þ
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
Nevada
|
52-2088326
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
Page
|
|||||||
PART I
|
3
|
||||||
ITEM 1. Financial
Statements
|
3
|
||||||
Condensed consolidated balance
sheets
|
3-4
|
||||||
Condensed consolidated statements of
operations (unaudited)
|
5
|
||||||
Condensed consolidated statement of changes in stockholders’ deficiency
(unaudited)
|
6-32
|
||||||
Condensed consolidated statements of cash flows
(unaudited)
|
33-34
|
||||||
Notes to condensed consolidated financial statements
(unaudited)
|
35
|
||||||
ITEM 2. Management’s Discussion and Analysis or
Plan of Operations
|
52
|
||||||
ITEM 3. Controls and
Procedures
|
62
|
||||||
|
|||||||
PART II
|
64
|
||||||
ITEM 1. Legal Proceedings
|
64
|
||||||
ITEM 2. Unregistered Sales of Equity Securities
and Use of Proceeds
|
64
|
||||||
ITEM 3. Defaults Upon Senior
Securities
|
66
|
||||||
ITEM 4. Submission of Matters to a Vote of
Security Holders
|
66
|
||||||
ITEM 5. Other Information
|
66
|
||||||
ITEM 6. Exhibits
|
66
|
||||||
SIGNATURES
|
67
|
||||||
EXHIBIT INDEX
|
68
|
||||||
EXHIBIT
31.1
|
|||||||
EXHIBIT
31.2
|
|||||||
EXHIBIT
32
|
March
31, 2008
|
December
31,
|
|||||||
(unaudited)
|
2007
|
|||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
|
$ | 143,127 | $ | 47,660 | ||||
Accounts
receivable, net of allowance for doubtful accounts of $1,380 and $0,
respectively
|
- | 1,380 | ||||||
Inventory
|
30,256 | 30,256 | ||||||
Other
current assets
|
22,700 | 20,552 | ||||||
Total
current assets
|
196,083 | 99,848 | ||||||
Equipment,
net
|
163,599 | 201,058 | ||||||
Other
assets
|
4,500 | 4,500 | ||||||
Total
assets
|
$ | 364,182 | $ | 305,406 | ||||
March
31, 2008
|
December
31,
|
|||||||
(unaudited)
|
2007
|
|||||||
LIABILITIES
AND STOCKHOLDERS’ DEFICIENCY
|
||||||||
Current
liabilities
|
||||||||
Accounts
payable-related parties
|
$
|
344,587
|
$
|
323,413
|
||||
Accounts
payable-other
|
929,632
|
716,986
|
||||||
Accrued
expenses
|
685,748
|
742,719
|
||||||
Accrued
research and development fees
|
38,347
|
53,347
|
||||||
Accrued
professional fees
|
270,113
|
747,261
|
||||||
Loan
payable-related party
|
84,817
|
83,596
|
||||||
Loan
payable-other
|
—
|
20,334
|
||||||
Convertible
debentures, net-related parties
|
315,419
|
227,136
|
||||||
Convertible
debentures, net-others
|
414,483
|
1,078,408
|
||||||
Convertible
debentures, net-other-default
|
—
|
671,992
|
||||||
Total
current liabilities
|
3,083,146
|
4,665,192
|
||||||
Commitments
and contingencies
|
||||||||
Stockholders’
deficiency
|
||||||||
Common
stock, $.001 par value: 200,000,000 shares authorized, 54,751,117 and
46,470,413
shares issued and outstanding at March 31, 2008 and December 31,
2007,
respectively
|
54,752
|
46,471
|
||||||
Common
stock to be issued
|
459,105
|
4,000
|
||||||
Additional
paid-in capital
|
35,741,366
|
32,280,083
|
||||||
Deficit
accumulated during the development stage
|
(38,974,187
|
)
|
(36,690,340
|
)
|
