| Balance Sheet: As of Dec. 31 US Dollar |
2008 |
2007 |
| ASSETS |
|
|
| CURRENT ASSETS |
|
|
| Cash and Cash Equivalents |
3,558,336 |
16,598,300 |
| Accounts Receivable, Net |
357,221 |
220,834 |
| Inventory |
28,118 |
57,218 |
| Prepaid Expenses |
209,636 |
2,449,236 |
| Total Current Assets |
4,153,311 |
19,325,588 |
| NON CURRENT ASSETS |
|
|
| Leasehold Improvements |
377,724 |
247,010 |
| Furniture and Fixtures |
171,031 |
88,370 |
| Machinery, Equipment |
4,247,575 |
2,210,241 |
| Accumulated Depreciation |
(2,417,715) |
(1,904,307) |
| Long-term Investments |
2,416,235 |
|
| Patents |
185,190 |
197,346 |
| Debt offering Costs |
906,525 |
1,367,583 |
| Deposits and Other Assets |
9,058 |
8,795 |
| Total Assets |
10,048,934 |
21,540,626 |
| LIABILITIES |
|
|
| CURRENT LIABILITIES |
|
|
| Accounts Payable |
893,130 |
640,292 |
| Other Accrued Expenses |
541,435 |
55,356 |
| Accrued Payroll and Related Expenses |
380,162 |
460,236 |
| Current Debt Obligations |
725,812 |
47,692 |
| Unearned Revenue |
428 |
169,359 |
| Other Current Obligations |
3,236 |
|
| Derivative Valuation |
4,549,500 |
14,267,600 |
| Total Current Liabilities |
7,093,703 |
15,640,535 |
| NON CURRENT LIABILITIES |
|
|
| Convertible Debt |
6,730,069 |
2,931,245 |
| Other Long-term Obligations |
6,937 |
|
| SHAREHOLDERS' EQUITY |
|
|
| Common Stock-par Value |
1,938,088 |
1,888,752 |
| Additional Paid in Capital |
74,727,640 |
69,078,448 |
| Retained Earnings (Deficit) |
(80,447,504) |
(67,973,352) |
| Subscription Receivable |
|
(25,000) |
| Total Shareholders Equity |
(3,781,775) |
2,968,846 |
| Total Liabilities & Shareholders Equity |
10,048,934 |
21,540,626 |
