U.S.
Securities and Exchange Commission


Washington,
D.C. 20549
  
  FORM
10-Q
  
 [X]
              Quarterly
      Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934
      for the Quarterly Period Ended June 30,
2008
 
 [
       ]
              Transition
      Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934
      for the Transition Period from _______ to
  _______
 
 Commission
File Number: 000-52670
  
 BMX
DEVELOPMENT CORP.
 (FKA
BIOMETRIX INTERNATIONAL, INC.)
 (Exact
name of small business issuer as specified in its charter)
  
 FLORIDA
              20-2089854(State
      or other jurisdiction of
              (IRS
      Employer Identification No.)incorporation
      or organization)
  19720
Jetton Road, 3rd
Floor
 Cornelius, North Carolina
28031
 (Address
of principal executive offices)
 
 704-892-8733
 (Issuer's
telephone number)
  
 Check
whether the issuer (1) filed all reports required to be filed by Section 13 or
15(d) of the Exchange Act during the past 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days.
  Yes
      [x]
              
              
              No
      [ ]
 
 Indicate
by check mark whether the registrant is a shell company (as defined in rule
12b-2 of the exchange act). Yes [ ] No [X]
 
 Number of
shares of common stock outstanding as of August 7, 2008:    4,796,000
  
 Table
of Contents
  Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definitions of “large accelerated filer”, “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act.
  Large
      accelerated filer
               ̈Non-accelerated
      filer
               ̈(Do
      not check if a smaller reporting company)Accelerated
      filer
               ̈Smaller
      reporting company
              þ
  CAUTIONARY
STATEMENT REGARDING FORWARD LOOKING INFORMATION
  The
discussion contained in this 10-Q under the Securities Exchange Act of 1934, as
amended, contains forward-looking statements that involve risks and
uncertainties. The issuer's actual results could differ significantly from those
discussed herein. These include statements about our expectations, beliefs,
intentions or strategies for the future, which we indicate by words or phrases
such as "anticipate," "expect," "intend," "plan," "will," "we believe," "the
Company believes," "management believes" and similar language, including those
set forth in the discussions under "Notes to Consolidated Financial Statements"
and "Management's Discussion and Analysis or Plan of Operation" as well as those
discussed elsewhere in this Form 10-Q. We base our forward-looking statements on
information currently available to us, and we assume no obligation to update
them. Statements contained in this Form 10-Q that are not historical facts are
forward-looking statements that are subject to the "safe harbor" created by the
Private Securities Litigation Reform Act of 1995.
 
 2
 Table
of Contents
 
 TABLE OF
      CONTENTSPART
      I. FINANCIAL INFORMATIONITEM 1.CONSOLIDATEDFINANCIAL
      STATEMENTS
              4ITEM 2.MANAGEMENT'S DISCUSSION AND
      ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION AND CONSOLIDATED RESULTS OF
      OPERATION
              18ITEM
      3. QUANITATIVE AND QUALITATIVE DISCLOSURES
      ABOUT MARKET RISK
              20ITEM 4.CONTROLS AND
      PROCEDURES
              20PART
      II. OTHER INFORMATIONITEM 1.LEGAL
      PROCEEDINGS
              20ITEM
      1A. RISK FACTORS
              20ITEM
      2. UNREGISTERED SALES OF EQUITY SECURITIES
      AND USE OF PROCEEDS
              20ITEM 3.DEFAULTS UPON SENIOR
      SECURITIES
              20ITEM
      4. SUBMISSION OF MATTERS TO A VOTE OF
      SECURITY HOLDERS
              20ITEM 5.OTHER
      INFORMATION
              20ITEM 6.EXHIBITS AND REPORTS ON FORM
      8-K
              20SIGNATURES
              21INDEX TO
      EXHIBITS
              22
  3
 Table
of Contents
 
 ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS
 BMX
      DEVELOPMENT CORP.(FKA
      BIOMETRIX INTERNATIONAL, INC.)CONSOLIDATED
      BALANCE SHEETAS
      OF JUNE 30, 2008Unaudited
                  
                  
                  AuditedASSETS
                  
                  30-Jun-08
                  
                  
                  31-Dec-07CURRENT
      ASSETS:Cash
                  
                  $
                  45,743
                  
                  
                  $
                  57,548TOTAL
      CURRENT ASSETS
                  
                  
                  45,743
                  
                  
                  
                  57,548FIXED
      ASSETS:Machinery
      and equipment
                  
                  
                  65,000
                  
                  
                  
                  65,000Accumulated
      depreciation
                  
                  
                  (49,833
                  )
                  
                  
                  (43,333
                  )TOTAL
      FIXED ASSETS
                  
                  
                  15,167
                  
                  
                  
                  21,667TOTAL
      ASSETS
                  
                  $
                  60,910
                  
                  
                  $
                  79,215LIABILITIES AND
      STOCKHOLDERS' EQUITYCURRENT
      LIABILITIESAccounts
      payable
                  
                  $
                  353
                  
                  
                  $
                  3,675Due
      to related party
                  
                  
                  5,000
                  
                  
                  
                  5,000Current
      portion of bank note payable
                  
                  
                  1,394
                  
                  
                  
                  1,394TOTAL
      CURRENT LIABILITIES
                  
                  
                  6,747
                  
                  
                  
                  10,069LONG-TERM
      LIABILITIESBank
      note payable
                  
                  
                  5,065
                  
                  
                  
                  5,752TOTAL
      LONG-TERM LIABILITIES
                  
                  
                  5,065
                  
                  
                  
                  5,752STOCKHOLDERS'
      EQUITYCommon
      stock ($.001 par value, 200,000,000 shares authorized; 4,796,000 shares
      issued and outstanding at June 30, 2008)
                  
                  
                  4,796
                  
                  
                  
                  7,596Additional
      paid in capital
                  
                  
                  167,748
                  
                  
                  
