Uscorp - Consolidated Statements of Operations for the Three...

Uscorp - Recent Material Event

Item 1. Financial Statements

Consolidated Balance Sheet as of December 31, 2007 and December 31, 2006 (unaudited)

Consolidated Statements of Operations for the Three Months & Quarter Ended December 31, 2007 and December 31, 2006 and from Inception, May 1989 through June 30, 2006 (unaudited)

Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2007 and December 31, 2006 and from Inception, May 1989 through June 30, 2006 (unaudited)

Consolidated Statements of Changes in Shareholders’ Equity from Inception, May 1989 through December 31, 2007

Notes to Consolidated Financial Statements (unaudited)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 3. Controls and Procedures

PART II — OTHER INFORMATION

Item 6. Exhibits

SIGNATURES

PART I. FINANCIAL INFORMATION

USCorp

(an Exploration Stage Company)

Balance Sheet

As of December 31, 2007 and September 30, 2007

	31-Dec-07			30-Sep-07
	Unaudited
ASSETS
Current assets:
Cash	$	1,350,846		$	1,541,001

Total current assets	$	1,350,846		$	1,541,001

Other assets:
Equipment- net		4,347			5,431

Total assets	$	1,355,193		$	1,546,432

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:
Accounts payable & accrued expenses	$	2,429,028		$	2,410,918
Subscriptions payable		569,323			569,323
Total current liabilities	$	2,998,351		$	2,980,241

Gold bullion loan		1,495,110			1,205,484
Convertible debenture payable		775,429			639,770
Advances payable to shareholder		195,764			205,263
Shareholders’ equity:
Series A preferred stock, one share convertible to eight shares of common; 10% stated dividend, stated value $0.50, 10,000,000 shares authorized, no shares outstanding at September 30, 2007		0
Series B preferred stock, one share convertible to two shares of common; 10% cumulative stated dividend, stated value $0.50, 50,000,000 shares authorized, 155,000 shares outstanding		70,165			70,165
Common stock B- $.001 par value, authorized 250,000,000 shares, issued and outstanding, 5,000,000 shares at September 30, 2006 and 5,000,000 at September 30, 2007, non-voting		5,000			5,000
Common stock A- $.01 par value, authorized 550,000,000 shares, issued and outstanding, 33,856,462 shares at September 30, 2007 and 33,856,462 at December 31, 2007	$	338,564		$	338,564
Additional paid in capital		7,839,031			7,839,031
Accumulated deficit - exploration stage		(12,362,221	)		(11,737,086	)
Total shareholders’ deficit		(4,184,626	)		(3,559,491	)

Total Liabilities & Shareholders’ Deficit	$	1,355,193		$	1,546,432

See the notes to the financial statements.

USCorp

(an Exploration Stage Company)

Statements of Operations

For the Quarters Ended December 31, 2007 and December 31, 2006

and from Inception, May 1989 through December 31, 2007

							Inception
	31-Dec-07			31-Dec-06			to Date
	Unaudited			Unaudited
General and administrative expenses:
Consulting	$	9,310		$	5,492		$	5,697,646
Administration		146,868			85,763			4,203,287
License expense		0			266			190,684
Professional fees		43,672			9,864			536,999
Total general & administrative expenses		199,850			101,385			10,628,616

Net loss from operations		($199,850	)		($101,385	)		($10,628,616	)

Other income (expenses):
Interest expense		(150,079	)		(14,420	)		(403,468	)
Loss on unhedged derivative		(275,206	)		(45,139	)		(730,137	)
(Loss) gain on mining claim		0			0			(600,000	)

Net loss before provision for income taxes		($625,135	)		($160,944	)		($12,362,221	)

Provision for income taxes		0			0			0

Net loss		($625,135	)		($160,944	)		($12,362,221	)


Basic & fully diluted net loss per common share		($0.02	)		($0.01	)

Weighted average of common shares outstanding:
Basic & fully diluted