We had an operating loss of $2,712,818 for the quarter ended December 31,
2003 as compared to an operating loss of $1,783,277 for the quarter ended
December 31, 2002 and a net loss of $2,702,327 for the quarter ended December
31, 2003 as compared to a net loss of $1,253,410 for the quarter ended December
31, 2002. The increase in operating and net loss is attributable to the on-going
costs to develop and bring our products to market. Also attributed to this
increase is the amount of deferred compensation and services related to the
consulting agreements described above.
Interest expense for the quarter ended December 31, 2003 totaled $228,694
as compared to interest expense totaling $92,697 for the quarter ended December
31, 2002. Interest expense increased this quarter because of fees and increases
in borrowing. During the quarter ended December 31, 2003, fees of $239,185,
included in debt restructure, were forgiven. |