                  159,548Retained
      deficit
                  
                  
                  (123,446
                  )
                  
                  
                  (103,750
                  )TOTAL
      STOCKHOLDERS' EQUITY
                  
                  
                  49,098
                  
                  
                  
                  63,394TOTAL
      LIABILITIES AND STOCKHOLDERS' EQUITY
                  
                  $
                  60,910
                  
                  
                  $
                  79,215
  4
 Table
of Contents
  BMX
      DEVELOPMENT CORP.(FKA
      BIOMETRIX INTERNATIONAL, INC.)CONSOLIDATED
      STATEMENTS OF OPERATIONSFOR
      THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007For
      the Three Months
                
                
                For
      the Six MonthsEnded
      June 30,
                
                
                
                
                
                Ended
      June 30,2008
                
                
                2007
                
                
                2008
                
                
                2007REVENUES:Sales
                
                $
                12,415
                
                
                $
                20,502
                
                
                $
                25,399
                
                
                $
                36,420Cost
      of sales
                
                
                (10,196
                )
                
                
                (11,679
                )
                
                
                (15,392
                )
                
                
                (18,058
                )Gross
      profit
                
                
                2,219
                
                
                
                8,823
                
                
                
                10,007
                
                
                
                18,362EXPENSES:Selling,
      general and administrative expenses
                
                
                10,074
                
                
                
                14,790
                
                
                
                26,774
                
                
                
                25,364Total
      expenses
                
                
                10,074
                
                
                
                14,790
                
                
                
                26,774
                
                
                
                25,364Loss
      from operations
                
                $
                (7,855
                )
                
                $
                (5,967
                )
                
                $
                (16,767
                )
                
                $
                (7,002
                )Interest
      expense
                
                
                (2,319
                )
                
                
                (1,767
                )
                
                
                (2,929
                )
                
                
                (2,302
                )Loss
      before income taxes
                
                
                (10,174
                )
                
                
                (7,734
                )
                
                
                (19,696
                )
                
                
                (9,304
                )Provision
      for income taxes
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                -NET
      LOSS
                
                $
                (10,174
                )
                
                $
                (7,734
                )
                
                $
                (19,696
                )
                
                $
                (9,304
                )Basic
      and fully diluted net loss per common share:
                
                $
                **
                
                
                $
                **
                
                
                $
                **
                
                
                $
                **Weighted
      average common shares outstanding
                
                
                4,796,000
                
                
                
                6,833,330
                
                
                
                4,796,000
                
                
                
                6,166,670**
      Less than $.01
  5
 Table
of Contents
  BMX
      DEVELOPMENT CORP.(FKA
      BIOMETRIX INTERNATIONAL, INC.)CONSOLIDATED
      STATEMENT OF STOCKHOLDERS' EQUITYFOR
      THE SIX MONTHS ENDED JUNE 30, 2008AdditionalCommon
      Stock
                
                
                Paid-in
                
                
                RetainedShares
                
                
                Amount
                
                
                Capital
                
                
                DeficitBalances,
      January 1, 2008
                
                
                4,796,000
                
                
                $
                4,796
                
                
                $
                162,348
                
                
                $
                (103,750
                )Fair
      value of rent contributed by related party
                
                
                -
                
                
                
                -
                
                
                
                5,400
                
                
                
                -Net
      loss for the three months ended June 30, 2008
                
                
                -
                
                
                
                -
                
                
                
                -
                
                
                
                (19,696
                )Balances,
      June 30, 2008
                
                
                4,796,000
                
                
                $
                4,796
                
                
                $
                167,748
                
                
                $
                (123,446
                )
  6
 Table
of Contents
  BMX
      DEVELOPMENT CORP.(FKA
      BIOMETRIX INTERNATIONAL, INC.)CONSOLIDATED
      STATEMENTS OF CASH FLOWSFOR
      THE SIX MONTHS ENDED JUNE 30, 2008 and 20072008
                
                
                2007CASH FLOWS FROM
      OPERATING ACTIVITIES:Net
      loss
                
                $
                (19,696
                )
                
                $
                (9,304
                )Adjustments
      to reconcile net loss to net cash provided by(used
      in) operations:Depreciation
                
                
                6,500
                
                
                
                6,500Fair
      value of rent contributed by related party
                
                
                5,400
                
                
                
                5,400Increase
      (decrease) in operating liabilitiesAccounts
      payable
                
                
                (3,322
                )
                
                
                (408
                )NET
      CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
                
                
                (11,118
                )
                
                
                2,188CASH
      FLOWS FROM FINANCING ACTIVITIES:Principal
      repayments of bank note payable
                
                
                (687
                )
                
                
                (460
                )NET
      CASH (USED) IN FINANCING ACTIVITIES
                
                
                (687
                )
                
                
                (460
                )NET
      INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
                
                
                (11,805
                )
                
                
                1,728CASH
      AND CASH EQUIVALENTS,BEGINNING
      OF THE PERIOD
                
                
                57,548
                
                
                
                335END
      OF THE PERIOD
                
                $
                45,743
                
                
                $
                2,063
  7
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of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 NOTE
1                      SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
  Business
Activity
  BMX
Development Corp., FKA Biometrix International Inc., (the “Company”) is a motor
cycle repair service company located in the Charlotte, North Carolina area. The
Company was certified as incorporated in the State of Florida officially on
January 3, 2005 although the articles of incorporation were filed on December
28, 2004. Accordingly, under Florida Statutes 607.0203, the effective date for
corporate existence was December 28, 2004, within five business days of the
certification thereto. On May 30, 2007, the Company legally changed its name to
BMX Development Corp. to better suit the business in which it currently operates
in.
 
 Basis of
Presentation
 The
consolidated financial statements include the accounts of BMX Development Corp.
and its wholly owned subsidiary under the accrual basis of accounting. All
intercompany accounts and transactions have been eliminated.
 
