U.S. SECURITIES AND EXCHANGE COMMISSION
                           Washington, D.C. 20549

                                  Form 10-KSB

(Mark One)

[x]  Annual Report under Section 13 or 15(d) of the Securities
     Exchange Act of 1934

     For the fiscal year ended December 31, 2007

                                      OR

[ ]  Transition Report under Section 13 or 15(d)of the Securities Exchange
     Act of 1934 for the Transition Period from ________  to  ___________
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                     Commission File Number: 0-28847
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                                 FORMCAP CORP.
                  --------------------------------------------
                 (Name of small business issuer in its charter)

                   Nevada                         65-0260846
      ----------------------------------   --------------------------
      (State or other jurisdiction of        (I.R.S. Employer
       incorporation or organization)        Identification No.)

            50 West Liberty Street, Suite 880, Reno, NV 89501
        -------------------------------------------------------------
        (Address of principal executive officers, including Zip Code)

                               1-775-322-0626
                    -------------------------------------
                         (Issuer's Telephone Number)
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Securities registered under Section 12(b) of the Exchange Act: None
Securities registered under Section 12(g) of the Exchange Act: -

                       Common Stock, $0.001 par value

Check whether the issuer (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or
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 [ ]

Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statement incorporated by reference in Part III of this Form 10-
KSB or any amendment to this Form 10-KSB [ ]

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

Transitional Small Business Disclosure Format (Check one): Yes [ ]  No [X]

The issuer's revenue for the fiscal year ended December 31, 2007 were $0.

The aggregate market value of the voting stock held by non-affiliates of the
registrant on January 31, 2008 was $2,624,636.25 based on a closing bid price
of $0.25 per share

At January 31, 2008, 10,498,545 shares of common stock, par value $0.001 per
share (the registrant's only class of voting stock) were outstanding.

The following documents are incorporated by reference: None

<PAGE>


                              FORMCAP CORP
                              FORM 10-KSB

<TABLE>
<CAPTION>

                           TABLE OF CONTENTS

<S>         <C>                                                        <C>
PART I                                                                 Page

Item 1.     Description of Business                                    1 - 7

Item 2.     Description of Property                                    8

Item 3.     Legal Proceedings                                          8

Item 4.     Submission of Matters to a Vote of Security Holders        8

PART II

Item 5.     Market for Common Equity and Related Stockholders Matters  9 - 10

Item 6.     Management's Discussion and Analysis or Plan of Operation 10 - 12

Item 7.     Financial Statements                                      12 - 27

Item 8.     Changes In and Disagreements With Accountants on
            Accounting and Financial Disclosure                        12

Item 8A.    Controls and Procedures                                    28

Item 8B.    Other Information                                          28

PART III

Item 9.     Directors, Executive Officers, Promotors and Control
            Persons and Corporate Governance; Compliance With Section
            16(a) of the Exchange Act                                 28 - 29

Item 10.    Executive Compensation                                    29 - 30

Item 11.    Security Ownership of Certain Beneficial Owners and
            Management and Related Stockholder Matters                30

Item 12.    Certain Relationships and Related Transactions, and
            Director Independence                                     31

Item 13.    Exhibits                                                  31

Item 14.    Principal Accountant Fees and Services                    31

SIGNATURES                                                            31
</TABLE>

<PAGE>


PART I

Item 1.  Description of Business

(a)  Company Background

FormCap Corp. ( the "Company" or "FormCap" ) was incorporated in the State of
Florida on April 10, 1991, under the name of Aarden-Bryn Enterprises, Inc.
The Company become a foreign registrant in the State of Nevada on December
24, 1998, and became qualified to transact business in the State of Nevada.

Since its incorporation, the Company has changed its name several times. On
August 27, 1998 the Company changed its name to Corbett's Cool Clear Water,
Inc., on October 26, 1998 to Canadian Cool Clear Water, Inc. On December 6,
2001 the Company changed its name to Gravitas International, Inc. and finally
to its current name, FormCap Corp. on October 12, 2007.

The Company has no operation since November of 2003 and the Company's ability
to continue as a going concern is dependent on successful future operations
and obtaining the necessary debt and equity financing for future acquisition.
In accordance with SFAS No.7 the Company is considered to be in the
development stage.

(b)  Business of Issuer

The Company, based on proposed business activities, is a "blank check"
company. The SEC defines those companies as "any development stage company
that is issuing a penny stock, within the meaning of Section 3 (a) (51) of
the Exchange Act, and that has no specific business plan or purpose, or has
indicated that its business plan is to merge with an unidentified company or
companies." Many states have enacted statutes, rules and regulations limiting
the sale of securities of "blank check" companies in their respective
jurisdictions. Management does not intend to undertake any efforts to cause a
market to develop in our securities, either debt or equity, until we have
successfully concluded a business combination. The Company intends to comply
with the periodic reporting requirements of the Exchange Act for so long as
we are subject to those requirements.

The Company was organized as a vehicle to investigate and, if such
investigation warrants, acquire a target company or business seeking the
perceived advantages of being a publicly held corporation. The Company's
principal business objective for the next 12 months and beyond such time will
be to achieve long-term growth potential through a combination with a
business rather than immediate, short-term earnings. The Company will not
restrict its potential candidate target companies to any specific business,
industry or geographical location and, thus, may acquire any type of
business.


                                      1
<PAGE>



The analysis of new business opportunities has and will be undertaken by or
under the supervision of the officers and directors of the Registrant. The
Registrant has considered potential acquisition transactions with several
companies, but as of this date has not entered into any Letter of Intent or
other agreement with any party. The Registrant has unrestricted flexibility
in seeking, analyzing and participating in potential business opportunities.
In its efforts to analyzed potential acquisition targets, the Registrant will
consider the following kinds of factors :

(i)   Potential for growth, indicated by new technology, anticipated market
expansion or new products ;

(ii)  Competitive position as compared to other firms of similar size and
experience within the industry segment as well as within the industry as a
whole ;

(iii) Strength and diversity of management, either in place or schedule for
recruitment ;

(iv)  Capital requirements and anticipated availability of required funds, to
be provided by the Registrant or from operations, through the sale of
additional securities, through joint ventures or similar arrangements or from
other sources ;

(v)   The cost of participation by the Registrant as compared to the
perceived tangible and intangible values and potentials ;

(vi)  The extent to which the business opportunity can be advanced ;

(vii)  The accessibility of required management expertise, personnel, raw
materials, services, professional assistance and other required items ; and

(viii) Other relevant factors.

In applying the foregoing criteria, no one of which will be controlling,
management will attempt to analyze all factors and circumstances and make a
determination based upon reasonable investigative measures and available
data. Potentially available business opportunities may occur in many
different industries, and at various stages of development, all of which will
make the task of comparative investigation and analysis of such business
opportunities extremely difficult and complex. Due to the Registrant's
limited capital available for investigation, the Registrant may not discover
or adequately evaluate adverse facts about the opportunity to be acquired.

FORM OF ACQUISITION

The manner in which the Registrant participates in an opportunity will depend
upon the nature of the opportunity, the respective needs and desires of the
Registrant and the promoters of the opportunity, and the relative negotiating
strength of the Registrant and such promoters.

                                       2
<PAGE>



It is likely that the Registrant will acquire its participation in a business
opportunity through the issuance of common stock or other securities of the
Registrant. Although the terms of any such transaction cannot be predicted,
it should be noted that in certain circumstances the criteria for determining
whether or not an acquisition is a so-called "tax free" reorganization under
Section 368 (a) (1) of the Internal Revenue Code of 1986, as amended (the
"Code" ), depends upon whether the owners of the acquired business own 80% or
more of the voting stock of the surviving entity. If a transaction were
structured to take advantage of these provisions rather than other "tax free"
provisions provided under the Code, all prior stockholders would in such
circumstances retain 20% or less of the total issued and outstanding shares
of the surviving entity. Under other circumstances, depending upon the
relative negotiating strength of the parties, prior stockholders may retain
substantially less than 20% of the total issued and outstanding shares of the
surviving entity. This could result in substantial additional dilution to the
equity of those who were stockholders of the Registrant prior to such
reorganization.

The present stockholders of the Registrant will likely not have control of a
majority of the voting shares of the Registrant following a reorganization
transaction. As part of such a transaction, all or a majority of the
Registrant's directors may resign and new directors may be appointed without
any vote of stockholders.