||||
Total
stockholders’ deficiency
|
(2,718,964
|
)
|
(4,359,786
|
)
|
||||
Total
liabilities and stockholders’ deficiency
|
$
|
364,182
|
$
|
305,406
|
||||
Cumulative
|
||||||||||||
March
31,
|
March
31,
|
since
|
||||||||||
2008
|
2007
|
inception
|
||||||||||
Net
sales
|
$
|
—
|
$
|
22,000
|
$
|
69,000
|
||||||
Cost
of goods sold
|
—
|
5,360
|
24,120
|
|||||||||
Gross
profit
|
—
|
—
|
44,880
|
|||||||||
Operating
expenses
|
760,142
|
1,279,775
|
27,619,463
|
|||||||||
Research
and development expenses
|
259,670
|
340,452
|
5,065,9000
|
|||||||||
Non-cash
patent settlement cost
|
—
|
—
|
1,610,066
|
|||||||||
Loss
before other income(expense)
|
(1,019,812
|
)
|
(1,603,587
|
)
|
(34,250,549
|
)
|
||||||
Other
income(expense)
|
||||||||||||
Other
income
|
200
|
87
|
3,709
|
|||||||||
Interest
income
|
354
|
17
|
16,696
|
|||||||||
Interest
expense
|
(1,254,906
|
)
|
(309,878
|
)
|
(5,747,286
|
)
|
||||||
Loss
on sale of equipment
|
(9,683
|
)
|
—
|
(9,683
|
)
|
|||||||
Settlement
of litigation and debt
|
—
|
—
|
1,017,208
|
|||||||||
Loss
before provision for income taxes
|
(2,283,847
|
)
|
(1,913,361
|
)
|
(38,969,905
|
)
|
||||||
Provision
for income taxes
|
—
|
800
|
4,282
|
|||||||||
Net
loss
|
$
|
(2,283,847
|
)
|
$
|
(1,914,161
|
)
|
$
|
(38,974,187
|
)
|
|||
Net
loss per common share, basic and diluted
|
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
||||||
Weighted
average common shares outstanding, basic and diluted
|
49,551,981
|
39,012,446
|
||||||||||
Deficit
Accumulated
|
||||||||||||||||||||||||||||||||
Price per
|
Common
Stock
|
Common
Stock
|
Additional
Paid-in
|
Deferred
|
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||||||||
Share
|
Shares
|
Amount
|
to
be Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||||
Balance, February 18,
1998 (date of inception)
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
|||||||||||||||||||
Issuance
of common stock on April 18, 1998
|
.0015 —
.01
|
10,030,000
|
10,030
|
—
|
14,270
|
—
|
—
|
24,300
|
||||||||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(21,307
|
)
|
(21,307
|
)
|
|||||||||||||||||||||||
Balance,
December 31, 1998
|
10,030,000
|
$
|
10,030
|
$
|
—
|
14,270
|
$
|
—
|
$
|
(21,307
|
)
|
$
|
2,993
|
|||||||||||||||||||
Issuance
of common stock on May 18, 1999
|
1.00 —
6.40
|
198,003
|
198
|
—
|
516,738
|
—
|
—
|
516,936
|
||||||||||||||||||||||||
Issuance
of common stock for ZEFS on September 14, 1999
|
.001
|
5,000,000
|
5,000
|
—
|
—
|
—
|
—
|
5,000
|
||||||||||||||||||||||||
Stock
issued for professional services on May 18, 1999
|
0.88
|
69,122
|
69
|
—
|
49,444
|
—
|
—
|
49,513
|
||||||||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(1,075,264
|
)
|
(1,075,264
|
)
|
|||||||||||||||||||||||
Balance,
December 31, 1999
|
15,297,125
|
$
|
15,297
|
$
|
—
|
$
|
580,452
|
$
|
—
|
$
|
(1,096,571
|
)
|
$
|
(500,822
|
)
|
|||||||||||||||||
Stock
issued for employee compensation on February 8, 2000
|
1.03
|
20,000
|
20
|
—
|
20,580
|