 Management’s Use of
Estimates
 The
preparation of consolidated financial statements in conformity with accounting
principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the consolidated financial statements and
the reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates.
   Deferred
Taxes
 Income
taxes are provided in accordance with Statement of Financial Accounting
Standards No. 109 (SFAS No. 109), “Accounting for Income
Taxes.” A deferred tax asset or liability is recorded for all temporary
differences between financial and tax reporting and net operating loss-carry
forwards.
 
 Deferred
tax assets are reduced by a valuation allowance when, in the opinion of
management, it is more likely than not that, some portion or all of the deferred
tax asset will not be realized. Deferred tax assets and liabilities are adjusted
for the effect of changes in tax laws and rates on the date of
enactment.
 
 Financial
Instruments
 The
Company’s consolidated financial instruments are cash and accounts payable. The
recorded values of cash and accounts payable approximate their fair values based
on their short-term nature.
 
 8
 Table
of Contents
 
 
 BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 NOTE
1           SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (CONTINUED)
  Cash and Cash
Equivalents - For purposes of the Statement of Cash Flows, the Company
considers highly liquid investments with an original maturity of three months or
less to be cash equivalents.
 
 Revenue Recognition –
Revenue is recognized when repair services are completed provided collection of
the resulting receivable is probable.
 
 Comprehensive Income
(Loss) - The Company adopted Financial Accounting Standards Board
Statement of Financial Accounting Standards No. 130, “Reporting Comprehensive
Income”, which establishes standards for the reporting and display of
comprehensive income and its components in the consolidated financial
statements. There were no items of comprehensive income (loss) applicable to the
Company during the period covered in the consolidated financial
statements.
  Loss Per Share - The
Company reports loss per share in accordance with Statement of Financial
Accounting Standard (SFAS) No.128. This statement requires dual presentation of
basic and diluted earnings (loss) with a reconciliation of the numerator and
denominator of the loss per share computations. Basic earnings per share amounts
are based on the weighted average shares of common outstanding. If applicable,
diluted earnings per share would assume the conversion, exercise or issuance of
all potential common stock instruments such as options, warrants and convertible
securities, unless the effect is to reduce a loss or increase earnings per
share. There were no adjustments required to consolidated net loss for the
period presented in the computation of consolidated diluted earnings per
share.
  
 Impairment of Long-Lived
Assets -In accordance with SFAS No. 144, the Company reviews and
evaluates its long-lived assets for impairment whenever events or changes in
circumstances indicate that their net book value may not be recoverable. When
such factors and circumstances exist, including those noted above, the Company
compares the assets’ carrying amounts against the estimated undiscounted cash
flows to be generated by those assets over their estimated useful lives. If the
carrying amounts are greater than the undiscounted cash flows, the fair values
of those assets are estimated by discounting the projected cash flows. Any
excess of the carrying amounts over the fair values are recorded as impairments
in that fiscal period.
 
 9
 Table
of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 NOTE
1           SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (CONTINUED)
  Property and Equipment -Property and equipment is stated at cost. Depreciation is provided by the
straight-line method over the estimated economic life of the property and
equipment remaining from five to seven years.
 
 When
assets are sold or retired, their costs and accumulated deprecation are
eliminated from the accounts and any gain or loss resulting from their disposal
is included in the statement of operations.
 
 The
Company recognizes an impairment loss on property and equipment when evidence,
such as the sum of expected future cash flows (undiscounted and without interest
charges), indicates that future operations will not produce sufficient revenue
to cover the related future costs, including depreciation, and when the carrying
amount of the asset cannot be realized through sale. Measurement of the
impairment loss is based on the fair value of the assets.
 
 Risk and Uncertainties- The Company is subject to risks common to companies in the service
industry, including, but not limited to, litigation, development of new
technological innovations and dependence on key personnel.
 
 Share-Based Payments -In December 2004, the Financial Accounting Standards Board (“FASB”)
issued SFAS No. 123 (R), “Share-Based Payment”, which
establishes standards for transactions in which an entity exchanges its equity
instruments for goods and services. This standard replaces SFAS No. 123 and
supersedes Accounting Principles Board (“APB”) Opinion No. 25, “Accounting for Stock-Based
Compensation”. This standard requires a public entity to measure the cost
of employee services, using an option-pricing model, such as the Black-Scholes
Model, received in exchange for an award of equity instruments based on the
grant-date fair value of the award. This eliminates the exception to account for
such awards using the intrinsic method previously allowable under APB No. 25.
Shares of commons stock issued for services rendered by a third party are
recorded at fair market value, generally the quote at the close of market
trading on the day for issuance of the stock or most recent sale. The Company
adopted this standard in prior years using the modified prospective
method.
 
 10
 Table
of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 NOTE
1      SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (CONTINUED)
 
 Recent
Accounting Pronouncements- In September, 2006, the FASB issued
SFAS No. 157, "Fair Value Measurements", which defines fair value, establishes a
framework for measuring fair value in generally accepted accounting principles
and expands disclosures about fair value measurements. SFAS No. 157 is effective
for fiscal years beginning after November 15, 2007. The adoption of this
standard on January 1, 2008 did not have a material effect on the Company's
financial statements.
 
 In
September, 2006, the FASB issued SFAS No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans - An Amendment of FASB
Statements No. 87, 88, 106 and 132(R)". SFAS No. 158 requires an employer to (i)
recognize in its statement of financial position an asset for a plan's
overfunded status or a liability for a plan's underfunded status; (ii) measure a
plan's assets and its benefit obligations that determine its funded status as of
the end of the employer's fiscal year (with limited exceptions); and (iii)
recognize changes in the funded status of a defined benefit postretirement plan
in the year in which the changes occur. Those changes will be reported in
comprehensive income. The Company previously adopted in 2006 the requirement to
recognize the funded status of a benefit plan and the disclosure requirements.
The requirement to measure plan assets and benefit obligations to determine the
funded status as of the end of the fiscal year and to recognize changes in the
funded status in the year in which the changes occur is effective for fiscal
years ending after December 15, 2008. The adoption of the measurement date
provisions of this standard is not expected to have a material effect on the
Company's financial statements.
 