In the case of an acquisition, the transaction may be accomplished upon the
sole determination of management without any vote or approval by
stockholders. In the case of a statutory merger or consolidation directly,
involving the Company, it will likely be necessary to call a stockholders'
meeting and obtain the approval of the holders of a majority of the
outstanding shares. The necessity to obtain such stockholder approval may
result in delay and additional expense in the consummation of any proposed
transaction and will also give rise to certain appraisal rights to dissenting
stockholders. Most likely, management will seek to structure any such
transaction so as not to require stockholder approval.

It is anticipated that the investigation of specific business opportunities
and the negotiation, drafting and execution of relevant agreements,
disclosure documents and other instruments will require substantial
management time and attention and substantial cost for accountants, attorneys
and others. If a decision is made not to participate in a specific business
opportunity, the costs theretofore incurred in the related investigation
would not be recoverable. Furthermore, even if an agreement is reached for
the participation in a specific business opportunity, the failure to
consummate that transaction may result in the loss to the Registrant of the
related costs incurred.

We presently have no employees. Our sole officer and director is engaged in
outside business activities and anticipate that he will devote to our
business only several hours per week until the acquisition of a successful
business opportunity has been consummated. We expect no significant changes
in the number of our employees other than such changes, if any, incident to a
business combination.

                                      3
<PAGE>


RISK FACTORS

AN INVESTMENT IN THE COMPANY IS HIGHLY SPECULATIVE IN NATURE AND INVOLVES AN
EXTREMELY HIGH DEGREE OF RISK.

There may be conflicts of interest between our management and our non-
management stockholders.

Conflicts of interest create the risk that management may have an incentive
to act adversely to the interests of other investors. A conflict of interest
may arise between our management's personal pecuniary interest and its
fiduciary duty to our stockholders. Further, our management's own pecuniary
interest may at some point compromise its fiduciary duty to our stockholders.
In addition, our officers and directors are currently involved with other
blank check companies and conflicts in the pursuit of business combinations
with such other blank check companies with which they and other members of
our management are, and may be the future be, affiliated with may arise. If
we and the other blank check companies that our officers and directors are
affiliated with desire to take advantage of the same opportunity, then those
officers and directors that are affiliated with both companies would abstain
from voting upon the opportunity. In the event of identical officers and
directors, the officers and directors will arbitrarily determine the company
that will be entitled to proceed with the proposed transaction.

As the Company has no recent operating history or revenue and only minimal
assets, there is a risk that we will be unable to continue as a going concern
and consummate a business combination. We have no significant assets or
financial resources. We will, in all likelihood, sustain operating expenses
without corresponding revenues, at least until the consummation of a business
combination. This may result in our incurring a net operating loss that will
increase continuously until we can consummate a business combination with a
profitable business opportunity. We cannot assure you that we can identify a
suitable business opportunity and consummate a business combination.

THERE IS COMPETITION FOR THOSE PRIVATE COMPANIES SUITABLE FOR A MERGER
TRANSACTION OF THE TYPE CONTEMPLATED BY MANAGEMENT.

The Company is in a highly competitive market for a small number of business
opportunities which could reduce the likelihood of consummating a successful
business combination. We are and will continue to be an insignificant
participant in the business of seeking mergers with, joint ventures with and
acquisitions of small private and public entities. A large number of
established and well-financed entities, including small public companies and
venture capital firms, are active in mergers and acquisitions of companies
that may be desirable target candidates for us. Nearly all these entities
have significantly greater financial resources, technical expertise and
managerial capabilities than we do; consequently, we will be at a competitive
disadvantage in identifying possible business opportunities and successfully
completing a business combination. These competitive factors may reduce the
likelihood of our identifying and consummating a successful business
combination.

                                     4
<PAGE>


FUTURE SUCCESS IS HIGHLY DEPENDENT ON THE ABILITY OF MANAGEMENT TO LOCATE AND
ATTRACT A SUITABLE ACQUISITION.

The nature of our operations is highly speculative and there is a consequent
risk of loss of your investment. The success of our plan of operation will
depend to a great extent on the operations, financial condition and
management of the identified business opportunity. While management intends
to seek business combination(s) with entities having established operating
histories, we cannot assure you that we will be successful in locating
candidates meeting that criterion. In the event we complete a business
combination, the success of our operations may be dependent upon management
of the successor firm or venture partner firm and numerous other factors
beyond our control.

THE COMPANY HAS NO EXISTING AGREEMENT FOR A BUSINESS COMBINATION OR OTHER
TRANSACTION.

We have no arrangement, agreement or understanding with respect to engaging
in a merger with, joint venture with or acquisition of, a private or public
entity. No assurances can be given that we will successfully identify and
evaluate suitable business opportunities or that we will conclude a business
combination. Management has not identified any particular industry or
specific business within an industry for evaluation. We cannot guarantee that
we will be able to negotiate a business combination on favorable terms, and
there is consequently a risk that funds allocated to the purchase of our
shares will not be invested in a company with active business operations.

MANAGEMENT INTENDS TO DEVOTE ONLY A LIMITED AMOUNT OF TIME TO SEEKING A
TARGET COMPANY WHICH MAY ADVERSELY IMPACT OUR ABILITY TO IDENTIFY A SUITABLE
ACQUISITION CANDIDATE.

While seeking a business combination, management anticipates devoting no more
than a few hours per week to the Company's affairs. Our officers have not
entered into written employment agreements with us and are not expected to do
so in the foreseeable future. This limited commitment may adversely impact
our ability to identify and consummate a successful business combination.

THE TIME AND COST OF PREPARING A PRIVATE COMPANY TO BECOME A PUBLIC REPORTING
COMPANY MAY PRECLUDE US FROM ENTERING INTO A MERGER OR ACQUISITION WITH THE
MOST ATTRACTIVE PRIVATE COMPANIES.

Target companies that fail to comply with SEC reporting requirements may
delay or preclude acquisition. Section 13 and 15 (d) of the Exchange Act
require reporting companies to provide certain information about significant
acquisitions, including certified financial statements for the company
acquired, covering one, two, or three years, depending on the relative size
of the acquisition. The time and additional costs that may be incurred by
some target entities to prepare these statements may significantly delay or
essentially preclude consummation of an acquisition. Otherwise suitable
acquisition  prospects that do not have or are unable to obtain the required
audited statements may be inappropriate for acquisition so long as the
reporting requirements of the Exchange Act are applicable.

                                     5
<PAGE>


THE COMPANY MAY BE SUBJECT TO FURTHER GOVERNMENT REGULATION WHICH WOULD
ADVERSELY AFFECT OUR OPERATIONS.

Although we will be subject to the reporting requirements under the Exchange
Act, management believes we will not be subject to regulation under the
Investment Company Act of 1940, as amended (the "Investment Company Act" ),
since we will not be engaged in the business of investing or trading in
securities. If we engage in business combinations which result in our holding
passive investment interests in a number of entities, we could be subject to
regulation under the Investment Company Act. If so, we would be required to
register as an investment company and could be expected to incur significant
registration and compliance costs. We have obtained no formal determination
from the Securities and Exchange Commission as to our status under the
Investment Company Act and, consequently, violation of the Act could subject
us to material adverse consequences.

ANY POTENTIAL ACQUISITION OR MERGER WITH A FOREIGN COMPANY MAY SUBJECT US TO
ADDITIONAL RISKS.

If we enter into a business combination with a foreign concern, we will be
subject to risks inherent in business operations outside of the United
States. These risks include, for example, currency fluctuations problems,
punitive tariffs, unstable local tax policies, trade embargoes, risks related
to cultural and language differences. Foreign economies may differ favorably
or unfavorably from the United States economy in growth of gross national
product, rate of inflation, market development, rate of savings, and capital
investment, resource self-sufficiency and balance of payments positions, and
in other respects.

OUR BUSINESS WILL HAVE NO REVENUES UNLESS AND UNTIL WE MERGE WITH OR ACQUIRE
AN OPERATING BUSINESS.

We are a development stage company and have had no revenues from operations.
We may not realized any revenues unless and until we successfully merge with
or acquire an operating business.

THE COMPANY INTENDS TO ISSUE MORE SHARES IN A MERGER OR ACQUISITION, WHICH
WILL RESULT IN SUBSTANTIAL DILUTION.

