o
|
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.)
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-accelerated
filer o (Do
not check if a smaller reporting company)
|
Smaller
reporting companyo
|
Page
|
|||
PART
I
|
|||
ITEM
1. Financial Statements
|
|||
Condensed
consolidated balance sheets
|
1
|
||
Condensed
consolidated statements of operations (unaudited)
|
2
|
||
Condensed
consolidated statement of changes in stockholders’ deficiency
(unaudited)
|
3
|
||
Condensed
consolidated statements of cash flows (unaudited)
|
18
|
||
Notes
to condensed consolidated financial statements (unaudited)
|
20
|
||
ITEM
2. Management’s Discussion and Analysis or Plan of
Operations
|
35
|
||
ITEM
3. Quantitative and Qualitative Disclosure About Market
Risk
|
46
|
||
ITEM
4. Controls and Procedures
|
46
|
||
PART
II
|
|||
ITEM
1. Legal Proceedings
|
47
|
||
ITEM
1A. Risk Factors
|
48
|
||
ITEM
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
49
|
||
ITEM
3. Defaults Upon Senior Securities
|
49
|
||
ITEM
4. Submission of Matters to a Vote of Security Holders
|
49
|
||
ITEM
5. Other Information
|
50
|
||
ITEM
6. Exhibits
|
50
|
||
SIGNATURES
|
51
|
||
EXHIBIT
INDEX
|
52
|
||
EXHIBIT
31.1
|
|
||
EXHIBIT
31.2
|
|
||
EXHIBIT
32
|
|
September
30, 2008
(unaudited)
|
December
31,
2007
|
|||||||
ASSETS
|
||||||||
Current
assets
|
||||||||
Cash
|
$
|
78,125
|
$
|
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
|
34,844
|
20,552
|
||||||
Total
current assets
|
143,225
|
99,848
|
||||||
Equipment,
net
|
145,691
|
201,058
|
||||||
Other
assets
|
11,250
|
4,500
|
||||||
Total
assets
|
$
|
300,166
|
$
|
305,406
|
||||
LIABILITIES
AND STOCKHOLDERS’ DEFICIENCY
|
||||||||
Current
liabilities
|
||||||||
Accounts
payable-related parties
|
$
|
256,880
|
$
|
323,413
|
||||
Accounts
payable-Temple University
|
537,750
|
161,250
|
||||||
Accounts
payable-other
|
589,171
|
555,736
|
||||||
Accrued
expenses
|
184,618
|
172,719
|
||||||
Accrued
salaries-officers and former officer
|
618,333
|
570,000
|
||||||
Accrued
research and development fees
|
13,347
|
53,347
|
||||||
Accrued
professional fees
|
340,978
|
274,499
|
||||||
Loan
payable-related party
|
77,209
|
83,596
|
||||||
Loans
and other payable due to Morale/Matthews
|
-
|
1,748,452
|
||||||
Convertible
debentures, net-related parties
|
-
|
227,136
|
||||||
Convertible
debentures, net-others
|
266,639
|
495,044
|
||||||
Total
current liabilities
|
2,884,925
|
4,665,192
|
||||||
Commitments
and contingencies
|
||||||||
Stockholders’
deficiency
|
||||||||
Common
stock, $.001 par value: 200,000,000 shares authorized, 58,948,138 and
46,470,413 shares issued and outstanding at September 30, 2008 and
December 31, 2007, respectively
|
58,948
|
46,471
|
||||||
Common
stock to be issued
|
-
|
4,000
|
||||||
Additional
paid-in capital
|
38,501,646
|
32,280,083
|
||||||
Deficit
accumulated during the development stage
|
(41,145,353
|
)
|
(36,690,340
|
)
|
||||
Total
stockholders’ deficiency
|
(2,584,759
|
)
|
(4,359,786
|
)
|
||||
Total
liabilities and stockholders’ deficiency
|
$
|
300,166
|
$
|
305,406
|
Three
months ended
September
30,
|
Nine
months ended
September
30,
|
For
the Period From
February
18, 1998 (Date of Inception) through
|
||||||||||||||||||
2008
|
2007
|
2008
|
2007
|
September
30, 2008
|
||||||||||||||||
Net
sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
22,000
|
$
|
69,000
|
||||||||||
Cost
of goods sold
|
-
|
-
|
-
|
5,360
|
24,120
|
|||||||||||||||
Gross
profit
|
-
|
-
|
-
|
16,640
|
44,880
|
|||||||||||||||
Operating
expenses
|
(1,148,887
|
)
|
(873,971
|
)
|
(2,428,889
|
)
|
(3,177,533
|
)
|
(29,288,210
|
)
|
||||||||||
Research
and development expenses
|
(109,822
|
)
|
(98,427
|
)
|
(432,184
|
)
|
(539,610
|
)
|
(5,238,414
|
)
|
||||||||||
Non-cash
patent settlement costs
|
-
|
-
|
-
|
(1,610,066
|
)
|
|||||||||||||||
Loss
before other income (expense)
|
(1,258,709
|
)
|
(972,398
|
)
|
(2,861,073
|
)
|
(3,700,503
|
)
|
(36,091,810
|
)
|
||||||||||
Other
income (expense)
|
||||||||||||||||||||
Other
income
|
(30
|
)
|
2,271
|
533
|
2,448
|
4,042
|
||||||||||||||
Interest
income
|
-
|
12
|
2
|
62
|
16,344
|
|||||||||||||||
Interest
expense
|
(220,400
|
)
|
(647,737
|
)
|
(1,636,862
|
)
|
(1,361,403
|
)
|
(6,129,242
|
)
|
||||||||||
Loss
on sale of equipment
|
-
|
-
|
(9,683
|
)
|
-
|
(9,683
|
)
|
|||||||||||||
Settlement
of litigation and debt
|
-
|
-
|
52,070