 In
February, 2007, the FASB issued SFAS No. 159, "The Fair Value Option for
Financial Assets and Financial Liabilities". SFAS No. 159 permits entities to
choose to measure many financial assets and financial liabilities at fair value.
Unrealized gains and losses on items for which the fair value option has been
elected are reported in earnings. SFAS No. 159 is effective for fiscal years
beginning after November 15, 2007. The Company is not electing to measure its
financial assets or liabilities at fair value pursuant to this
statement.
 
 11
 Table
of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 NOTE
1            SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES (CONTINUED)
 
 Recent Accounting
Pronouncements (cont.) –In June 2006, the Financial Accounting Standards
Board (“FASB”) ratified the provisions of Emerging Issues Task Force (“EITF”)
Issue No. 06-3, “How Taxes Collected from Customers and Remitted to Governmental
Authorities Should Be Presented in the Income Statement (That Is, Gross versus
Net Presentation)”. EITF Issue No. 06-3 requires that the presentation of taxes
within revenue-producing transactions between a seller and a customer, including
but not limited to sales, use, value added, and some excise taxes, should be on
either a gross (included in revenue and cost) or a net (excluded from revenue)
basis. In addition, for any such taxes that are reported on a gross basis, a
company should disclose the amounts of those taxes in interim and annual
financial statements for each period for which an income statement is presented
if those amounts are significant. The disclosure of those taxes can be done on
an aggregate basis. EITF Issue No. 06-3 is effective for fiscal years beginning
after December 15, 2006, which will be the Company’s calendar year 2007. The
adoption of EITF Issue No. 06-3 is not expected to have a material impact on the
Company’s consolidated results of operations or consolidated financial
position.
  In
September 2006, the Securities and Exchange Commission issued Staff Accounting
Bulletin No.108 (“SAB No. 108”), “Considering the Effects of Prior Year
Misstatements when Quantifying Current Year Misstatements”. SAB No. 108 requires
analysis of misstatements using both an income statement (rollover) approach and
a balance sheet (iron curtain) approach in assessing materiality and provides
for a one-time cumulative effect transition adjustment. SAB No. 108 is effective
for the fiscal year beginning November 15, 2006. The adoption of SAB No. 108 is
not expected to have a material impact on the Company’s consolidated results of
operations or consolidated financial position.
  In March
2006, the FASB issued SFAS No. 156. This Statement amends FASB Statement No.
140, Accounting for Transfers and Servicing of Financial Assets and
Extinguishments of Liabilities, with respect to the accounting for separately
recognized servicing assets and servicing liabilities. This Statement is
effective as of the beginning of its first fiscal year that begins after
September 15, 2006. An entity should apply the requirements for recognition and
initial measurement of servicing assets and servicing liabilities prospectively
to all transactions after the effective date of this Statement.
 
 12
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of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 Recent Accounting
Pronouncements (cont.) –In September 2006, the FASB issued
SFAS No. 157 and No. 158. Statement No. 157 defines fair value, establishes a
framework for measuring fair value in generally accepted accounting principles
(GAAP), and expands disclosures about fair value measurements. This Statement
applies under other accounting pronouncements that require or permit fair value
measurements, the Board having previously concluded in those accounting
pronouncements that fair value is the relevant measurement attribute.
Accordingly, this Statement does not require any new fair value measurements.
However, for some entities, the application of this Statement will change
current practice.
  Statement
No. 158 is an amendment of FASB Statements No. 87, 88, 106, and 132(R). It
improves financial reporting by requiring an employer to recognize the over
funded or under funded status of a defined benefit postretirement plan (other
than a multiemployer plan) as an asset or liability in its statement of
financial position and to recognize changes in that funded status in the year in
which the changes occur through comprehensive income of a business entity or
changes in unrestricted net assets of a not-for-profit organization. This
Statement also improves financial reporting by requiring an employer to measure
the funded status of a plan as of the date of its year-end statement of
consolidated financial position, with limited exceptions.
  The
Company does not expect application of SFAS No. 156, 157 and 158 to have a
material effect on its consolidated financial statements.
 
  NOTE
2           INCOME
TAXES
  At June
30, 2008, the Company had federal and state net operating loss carry forwards of
approximately $99,000 that expire in the year 2020.
  Due to
operating losses, there is no provision for current federal or state income
taxes for the six months ended June 30, 2008 and 2007.
 
 Deferred
income taxes reflect the net tax effects of temporary differences between the
carrying amounts of assets and liabilities for financial reporting purposes and
the amount used for federal and state income tax purposes.
 
 13
 Table
of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 The
Company’s deferred tax asset at June 30, 2008 consists of net operating loss
carry forwards calculated using federal and state effective tax rates equating
to approximately $20,000 less a valuation allowance in the amount of
approximately $20,000. Because of the Company’s lack of earnings history, the
deferred tax asset has been fully offset by a valuation allowance. The valuation
allowance increased by approximately $3,000 for the six month period ended June
30, 2008.
  The
Company’s total deferred tax asset as of June 30, 2008 is as
follows:
  
 Net operating loss carry
forwards                    $   20,000
 Valuation
allowance                                     
 (20,000)
 
 Net
deferred tax
asset              
 $                  --
 =======
 
 The
reconciliation of income taxes computed at the federal and state statutory
income tax rate to total income taxes for the six months ended June 30, 2008 and
2007 is as follows:
 
 Income tax computed at the federal
statutory
rate                   
34%
 Income
tax computed at the state statutory
rate                        5%
 Valuation
allowance                                                        
    (39%)
 