Our certificate of incorporation authorizes the issuance of a maximum of
150,000,000 shares of common stock and a maximum of 50,000,000 shares of
preferred stock. Any merger or acquisition effected by us may result in
issuance of additional securities without stockholder approval and may result
in substantial dilution in the percentage of our common stock held by our
then existing stockholders. Moreover, the common stock issued in any such
merger or acquisition transaction may be valued on an arbitrary or non-arm's-
length basis by our management, resulting in an additional reduction in the
percentage of common stock held by our then existing stockholders. Our Board


                                      6
<PAGE>



of Directors has the power to issue any or all of such authorized but
unissued shares without stockholder approval. To the extent that additional
shares of Common Stock or Preferred Stock are issued in connection with a
business combination or otherwise, dilution to the interests of our
stockholders will occur and the rights of the holders of Common Stock might
be materially adversely affected.

THE COMPANY HAS CONDUCTED NO MARKET RESEARCH OR IDENTIFICATION OF BUSINESS
OPPORTUNITIES, WHICH MAY AFFECT OUR ABILITY TO IDENTIFY A BUSINESS TO MERGE
WITH OR ACQUIRE.

The Company has neither conducted nor have others made available to us
results of market research concerning prospective business opportunities.
Therefore, we have no assurances that market demand exists for a merger or
acquisition as contemplated by us. Our management has not identified any
specific business combination or other transactions for formal evaluation by
us, such that it may be expected that any such target business or transaction
will present such a level of risk that conventional private or public
offerings of securities or conventional bank financing will not be available.
There is no assurance that we will be able to acquire a business opportunity
on terms favorable to us. Decisions as to which business opportunity to
participate in will be unilaterally made by our management, which may act
without the consent, vote or approval of our stockholders.

BECAUSE WE MAY SEEK TO COMPLETE A BUSINESS COMBINATION THROUGH A "REVERSE
MERGER", FOLLOWING SUCH A TRANSACTION WE MAY NOT BE ABLE TO ATTRACT THE
ATTENTION OF MAJOR BROKERAGE FIRMS.

Additional risks may exist since we will assist a privately held business to
become public through a "reverse merger." Securities analysts of major
brokerage firms may not provide coverage of our Company since there is no
incentive to brokerage firms to recommend the purchase of our common stock.
No assurance can be given that brokerage firms will want to conduct any
secondary offering on behalf of our post-merger company in the future.

AUTHORIZATION OF PREFERRED STOCK

Our Certificate of Incorporation authorizes the issuance of up to 50,000,000
shares of preferred stock with designations, rights and preferences
determined from time to time by its Board of Directors. Accordingly, our
Board of Directors is empowered, without stockholder approval, to issue
preferred stock with dividend, liquidation, conversion, voting, or other
rights which could adversely affect the voting power or other rights of the
holders of the common stock. In the event of issuance, the preferred stock
could be utilized, under certain circumstances, as a method of discouraging,
delaying or preventing a change in control of the Company.  Although we have
no present intention to issue any shares of its authorized preferred stock,
there can be no assurance that the Company will not do so in the future.


                                      7
<PAGE>



Item 2.  Description of Property

The Company neither rents nor owns any properties. The Company currently has
no policy with respect to investments or interests in real estate, real
estate mortgages or securities of, or interests in, persons primarily engaged
in real estate activities.


Item 3.  Legal Proceedings

There are not presently any material pending legal proceedings to which the
Registrant is a party or as to which any of its property is subject, and no
such proceedings are known to the Registrant to be threatened or contemplated
against it.


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

There were no matters submitted to a vote of security holders during the
fourth quarter of 2007.


                                      8
<PAGE>



PART II

Item 5.  Market for Common Equity and Related Stockholders Matters

(a)  Market Price

The Company's Common Stock is presently quoted on the National Association of
Securities Dealers' Over-The-Counter Bulletin Board under the symbol "FRMC".

As of December 31, 2007, the Company had approximately 16 shareholders on
record of its common stock. The Company has not paid cash dividends on its
common stock. The Company anticipates that for the foreseeable future any
earnings will  be retained for use in its business, and no cash dividends
will be paid on the common stock. Declaration of common stock dividends will
remain within the discretion of the Company's Board of Directors and will
depend upon the Company's growth, profitability, financial condition and
other relevant factors.

The table below reflects the high and low "bid" and "ask" quotations for the
Company's Common Stock for each of the calendar years covered by this report,
as reported by the National Association of Securities Dealers Over the
Counter Bulletin Board National Quotation System. The prices reflect inter-
dealer prices, without retail mark-up, markdown or commission and do not
necessarily represent actual transactions.

               2006                    High               Low
            1st Quarter                4.00               1.60
            2nd Quarter                1.60               1.00
            3rd Quarter                1.00               0.80
            4th Quarter                0.80               0.60

               2007                    High               Low
            1st Quarter                0.60               0.60
            2nd Quarter                0.70               0.60
            3rd Quarter                0.60               0.60
            4th Quarter                0.60               0.21

(b)  Holders

As of December 31, 2007, there were 10,498,545 common shares issued and have
approximately 16 shareholders on record.


                                      9
<PAGE>



(c)  Dividends

The payment of dividends is within the discretion of the Board of Directors
of the Company. The Company currently intends to retain all earnings, if any,
in the foreseeable future for use in the development of the Company's
business. The Company has not paid dividends since inception. It is not
anticipated that any dividends will be paid in the foreseeable future and
there can be no assurance that dividends can or will ever be paid. The
payment of dividends is contingent upon future earnings, if any, the
Company's financial condition and capital requirements, general business
conditions and other factors.

(d)  Transfer Agent

The Transfer Agent for the Company's Common Stock is Nevada Agency and Trust
Company, located at 50 West Liberty, Suite 880, Reno, Nevada 89501.

(e)  Recent Sales of Unregistered Securities

On October 12, 2007, the Company announced a 200 : 1 share consolidation (
otherwise known as a "reverse split " ). The below securities transactions
have been accounted for post share consolidation and therefore do not
represent the amount of shares initially issued to the recipients or the
share price pre-consolidation.

On August 30, 2007, the Company issued 285,000 common shares which bear a
restrictive legend pursuant to the Rule 144 for debt conversion.

On October 24, 2007, the Company issued 10,000,000 common shares pursuant to
the Rule 144 ( k ) for debt conversion.


Item 6.  Management's Discussion and Analysis or Plan of Operation

The following discussion and analysis should be read in conjunction with the
consolidated financial statements and accompanying notes.

The Company was reorganized as a vehicle to investigate and, if such
investigation warrants, acquire a target company or business seeking the
perceived advantages of being a publicly held corporation. Our principal
business objective for the next 12 months and beyond such time will be to
achieve long-term growth potential through a combination with a business
rather than immediate, short-term earnings. The Company will not restrict our
potential candidate target companies to any specific business, industry or
geographical location and, thus, may acquire any type of business.

The Company does not currently engage in any business activities that provide
cash flow. The costs of investigating and analyzing business combinations for
the next 12 months and beyond such time will be paid with amounts to be
loaned to or invested in us by our stockholders, management or other
investors.

                                    10
<PAGE>


During the next twelve months we anticipate incurring costs related to :

(i)  filing of Exchange Act reports, and

(ii) costs relating to consummating an acquisition.

We believe we will be able to meet these costs through amounts, as necessary,
to be loaned to or invested in us by our stockholders, management or other
investors.

The Company may consider a business which has recently commenced operations,
is a developing company in need of additional funds for expansion into new
products or markets, is seeking to develop a new product or service, or is an
established business which may be experiencing financial or operating
difficulties and is in need of additional capital. In the alternative, a
business combination may involve the acquisition of, or merger with, a
company which does not need substantial additional capital, but which desires
to establish a public trading market for its shares, while avoiding, among
other things, the time delays, significant expense, and loss of voting
control which may occur in a public offering.

Any target business that is selected may be a financially unstable company or
an entity in its early stages of development or growth, including entities
without established records of sales or earnings. In that event, we will be
subject to numerous risks inherent in the business and operations of
financially unstable and early stage or potential emerging growth companies.
In addition, we may effect a business combination with an entity in an
industry characterized by a high level of risk, and, although our management
will endeavor to evaluate the risks inherent in a particular target business,
there can be no assurance that we will properly ascertain or assess all
significant risks.

Our management anticipates that it will likely be able to effect only one
business combination, due primarily to our limited financing, and the
dilution of interest for present and prospective stockholders, which is
likely to occur as a result of our management's plan to offer a controlling
interest to a target business in order to achieve a tax free reorganization.
This lack of diversification should be considered a substantial risk in
investing in us, because it will not permit us to offset potential losses
from one venture against gains from another.

