Information from the currently released 10-QSB:
NOTE 3. EQUITY INVESTMENTS
During 1998 the Company increased its investment in Bio Moda, Inc. to 21.93 percent. Bio Moda, Inc. is a development stage company involved primarily in the development of technology for the early detection of lung cancer. As a development stage company, Bio Moda, Inc. has not had any revenues and, as of September 30, 1999, was in the process of conducting clinical trials.
There is currently no active market for the common stock of Bio Moda, Inc. The ultimate value of the Company's investment in Bio Moda, Inc. will depend on its ability to complete its research and either commercialize or sell its proprietary technology.
In September 1999, the Company issued 400,000 shares of its common stock in exchange for a 25 percent ownership in Wizard Technologies, Inc. The transaction was valued at the estimated fair value of $110,000. The Company has not applied the equity method to this investment as financial statements for Wizard Technologies, Inc. are not available. Wizard Technologies, Inc. is a development stage company with a fiber optics switch design.
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