Newtech Brake Corp – ‘10SB12G/A’ on 9/21/99

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Amendment to Registration of Securities of a Small-Business Issuer   —   Form 10-SB
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10SB12G/A   Amendment to Registration of Securities of a           7     18K 
                          Small-Business Issuer                                  

10SB12G/A
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FORM 10-SB/A      

AMENDMENT NO. 1 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 GENERAL FORM FOR REGISTRATION OF SECURITIES OF SMALL BUSINESS ISSUERS
 Under Section 12(b) or (g) of the
 Securities Exchange Act of 1934

INTERNET VIP, INC.
(Name of Small Business Issuer in its charter)

Delaware                                                   (I.R.S. Employer     
(State or other jurisdiction of                             Identification No.) 
incorporation or organization)                                                

1155 University St., Suite 602,  Montreal,  Canada   H3B 3A7                    
(Address of principal executive offices)            (Zip Code)                  

Telephone Number (514) 876-9222         Fax Number (514) 876-1001               

Securities to be registered under Section 12(b) of the Act:                     

Title of each class        Name of each exchange on which     
to be so registered        each class is to be registered     

Securities to be registered under Section 12(g) of the Act:   

Common Stock, $.0001 par value
(Title of Class)

10SB12G/A
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Revised September 14, 1999

 INTERNET VIP, INC. AND SUBSIDIARY

 (a development stage company)

CONSOLIDATED BALANCE SHEET

 Unaudited

MAY 31, 1999

ASSETS

CURRENT ASSETS                                                                  
   Cash and cash equivalence                                      190,251.74
   Other current assets                                               801.00
       Total current assets                                       191,052.74

COMPUTER EQUIPMENT                                                  223,542.34  
RECEIVABLES FROM SUBSIDIARIES                                        32,432.00  
INVESTMENT IN SUBSIDIARIES                                           14,000.00  
INCORPORATION AND ORGANIZATION EXPENSES                               4,090.00  

       Total assets                                               465,117.08

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:                                                            
   Accrued expenses                                               120,313.00
   Accounts payable                                                 4,450.84
       Total current liabilities                                  124,763.84

STOCKHOLDERS' EQUITY:                                                           
Common Stock, $0.0001 par value; 50,000,000 Shares Authorised;        
       21,695,695 shares issued and outstanding                     2,169.00
   Additional paid-in capital                                     928,455.50
    Deferred compensation                                         (100,000.00)
    Accumulated Deficit                                           (490,271.26)
       Total stockholders' equity                                 340,353.24
       Total liabilities and stockholders's equity                465,117.08

     The accompanying  notes are an integral part of this balance sheet.

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Revised September 14, 1999

 INTERNET VIP, INC. AND SUBSIDIARY

 (a development stage company)

 Unaudited

CONSOLIDATED STATEMENT OF OPERATIONS

 FOR THE PERIOD FROM MARCH 1, 1999 TO MAY 31, 1999

OPERATING EXPENSES2                                                             
       General and administrative expenses                      $ 271,261.26
       Total operating expenses                                 $ 271,261.26
       Net loss                                                 $ 271,261.26
                                                                ============

BASIC AND DILUTED NET LOSS PER SHARE                              $       0.01  

AVERAGE COMMON STOCK OUTSTANDING -                                              
       BASIC AND DILUTED3                                         21,285,248

          The accompanying notes are an integral part of this statement.

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Revised September 14, 1999

 INTERNET VIP, INC. AND SUBSIDIARY

 (a development stage company)

 Unaudited

CONSOLIDATED STATEMENT OF CASH FLOWS

 FOR THE PERIOD FROM MARCH 1, 1999 TO MAY 31, 1999

CASH FLOWS FROM OPERATING ACTIVITIES:                                           
     Net loss                                                         $(271,261)
Adjustments to reconcile net loss to net cash used in operating       
activities                                                  
Changes in operating assets and liabilities -                                   
         Other current assets                                           (801.00)
        Accrued expenses                                            120,313.00
                                                                    ----------
                  Net cash used in operating activities             (151,749.00)

CASH FLOWS FROM INVESTING ACTIVITIES:                                           
     Deposit on account of property and equipment                   (198,542.00)
                  Net cash used in investing activities             (198,542.00)

CASH FLOWS FROM FINANCING ACTIVITIES:                                           
    Stockholders' capital contribution, net                         430,448.00
                 Net cash provided by financing activities          430,448.00
Net increase (decrease) in cash and         
                      cash equivalents                               (33,372.00)

CASH AND CASH EQUIVALENTS, beginning of period                       223,624.00 

CASH AND CASH EQUIVALENTS, end of period                            $190,252.74 
                                                                   ===========

NONCASH FINANCING ACTIVITIES:                                                   
    Common stock issued for consulting services                    $100,000.00
                                                                   ===========

           The accompanying  notes are an integral part of this balance sheet.