The Company anticipates that the selection of a business combination will be
complex and extremely risky. Because of general economic conditions, rapid
technological advances being made in some industries and shortages of
available capital, our management believes that there are numerous firms
seeking even the limited additional capital which we will have and/or the
perceived benefits of becoming a publicly traded corporation. Such perceived
benefits of becoming a publicly traded corporation include, among other
things, facilitating or improving the terms on which additional equity
financing may be obtained, providing liquidity for the principals of and
investors in a business, creating a means for providing incentive stock
options or similar benefits to key employees, and offering greater

                                     11
<PAGE>


flexibility in structuring acquisitions, joint ventures and the like through
the issuance of stock. Potentially available business combinations may occur
in many different industries and at various stages of development, all of
which make the task of comparative investigation and analysis of such
business opportunities extremely difficult and complex.

We do not currently intend to retain any entity to act as a "finder" to
identify and analyze the merits of potential target businesses.


Item 7.  Financial Statements

Balance Sheet as of December 31, 2007 and 2006
Statement of Operations for the Year Ended December 31, 2007 and 2006
Statement of Stockholders' Equity for the Year Ended December 31, 2007
Statement of Cash Flows for the Year Ended December 31, 2007 and 2006
Notes to Financial Statements


Item 8.  Changes In and Disagreements With Accountants on Accounting and
         Financial Disclosure

None




                                     12
<PAGE>



FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(A DEVELOPMENT STAGE COMPANY)
Balance Sheet
(Unaudited)
(U.S. Dollars)

<TABLE>
<CAPTION>

Balance Sheet
-----------------------------------------------------------------------------
                                                 December 31,   December 31,
AS AT                                                2007           2006
-----------------------------------------------------------------------------
<S>                                              <C>           <C>
Assets
 Current Assets
 Cash                                            $     2,799           242
 Prepaid Expenses                                      2,700             -
-----------------------------------------------------------------------------
                                                 $     5,499           242
=============================================================================

Liabilities

Current Liabilities
   Accounts payable                              $    23,349       101,389
   Royalty and license fees
     payable (Note 7)                                135,000       135,000
   Advances from related parties
     (Note 5 & 6)                                    634,470       670,771
-----------------------------------------------------------------------------
Total liabilities                                $   792,819       907,160
-----------------------------------------------------------------------------

Stockholders' Equity (Deficiency)

   Preferred stock, $0.001 par
     value, Authorized
     50,000,000 shares                                     -             -
   Common stock, $0.001 par value
     Authorized 150,000,000
     Shares, 10,498,545 shares
     issued and outstanding,
     2007 (42,709,162 shares
     issued and outstanding,
     2006)                                       $    10,499        42,709
   Additional paid-in capital                      6,324,653     6,135,443
   Deficit                                        (7,122,472)   (7,085,070)
-----------------------------------------------------------------------------
Total stockholders' deficit                      $  (787,320)     (906,918)
-----------------------------------------------------------------------------
Total liabilities and
  Stockholders' deficit                          $     5,499           242
=============================================================================
</TABLE>
  The accompanying notes are an integral part of the financial statements.

                                     13
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Statement of Operations and Deficit
(Unaudited)
(U.S. Dollars)

<TABLE>
<CAPTION>

Statement of Operations and Deficit

                                                 Year ended     Year ended
                                                December 31,   December 31,
                                                    2007           2006
----------------------------------------------------------------------------
<S>                                            <C>            <C>
Revenue                                                   -               -
Cost of revenue                                           -               -
----------------------------------------------------------------------------
Gross profit                                              -               -

Expenses
  General and administrative                   $      5,259           6,915
  Consulting fee                                     15,000               -
  Transfer agent fees                                 5,143               -
  Legal fees                                          1,500               -
  Accounting fees                                     6,000               -
  Auditing fees                                       4,500               -
----------------------------------------------------------------------------
Total operating expenses                       $     37,402           6,915
----------------------------------------------------------------------------

Net loss for the year                          $    (37,402)         (6,915)
============================================================================

Net loss per Common Share - Basic and Diluted         (0.00)          (0.00)
----------------------------------------------------------------------------

Weighted average number of shares outstanding    10,498,545      42,709,162
----------------------------------------------------------------------------
</TABLE>

  The accompanying notes are an integral part of these financial statements.

                                     14
<PAGE>



FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(A DEVELOPMENT STAGE COMPANY)
Statement of Stockholders' Equity (Deficit)
For the period from inception (April 10, 1991) to December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

<TABLE>
<CAPTION>

Statement of Stockholders' Equity (Deficit)


                                            Additional                Total
         Preferred          Common            Paid-In    Accum.   Stockholders'
          Shares    Amount  Shares    Amount  Capital   Deficit       Equity
-------------------------------------------------------------------------------
<S>      <C>       <C>     <C>        <C>    <C>        <C>         <C>
Balance,
December 31,
1991                                -      -          -          -           -

Balance,
December 31,
1992                                -      -          -          -           -

Balance,
December 31,
1993                                -      -          -          -           -

Net loss for
the year                                                    (5,000)     (5,000)
-------------------------------------------------------------------------------

Balance,
December 31,
1994                                -      -          -     (5,000)     (5,000)

Balance,
December 31,
1995                                -      -          -          -           -

Balance,
December 31,
1996                                -      -          -          -           -

Balance,
December 31,
1997                                -      -          -          -           -

Issued for
service
rendered                       66,667     67      4,933                  5,000

Net loss for
the year                                                   (33,441)    (33,441)
-------------------------------------------------------------------------------

Balance,
December 31,
1998                           66,667     67      4,933    (38,441)    (33,441)

Preferred
shares
for cash   300,000   3,000                                               3,000

Common
shares
for cash                      593,649    594   672,457                 673,051

Common
shares
for cash                        2,222      2    47,498                  47,500

Common
shares
for cash                       23,333     23                                23

Net loss
for the
year                                                      (705,213)   (705,213)
-------------------------------------------------------------------------------

Balance
December 31,
1999       300,000   3,000    685,871    686   724,888    (743,654)    (15,080)

Common
shares
issued
in escrow                       6,667      6        (6)                      -

Common
shares
for cash                       49,261     49   149,951                 150,000

Common
shares
for debt
settlement                    161,558    162   735,467                 735,629

Common
shares
for
services                       20,667     21   114,979                 115,000

Common
shares
for cash                      291,667    292   629,708                 630,000

Common
shares
subscribed                    194,444    194                  (194)          -

Net loss
for the
year                                                    (1,361,851) (1,361,851)
-------------------------------------------------------------------------------

Balance
December 31,
2000       300,000   3,000  1,410,135  1,410 2,354,987  (2,105,699)    253,698

Common
shares
issued
for cash                   13,010,000 13,010 1,287,990               1,301,000

Common
shares
issued
through
preferred
shares
conver-
sion     (300,000) (3,000)    200,000    200     2,800                       -

Common
shares
for
services                                        47,269                  47,269

Common
shares
issued
in acq-
uisition                      500,000    500   184,500                 185,000

Net loss
for the
year                                                    (1,980,176) (1,980,176)
-------------------------------------------------------------------------------

Balance
December 31,
2001             -       - 15,120,135 15,120 3,877,546  (4,085,875)   (193,209)


  The accompanying notes are an integral part of the financial statements.

                                          15
<PAGE>



FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(A DEVELOPMENT STAGE COMPANY)
Statement of Stockholders' Equity (Deficit)
For the period from inception (April 10, 1991) to December 31, 2007
(Unaudited)
(U.S. Dollars)
------------------------------------------------------------------------------

                                       Additional                   Total
                                         Paid-In      Accum.     Stockholders'
                     Shares    Amount    Capital      Deficit       Equity
------------------------------------------------------------------------------
Balance
December 31, 2001  15,120,135  15,120   3,877,546   (4,085,875)      (193,209)

Shares issued for
private placement     868,182     868     235,132                     236,000

Shares issued for
exercise of options   500,000     500     249,500                     250,000

Stock option
compensation                              305,788                     305,788

Foreign currency
translation                                                           (12,008)

Net loss for the year                               (1,587,454)    (1,587,454)
------------------------------------------------------------------------------

Balance
December 31, 2002  16,488,317  16,488   4,667,966   (5,673,329)    (1,000,883)

Shares issued for
private placement     108,868     109      16,221                      16,330

Shares issued for
services              200,000     200      31,800                      32,000

Shares issued for
debt settlement     7,286,667   7,287     721,380                     728,667

Stock options granted
for services                                9,897                       9,897

Stock options granted
for debt settlement                       421,417                     421,417

Stock option
compensation                              134,167                     134,167