—
|
—
|
20,600
|
||||||||||||||||||||||||
Stock
issued for consulting services on February 8, 2000
|
1.03
|
100,000
|
100
|
—
|
102,900
|
—
|
—
|
103,000
|
||||||||||||||||||||||||
Stock
issued for professional services on April 18, 2000
|
3.38
|
27,000
|
27
|
—
|
91,233
|
—
|
—
|
91,260
|
||||||||||||||||||||||||
Stock
issued for directors fees on April 18, 2000
|
3.38
|
50,000
|
50
|
—
|
168,950
|
—
|
—
|
169,000
|
||||||||||||||||||||||||
Stock
issued for professional services on May 19, 2000
|
4.06
|
5,000
|
5
|
—
|
20,295
|
—
|
—
|
20,300
|
||||||||||||||||||||||||
Stock
issued for directors fees on June 20, 2000
|
4.44
|
6,000
|
6
|
—
|
26,634
|
—
|
—
|
26,640
|
||||||||||||||||||||||||
Stock
issued for professional services on June 20, 2000
|
4.44
|
1,633
|
2
|
—
|
7,249
|
—
|
—
|
7,251
|
Deficit
Accumulated
|
||||||||||||||||||||||||||||||||
Price
per
|
Common
Stock
|
Common
Stock
|
Additional
Paid-in
|
Deferred
|
During
the Development
|
Total
Stockholders’
|
||||||||||||||||||||||||||
Share
|
Shares
|
Amount
|
to
be Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||||
Stock
issued for professional services on June 26, 2000
|
5.31
|
1,257
|
1
|
—
|
6,674
|
—
|
—
|
6,675
|
||||||||||||||||||||||||
Stock
issued for employee compensation on June 26, 2000
|
5.31
|
22,000
|
22
|
—
|
116,798
|
—
|
—
|
116,820
|
||||||||||||||||||||||||
Stock
issued for consulting services on June 26, 2000
|
5.31
|
9,833
|
10
|
—
|
52,203
|
—
|
—
|
52,213
|
||||||||||||||||||||||||
Stock
issued for promotional services on July 28, 2000
|
4.88
|
9,675
|
9
|
—
|
47,205
|
—
|
—
|
47,214
|
||||||||||||||||||||||||
Stock
issued for consulting services on July 28, 2000
|
4.88
|
9,833
|
10
|
—
|
47,975
|
—
|
—
|
47,985
|
||||||||||||||||||||||||
Stock
issued for consulting services on August 4, 2000
|
2.13
|
35,033
|
35
|
—
|
74,585
|
—
|
—
|
74,620
|
||||||||||||||||||||||||
Stock
issued for promotional services on August 16, 2000
|
2.25
|
25,000
|
25
|
—
|
56,225
|
—
|
—
|
56,250
|
||||||||||||||||||||||||
Stock
issued for consulting services on September 5, 2000
|
2.25
|
12,833
|
13
|
—
|
28,861
|
—
|
—
|
28,874
|
Stock
issued for consulting services on September 10, 2000
|
1.50
|
9,833
|
10
|
—
|
14,740
|
—
|
—
|
14,750
|
||||||||||||||||||||||||
Stock
issued for consulting services on November 2, 2000
|
0.88
|
9,833
|
10
|
—
|
8,643
|
—
|
—
|
8,653
|
||||||||||||||||||||||||
Stock
issued for consulting services on November 4, 2000
|
0.88
|
9,833
|
10
|
—
|
8,643
|
—
|
—
|
8,653
|
Deficit
Accumulated
|
||||||||||||||||||||||||||||||||
Price
per
|
Common
Stock
|
Common
Stock
|
Additional
Paid-in
|
Deferred
|
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||||||||
Share
|
Shares
|
Amount
|
to
be Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||||
Stock
issued for consulting services on December 20, 2000
|
0.50
|
19,082
|
19
|
—
|
9,522
|
—
|
—
|
9,541
|
||||||||||||||||||||||||
Stock
issued for filing services on December 20, 2000
|
