Nevada
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03-7392107
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
Employer Identification Number)
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30
West Gude Drive, Rockville, Maryland
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20850
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(Address
of principal executive offices)
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(Zip/Postal
Code)
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PART
I FINANCIAL INFORMATION
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Item
1
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3
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4
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5
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6
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7
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Item
2
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7
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Item
3
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9
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PART
II OTHER INFORMATION
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Item
1
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11
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Item
2
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11
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Item
3
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11
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Item
4
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11
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Item
5
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11
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Item
6
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11
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12
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(unaudited)
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ASSETS
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||||
Current
Assets:
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||||
Restricted
Cash
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$
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45,518
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Accounts
Receivable
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14,093
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Other
Current Assets
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||||
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Total
current assets
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59,611
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Equipment,
net
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7,071
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Customer
base
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35,417
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Total
assets
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$
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102,099
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LIABILITIES
AND STOCKHOLDERS’ DEFECIT
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Current
Liabilities
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||||
Convertible
note payable to stockholder
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$
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192,146
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Convertible
note payable
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3,000
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Accounts
Payable
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253,248
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Accrued
expenses
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60,242
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Total
current liabilities
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508,636
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Commitments
and contingencies
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||||
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Stockholders'
Deficit
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||||
Convertible
preferred stock, $.001 par value, 5,000,000 shares authorized,
911,553
shares issued and outstanding
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911
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Common
stock, $.001 par value, 100,000,000 shares authorized, 1,290,206
shares issued and outstanding
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1,290
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Paid
in capital
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22,635,788
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Retained
deficit
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(23,044,526
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)
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Total
stockholders' deficit
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(406,537
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)
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Total
liabilities and stockholders' deficit
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$
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102,099
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(unaudited)
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Three
Months Ended March 31
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|||||||
2005
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2004
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||||||
Sales
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$
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52,375
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$
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117,540
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Cost
of Sales
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11,332
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82,691
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Selling,
general and administrative expenses
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77,170
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290,274
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Depreciation
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115
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12,698
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Amortization
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3,125
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11,458
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Bad
Debts
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-
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-
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Income
(loss) from operations
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(39,367
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)
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(279,581
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)
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Interest
Expense
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0
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2,888
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Net
income (loss)
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$
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(39,367
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)
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$
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(282,469
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)
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Basic
and diluted income (loss) per share:
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$
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<(0.01
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)
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$
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<(0.01
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)
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Weighted
Average Shares Outstanding
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40,706,190
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31,139,524
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(unaudited)
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Three
Months Ended March 31, 2005
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Cash
Flows Used in Operating Activities
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2005
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2004
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Net
Income (Loss)
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$
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(39,367
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)
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$
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(282,469
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)
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Adjustments
to reconcile net income (loss) to net cash used in operating
activities:
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Depreciation
and amortization
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3,240
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6,549
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Stock
option expense
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-
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220,000
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Change
in:
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Accounts
Receivable
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-
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(19,283
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)
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Other
Current Assets
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(5,740
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)
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-
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Accounts
Payable
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(27,687
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)
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6,922
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Trade
Accounts Receivable
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554
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20,925
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Net
Cash Used In Operating Activities
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(69,000
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)
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(47,356
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)
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Cash
Flows Used In Investing Activities
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Purchases
of customer base
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-
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(50,000
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)
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Cash
Flows Provided By Financing Activities
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|||||||
Proceeds
from shareholder note payable
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-
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-
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Exercise
of stock options
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-
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100,000
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Payments
on note payable
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-
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(2,644
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)
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Net
cash from financing activities
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-
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97,356
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Net
Change in Cash
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-
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-
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|||||
Cash
- beginning of year
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-
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-
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|||||
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|||||||
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Cash
- End of Quarter
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-
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-
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List
of Exhibits
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Certifications
of CEO pursuant to Section 302
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Certifications
of CFO pursuant to Section 302 (Included in exhibit
31.1)
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Section
1350 Certifications of CEO
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||
Section
1350 Certifications of CEO (Included in exhibit
32.1)
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WorldTeq
Group International, Inc.
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By:
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/s/ Jeff
Lieberman
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Jeff
Lieberman
Chief
Executive Officer, President,
Treasurer,
and Chairman of the Board
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Date: June
15, 2005
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By:
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/s/ Jeff
Lieberman
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Jeff
Lieberman
Chief
Executive Officer, President,
Treasurer,
and Chairman of the Board
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