 Total
deferred tax
asset                                                
      0%
 
 
 NOTE
3           CAPITAL
STOCK
  The
Company is authorized to issue 200,000,000 common shares at $.001 par value per
share.
  In
August, 2007, the Company affected a ten for one forward split of its common
stock.
  The
Company issued 200,000 pre-split (2,000,000 post-split) common shares in May,
2007 to its Vice President, for the purchase of all of his stock in a motorcycle
repair company that he solely owned.
  In
September, 2007, the Company issued 96,000 shares of its restricted common stock
to eight accredited investors in exchange for $48,000 in cash. The Company also
issued an equal warrant for each share sold. See Note 9 below for disclosure of
the warrants. The Company recorded $14,244 in expense during the three months
ended September 30, 2007 to record the fair market value of the warrants issued
based on the Black Scholes option-pricing model.
  14
 Table
of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 NOTE
4            LOSS PER
SHARE
  Loss per
share is computed by dividing the net loss by the weighted average number of
common shares outstanding during the period. Basic and diluted loss per share
was the same for the six months ended June 30, 2008 and 2007.
  
 NOTE
5           SUPPLEMENTAL CASH FLOW
INFORMATION
 
 Supplemental
disclosures of cash flow information for the six months ended June 30, 2008 and
2007 are summarized as follows:
  
 Cash paid
during the period for interest and income taxes:
  
 2008                                           2007
 Income
Taxes                                     $   --                                           $  --
 Interest                                             
 $2,929                                           $2,302
 
  NOTE
6            GOING CONCERN AND
UNCERTAINTY
 
 The
Company has suffered recurring losses from operations since inception. In
addition, the Company has yet to generate an internal cash flow from its
business operations. These factors raise substantial doubt as to the ability of
the Company to continue as a going concern.
 
  Management’s
plans with regard to these matters encompass the following actions: 1) obtain
funding from new investors to alleviate the Company’s working deficiency, and 2)
implement a plan to generate sales. The Company’s continued existence is
dependent upon its ability to resolve it liquidity problems and increase
profitability in its current business operations. However, the outcome of
management’s plans cannot be ascertained with any degree of certainty. The
accompanying consolidated financial statements do not include any adjustments
that might result from the outcome of these risks and
uncertainties.
 
 15
 Table
of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 NOTE
7           BANK NOTE
PAYABLE
 
 The
Company has a term bank note payable to an unrelated banking institution bearing
annual interest of 10.25%, secured by equipment with a net book value of $15,167
at June 30, 2008. The note was originally for $9,900 and consists of eighty-four
monthly payments of principal and interest of $168 with principal maturity in
December, 2011.
 
 Principal
maturities of the bank note payable as of June 30, 2008 for the next five years
with none due thereafter are as follows:
 
 2008                                                      $       1,394
 2009                                                      $       1,552
 2010                                                      $       1,728
 2011                                                      $     1,785
 Total                                                      $       6,459
 ======
  NOTE
8                      LEASE COMMITMENT AND RELATED
PARTY TRANSACTION
 
 The
Company has a three year lease at $100 per month with a related party company
that is partially owned by its President. The lease expires on December 31, 2008
and, therefore, no future minimum lease commitment exists beyond one
year.
 
 The
Company also has an oral, month-to-month lease with an individual related to the
Company’s Vice President. The lease is gratuitous and consists of approximately
1,100 square feet of space including a bay area, shop and office. The
consolidated financial statements herein include the imputed fair value of the
space at $900 per month based upon comparables in the area.
 
 At June
30, 2008, the Company owes $5,000 to a company related through common ownership
with the Company’s officer, director and majority shareholder for money it
borrowed during the nine months ended September 30, 2007.
 
 16
 Table
of Contents
  BMX
DEVELOPMENT CORP. “FKA BIOMETRIX INTERNATIONAL, INC.”
 NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS
 For the
Six Months Ended June 30, 2008 and 2007
 
 NOTE
9            STOCK
WARRANTS
 
 During
the three months ended September 30, 2007, the Company issued 96,000 stock
warrants to eight unrelated accredited investors who subscribed to the Company’s
common stock. The stock warrants allow the unrelated parties to purchase shares
of the Company’s stock at $1.00 per share per the individual signed warrant
agreement. The warrants allow the unrelated parties to purchase one common share
of the Company’s common stock for each warrant. The warrants expire in
September, 2010 per the individual warrant agreement. The Company did not grant
any registration rights with respect to any shares of common stock issuable upon
exercise of the warrants. The Company recorded an expense of $14,244 equal to
the estimated fair value of the options at the date of grants. The fair market
value was calculated using the Black-Scholes options pricing model, assuming
approximately 6% risk-free interest, 0% dividend yield, 65% volatility, $1.50
per share strike price, and a life of three years.
  
 Stock warrants outstanding and
exercisable on June 30, 2008 are as follows:
  Exercise
                Shares
      Under
                Remaining
      LifePrice per  Share
                Option
                In YearsOutstanding:$1.50
                96,000
                2.25Exercisable:$1.50
                96,000
                2.25
  NOTE
10          SUBSEQUENT
EVENTS
 
 In the
fourth quarter of the year ended December 31, 2007, the Company’s two majority
shareholders, who are also officers and directors, collectively retired
2,800,000 of their common shares back to the treasury. The Company as of October
9, 2007, therefore, had 4,796,000 shares of its common stock issued and
outstanding. This amount has not changed through June 30,
2008.
  17
 Table
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  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
OF CONSOLIDATED FINANCIAL CONDITION AND RESULTS OF OPERATION
 
 As used herein the terms "we", "us",
"our," the “Registrant,” “BMX” and the "Company" means, BMX Development Corp.
(FKA Biometrix International, Inc.), a Florida corporation. These terms also
refer to our wholly-owned subsidiary corporation, Johnson High Performance, Inc.
(“JHP”), organized and existing under the laws of North Carolina on September 1,
2004, acquired on April 27, 2007.
 