0.50
|
5,172
|
5
|
—
|
2,581
|
—
|
—
|
2,586
|
||||||||||||||||||||||||
Stock
issued for professional services on December 26, 2000
|
0.38
|
12,960
|
13
|
—
|
4,912
|
—
|
—
|
4,925
|
||||||||||||||||||||||||
Other
stock issuance on August 24, 2000
|
2.13
|
2,000
|
2
|
—
|
4,258
|
—
|
—
|
4,260
|
||||||||||||||||||||||||
Common
shares cancelled
|
(55,000
|
)
|
(55
|
)
|
—
|
(64,245
|
)
|
—
|
—
|
(64,300
|
)
|
|||||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(1,270,762
|
)
|
(1,270,762
|
)
|
|||||||||||||||||||||||
Balance,
December 31, 2000
|
15,645,935
|
$
|
15,646
|
$
|
—
|
$
|
1,437,873
|
$
|
—
|
$
|
(2,367,333
|
)
|
$
|
(913,814
|
)
|
|||||||||||||||||
Stock
issued for consulting services on January 8, 2001
|
0.31
|
9,833
|
10
|
—
|
3,038
|
—
|
—
|
3,048
|
Stock
issued for consulting services on February 1, 2001
|
0.33
|
9,833
|
10
|
—
|
3,235
|
—
|
—
|
3,245
|
||||||||||||||||||||||||
Stock
issued for consulting services on March 1, 2001
|
0.28
|
9,833
|
10
|
—
|
2,743
|
—
|
—
|
2,753
|
Deficit
Accumulated
|
||||||||||||||||||||||||||||||||
Price
per
|
Common
Stock
|
Common
Stock
|
Additional Paid-in
|
Deferred
|
During
the Development
|
Total
Stockholders’
|
||||||||||||||||||||||||||
Share
|
Shares
|
Amount
|
to
be Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||||
Stock
issued for legal services on March 13, 2001
|
0.32
|
150,000
|
150
|
—
|
47,850
|
—
|
—
|
48,000
|
||||||||||||||||||||||||
Stock
issued for consulting services on April 3, 2001
|
0.25
|
9,833
|
10
|
—
|
2,448
|
—
|
—
|
2,458
|
||||||||||||||||||||||||
Stock
issued for legal services on April 4, 2001
|
0.25
|
30,918
|
31
|
—
|
7,699
|
—
|
—
|
7,730
|
||||||||||||||||||||||||
Stock
issued for professional services on April 4, 2001
|
0.25
|
7,040
|
7
|
—
|
1,753
|
—
|
—
|
1,760
|
||||||||||||||||||||||||
Stock
issued for consulting services on April 5, 2001
|
0.25
|
132,600
|
132
|
—
|
33,018
|
—
|
—
|
33,150
|
||||||||||||||||||||||||
Stock
issued for filing fees on April 30, 2001
|
1.65
|
1,233
|
1
|
—
|
2,033
|
—
|
—
|
2,034
|
||||||||||||||||||||||||
Stock
issued for filing fees on September 19, 2001
|
0.85
|
2,678
|
2
|
—
|
2,274
|
—
|
—
|
2,276
|
||||||||||||||||||||||||
Stock
issued for professional services on September 28,
2001
|
0.62
|
150,000
|
150
|
—
|
92,850
|
—
|
—
|
93,000
|
||||||||||||||||||||||||
Stock
issued for directors services on October 5, 2001
|
0.60
|
100,000
|
100
|
—
|
59,900
|
—
|
—
|
60,000
|
||||||||||||||||||||||||
Stock
issued for legal services on October 17, 2001
|
0.60
|
11,111
|
11
|
—
|
6,655
|
—
|
—
|
6,666
|
Deficit
Accumulated
|
||||||||||||||||||||||||||||||||
Price
per
|
Common
Stock
|
Common
Stock
|
Additional
Paid-in
|
Deferred
|
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||||||||
Share
|
Shares
|
Amount
|
to
be Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||||
Stock
issued for consulting services on October 18, 2001
|
0.95
|
400,000
|
400
|
—
|
379,600
|
—
|
—
|
380,000
|