Foreign currency
translation                                                          (108,806)

Net loss for the year                               (1,306,182)    (1,185,368)
------------------------------------------------------------------------------

Balance
December 31, 2003  24,083,852  24,084   6,002,848   (6,979,511)      (952,579)

Shares issued for
debt settlement       150,000     150      49,850                      50,000

Shares issued for
professional fees     820,000     820                                     820

Shares to balance                                          400            400

Net loss for the year                                  (86,485)       (86,485)
------------------------------------------------------------------------------

Balance
December 31, 2004  25,053,852  25,054   6,053,098   (7,065,996)      (987,844)

Stock option
exercised           7,655,310   7,655      (7,655)

Shares issued for
debt settlement    10,000,000  10,000      90,000                     100,000

Net loss for the year                                  (12,159)       (12,159)
------------------------------------------------------------------------------

Balance
December 31, 2005  42,709,162  42,709   6,135,443   (7,078,155)      (900,003)

Net loss for the year                                   (6,915)        (6,915)
------------------------------------------------------------------------------

Balance
December 31, 2006  42,709,162  42,709   6,135,443   (7,085,070)      (906,918)

Shares issued for
debt settlement    57,000,000  57,000                                  57,000

Shares issued after
stock split 200:1     498,545 (99,210)     99,210                           -

Shares issued for
debt settlement    10,000,000  10,000      90,000                     100,000

Net loss for the year                                  (37,402)       (37,402)
------------------------------------------------------------------------------

Balance
December 31, 2007  10,498,545  10,499   6,324,653   (7,122,472)      (787,320)
</TABLE>

  The accompanying notes are an integral part of the financial statements.

                                     16
<PAGE>



FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Statement of Cash Flows
(Unaudited)
(U.S. Dollars)

<TABLE>
<CAPTION>

Statement of Cash Flows

                                                 Year ended     Year ended
                                                December 31,   December 31,
                                                    2007           2006
----------------------------------------------------------------------------
<S>                                            <C>            <C>
Cash Flows (Used In) Provided By:

Operating Activities
  Net Loss                                     $    (37,402)         (6,915)
  Adjustments to reconcile net loss to
    net cash used in operating activities                 -               -
Changes in assets and liabilities
  Prepaid expenses                                   (2,700)              -
  Accounts payable                                  (78,040)          6,915
  Related party payables                            (36,301)              -
----------------------------------------------------------------------------
                                                   (154,443)              -
----------------------------------------------------------------------------

Investing Activities                                      -               -

Financing Activities
  Stock issued for debt settlement                  157,000               -
----------------------------------------------------------------------------
                                                    157,000               -
----------------------------------------------------------------------------
Increase/(Decrease) in Cash                           2,557               -
Cash, beginning                                         242             242
----------------------------------------------------------------------------
Cash, ending                                   $      2,799             242
============================================================================
</TABLE>

  The accompanying notes are an integral part of these financial statements.

                                     17
<PAGE>



FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

1  General Organization And Business

Form Cap Corp. ( the "Company" or "Form Cap" ) was incorporated in the State
of Florida on April 10, 1991, under the name of Aarden-Bryn Enterprises, Inc.
The Company become a foreign registrant in the State of Nevada on December
24, 1998, and became qualified to transact business in the State of Nevada.

Since its incorporation, the Company has changed its name several times. On
August 27, 1998 the Company changed its name to  Corbett's Cool Clear Water,
Inc.,  on October 26, 1998 to  Canadian Cool Clear Water, Inc.,  on  February
11, 1999  to  Canadian  Cool  Clear WTAA, Inc.,  on  September 24, 1999  to
WTAA International, Inc.,  on  December 6, 2001  to  Gravitas International,
Inc.,  and  finally to its current name, Form Cap Corp. on October 12, 2007.

The Company's financial statements  are prepared using  generally accepted
accounting principles  in the United States of America applicable to a going
concern  which contemplates the realization of assets and liquidation of
liabilities in the normal course of business. The Company has not yet
established an ongoing source of revenues sufficient to cover its operating
costs and allow it to continue as a going concern.  The ability of  the
Company to continue as a going concern is dependent on the Company obtaining
adequate capital to fund operating losses until  it becomes profitable.  If
the Company is unable to obtain adequate capital, it could be forced to cease
operations.

In  order to  continue as a going concern,  the  Company will need, among
other things,  additional capital resources.  Management's plans to obtain
such resources for the Company include  (1)  obtaining capital from
management  and significant shareholders sufficient  to meet  its minimal
operating expenses,  and (2)  seeking out and completing a merger  with an
existing  operating  company.  However,  management cannot provide any
assurances that the Company will be successful in accomplishing any of its
plans.

The  ability of the Company  to continue as a going concern is  dependent
upon  its  ability to successfully accomplish the plans described in the
preceding paragraph and eventually secure other sources of financing and
attain profitable operations.  The accompanying  financial statements  do not
include any adjustments that might be necessary if the Company is unable to
continue as a going concern.

The Company has no operation since  November of  2003  and the Company's
ability to continue as a going concern is dependent on successful future
operations and obtaining the necessary debt and equity financing for future
acquisition. In accordance with  SFAS No. 7  the Company is considered to be
in the development stage.

As of December 31, 2007  the Company had an accumulated deficit of $7,122,472
and a loss of $37,402 for for the year ended December 31, 2007. There was no
revenue for the year ended December 31, 2007.

                                      18
<PAGE>

FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

2  Summary Of Significant Accounting Policies

(a)  Use Of Estimates
     In  preparing  financial  statements  in  conformity  with  accounting
     principles  generally  accepted in the  United  States  of  America  (
     US GAAP ), management  is  required  to  make   estimates  and
     assumptions  that  affect  the  reported  amounts  of assets  and
     liabilities, the disclosure of contingent assets  and  liabilities  at
     the  date  of the financial statements, and the reported amounts of
     revenue and expenses during the reporting period.  Actual results could
     differ from those estimates.

(b)  Impairment Of Long Lived Assets
     The  Company  reviews  the  carrying  value  of  long-lived  assets  for
     impairment whenever events and  circumstances  indicate  that  the
     carrying  value  of  an asset may  not  be recoverable and exceeds  its
     fair  value.   An  impairment  loss is recognized as  the amount by
     which the carrying amount of  a  long-lived asset  exceeds  its fair
     value.  The factors considered by management in performing  this
     assessment  include  operating  results,  trends,  and  prospects,  as
     well as the effects of obsolescence, demand, competition and other
     economic factors.   As at September 30, 2007 the Company has no long-
     lived assets.

(c)  Stock Issued In Exchange For Services
     The  valuation  of  common  stock  issued in exchange for services is
     valued at an estimated fair market  value  as  determined  by  officers
     and directors of the Company based upon other sales and issuances of the
     Company's common stock within the same general time period.

(d)  Stock-based Compensation
     For years ended December 31, 2002 and prior, the Company applied APB
     Opinion  25, Accounting for Stock Issued to Employees, and related
     interpretations in accounting for its stock  options  granted  to
     employees.   Effective  January 1, 2003  the  Company  adopted  the
     provision   of   SFAS  123   recommending   the  fair   value-based
     methodology  for  measuring compensation costs.

(e)  Income Taxes
     The Company use the asset and liability approach in its method of
     accounting for income taxes.  This  requires  the  recognition  of
     deferred  tax  liabilities  and assets for expected future tax
     consequences  of  temporary  differences  between  the  carrying amounts
     and the tax basis of assets and liabilities.  A  valuation  allowance
     against deferred tax assets is recorded if, based on  weighted
     available evidence,  it is more  likely  than  not  that  some or all of
     the deferred tax assets will not be realized.

                                      19
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

2  Significant Accounting Policies (Continued)

(f)  Foreign Currency Translation
     The  Company uses the current method of foreign currency translation.
     The Company's reporting currency is the US dollar.   Assets  and
     liabilities  recorded  in functional currencies other than US dollars
     are  translated  into US dollars  at the year-end rate of exchange.
     Revenue and expenses are  translated  at  the  weighted-average
     exchange  rates  for the year. The resulting translation adjustments are
     charged as an expense.  Gains or losses from foreign currency
     transactions are included in the earnings of the current period.

(g)  Loss Per Share
     Loss  per  share  computations  are  based  on  the  weighted average
     number of common shares outstanding  during  the  period.   Common
     share  equivalents  consisting   of  stock  options  and warrants are
     not considered in the computation because their effect would be anti-
     dilutive.

