FINANCIAL CONDITION AND CHANGES IN FINANCIAL CONDITION
OVERALL OPERATING RESULTS:
The Company plans to seek financing and capital to allow it to exploit this technology as well as to enhance and improve on this technology. During 2003, the Company intends to seek the necessary financing to allow it to implement its business plan and to commence operations in a meaningful way.
We have had no revenues for the three and nine months ended September 30, 2003 and 2002, respectively.
Our operating expenses for the quarter ended September 30, 2003 were $204,321 and were primarily incurred for salaries, consulting, rent and other services rendered in connection with our financial reporting obligations with the Securities and Exchange Commission as well as stock transfer agent fees and financial consulting. Operating expenses for the prior year quarter ended September 30, 2002 totaled $0.
Our operating expenses for the nine months ended September 30, 2003 were $641,665 and were primarily incurred for salaries, consulting, rent and other services rendered in connection with our financial reporting obligations with the Securities and Exchange Commission as well as stock transfer agent fees. Operating expenses for the nine months ended September 30, 2002 totaled $2,656 for general expenses.
LIQUIDITY AND CAPITAL RESOURCES:
The Company has approximately $10,000 in current assets compared to current assets of approximately $2,000 for the year ended December 31, 2002. The Company's current liabilities for the period ended September 30, 2003 are approximately $3,336,000 compared to current liabilities of approximately $2,960,000 for the year ended December 31, 2002. The current assets for the period ended September 30, 2003 consisted of cash of $4,650. Total assets were approximately $12,000 for the year ended December 31, 2002 composed of the Company's patent of approximately $9,500 and its cash.
At September 30, 2003, the Company had negative working capital of approximately $3,326,000 which consisted of current assets of approximately $10,000 and current liabilities of approximately $3,336,000. At December 31, 2002, the Company had negative working capital of approximately $2,961,000 which consisted of current assets of approximately $2,000 assets and current liabilities of approximately $2,963,000. The current liabilities of the Company at September 30, 2003 are composed primarily of notes payable to shareholders of $1,367,650, notes payable of $774,339, accrued interest payable of $877,571, accrued expenses of $169,610, lease payable of $38,650, deposits of $40,000 and accounts payable of $68,503.
The Company will attempt to carry out its business plan as discussed above. The Company cannot predict to what extent its lack of liquidity and capital resources will hinder its business plan prior to commencement of its proposed operations.
NEED FOR ADDITIONAL FINANCING
The Company's existing capital is not be sufficient to meet the Company's cash needs, including the costs of compliance with the continuing reporting requirements of the Securities Exchange Act of 1934, as amended.
No commitments to provide additional funds have been made by management or other stockholders. Accordingly, there can be no assurance that any funds will be available to the Company to allow it to cover its expenses.
The Company might seek to compensate providers of services by issuances of stock in lieu of cash.
Employees
As of September 30, 2003, the Company had three employees.
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.185+ 0.014 8.19%1,784,3000.19 / 0.170.25 / 0.018 Prev CloseOpenBid / Ask (Size)52 Week Chart