 GENERAL
DESCRIPTION OF
BUSINESS
 
 We were incorporated on December 28,
2004 under the name Biometrix International, Inc. On May 30, 2007, we filed an
amendment to the Articles of Incorporation with the Secretary of State of
Florida to change our corporate name to BMX Development Corp. On April 27, 2007,
we acquired our sole wholly-owned subsidiary, Johnson High Performance, Inc.
("JHP"). After the acquisition, we changed our corporate name to BMX Development
Corp. as mentioned above and began the business for motorcycle
repairs.
 
 On April 27, 2007, BMX (legal acquirer)
executed a Plan of Exchange with JHP (accounting acquirer), the sole shareholder
of JHP, pursuant to which BMX issued the new 200,000 common shares to Dean A.
Stewart, sole shareholder of JHP, pursuant to Regulation D under the Securities
Act of 1933, as amended, in exchange for all of the common shares of JHP. As a
result, JHP became the wholly-owner subsidiary of BMX.
 
 The above
mentioned stock exchange transaction has been accounted for as a reverse
acquisition and recapitalization of BMX whereby JHP is deemed to be the
accounting acquirer (legal acquiree) and BMX to be the accounting acquiree
(legal acquirer). The accompanying consolidated financial statements are in
substance those of JHP, with the assets and liabilities, and revenues and
expenses, of BMX being included effective from the date of stock exchange
transaction. BMX is deemed to be a continuation of the business of JHP.
Accordingly, the accompanying consolidated financial statements include the
following:
 
 (1) The
      balance sheet consists of the net assets of the accounting acquirer at
      historical cost and the net assets of the accounting acquiree at
      historical cost;
 
 (2) the
      financial position, results of operations, and cash flows of the acquirer
      for all periods presented as if the recapitalization had occurred at the
      beginning of the earliest period presented and the operations of the
      accounting acquiree from the date of stock exchange
      transaction.
 
 Since the completion of the Plan of
Exchange, which was on April 27, 2007, we have continued operations of JHP.
Prior to the merger with JHP, we were an inactive, dormant shell corporation. We
had been dormant since December, 2004 with operations consisting of only
organizational activities. Management decided that the repair and servicing of
motor cycles would be beneficial, thus we acquired a business in this
field.
 
 Our
operations primarily involve street and off-road motorcycle servicing and
repair, specializing in affordable brand name and after-market replacement
products. Through our emphasis on budget pricing and high quality service, we
have developed a market in the motorcycle service industry in the local
Charlotte, North Carolina area and a fifty mile surrounding area. We currently
operate one office and one service bay area that is maintained by a management
team of two individuals. The present geographic area we operate in includes
primarily the Mecklenburg County, and Iredell County areas of North Carolina.
Our subsidiary’s phone number is (336) 992-0241. This is the number used by
customers and for all other business related matters.
 
 Marketing
for our services is accomplished through print ads in newspapers as well as
wholesale referrals. Additionally, we utilize a network of motor cycle owners
and obtain business through networking with them.
 
 The
motorcycle repair service industry is highly competitive with respect to price,
service, quality, and location. There are numerous competitors in the motorcycle
repair servicing industry that possess substantially greater financial,
marketing, personnel and other resources. There can be no assurance that we will
be able to respond to various competitive factors affecting the business. We
plan to gain a competitive advantage over our competitors in the motorcycle
repair servicing industry by offering quality services at a low
price.
 
 We
believe our quality and good customer service will differentiate our services
from our competitors. For example, many of our listed prices currently match or
are lower than the advertised prices of our major competitors. Also, we offer
next day servicing on our repairs and our customer service professionals have an
average of five years in the motorcycle industry which allows them to better
serve our customers. However, since many of our competitors have greater brand
loyalty and more capital resources than we do, there can be no assurance we will
be successful in gaining that competitive advantage in our
marketplace.
 
 Our main
markets are individual retail customers and wholesale buyers and no single
customer makes up more than ten percent of our total revenues. We do not expect
that this will change in the future.
 
 We have
two full-time employees. We also have two management consultants that are each
independently contracted by us to service and provide financial consulting and
services.
 
 Our
service line consists primarily of the following:
  ·
              Air
      filters                                Fuel
      valves                                           Throttle
      assemblies
 ·
              Air
      shifters                             Gaskets                                         
             Tires
 ·
              Carburetors                             Ignitions                                               Transmission
      and clutch parts
 ·
              Chains                                    Piston
      kits                                        
          Valves
 ·
              Cylinders                                Race
      engine
      valves                                Velocity
      stacks
 ·
              Exhaust
      systems                     RPM
      limiters                                         Wheels
 
 We
provide installation services for these products.
 
 No single
customer accounts for more than ten percent of our business. At the present time
there is no need for governmental approvals, though this may change in the
future.
 
 Servicing
 
 Our tool
inventory consists of products which we purchase from wholesalers. Of our 200
total square feet of facility, 100 square feet is dedicated to accounting,
administration, billing, etc. We do provide installation and repair services
from this facility.
 
 Pricing
 
 The price
range of motor cycle replacement parts varies from market to market, affected by
several factors including brand recognition, marketing strategies, quality,
warranties, payment terms etc. A strategy primarily focused on being the lowest
price typically results in more intense competition and lower profit margin.
Therefore, on many of our services we offer multiple value choices in a
good/better/best assortment, with appropriate price and quality differences from
the “good” products to the “better” and “best” products. We believe that our
overall prices compare favorably to those of our competitors.
 