||||||||||||||||||||||||
Stock
issued for consulting services on October 19, 2001
|
1.25
|
150,000
|
150
|
—
|
187,350
|
—
|
—
|
187,500
|
||||||||||||||||||||||||
Stock
issued for exhibit fees on October 22, 2001
|
1.35
|
5,000
|
6
|
—
|
6,745
|
—
|
—
|
6,751
|
||||||||||||||||||||||||
Stock
issued for directors
|
0.95
|
1,000,000
|
1,000
|
—
|
949,000
|
—
|
—
|
950,000
|
||||||||||||||||||||||||
Stock
issued for consulting services on November 7, 2001
|
0.85
|
20,000
|
20
|
—
|
16,980
|
—
|
—
|
17,000
|
Stock
issued for consulting services on November 20, 2001
|
0.98
|
43,000
|
43
|
—
|
42,097
|
—
|
—
|
42,140
|
||||||||||||||||||||||||
Stock
issued for consulting services on November 27, 2001
|
0.98
|
10,000
|
10
|
—
|
9,790
|
—
|
—
|
9,800
|
||||||||||||||||||||||||
Stock
issued for consulting services on November 28, 2001
|
0.98
|
187,000
|
187
|
—
|
183,073
|
—
|
—
|
183,260
|
||||||||||||||||||||||||
Intrinsic
value of options issued to employees
|
—
|
—
|
—
|
2,600,000
|
(2,600,000
|
)
|
—
|
—
|
||||||||||||||||||||||||
Fair
value of options issued to non-employees for services
|
—
|
—
|
—
|
142,318
|
—
|
—
|
142,318
|
Deficit
Accumulated
|
||||||||||||||||||||||||||||||||
Price
per
|
Common
Stock
|
Common
Stock
|
Additional
Paid-in
|
Deferred
|
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||||||||
Share
|
Shares
|
Amount
|
to
be Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||||
Amortization
of deferred compensation
|
—
|
—
|
—
|
—
|
191,667
|
—
|
191,667
|
|||||||||||||||||||||||||
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(2,735,013
|
)
|
(2,735,013
|
)
|
|||||||||||||||||||||||
Balance,
December 31, 2001
|
18,085,847
|
$
|
18,086
|
$
|
—
|
$
|
6,220,322
|
$
|
(2,408,333
|
)
|
$
|
(5,102,346
|
)
|
$
|
(1,272,271
|
)
|
||||||||||||||||
Stock
issued for directors services on December 10, 2002
|
0.40
|
2,150,000
|
2,150
|
—
|
857,850
|
—
|
—
|
860,000
|
||||||||||||||||||||||||
Common
stock paid for, but not issued (2,305,000 shares)
|
0.15-0.25
|
—
|
—
|
389,875
|
—
|
—
|
—
|
389,875
|
||||||||||||||||||||||||
Fair
value of options issued to non-employees for services
|
—
|
—
|
—
|
54,909
|
(54,909
|
)
|
—
|
—
|
||||||||||||||||||||||||
Amortization
of deferred compensation
|
—
|
—
|
—
|
—
|
891,182
|
—
|
891,182
|
|||||||||||||||||||||||||
Net
loss for the year ended December 31, 2002
|
—
|
—
|
—
|
—
|
—
|
(2,749,199
|
)
|
(2,749,199
|
)
|
|||||||||||||||||||||||
Balance,
December 31, 2002
|
20,235,847
|
$
|
20,236
|
$
|
389,875
|
$
|
7,133,081
|
$
|
(1,572,060
|
)
|
$
|
(7,851,545
|
)
|
$
|
(1,880,413
|
)
|
||||||||||||||||
Common
stock issued, previously paid for
|
0.15
|
1,425,000
|
1,425
|
(213,750
|
)
|
212,325
|
—
|
—
|
—
|
|||||||||||||||||||||||
Common
stock issued, previously paid for
|
0.25
|
880,000
|
880
|
(220,000
|
)
|
219,120
|
—
|
—
|
—
|
|||||||||||||||||||||||
Stock
issued for cash on March 20, 2003
|
0.25
|
670,000
|
670
|
—
|
166,830
|
—
|
—
|
167,500
|
||||||||||||||||||||||||
Stock