3  Stockholders' Equity

In June 1998, the Company issued 1,667  free trading common shares to 25
Founding shareholders for a total consideration of $500.

In June 1998, the Company issued 65,000 restricted common shares to three
shareholders in consideration of $4,500. These shares were issued under Reg.
D 504 and were affixed with a "144" legend and became free trading in June,
2000.

In December 1998 the Company issued 533,333 common shares by way of an
Initial Offering Memorandum to eight inverstors in exchange for  $8,000.  Two
shareholders were affiliates under this  Offering and their share were issued
with the appropriate restrictions.  All other investors in the Offering
received free trading shares.

In January 1999, the Company issued 1,467 restricted common shares by way of
a private placement under Reg. D. 504 to one investor in exchange for
$66,000 or $45.00  per share which proceeds were proceeds intended to fund
the Company's immediate working capital needs.

In April of 1999, the Company issued 6,732 restricted common shares by way of
a private placement under Reg. D. 504 to two investors in exchange for
$125,224 or $18.75 per share which proceeds were proceeds intended to fund
the Company's immediate working capital needs.

                                     20
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

3  Stockholders' Equity  (Continued)

In May 1999, the Company issued 3,704 restricted common shares by way of a
privante placement under Reg. S. to one  investor in exchange for  $75,000
or  $20.25  per share  which  proceeds were proceeds intended to fund the
Company's immediate working capital needs.

In July 1999,  the Company issued 2,222  restricted common shares by way of a
private placement under Reg. S. to  one  investor in exchange for  $50,000
or  $22.50  per share  which  proceeds were proceeds intended to fund the
Company's immediate working capital needs.

In September 1999,  the Company issued 38,890 restricted common shares  of
the Company by way of a private placement  under  Reg. S. to  one  investor
in  exchange for  $350,000 or $9.00  per share which proceeds were proceeds
intended to fund the Company's immediate working capital needs. As part of
the offering price, the accredited investor also received  6,667  Share
Purchase Warrants  convertible into an equivalent number of share of the
Company's Common Stock  from the date of Investment  to September 2000, at a
strike price of $10.65 per share. A finder's fee in the amount of $40,000 was
paid in connection with this private placement.

In May 1999,  the Company issued 16,667  restricted common shares of the
Company under Reg. S. to an employee in consideration for services rendered
to the Company.

In December 1999, the Company issued an aggregate of 9,506 restricted common
shares of the Company by wary of a private placement under Reg. S. to one
investor in exchange for $100,000 or $10.50 per share which proceeds were
proceeds intended to fund the Company' s immediate working capital needs. As
part of the offering price, the accredited investor also received  4,762
Share Purchase Warrants convertible into an equivalent number of shares of
the Company's Common Stock from the date of Investment to December 2000, at a
strike price of  $12.75.  A  finder's fee in the amount of  $15,000  was paid
in connection to this private placement.

In December 1999, the Company issued an aggregate of 16,667 restricted common
shares of the Company to a Director under Reg.S. in consideration for
services rendered to the Company.

In February, 2000 the Company issued 16,667 restricted shares under Reg. S to
a director in consideration for services rendered to the Company.

                                     21
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

3  Stockholders' Equity (Continued)

In May 2000, the Company completed a private placement under  Reg. S. whereby
it issued an aggregate of 49,261 restricted common shares of the Company's
Common Stock in exchange for $150,000 or $3.045 per share,  which intended to
fund the Company's immediate working capital needs.  As part of the offering
price,  the  accredited  investors  also  received  49,261  Share  Purchase
Warrants  convertible  into  an equivalent  number of  shares of  the
Company's  Common Stock  from the date of the private placement Agreement to
May 9, 2001, at a strike price per share equal to 54% of the closing bid for
the Company's stock on the last trading day preceding the date of execution
of the Agreement; and, from May 1, 2001 to April 30,2002, at a strike price
per share equal to 140% of the closing bid for the Company's stock on the
last trading day preceding the date of execution of the Agreement.

In May 2000,  the Company completed  a debt conversion under  Reg. S. whereby
it issued an aggregate of  100,548 restricted shares of the Company's Common
Stock in exchange for  $205, 117 or  $2.04  per share, which proceeds were
intended to fund the  Company's immediate working capital needs.  As part of
the offering price, the accredited investors also received 100,548 Share
Purchase Warrants convertible into  an  equivalent  number  of  shares  of
the  Company's Common Stock  from  the date of the  private placement
Agreement to  May, 2001, at a strike price per share equal to  40%  of the
closing bid for the Company's stock on the last trading preceding the date of
execution of the Agreement; and , from May 30, 2001  to  April 30, 2002,  at
a strike price per share equal to 140%  of the closing  bid for  the
Company's stock on the last trading day preceeding the date of execution of
the Agreement.

In May 2000, the Company completed a debt conversion under Reg. S. whereby it
issued an aggregate of 61,010 restricted shares of the Company's Common Stock
in exchange for $183,031, or $3.00 per share, which proceeds were intended to
fund the  Company's immediate  working  capital needs.  As part of the
offering price,  the accredited investors also received  61,010  Shares
Purchase Warrants convertible into share equal of 58% of the closing bid for
the Company's stock on the last trading day preceding the date of execution
of the Agreement; and, from  May 30, 2001  to  April 30, 2002,  at  a strike
price per share equal to 140% of the closing bid for the Company's stock on
the last  trading day  preceding the date of execution of the Agreement.

In  November  2000,  the  Company completed a private placement under  Reg.
S.  Whereby  it issued an aggregate of 41,667 restricted shares of the
Company's Common Stock in exchange for $150,000 or $3.60 per share, which
intended to fund the Company's immediate working capital needs. As part of
the offering price, the accredited investors also received 41,667 Share
Purchase Warrants convertible into an equivalent number of shares of the
Company's Common Stock from the date of the private placement  Agreement to
October 30, 2001, at a strike price per share equal to 100% of the closing
bid for the Company's stock on the last trading preceding the date of
execution of the Agreement; and, from December 1,2001 to January 31, 2003, at
a strike price per share equal to 140% of the closing bid for the Company's
stock on the last trading preceding the date of execution of the Agreement.

                                     22
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

3  Stockholders' Equity (Continued)

In  November 2000,  the Company completed a private  placement  under  Reg.
S.  whereby it issued an aggregate of  50,000  restricted  shares of the
Company's Common Stock in exchange for  $180,000  or  $3.60 per share, which
proceeds were intended to fund the Company's immediate working capital needs.
As part of the offering  price,  the  accredited  investors also received
50,000  Share Purchase Warrants convertible  into  an equivalent number of
shares of  the  Company's Common Stock  from the date of the private
placement  Agreement to November 30, 2001,  at a strike price per share equal
to  100% of the closing  bid  for the  Company's stock  on the last  trading
day preceding  the  date of  execution of  the Agreement; and, from December
1, 2001 to January 31, 2003, at a strike price per share equal to 140% of the
closing bid for the Company's stock on the last trading day preceding the
date of execution of the Agreement.

In December 2000,  the Company completed a private placement under  Reg. S.
whereby  it  issued an aggregate of 200,000 restricted shares of the
Company's Common Stock in exchange for  $300,000  or $1.50 per share, which
proceeds were intended to fund the Company's immediate working capital needs.
As part of the offering price, the accredited investors also received
200,000  Share Purchase Warrants convertible into an equivalent number of
shares of the Company's Common Stock  from  the date of  the private
placement Agreement  to  December 29, 2001,  at a strike price per share
equal to 100% of the closing  bid  for the  Company's stock on the last
trading day  preceding  the date of execution of  the Agreement; and, from
January 1, 2002 to February 28, 2003, at a strike price per share equal to
140% of the closing bid for the Company's stock on the last trading day
preceding the date of execution of the Agreement.

In  January 2001,  the  Company  completed a private placement under  Reg. S.
whereby  it  issued an aggregate of 3,400,000 restricted shares of the
Company's Common Stock in exchange for $340,000 or $0.10 per share, which
proceeds were intended to fund the Company's immediate working capital needs.
As part of the offering price, the accredited investors also received
3,400,000 Share Purchase Warrants convertible  into an equivalent number of
shares of the Company's  Common Stock  from the date of the private placement
Agreement to March 14, 2002,  an amount of money per share equal to 100%  of
the closing  bid for the  Company's stock  on  the  last  trading day
preceding  the  date  of execution of the Agreement; and, from April 1, 2002
to May 31, 2003,  an amount  of money per share equal to 140% of the closing
bid for the Company's stock on the last  trading day  preceding the date of
execution of the Agreement.

