| Income Statement: As of Dec. 31 US Dollar |
2008 |
2007 |
| REVENUES |
|
|
| Revenues from Research and Development |
1,813,183 |
|
| Gain on Sale of Land Building |
1,495,224 |
|
| Total Revenues |
3,308,407 |
|
| EXPENSES |
|
|
| Research & Development Costs |
(676,306) |
(606,491) |
| General and Administrative Expenses |
(1,273,760) |
(1,493,011) |
| Depreciation and Amortization |
(36,027) |
(48,695) |
| Interest Expense |
(360,583) |
(393,952) |
| Interest Income |
4,812 |
3,288 |
| Loss on Settlement of Litigation |
(92,500) |
|
| Earnings before Taxes |
874,043 |
(2,538,861) |
| TAXES AND OTHER EXPENSES |
|
|
| Net Income (Loss) |
874,043 |
(2,538,861) |
| SUPPLEMENTARY INFO |
|
|
| Operating Income (Loss) |
1,229,814.00 |
(2,148,197.00) |
| Basic Eps-continuing Operations |
|
(0.01) |
| Diluted Eps-continuing Operations |
|
(0.01) |
| Balance Sheet: As of Dec. 31 US Dollar |
2008 |
2007 |
| CURRENT ASSETS |
|
|
| Cash and Cash Equivalents |
721,952 |
959,181 |
| Inventories |
487,549 |
402,191 |
| Prepaid and Other Assets |
4,679 |
2,223 |
| Total Current Assets |
1,214,180 |
1,363,595 |
| NON CURRENT ASSETS |
|
|
| Property, Plant and Equipment, Net |
39,376 |
1,474,023 |
| Deferred Licensing Costs, Net |
72,433 |
76,716 |
| Security Deposit |
197,500 |
197,500 |
| Total Assets |
1,523,489 |
3,111,834 |
| CURRENT LIABILITIES |
|
|
| Accounts Payable and Accrued Expenses |
1,248,173 |
947,901 |
| Total Current Liabilities |
1,248,173 |
947,901 |
| NON CURRENT LIABILITIES |
|
|
| Convertible Note, Due January |
20,000 |
20,000 |
| Finance Obligations |
|
3,876,607 |
| Deferred Gain on Sale of Land Building |
978,479 |
|
| License Deposit |
375,000 |
375,000 |
| SHAREHOLDERS' EQUITY |
|
|
| Common Stock-par Value |
27,313 |
27,341 |
| Additional Paid in Capital |
20,722,900 |
20,587,404 |
| Retained Earnings (Deficit) |
(21,848,376) |
(22,722,418) |
| Total Shareholders Equity |
(1,098,163) |
(2,107,674) |
| Total Liabilities & Shareholders Equity |
1,523,489 |
3,111,834 |
