Statement of Shares Outstanding
-----------------------------------
Deficit
Accumulated
Additional During the
Preferred Stock Common Stock Paid-In Development Treasury
Shares Amount Shares Amount Capital Stage Stock Total
-------- ------ ---------- -------- ----------- ------------ ------------ ------------
-------- ------ ---------- -------- ----------- ------------- ------------ ------------
BALANCE, September,1995 25,700 257 4,901,584 49,016 11,742,899 (8,849,484) 2,942,688
(Unaudited)
Issuance of Preferred Stock
Series B, net of costs 76,651 767 3,999,233 4,000,000
Exercise of Warrants 47,818 478 154,931 155,409
Purchase of Treasury Stock
November,1995 (265,478) (2,655) (1,339,860) (1,342,515)
Conversion of Preferred
Stock (102,351) (1,024) 5,420,791 54,208 (53,184) 0
Issuance of Common Stock
for services rendered,
January, 1996 2,500 25 9,975 10,000
Issuance of Common Stock for
conversion of liabilities,
February, 1996 25,000 250 27,875 28,125
Issuance of Common Stock June,1996 733,334 7,333 1,965,663 1,972,996
Sale of Warrants June,1996 35,000 35,000
Net loss (nine months ended
June 30, 1996) (2,628,779) (2,628,779)
BALANCE,June,1996 0 $0 10,865,549 $108,655 $17,882,392 $(11,478,263) $(1,339,860) $5,172,924
======== ====== ========== ======== =========== ============= ============ ============ |
