders'      Equity:                                                        |   |   |      |   |   |   |   |   |
| Common      stock, par value $.0001 per share, 100,000,000 shares                 |   |   |      |   |   |   |   |   |
| authorized;      7,075,000 and 15,075,000 shares issued and                       |   |   |      |   |   |   |   |   |
| outstanding      in 2008, and 2007, respectively                                  |   |   | 707       |   |   |   | 1,507 |   |
| Additional      paid-in capital                                                   |   |   | 1,416,638 |   |   |   | 53,342 |   |
| (Deficit)      accumulated during the development stage                           |   |   | (123,940  | )      |   |   | (46,772 | ) |
|                                                                              |   |   |      |   |   |   |   |   |
|    Total      stockholders' equity                                 |   |   | 1,293,405 |   |   |   | 8,077 |   |
|                                                                              |   |   |      |   |   |   |   |   |
| Total      Liabilities and Stockholders' Equity                                   |   | $      | 1,367,494 |   |   | $      | 14,940 |   |
|                                                                              |   |   |      |   |   |   |   |   |

----

| POWERSAFE TECHNOLOGY CORP.                                                                 |   |
|--------------------------------------------------------------------------------------------|--------|
| (A      DEVELOPMENT STAGE COMPANY)                                                         |   |
| STATEMENTS      OF OPERATIONS (NOTE 2)                                                     |   |
| FOR      THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2008, THE THREE MONTHS      ENDED  |   |
| AND      PERIOD ENDED JUNE 30, 2007, AND CUMULATIVE FROM INCEPTION (FEBRUARY 5,      2007) |   |
| THROUGH      JUNE 30, 2008                                                                 |   |
| (Unaudited)                                                                                |   |
|                                                                                       |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   | Six |   |   |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   | Months      Ended |   |   | Period      Ended |   |   | Cumulative |   |
|                                                                                       |   | Three      Months Ended June 30, |   |   | June      30, |   |   | June      30, |   |   | From |   |
|                                                                                       |   | 2008 |   |   | 2007 |   |   | 2008 |   |   | 2007 |   |   | Inception |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenues                                                                                   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |   | $ | - |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                                                                  |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| General      and administrative-                                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Professional      fees                                                   |   |   | 30,212 |   |   |   | 11,000 |   |   |   | 35,712 |   |   |   | 12,750 |   |   |   | 73,628 |   |
| Public      Relations                                                                      |   |   | 37,859 |   |   |   | - |   |   |   | 37,859 |   |   |   | - |   |   |   | 37,859 |   |
|    Other                                                                    |   |   | 619 |   |   |   | 1,013 |   |   |   | 2,068 |   |   |   | 1,432 |   |   |   | 7,043 |   |
| Legal      fees - Incorporation                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2,850 |   |   |   | 2,850 |   |
|    Amortization                                                             |   |   | 352 |   |   |   | 312 |   |   |   | 704 |   |   |   | 330 |   |   |   | 1,735 |   |
| Insurance                                                                                  |   |   | 902 |   |   |   | - |   |   |   | 902 |   |   |   | - |   |   |   | 902 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total      general and administrative expenses                                             |   |   | 69,944 |   |   |   | 12,325 |   |   |   | 77,245 |   |   |   | 17,362 |   |   |   | 124,017 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss)      from Operations                                                                |   |   | (69,944 | ) |   |   | (12,325 | ) |   |   | (77,245 | ) |   |   | (17,362 |   |   |   | (124,017 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Other      Income (Expense):                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest      income (expense)                                                             |   |   | 77 |   |   |   | - |   |   |   | 77 |   |   |   |   |   |   |   | 77 |   |
| Total      other income (expense)                                                          |   |   | 77 |   |   |   | - |   |   |   | 77 |   |   |   |   |   |   |   | 77 |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Provision      for Income Taxes                                                            |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      (Loss)                                                                            |   | $ | (69,867 | ) |   | $ | (12,325 | ) |   | $ | (77,168 | ) |   | $ | (17,362) |   |   | $ | (123,940 | ) |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss)      Per Common Share:                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| (Loss)      per common share - Basic and Diluted                                           |   | $ | (0.01 | ) |   | $ | (0.00 | ) |   | $ | (0.01 | ) |   | $ | (0.00 |   |   |   |   |   |
|                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Weighted      Average Number of Common Shares                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Outstanding      - Basic and Diluted                                                       |   |   | 7,075,000 |   |   |   | 9,000,000 |   |   |   | 9,536,538 |   |   |   | 8,198,630 |   |   |   |   |   |