issued for cash on April 4, 2003
|
0.25
|
900,000
|
900
|
—
|
224,062
|
—
|
—
|
224,962
|
||||||||||||||||||||||||
Stock
issued for cash on April 8, 2003
|
0.25
|
100,000
|
100
|
—
|
24,900
|
—
|
—
|
25,000
|
||||||||||||||||||||||||
Stock
issued for cash on May 8, 2003
|
0.25
|
1,150,000
|
1,150
|
—
|
286,330
|
—
|
—
|
287,480
|
||||||||||||||||||||||||
Stock
issued for cash on June 16, 2003
|
0.25
|
475,000
|
475
|
—
|
118,275
|
—
|
—
|
118,750
|
Deficit Accumulated |
||||||||||||||||||||||||||||||||
Price
per
|
Common
Stock
|
Common
Stock
|
Additional
Paid-in
|
Deferred
|
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||||||||
Share
|
Shares
|
Amount
|
to
be Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Stock
issued for cash on June 16, 2003
|
0.25
|
475,000
|
475
|
—
|
118,275
|
—
|
—
|
118,750
|
||||||||||||||||||||||||
Stock
issued for legal services on June 27, 2003
|
0.55
|
83,414
|
83
|
—
|
45,794
|
—
|
—
|
45,877
|
||||||||||||||||||||||||
Debt
converted to stock on June 27, 2003
|
0.25
|
2,000,000
|
2,000
|
—
|
498,000
|
—
|
—
|
500,000
|
||||||||||||||||||||||||
Stock
and warrants issued for cash on July 11, 2003
|
0.25
|
519,000
|
519
|
—
|
129,231
|
—
|
—
|
129,750
|
||||||||||||||||||||||||
Stock
and warrants issued for cash on September 29, 2003
|
0.25
|
1,775,000
|
1,775
|
—
|
441,976
|
—
|
—
|
443,751
|
||||||||||||||||||||||||
Stock
and warrants issued for cash on October 21, 2003
|
0.25
|
1,845,000
|
1,845
|
—
|
459,405
|
—
|
—
|
461,250
|
||||||||||||||||||||||||
Stock
and warrants issued for cash on October 28, 2003
|
0.25
|
1,570,000
|
1,570
|
—
|
390,930
|
—
|
—
|
392,500
|
||||||||||||||||||||||||
Stock
and warrants issued for cash on November 19, 2003
|
0.25
|
500,000
|
500
|
—
|
124,500
|
—
|
—
|
125,000
|
Finders’
fees related to stock issuances
|
—
|
—
|
43,875
|
(312,582
|
)
|
—
|
—
|
(268,707
|
)
|
|||||||||||||||||||||||
Common
stock paid for, but not issued (25,000 shares)
|
0.25
|
—
|
—
|
6,250
|
—
|
—
|
—
|
6,250
|
||||||||||||||||||||||||
Amortization
of deferred comp
|
—
|
—
|
—
|
—
|
863,727
|
—
|
863,727
|
|||||||||||||||||||||||||
Net
loss for year ended December 31, 2003
|
—
|
—
|
—
|
—
|
—
|
(2,476,063
|
)
|
(2,476,063
|
)
|
|||||||||||||||||||||||
Balance,
December 31, 2003
|
34,128,261
|
$
|
34,128
|
$
|
6,250
|
$
|
10,162,177
|
$
|
(708,333
|
)
|
$
|
(10,327,608
|
)
|
$
|
(833,386
|
)
|
Deficit Accumulated |
||||||||||||||||||||||||||||||||
Price
per
|
Common
Stock
|
Common
Stock
|
Additional
Paid-in
|
Deferred
|
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||||||||
Share
|
Shares
|
Amount
|
to
be Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||||
Common
stock issued, previously paid for
|
0.25
|
25,000
|
25
|
(6,250
|
)
|
6,225
|
—
|
—
|
—
|
|||||||||||||||||||||||
Stock
issued for director services on March 31, 2004
|
1.50
|
50,000
|
50
|
—
|
74,950
|
—
|
—
|
75,000
|
||||||||||||||||||||||||
Stock
issued for finders fees on March 31, 2004
|
0.15
|
82,500
|