In April 2001, the Company completed a private placement under Reg. D Section
504 whereby it issued an aggregate of 500,000 restricted shares of the
Company's Common Stock in exchange for $50,000 or  $0.10 per share, which
proceeds were intended to fund the Company's immediate working capital needs.

                                     23
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

3  Stockholders' Equity (Continued)

In  April 2001, the Company completed a private placement under Reg. S.
whereby it  issued an aggregate of 500,000 restricted shares of the Company's
Common Stock in exchange for $50,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In  April 2001, the  Company completed a private placement under Reg. S.
whereby it issued an aggregate of 500,000 restricted shares of the Company's
Common Stock in exchange for $50,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. D Section
504 whereby it issued an aggregate of 750,000 restricted shares of the
Company's Common Stock in exchange for $75,000 or $0.10 per share, which
proceeds were intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. D Section
504 whereby it issued an aggregate of 750,000 restricted shares of the
Company's Common Stock in exchange for $75,000 or $0.10 per share, which
proceeds were intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. D Section
504 whereby it issued an aggregate of 750,000 restricted shares of the
Company's Common Stock in exchange for $75,000 or $0.10 per share, which
proceeds were intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. D Section
504 whereby it issued an aggregate of 750,000 restricted shares of the
Company's Common Stock in exchange for $75,000 or $0.10 per share, which
proceeds were intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. S whereby
it issued an aggregate of 750,000 restricted shares of the Company's Common
Stock in exchange for $75,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. S whereby
it issued an aggregate of 750,000 restricted shares of the Company's Common
Stock in exchange for $75,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. S whereby
it issued an aggregate of 750,000 restricted shares of the Company's Common
Stock in exchange for $75,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. S whereby
it issued an aggregate of 110,000 restricted shares of the Company's Common
Stock in exchange for $11,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

                                     24
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

3  Stockholders' Equity (Continued)

In April 2001, the Company completed a private placement under Reg. S Section
46 whereby it issued an aggregate of 750,000 restricted shares of the
Company's Common Stock in exchange for $75,000 or $0.10 per share, which
proceeds were intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. S whereby
it issued an aggregate of 750,000 restricted shares of the Company's Common
Stock in exchange for $75,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In April 2001, the Company completed a private placement under Reg. D Section
504 whereby it issued an aggregate of 100,000 restricted shares of the
Company's Common Stock in exchange for $10,000 or $0.10 per share, which
proceeds were intended to fund the Company's immediate working capital needs.

In April 2001, the Company issued 200,000 shares in the Common Stock of the
Company to directors under Reg. D Section 504 for the obligations underlying
Subscription Agreements dated January, 1999 wherein the directors had
subscribed for 20,000 Preferred Shares, but the Preferred Shares were not
subsequently designated. Conversion of the Preferred Shares did not require
additional consideration, and the shares issued in satisfaction of the
issuance of obligation were without additional consideration. The 200,000
common shares so issued was the same number into which the Preferred Shares
could have been exchanged, had the Designation been made.

In May 2001, the Company completed a private placement under Reg. S whereby
it issued an aggregate of 750,000 restricted shares of the Company's Common
Stock in exchange for $75,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In May 2001, the Company completed a private placement under Reg. S whereby
it issued an aggregate of 200,000 restricted shares of the Company's Common
Stock in exchange for $20,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In May 2001, the Company completed a private placement under Reg. S whereby
it issued an aggregate of 200,000 restricted shares of the Company's Common
Stock in exchange for $20,000 or $0.10 per share, which proceeds were
intended to fund the Company's immediate working capital needs.

In November 2001, the Company issued 500,000 shares in the Common Stock of
the Company under Reg. D Section 4(6) to 100% of outstanding shares of
Evolution Marketing Systems inc. As part of the offering price, the
shareholders also received 250,000 Shares Purchase Warrants convertible into
an equivalent number of shares of the Company's Common Stock from the date of
the private placement.

                                     25
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

3  Stockholders' Equity (Continued)

In 2003 the Company sold 108,868 common shares of stock for $16,330 and also
raised $486,000 through the issuance of common stock and exercise of stock
options. In April 2003, Jupiter Capital Ventures, Inc., and Jupiter Financial
Services agreed to allow the Company to convert the outstanding debts owing
to each of the companies into equity in the Company. The debt consists of a
combination of expenses incurred by Jupiter Capital  on  behalf  of  the
Company,  advances  loaned to the Company by Jupiter,  and services rendered
to the Company as stipulated by consulting agreements of  Jupiter Capital
Ventures, Inc., and Jupiter Financial Services, Inc., and total $765,531.

In January 2004, the Company entered into an agreement with related parties
to convert debt of $50,000 with the issuance of 150,000 free trading shares
of the Company.

In March 11, 2005,  there  are  options outstanding  held by  William Mckay
in the amount 6,155,310 and options outstanding held  by Jupiter Capital
Ventures, Inc.,  all  of  which  options  having  been  granted pursuant to a
stock for debt agreement dated April 14, 2003 and all of the options
exercisable at a price of $0.00.  Pursuant to Mckay  S-8  Option  the holder
hereby  surrenders  this option and  the Company hereby resolved to issue
6,155,310  common shares of the  Company to Mckay and pursuant to Jupiter 144
Option  the  holder  hereby  surrenders  this option and  the  Company
hereby  resolved to issued 1,500,000 common shares of the Company to Jupiter
Capital Ventures, Inc.

In April 11, 2005, the Company entered into an agreement with Jupiter Capital
Ventures, Inc., to convert $100,000 of outstanding debts in exchange for
10,000,000 common shares of the Company.

In August 30, 2007, $57,000 of related parties debt of the Company was
settled through the issuance of 57,000,000 common restrictive shares and on
October 12, 2007 the Company had authorized a reverse stock split of 200 to 1
of all of the issued and outstanding common stock. On October 24, 2007,
$100,000 of related parties debt of the Company was settled through the
issuance of 10,000,000 common restrictive shares in accordance to Rule 144(k)
under the Securities Act of 1933.

4  Share Capital

Amend the Company's authorized share capital

On July 15, 2005 the authorized shares capital was increased as follows :-

Authorized preferred stock consist of  50,000,000 shares having a par value
of $0.001 per share
Authorized common stock consist of 150,000,000 shares having a par value of
$0.001 per share

Article IV of the Company's Articles of Incorporation will be amended to
read as follows:
The capital stock of this corporation shall consist of 150,000,000 shares of
common stock having a par value of $0.001 per share and 50,000,000 shares of
preferred stock with a par value of $0.001 per share

                                     26
<PAGE>


FORM CAP CORP
(FORMERLY: GRAVITAS INTERNATIONAL, INC.)
(a development stage company)
Notes To The Financial Statements
December 31, 2007
(Unaudited)
(U.S. Dollars)
-----------------------------------------------------------------------------

5  Advances From Related Party

At December 31, 2007 $634,470 was due to several individuals and corporations
related to the Company. These amounts bear no interest and are due on demand,
the Company recorded no imputed interest on these borrowings.

6  Related Party Transactions

In August 30, 2007, $57,000 of related parties debt of the Company was
settled through the issuance of 57,000,000 common restrictive shares and on
October 24, 2007, $100,000 of related parties debt of the Company was settled
through the issuance of 10,000,000 common restrictive shares in accordance to
Rule 144(k)under the Securities Act of 1933.

7  License Agreement

As of December 31, 2004,  the Company had  $135,000  in outstanding  license
and royalty fees payable. The Company is in default in these agreements and
is currently negotiating settlements of these liabilities as it is no longer
in this line of business.

8  Income Taxes

The  Company provides for income taxes under  Statement of Financial
Accounting Standards No. 109, Accounting for  Income Taxes.   SFAS No. 109
requires the use of an asset and liability  approach in accounting for income
taxes.  Deferred tax assets and liabilities  are recorded based on the
differences between the financial statement and tax bases of assets and
liabilities and the tax rates in effect currently.

SFAS No. 109  requires the  reduction of  deferred tax assets by a  valuation
allowance if, based on the weight of available evidence,  it is more likely
than not  that some or all of the deferred tax assets will not be realized.
In the Company's opinion, it is uncertain whether they will generate
sufficient taxable income in the future to fully utilize the net deferred tax
asset.

At  December 31, 2007,  the Company  had  deficits  accumulated  during  the
development  stage  of $7,122,472 available to offset future taxable income.