 Marketing
 
 We
believe that targeted advertising and marketing play important roles in
succeeding in today’s environment. We will constantly work to understand our
customers’ wants and needs so that we can build long-lasting, loyal
relationships. We plan to utilize marketing and advertising primarily to advise
customers about the overall importance of motor cycle maintenance, our great
value and the availability of high quality service and parts. We are attempting
to develop a targeted ‘loyalty program’ as a marketing method of driving new
traffic to us. The basic idea of a ‘loyalty program’ is providing incentive
discounts to the repeat customers. We will store up our customers' purchase
records and set up guidelines to identify qualified customers. Such guidelines
may include the total amount spent on repairs, or total visits for our services.
For example, we may provide a 10% discount to customers whose total yearly
spending exceeds $1,000. The loyalty program is still under development. We
believe such incentives will appeal to our targeted customers including garages,
service stations and other mechanics that repeatedly purchase use our services.
To increase average sales dollars per transaction, we utilize creative
promotional materials to increase the chance of up-selling and cross-selling
opportunities.
 
 Purchasing
and Supply Chain
 
 Replacement
parts are selected and purchased from various vendors locally. We currently have
several primary suppliers including Kustomwerks and Zippers. Neither of them are
related parties. We typically assemble a list of replacement parts and products
we need and phone or fax our orders into our suppliers on a daily basis. Most
replacement parts and products are delivered to us the same day. We do not have
any written distributors agreements with any of our suppliers. If we lost any of
our suppliers, we believe we will be able to replace them with a comparable
supplier without a material disruption to our business. However, we believe that
we currently have good relationships with our suppliers.
  Environmental
Law Compliance
 
 There are no current existing
environmental concerns for our services. If this changes in the future, we make
every effort to comply with all such applicable regulations.
 
 18
 Table
of Contents
 
 RESULTS OF OPERATIONS FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2008 AND 2007
 
 The following discussion should be read
in conjunction with the consolidated financial statements included in this
report and is qualified in its entirety by the foregoing.
  FORWARD
LOOKING STATEMENTS
  Certain
statements in this report, including statements of our expectations, intentions,
plans and beliefs, including those contained in or implied by "Management's
Discussion and Analysis" and the Notes to Consolidated Financial Statements, are
"forward-looking statements", within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are
subject to certain events, risks and uncertainties that may be outside our
control. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”,
“will”, and similar expressions identify forward-looking statements. Readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. We undertake no obligation to
update or revise any forward-looking statements. These forward-looking
statements include statements of management's plans and objectives for our
future operations and statements of future economic performance, information
regarding our expansion and possible results from expansion, our expected
growth, our capital budget and future capital requirements, the availability of
funds and our ability to meet future capital needs, the realization of our
deferred tax assets, and the assumptions described in this report underlying
such forward-looking statements. Actual results and developments could differ
materially from those expressed in or implied by such statements due to a number
of factors, including, without limitation, those described in the context of
such forward-looking statements.
 
 CRITICAL
ACCOUNTING POLICIES
  Revenue
recognition
 
 We
recognize revenue when repair services are completed, persuasive evidence of an
arrangement exists, the fee is fixed or determinable and collectibility is
probable. We assess collectibility based upon the clients’ financial condition
and prior payment history, as well as our performance under the
contract.
 
 Property, Plant, and
Equipment
 
 Property
and equipment are stated at cost less accumulated depreciation and accumulated
impairment losses, if any. Depreciation is calculated on the straight-line basis
over the following expected useful lives from the date on which they become
fully operational and after taking into account their estimated residual
values:
 
 Depreciable lifeMachinery
              5
      yearsEquipment
              5
      years
 
 Expenditure
for maintenance and repairs is expensed as incurred.
 
 Revenues
 
 Net revenues were $12,415 and $20,502
for the three months ended June 30, 2008 and 2007, respectively. Sales revenues
were due primarily to motorcycle repairs and maintenance. The decline in
quarterly revenues was due to fewer advertising in 2008.
 
 Net
revenues were $25,399 and $36,420 for the six months ended June 30, 2008 and
2007, respectively. Sales revenues were due primarily to motorcycle repairs and
maintenance. The decline in revenues was due to fewer advertising in
2008.
 
 Income /
Loss
 
 We had
net losses of $10,174 and $7,734 for the three months ended June 30, 2008 and
2007, respectively. The net losses in these periods were primarily due to
depreciation expense, which were $3,250 in each of the quarters for the three
months ended June 30, 2008 and 2007. We also imputed the fair value of rent
provided by our Vice President’s brother of $2,700 in each of the quarters for
the three months ended June 30, 2008 and 2007, respectively.
 
 We had
net losses of $19,696 and $9,304 for the six months ended June 30, 2008 and
2007, respectively. The net losses in these periods were primarily due to
depreciation expense, which were $6,500 in each of the six months ended June 30,
2008 and 2007. We also imputed the fair value of rent provided by our Vice
President’s brother of $5,400 in each of the six months ended June 30, 2008 and
2007, respectively.
  Expenses
 
 Operating
expenses for the three months ended June 30, 2008 and 2007 were $10,074 and
$14,790, respectively. Depreciation expense fees and the fair value of rent
provided as mentioned above were the primary reasons for the changes in the
respective periods. Also, uniform expenses of $387 and $322 for the three months
ended June 30, 2008 and 2007, respectively, was another reason for the changes
in the respective periods.
 
 Operating
expenses for the six months ended June 30, 2008 and 2007 were $26,774 and
$25,364, respectively. Depreciation expense fees and the fair value of rent
provided as mentioned above were the primary reasons for the changes in the
respective periods.
 
 Cost of
Revenue
 
 Cost of
revenue primarily includes sales of purchased motor cycle parts inventory.
During the three months ended June 30, 2008, we had cost of revenues of $10,196,
or approximately 82% of revenues, and $11,679 for the three months ended June
30, 2007, or approximately 57%. The cost of revenue as a percentage of revenue
increased with costs of parts and labor increasing during the three-month period
ended June 30, 2008.
 
