We had an operating loss of $5,658,950 for the nine month period ended
December 31, 2003 as compared to an operating loss of $5,654,238 for the nine
month period ended December 31, 2002, and a net loss of $5,828,408 for the nine
month period ended December 31, 2003 as compared to a net loss of $5,125,117 for
the nine month period ended December 31, 2002. The increase in operating and net
loss is due to research and development costs incurred in developing our
products and to the non-cash general and administrative expense for deferred
compensation and services relating to certain consulting agreements. We expect
to continue to incur significant research and development costs in the future in
connection with the continued development of our products.
Interest expense for the nine month period ended December 31, 2003 totaled
$408,643 as compared to interest expense of $93,443 for the nine month period
ended December 31, 2002. Interest expense increased because of fees and
increases in borrowing. During the nine months ended December 31, 2003, fees of
$239,185 had been forgiven and recorded as debt restructure. |