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Revised September 14, 1999

 INTERNET VIP, INC. AND SUBSIDIARY

 (a development stage company)

 Unaudited

 CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE

 PERIOD FROM INCEPTION (NOVEMBER 13, 1998) TO MAY 31, 1999

                                                        [Enlarge/Download Table]
                                                                                                                                  

                                             Common Stocks                                                                        
                                                                    Additional                                        Total       
                                          Number        Amount       Paid-in         Deferred      Accumulated    Stockholders'   
                                         of Shares        ($)        Capital       Compensation      Deficit          Equity      
                                                                       ($)             ($)             ($)              ($)       
     BALANCE, November 13, 1998              -             -            -               -               -                -        

     Issuance of Common Stocks                                                                                                    
            to founders                 18,772,600       1,877          -               -               -              1,877      

     Issuance of Common Stocks                                                                                                    
       in a private placement                                                                                                     
         ($0.05 per share)                1,184,000       118      59,082               -               -            59,200       
         ($0.50 per share)                    27,695       3       13,844.50                                         13,847.50    

     Issuance of common Stocks                                                                                                    
      for consulting services               200,000       20        99,980          (100,000)           -                -        

     Issuance of Common Stocks                                                                                                    
       in a private placement                                                                                                     
     ($0.50 per share), net of                                                                                                    
     issuance costs of $20,000            1,511,400       151     755,549               -               -          755,700        

              Net loss                       -             -            -               -          (490,271.26)    (490,271.26)   

------------------------------------- ---------------- ---------- --------------- --------------- --------------- ----------------
       BALANCE, May 31, 1999            21,695,695      $2,169     $928,455.50     $ (100,000)    ($490,271.26)     $340,353.24   
                                        ==========      ======     ===========     ===========    =============     ===========   


             The accompanying  notes are an integral part of this statement.

10SB12G/A
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Revised September 14, 1999

 INTERNET VIP, INC. AND SUBSIDIARY

 (a development stage company)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 Unaudited

MAY 31, 1999

(1)      BASIS OF PRESENTATION:                                                 

     The accompanying unaudited condensed consolidated financial statements have
     been  prepared by the Company and reflect all  adjustments,  consisting  of
     only normal adjustments, which are, in the opinion of management, necessary
     for a fair  presentation of financial  results for the period from March 1,
     1999 to May 31,  1999 in  accordance  with  generally  accepted  accounting
principles for the interim financial reporting.                       

     The results of operations for the period from March 1, 1999 to May 31, 1999
     are not necessarily  indicative of the results of operations to be expected
for a full fiscal year.                                               

     The  preparation  of financial  statements  in  conformity  with  generally
     accepted  accounting  principles  requires management to make estimates and
     assumptions  that affect the reported  amounts of assets and disclosures of
     contingent assets and liabilities at the dates of the financial  statements
     and the  reported  amounts of revenues and  expenses  during the  reporting
periods. Actual results could differ from those estimates.            

(2)      OPERATING EXPENSES:                                                    

     Travel expenses represented roughly 25% of total operating expenses for the
     period under review. This percentage is expected to decrease  significantly
once the Company is fully operational.                                

(3)      OUTSTANDING SHARES (O/S)                                               

O/S on February 28, 1999                        20,874,800            
on May 31, 1999                          21,695,695     

O/S Average common shares;                      21,285,248            

10SB12G/A
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SIGNATURES                                                                      

In  accordance  with  Section 12 of the  Securities  Exchange  Act of 1934,  the
Registrant caused this registration  Statement to be signed on its behalf by the
undersigned, thereunto duly authorized.                                         

                  INTERNET VIP, INC.

Date:   September 21, 1999                        /s/                           

                                  Dr. Ilya Gerol, Chairman and CEO
                         (Chief Executive Officer)

Date:   September 21, 1999                       /s/                            

                                    Michael MacInnis, CFO and Director
                         (Chief Financial Officer)

Date:   September 21, 1999                     /s/                              
                                      Derek LaBell, President and Director

Date:   September 21, 1999                    /s/                               
                                       Viatcheslav Makarov, V P and Director

Dates Referenced Herein

				Referenced-On Page
This ‘10SB12G/A’ Filing		Date		First		Last			Other Filings
Filed on:		9/21/99		7					None on these Dates
		9/14/99		2		6
		5/31/99		2		6
		3/1/99		3		6
		11/13/98		5
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