                                     27
<PAGE>



Item 8A.  Controls and Procedures

The Company maintains disclosure controls and procedures that are designed to
ensure that information required to be disclosed in the Company's Exchange
Act reports is recorded, processed and summarized and is reported within the
time periods specified in the SEC's rules and forms, and that such
information is accumulated and communicated to the Company's management,
including its Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosure.  In
designing and evaluating the disclosure control procedures, no matter how
well designed and operated, can provide only reasonable assurance of
achieving the desired control objectives, and management necessarily was
required to apply its judgment in evaluating the cost-benefit relationship of
possible controls and procedures.

As of the date of this report, the Company's management, including the
President ( principal executive officer ) and Chief Financial Officer,
carried out an evaluation of the effectiveness of the design and operation of
the Company's disclosure controls and procedures pursuant to Exchange Act
Rule 13a - 14. Based upon the evaluation, the Company's President (principal
executive officer ) and Chief Financial Officer concluded that the Company's
disclosure controls and procedures are effective in timely alerting them to
material information required to be included in the Company's periodic SEC
filings. There have been no significant changes in the Company's disclosure
controls and procedures or in other factors, which could significantly affect
disclosure controls subsequent to the date the Company's management carried
out its evaluation. During the period covered by this Annual Report on Form
10 - KSB, there was no change in our internal control over financial
reporting ( as defined in Rule 13a - 15( f ) under the Exchange Act ) that
materially affected, or is reasonably likely to materially affect, our
internal control over financial reporting.

Item 8B.  Other Information

None


PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons and
         Corporate Governance ; Compliance with Section 16 ( a ) of the
         Exchange Act

A.  Identification of Directors and Executive Officers

The following are our directors, secretary and executive officers as of Feb
13, 2008

Jeffrey Dashefsky acts as President and Director of the Company since August
24, 2007 and was appointed as Secretary of the Company on December 4, 2007.

B.  Significant Employees.        None

C.  Family Relationships.          None

D.  Involvement in Certain Legal Proceedings.         None


                                     28
<PAGE>


E.  The Board of Directors acts as the Audit Committee and the Board has no
separate committees. The Company has no qualified financial expert at this
time because it has not been able to hire a qualified candidate. Further, the
Company believes that it has inadequate financial resources at this time to
hire such an expert. The Company intends to continue to search for a
qualified individual for hire.

Section 16 ( a ) Beneficial Ownership Compliance

Section 16 ( a ) of the Securities Exchange Act of 1934, as amended, requires
our executive officers and directors and persons who own more than 10% of a
registered class of our equity securities to file with the Securities and
Exchange Commission initial statements of beneficial ownership, reports of
changes in ownership and annual reports concerning their ownership of the our
common stock and other equity securities, on Form 3, 4 and 5 respectively.
Executive officers, directors and greater than 10% shareholders are required
by the Securities and Exchange Commission regulations to furnish our company
with copies of all Section 16 ( a ) reports they file. Based solely on our
review of the copies of such reports received by us, and on written
representations by our officers and directors regarding their compliance with
the applicable reporting requirements under Section 16 ( a ) of the Exchange
Act, we believe that, with respect to the fiscal year ended December 31,
2007, our officers and directors, and all of the persons known to us to own
more than 10% of our common stock, filed all required reports on a timely
basis.

Code of Ethics

We currently do not have a code of ethics. Upon consummation of a business
combination, we intend to adopt a code of ethics that applies to our
principal executive officer, principal financial officer, principal
accounting officer or controller or persons performing similar functions.

Board Committees and Designated Directors

The board of directors is currently composed of only one individual and we do
not have any committees. It is intended that the board of directors will
establish an Audit Committee upon the consummation of a business combination.
The board of directors will take all reasonable actions to ensure that one of
the members of the Audit Committee will be an "audit committee financial
expert," as such term is defined in the rules of the Securities and Exchange
Commission. We will evaluate establishing such committees in the future.

Item 10.  Executive Compensation

The Company's officer and director does not receive any compensation for his
services rendered to the Company since his appointment and is not accruing
any compensation pursuant to any agreement with the Company. No remuneration
of any nature has been paid for or on account of services rendered by a
director in such capacity. The Company's sole officer and director intends to
devote no more than a few hours a week to our affairs.

The officer and director of the Company will not receive any finder's fee,
either directly or indirectly, as a result of his efforts to implement the
Company's business plan outlined herein.


                                     29
<PAGE>



It is possible that, after the Company successfully consummates a business
combination with an unaffiliated equity, that equity may desire to employ or
retain one or a number of members of our management for the purposes of
providing services to the surviving entity. However, the Company has adopted
a policy whereby the offer of any post-transaction employment to members of
management will not be a consideration in our decision whether to undertake
any proposed transaction.

No retirement, pension, profit sharing, stock option or insurance programs or
other similar programs have been adopted by the Company for the benefit of
its employees.

There are no understandings or agreements regarding compensation our
management will receive after a business combination that is required to be
included in this table, or otherwise.

Item 11.  Security Ownership of Certain Beneficial Owners and Management and
          Related Stockholders Matters

( a )  Security Ownership of Certain Beneficial Owners

The following table sets forth the beneficial ownership of our common shares
as of December 31, 2007 for each person or entity ( including group ) that is
known by us to be beneficial owner of more than 5% of our outstanding shares.

Name and Address of Beneficial   Amount and Nature of        Percentage
Owner                            Beneficial Owner            Beneficial Owned

Maxxam Holdings Ltd              1,000,000                    9.53%
Lai Ying Ling, Suzanna           1,000,000                    9.53%
Ecom Capital Corp                2,500,000                   23.82%
Presidents Corporate Group       2,500,000                   23.82%
Temple Securities Ltd            1,100,000                   10.48%
Admiralty Fund Ltd               1,100,000                   10.48%

( 1 )  Under Rule 13 ( d ) of the Exchange Act, shares not outstanding but
subject to options, warrants, rights or conversion privileges pursuant to
which such shares may be acquired in the next 60 days are deemed to be
outstanding for the purpose of computing the percentage of outstanding shares
owned by persons have such rights, but are not deemed outstanding for the
purpose of computing the percentage for any other person.

( 2 )  As of December 31, 2007, there were 10,498,545 common shares
outstanding. Unless otherwise noted, the security ownership disclosed is of
record and beneficial.

( b )  Security Ownership of Management

The following table sets forth the beneficial ownership of our common shares
as of each officer and director, and of all directors and executive officers
as a group as of December 31, 2007.

Name and Address of Beneficial   Amount and Nature of        Percentage
Owner                            Beneficial Owner            Beneficial Owned

Jeffrey Dashefsky                73,790                      0.71%

                                      30
<PAGE>



Item 12.  Certain Relationships and Related Transactions, and Director
          Independence

Except as otherwise indicated herein, there have been no related party
transactions, or any other transactions or relationships required to be
disclosed pursuant to Item 404 of Regulation S - B.


Item 13.  Exhibits

(a)  Exhibits

Exhibit No.    Description

31.1           Certification of Chief Executive Officer and Chief Financial
               Officer pursuant to Section 302 of the Sarbanes-Oxley
               Act of 2002 (1)

32.1           Certification of Chief Executive Officer and Chief Financial
               Officer pursuant to 18 U.S.C. Section 1350, as adopted
               pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)

3.1            Certificate of Incorporation (1)

3.2            By-laws (1)

(b)  The following documents are filed as part of the report :

1.  Financial Statements : Balance Sheet, Statement of Operations, Statement
of Stockholders' Equity, Statement of Cash Flows and notes to Financial
Statements.

The Company is an inactive entity as defined by Section 3-11 of Regulation
S-X. Accordingly, the financial statements required for purposes of reports
pursuant to the Securities Exchange Act of 1934 are unaudited

Item 14.  Principal Accountant Fees and Services

The firm Moore & Associates, Chartered acts as our auditors for the balance
sheet of the Company for the nine months ended September 30, 2007 and the
years ended December 31, 2006 and 2005, and the related statements of
operations, stockholders' equity and cash flows for the nine months ended
September 30, 2007 and the years ended December 31, 2006 and 2005, and
inception on April 10, 1991 through September 30, 2007. The Company had paid
$4,500 in term of auditing fees to Moore & Associates, Chartered.

Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the registrant has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized.

FormCap Corp.
( Registrant )

Date : March 18, 2008


By : /s/ Jeffrey Dashefsky
     --------------------------------------------
     ( Signature )
     Jeffrey Dashefsky, President & Sole Director

                                     31
<PAGE>