----

|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            | Six                                                                                                                                                                                         |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|------------|--------|
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            | Months      Ended                                                                                                                                                                           |                                                                                                                                                                            | Period      Ended                                                                                                                                                          |                                                                                                                                            | Cumulative |   |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            | June      30,                                                                                                                                                                               |                                                                                                                                                                            | June      30,                                                                                                                                                              |                                                                                                                                            | From       |   |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            | 2008                                                                                                                                                                                        |                                                                                                                                                                            | 2007                                                                                                                                                                       |                                                                                                                                            | Inception  |   |
| Operating      Activities:                                                                                                                                     |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |
|                                                                                                                                                           | Net      (loss)                                                       |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |  $              (77,168)                                                                             |                                                                                                                                                                                        |  $              (17,362)                                                                             |                                                                                                                                                                       |  $            (123,940)                                                        |       |
|                                                                                                                                                           | Adjustments      to reconcile net (loss) to net cash                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |
|                                                                                                                                                           |   provided      by (used in) operating activities:          |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |
|                                                                                                                                                           |                                                                  | Amortization                                                                                    |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                          704                       |                                                                                                                                                                                        |                          330                       |                                                                                                                                                                       |                        1,735 |       |
|                                                                                                                                                           |                                                                  | Transfer      agent fees paid by issued shares                                                  |                                                                                                                                            |                              - |                                                                                                                                                                            |                              - |                                                                                                                                                                                        |                          525                       |                                                                                                                                                                       |
|                                                                                                                                                           |                                                                  | Changes      in net assets and liabilities-                                                     |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |
|                                                                                                                                                           |                                                                  |    Prepaid      expenses                                                         |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                     (5,098)                                                 |                                                                                                                                                                                        |                              - |                                                                                                                                                                       |                     (5,098)                 |       |
|                                                                                                                                                           |                                                                  | Accounts      payable - Trade                                                                   |                                                                                                                                            |                                                                                                                                                                            |                              - |                                                                                                                                                                            |                              -             |                                                                                                                                                                            |                             56 |                                                                                                                                            |
|                                                                                                                                                           |                                                                  | Accrued      liabilities                                                                        |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                    28,736                                                        |                                                                                                                                                                                        |                       9,500                                       |                                                                                                                                                                       |                    35,543                        |       |
|                                                                                                                                                           |                                                                  |    Due      to escrow agent                                                      |                                                                                                                                            |                                                                                                                                                                            |                    38,490                                                        |                                                                                                                                                                            |                              -             |                                                                                                                                                                            |                    38,490                                                   |                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Net      Cash (Used in) Operating Activities                                                                                                                   |                                                                  |                                                                                            |                   (14,336)                            |                                                                                                                                                                            |                     (7,532)                                                 |                                                                                                                                                                            |                  (52,689)                                                                              |                                                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Investing      Activities:                                                                                                                                     |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |
|                                                                                                                                                           | Investment      in Amplification Technologies, Inc. - Preferred Stock |               (1,317,155) |                                                                                                                                            |                              - |                                                                                                                                                                            |               (1,317,155)                                                                                 |                                                                                                                                                                                        |
|                                                                                                                                                           | Patent      acquired                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                              - |                                                                                                                                                                            |                    (10,180)                                                                  |                                                                                                                                                                            |                   (12,566)                                                       |                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Net      Cash (Used in) Investing Activities                                                                                                                   |                                                                  |                                                                                            |               (1,317,155)                                                 |                                                                                                                                                                            |                    (10,180)                                                      |                                                                                                                                                                            |              (1,329,721)                                                                                                   |                                                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Financing      Activities:                                                                                                                                     |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |
|                                                                                                                                                           | Issuance      of common stock for cash                                |                                                                                            |                                                                                                                                            |                              - |                                                                                                                                                                            |                          300                       |                                                                                                                                                                                        |                    60,974                                                        |                                                                                                                                                                       |
|                                                                                                                                                           | Capital      contributed by stockholders                              |                                                                                            |                                                                                                                                            |               1,360,000                                                                                   |                                                                                                                                                                            |                              - |                                                                                                                                                                                        |               1,360,000                                                                                   |                                                                                                                                                                       |
|                                                                                                                                                           | Due      from affiliate - Amplification Technologies, Inc.            |                                                                                            |                  (32,263)                                  |                                                                                                                                                                            |                              - |                                                                                                                                                                            |                  (32,263)                                                                              |                                                                                                                                                                            |
|                                                                                                                                                           | Deferred      offering costs                                          |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                              - |                                                                                                                                                                            |                  (20,000)                                                                              |                                                                                                                                                                            |                   (21,500)                                                       |                                                                                                                                            |
|                                                                                                                                                           | Loans      from related parties - Directors and stockholders          |                                                                                            |                        5,160 |                                                                                                                                                                            |                    37,700                                                        |                                                                                                                                                                            |                    58,846                                                                    |                                                                                                                                                                            |
|                                                                                                                                                           | Repayment      of related parties loans                               |                                                                                            |                                                                                                                                            |                     (2,664)                                                 |                                                                                                                                                                            |                              - |                                                                                                                                                                                        |                   (41,500)                                                            |                                                                                                                                                                       |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Net      Cash Provided by Financing Activities                                                                                                                 |                                                                  |                                                                                            |               1,330,233                                                   |                                                                                                                                                                            |                     18,000                                                  |                                                                                                                                                                            |               1,384,557                                                                                               |                                                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Net      Increase (decrease) in Cash                                                                                                                           |                                                                  |                                                                                            |                      (1,258)           |                                                                                                                                                                            |                          288                       |                                                                                                                                                                            |                        2,147                                             |                                                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Cash      - Beginning of Period                                                                                                                                |                                                                  |                                                                                            |                                                                                                                                            |                       3,405                                       |                                                                                                                                                                            |                              - |                                                                                                                                                                                        |                              - |                                                                                                                                                                       |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Cash      - End of Period                                                                                                                                      |                                                                  |                                                                                            |                                                                                                                                            |  $                   2,147                                                  |                                                                                                                                                                            |  $                     288                                        |                                                                                                                                                                                        |  $                   2,147                                                  |                                                                                                                                                                       |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Cash      - End of Period Consisting of:                                                                                                                       |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
|                                                                                                                                                           | Cash      in bank                                                     |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |  $                           -      |                                                                                                                                                                            |  $                     288                                                    |                                                                                                                                                                            |  $                           - |                                                                                                                                            |
|                                                                                                                                                           | Cash      in escrow account                                           |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                        2,147                                 |                                                                                                                                                                            |                                - |                                                                                                                                                                            |                        2,147                            |                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| Total                                                                                                                                                          |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |  $                   2,147                                                  |                                                                                                                                                                                        |  $                     288                                        |                                                                                                                                                                       |  $                   2,147                  |       |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| 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      of transfer agent fees.                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| On      December 31, 2007, two former Directors and shareholders forgave the      Company of a related party debt in the amount of $14,850 ($7,425      each). |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |
| On      March 31, 2008, two former Directors and shareholders forgave the Company      of a related party debt in the amount of $2,496 ($1,248    each).       |
|                                                                                                                                                           |                                                                  |                                                                                            |                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                            |                                                                                                                                                                                        |                                                                                                                                                                            |                                                                                                                                                                       |                                                                                                                                            |       |   |

