BALANCE SHEETS
ASSETS December 31, June 30,
1997 1998
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CURRENT ASSETS:
Cash and cash equivalents $ 1,198,567 $ 1,363,773
Accounts receivable-trade 43,042 28,299
Accounts receivable-related parties 26,720 7,584
Inventory 122,875 144,786
Prepaid expenses & other 62,833 63,160
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TOTAL CURRENT ASSETS 1,454,037 1,607,602
PROPERTY AND EQUIPMENT
Machinery and equipment 449,432 501,603
Furniture and fixtures 59,404 59,404
Leasehold improvements 3,328 3,328
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512,164 564,335
Less-accumulated depreciation (351,982) (390,862)
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160,182 173,473
OTHER ASSETS:
Technology license from related party,
net of accumulated amortization of
$842,541 and $921,364, respectively 1,557,459 1,478,636
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TOTAL ASSETS $ 3,171,678 $ 3,259,711
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LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued liabilities $ 359,069 $ 302,173
Accounts payable-related parties 20,780 -
Capital lease obligation 16,594 14,802
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TOTAL LIABILITIES 396,443 316,975
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STOCKHOLDERS' EQUITY:
Preferred stock, no par value, 5,000,000 shares
authorized, no shares issued or outstanding - -
Common stock, $.01 par value, 20,000,000 shares
authorized, 13,222,532 and 13,442,532 shares
issued and outstanding, respectively 132,225 134,425
Additional paid-in capital 16,499,243 16,717,043
Accumulated deficit (13,856,233) (13,908,732)
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TOTAL STOCKHOLDERS' EQUITY 2,775,235 2,942,736
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 3,171,678 $ 3,259,711
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