WHISPERING OAKS INTERNATIONAL INC filed this 10KSB/A on 02/18/2003.
BOCX
ITEM 1. DESCRIPTION OF BUSINESS
The Company was incorporated in December 1997. Prior to February 20, 2001, the
Company was engaged in the acquisition and sale of thoroughbred racing horses.
As of December 31, 2000, the Company owned one thoroughbred horse.
In February 2001, the Company ceased its business activities relating to the
acquisition and sale of thoroughbred racehorses.
On February 21, 2001, the Company issued 150,000 (1,950,000 post split) shares
of its common stock to acquire certain patents and intellectual properties of
Lagostar Trading S.A. ("Lagostar") with a fair value of $3,900,000. At the time
of this acquisition, Lagostar owned certain technology and patents that relate
to the early detection of cancer.
On March 1, 2001, the Company's Board of Directors declared a 13-for-1 forward
stock split.
On March 25, 2001, the Company acquired the following assets from Curex
Technologies Inc. ("Curex") in consideration for the assumption by the Company
of promissory notes in the amount of $2,326,869 which were payable by Curex to
various third parties. The assets consisted of:
Patents $ 353,878
Property Technology 1,715,674
Cash 129,032
51% interest in BioLargo
Technologies, Inc. 128,285
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Total: $ 2,326,869
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In May 2001, the Company issued 1,544,404 shares of its common stock in payment
of the notes, plus accrued interest, which the Company assumed in connection
with the acquisition of assets from Curex.
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