----

----

----

----

|                                                            |   | 2008   |    |   | 2007   |   |
|-----------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
|                                                            |   |   |    |   |   |   |
| Current      Tax Provision:                                     |   |   |    |   |   |   |
| Federal      and state-                                         |   |   |    |   |   |   |
| Taxable      income                                             |   | $      | -       |   |   | $      | - |   |
|                                                            |   |   |    |   |   |   |   |   |
|      Total      current tax provision  |   | $      | -       |   |   | $      | - |   |
|                                                            |   |   |    |   |   |   |   |   |
| Deferred      Tax Provision:                                    |   |   |    |   |   |   |   |   |
| Federal      and state-                                         |   |   |    |   |   |   |   |   |
|   Loss      carryforwards                             |   | $      | 17,749  |   |   | $      | 4,150 |   |
|   Change      in valuation allowance                  |   |   | (17,749 | )      |   |   | (4,150 | ) |
|                                                            |   |   |    |   |   |   |   |   |
|      Total      deferred tax provision |   | $      | -       |   |   | $      | - |   |
|                                                            |   |   |    |   |   |   |   |   |

----

|                                                                  |   |   |    |   |   |   |   |   |
|------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|
|                                                             |   | 2008   |    |   | 2007   |   |
|                                                             |   |   |    |   |   |   |   |   |
| Loss      carryforwards                                          |   | $      | 13,333  |   |   | $      | 4,150  |   |
|         Less - Valuation allowance                     |   |   | (13,333 | )      |   |   | (4,150 | )      |
|                                                             |   |   |    |   |   |   |   |   |
|      Total      net deferred tax assets |   | $      | -       |   |   | $      | -      |   |
|                                                             |   |   |    |   |   |   |   |   |

| ·   | Disclosure      of the objectives for using derivative instruments be disclosed in terms      of underlying risk and accountingdesignation; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Disclosure      of the fair values of derivative instruments and their gains and losses in      a tabular format; |
|--------------------|-------------------------------------------------------------------------------------------------------------------|

| ·   | Disclosure      of information about credit-risk-related contingent features;      and |
|--------------------|----------------------------------------------------------------------------------------|

| ·   | Cross-reference      from the derivative footnote to other footnotes in which      derivative-related information isdisclosed. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

| a)   | FASB      Statements of Financial Accounting Standards and Interpretations, FASB      Statement 133 Implementation Issues, FASB Staff Positions, and American      Institute of Certified Public Accountants (AICPA) Accounting Research      Bulletins and Accounting Principles Board Opinions that are not superseded      by actions of the FASB. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | FASB      Technical Bulletins and, if cleared by the FASB, AICPA Industry Audit and      Accounting Guides and Statements ofPosition. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------|

| c)   | AICPA      Accounting Standards Executive Committee Practice Bulletins that have been      cleared by the FASB, consensus positions of the FASB Emerging Issues Task      Force (EITF), and the Topics discussed in Appendix D of EITF Abstracts      (EITF D-Topics). |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d)   | Implementation      guides (Q&As) published by the FASB staff, AICPA Accounting      Interpretations, AICPA Industry Audit and Accounting Guides and Statements      of Position not cleared by the FASB, and practices that are widely      recognized and prevalent either generally or in the    industry. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

Plan of Operation

Evaluation of Disclosure Controls and Procedures

----

| Exhibit      No. |   | Description                                                                                                                                                |
|------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1             |   | Rule      13a-14(a)/15d-14(a) Certifications of Jack N.      Mayer, the President, Chief Executive Officer, Treasurer, and      Director (attached hereto) |
|             |   |                                                                                                                                                       |
| 32.1             |   | Section      1350 Certifications of Jack N.      Mayer, the President, Chief Executive Officer, Treasurer, and      Director (attached hereto)             |
|             |   |                                                                                                                                                       |

----

|                                                |   |  POWERSAFE TECHNOLOGY      CORP.                                                                                                                                                        |
|-----------------------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                |   |                                                                                                                                                                                         |
|  Dated: August      18, 2008    |   |  By:      /s/Jack N.      Mayer Name:  Jack N. Mayer                                                                                  |
|                                                |   | Title:    President, Chief      Executive Officer, Treasurer and Director     (Principal      Executive, Financial and AccountingOfficer)  |