 Cost of
revenue primarily includes sales of purchased motor cycle parts inventory.
During the six months ended June 30, 2008, we had cost of revenues of $15,392,
or approximately 61% of revenues, and $18,058 for the six months ended June 30,
2007, or approximately 50%. The cost of revenue as a percentage of revenue
increased with costs of parts and labor increasing during the six-month period
ended June 30, 2008.
 
 Impact of
Inflation
 
 We
believe that inflation has had a negligible effect on operations during the
three and six-month periods ended June 30, 2008 and 2007. We believe that we can
offset inflationary increases in the cost of revenue by increasing revenue and
improving operating efficiencies.
  Liquidity and Capital
Resources
 
 Net cash
flows provided by (used in) operating activities were $(11,118) and $2,188
for the six months ended June 30, 2008 and 2007, respectively, primarily
attributable to a net loss, which were $19,696 and $9,304 for the six months
ended June 30, 2008 and 2007, offset by depreciation expense of $6,500, fair
value of rent provided in the amount of $5,400, and increases in accounts
payable in each of these two periods.
 
 There
were no cash flows from investing activities for the six months ended June 30,
2008 and 2007.
 
 Net cash
flows used in financing activities were $687 and $460 for the six months ended
June 30, 2008 and 2007, solely attributable to principal repayments on our note
payable to the bank.
  Overall,
we have funded all of our cash needs from inception through June 30, 2008 with
proceeds from issuance of our common stock.
 
 On June
30, 2008, we had cash of $45,743 on hand. We do not have or anticipate having
within the next 12 months any cash flow or liquidity problems and we are not in
default or in breach of our note or lease or other indebtedness or financing
arrangement requiring us to make payments.
 
 No
significant amount of our trade payables has been unpaid within the stated trade
term. We are not subject to any unsatisfied judgments, liens or settlement
obligations.
  19
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  ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
 The
information to be reported under this item is not required of smaller reporting
companies.
 
 ITEM
4T. CONTROLS AND PROCEDURES.
  DISCLOSURE CONTROLS
      AND PROCEDURESOur
      management, including our Principal Executive Officer and Principal
      Financial Officer, has evaluated the design, operation, and effectiveness
      of our disclosure controls and procedures pursuant to Rule 13a-15 under
      the Securities Exchange Act of 1934 (the “Exchange Act”). There are
      inherent limitations to the effectiveness of any system of disclosure
      controls and procedures, including the possibility of human error and the
      circumvention or overriding of the controls and procedures. Accordingly,
      even effective disclosure controls and procedures can only provide
      reasonable assurance of achieving their control objectives. Based upon the
      evaluation performed by our management, including its Principal Executive
      Officer and Principal Financial Officer, it was determined that, as of the
      end of the period covered by this quarterly report, our disclosure
      controls and procedures were effective to provide reasonable assurance
      that information required to be disclosed in the reports filed or
      submitted pursuant to the Exchange Act is recorded, processed, summarized,
      and reported within the time periods specified in the rules and forms of
      the SEC, and that such information is accumulated and communicated to our
      management, including its Principal Executive Officer and Principal
      Financial Officer, or persons performing similar functions, as appropriate
      to allow timely decisions regarding disclosures
  Changes in Internal Control
Over Financial Reporting
 
 Our
Principal Executive Officer and Principal Financial Officer have determined
that, during the period covered by this quarterly report, there were no changes
in our internal control over financial reporting that materially affected, or
are reasonably likely to materially affect, our internal control over financial
reporting. They have also concluded that there were no significant changes in
our internal controls after the date of the evaluation.
 
 PART
II. OTHER INFORMATION
 
 ITEM
1. LEGAL PROCEEDINGS
 
 We are
not aware of any pending or threatened legal proceedings, in which we are
involved. In addition, we are not aware of any pending or threatened legal
proceedings in which entities affiliated with our officers, directors or
beneficial owners are involved.
  ITEM
1A. RISK FACTORS
  Information
regarding risk factors appears in Part I, “Item 2. Management’s Discussion
and Analysis of Financial Condition and Results of Operations” under the
captions “General Description of Business” and “Cautionary Note Regarding
Forward-Looking Statements” contained in this Quarterly Report on Form 10-Q and
in “Item 1A. RISK FACTORS” of our 2007 Annual Report on Form 10-KSB. There
have been no material changes from the risk factors previously disclosed in our
2007 Annual Report on Form 10-KSB.
 
 ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
  None.
  ITEM
3. DEFAULTS UPON SENIOR SECURITIES
 
 None.
 
 ITEM
4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
 None.
 
 ITEM
5. OTHER INFORMATION
 
 None.
 
 ITEM
6. EXHIBITS AND REPORTS ON FORM 8-K
 
 (1)
              Exhibits: Exhibits required to be attached
      by Item 601 of Regulation S-B are listed in the Index to Exhibits
      beginning on page 8 of this Form 10-Q, which is incorporated herein by
      reference.
  Reports on Form 8-K
filed
 
 (1)
              None.
  20
 Table
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  SIGNATURES
 
 Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, there
unto duly authorized.
  BMX
      DEVELOPMENT CORP. (FKA BIOMETRIX INTERNATIONAL, INC.)Date:
      August 7, 2008
              By:
              /s/ Michael
      J. BongiovanniMichael
      J. Bongiovanni
                President
  21
 Table
of Contents
  INDEX
TO EXHIBITS
  Exhibit
      No.
              
              Description31.1
              
              Certification of Chief Executive
    Officer31.2
              
              Certification of Chief Financial
    Officer32.1
              
              Statement required by 18 U.S.C. Section 1350, as adopted
      pursuant to section 906 of the Sarbanes-Oxley Act of
2002.32.2
              
              Statement required by 18 U.S.C. Section 1350, as adopted
      pursuant to section 906 of the Sarbanes-Oxley Act of
    2002