Statements of Operations
Three and Nine Months Ended December 31, 2003, and 2002, and since inception
Cumulative
results of
operations
from March
20, 2002
(date of
Three months Three months Nine months Nine months inception)
ended ended ended ended through
December 31, December 31, December 31, December 31, December 31,
2003 2002 2003 2002 2003
----------------------------------------------------------- ----------------------------- ---------------
REVENUES $ 2,152 $ - $ 127,831 $ - $ 127,831
COST OF REVENUES
241 - 28,002 - 28,002
------------ ----------- ----------- ------------ -------------
Gross Profit
1,911 - 99,829 - 99,829
OPERATING EXEPNSES
Research and development 622,102 167,265 1,121,898 1,148,516 2,749,560
General and administrative
Non-cash compensation
and services 1,072,180 850,679 2,854,053 2,228,792 5,942,380
Other 1,020,447 765,333 1,782,828 2,276,930 4,596,545
------------ ----------- ----------- ------------ -------------
Total operating
expenses 2,714,729 1,783,277 5,758,779 5,654,238 13,288,485
------------ ----------- ----------- ------------ -------------
Operating loss (2,712,818) (1,783,277) (5,658,950) (5,654,238) (13,188,656)
OTHER INCOME (EXPENSE)
Debt restructure 239,185 612,519 239,185 612,519 857,089
Other income - 10,045 - 10,045 10,045
Interest expense (228,694) (92,697) (408,643) (93,443) (561,241)
------------ ----------- ----------- ------------ -------------
Total other income
(expense) 10,491 529,867 (169,458) 529,121 305,893
------------ ----------- ----------- ------------ -------------
NET LOSS $ (2,702,327) $(1,253,410) $(5,828,408) $ (5,125,117) $ (12,882,763)
Net loss per share, basic
and diluted $ (0.03) $ (0.02) $ (0.07) $ (0.08) $ (0.16)
------------ ----------- ----------- ------------ -------------
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The accompanying notes are an integral part of these financial statements |