|
-
|
1,069,278
|
|||||||||||||||
Loss
before provision for income taxes
|
(1,479,139
|
)
|
(1,617,852
|
)
|
(4,455,013
|
)
|
(5,059,396
|
)
|
(41,141,071
|
)
|
||||||||||
Provision
for income taxes
|
-
|
-
|
-
|
(800
|
)
|
(4,282
|
)
|
|||||||||||||
Net
loss
|
$
|
(1,479,139
|
)
|
$
|
(1,617,852
|
)
|
$
|
(4,455,013
|
)
|
$
|
(5,060,196
|
)
|
$
|
(41,145,353
|
)
|
|||||
Net
loss per share, basic and diluted
|
$
|
(0.03
|
)
|
$
|
(0.04
|
)
|
$
|
(0.10
|
)
|
$
|
(0.13
|
)
|
||||||||
Weighted
average shares outstanding,
|
||||||||||||||||||||
basic
and diluted
|
47,312,880
|
40,988,308
|
45,374,117
|
38,265,250
|
Common
Stock
|
Deficit Accumulated During the
|
Total
|
||||||||||||||||||||||||||||||
Price
per Share
|
Shares
|
Amount
|
Common
Stock to be Issued
|
Additional
Paid-in Capital
|
Deferred
Compensation
|
Development
Stage
|
Stockholders’
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
|
0.00
|
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
|
||||||||||||||||||||||||
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
|
Common
Stock
|
Deficit Accumulated During
the
|
Total
|
||||||||||||||||||||||||||||||
Price
per Share
|
Shares
|
Amount
|
Common
Stock to be Issued
|
Additional
Paid-in Capital
|
Deferred
Compensation
|
Development
Stage
|
Stockholders’
Deficiency
|
|||||||||||||||||||||||||
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
|
||||||||||||||||||||||||
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
|
||||||||||||||||||||||||
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
|
Common
Stock
|
Deficit Accumulated During
the
|
Total | ||||||||||||||||||||||||||||||
Price
per Share
|
Shares
|
Amount
|
Common
Stock to be Issued
|
Additional
Paid-in Capital
|
Deferred
Compensation
|
Development
Stage
|
Stockholders’
Deficiency
|
|||||||||||||||||||||||||
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
|
||||||||||||||||||||||||
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
|
|||||||||||||||||||||||||
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
|
)
|
Common
Stock
|
Deficit Accumulated During
the
|
Total
|
||||||||||||||||||||||||||||||
Price
per Share
|
Shares
|
Amount
|
Common
Stock to be Issued
|
Additional
Paid-in Capital
|
Deferred
Compensation
|
Development
Stage
|
Stockholders’
Deficiency
|
|||||||||||||||||||||||||
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
|
||||||||||||||||||||||||
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'
fee 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
|
Common
Stock
|
Deficit Accumulated During
the
|
Total
|
||||||||||||||||||||||||||||||
Price
per Share
|
Shares
|
Amount
|
Common Stock to be
Issued
|
Additional
Paid-in Capital
|
Deferred
Compensation
|
Development
Stage
|
Stockholders’
Deficiency
|
|||||||||||||||||||||||||
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
|
)
|
||||||||||||||||
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
|
82
|
-
|
12,293
|
-
|
-
|
12,375
|
||||||||||||||||||||||||
Stock
issued for finders fees on March 31, 2004
|
0.25
|
406,060
|
407
|
-
|
101,199
|
-
|
-
|
101,606
|
||||||||||||||||||||||||
Stock
issued for services on April 2, 2004
|
1.53
|
65,000
|
65
|
-
|
99,385
|
-
|
-
|
99,450
|
||||||||||||||||||||||||
Debt
converted to stock on April 2, 2004
|
1.53
|
60,000
|
60
|
-
|
91,740
|
-
|
-
|
91,800
|
||||||||||||||||||||||||
Stock
issued upon exercise of warrants on May 21, 2004
|
0.20
|
950,000
|
950
|
-
|
189,050
|
-
|
-
|
190,000
|
||||||||||||||||||||||||
Stock
issued for directors services on June 8, 2004
|
1.70
|
600,000
|
600
|
-
|
1,019,400
|
-
|
-
|
1,020,000
|
||||||||||||||||||||||||
Stock
issued for cash on August 25, 2004
|
1.00
|
550,000
|
550
|
-
|
549,450
|
-
|
-
|
550,000
|
||||||||||||||||||||||||
Stock
issued upon exercise of options on August 30, 2004
|
0.40
|
4,000
|
4
|
-
|
1,596
|
-
|
-
|
1,600
|
||||||||||||||||||||||||
Stock
issued for cash on September 8, 2004
|
1.00
|
25,000
|
25
|
-
|
24,975
|
-
|
-
|
25,000
|
||||||||||||||||||||||||
Stock
issued for consulting services on September 15, 2004
|
1.31
|
50,000
|
49
|
-
|
65,451
|
-
|
-
|
65,500
|
||||||||||||||||||||||||
Stock
issued for patent settlement on September 22, 2004
|
1.24
|
20,000
|
20
|
-
|
24,780
|
-
|
-
|
24,800
|
||||||||||||||||||||||||
Stock
issued for research and development on October 6,
2004
|
1.40
|
65,000
|
65
|
-
|
90,935
|
-
|
-
|
91,000
|