ALERT=HPLF=1.91?Unreal.A ZERO company 1.91?
As of May 1, 2003, there were 56,613,332 shares=$108 million company?Unreal.For what?Development stage to treat various forms of liver dysfunction and disease?When how long is it going to take?Long time.If, when, ETC.
Zero revenues, money loser,but
who is making the money?Insiders huge $$$$$$$$$.They control company all the way to the big bank.$$$$$$$.Market manipulation?How many trades are real?
Read filings.They got stock at .015, .05, .07 and so on.
The guy below,Owns most of the stock
Harmel S. Rayat
Chief Executive Officer.
Who is this Guy? OHHHH check link.
Also I hear his brother is a Broker.HMMMMM.
This stock was .05 back in November 2002.
google.com
Float:11.00 Million.
Total Assets
$ 22,400
Total Current Liabilities
9,120
Total Stockholders' Equity
13,280
For the 3 months ended 3/31/03, the Company
reported no revenues. Net loss decreased 51% to $22K.
Lower loss reflects lower general and administrative
expenses due to lower management fees.
Overview
HepaLife Technologies, Inc. (formerly known as Zeta Corporation ) ( www.hepalife.com ) is a development stage company concentrating its efforts in the field of biotechnology, focused on the research, development and eventual commercialization of technologies and products to treat various forms of liver dysfunction and disease.
Presently, our research is focused on developing experimental culture conditions for the PICM-19 cell line or other pig epiblast derived liver cell lines so as to optimize their hepatocyte functions for use in the production of an artificial liver device for human patients with liver failure.
The Company’s research and development work is being conducted at two laboratories, the Growth Biology Laboratory and the Biotechnology and Germplasm Laboratory, both located in Beltsville, Maryland.
ITEM 11 :
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth, as of March 4 th , 2002, the beneficial ownership of the Company's Common Stock by each director and executive officer of the Company and each person known by the Company to beneficially own more than 5% of the Company's Common Stock outstanding as of such date and the executive officers and directors of the Company as a group.
Number of Shares
Person or Group
of Common Stock
Percent
Harmel S. Rayat (1)
47,203,332
83%
216-1628 West First Avenue
Vancouver, B.C. V6J 1G1 Canada
Harmel S. Rayat (2)
5,500,000
10%
216-1628 West First Avenue
Vancouver, B.C. V6J 1G1 Canada
Jeet Sidhu (3)
750,000
1.3%
216-1628 West First Avenue
Vancouver, B.C. V6J 1G1 Canada
Harvinder Dhaliwal (4)
75,000
0.1%
216-1628 West First Avenue
Vancouver, B.C. V6J 1G1 Canada
Directors and Executive Officers
53,528,332 95%
as a group (3 persons)
NOTE 7 – STOCK OPTION PLAN AND SUBSEQUENT EVENTS
On July 12, 2001, the Company approved the 2001 Stock Option Plan with 40,000,000 shares reserved for issuance thereunder. The objectives of these plans include attracting and retaining the best personnel, providing for additional performance incentives, and promoting the success of the Company by providing employees the opportunity to acquire common stock.
On December 18, 2002, the Company’s Board of Directors agreed to establish 10,075,000 stock options out of the 40,000,000 common shares reserved for issuance under the Company’s 2001 Stock Option Plan, with terms and conditions, such as expiration dates and vesting periods being defined and agreed upon in individual stock option agreements at a later date. These terms and conditions were finalized at a Board of Directors meeting held on February 10 th , 2003, when the Company’s Board of Directors agreed to enter into 10 year NonStatutory Stock Option Agreements with certain individuals.
On February 10, 2003, the Company granted 5,500,000 to its President, Chief Executive Officer and Director, 750,000 to one of its Directors, and 3,750,000 to two other individuals to purchase common stock at $0.07 per share, expiring 10 years from the grant date. The option price was based on the closing price of the Company’s shares on December 18 th , 2002. All of the options are exercisable in three (3) equal installments of thirty-three and one-third percent (33 1/3%), the first installment to be exercisable immediately, with an additional thirty-three and one-third percent (33 1/3%) of the shares becoming exercisable on each of the two (2) successive anniversary dates.
On the same date, the Board of Directors also authorized the Company to grant 75,000 options to purchase common stock to its Secretary, Treasurer and Director at $0.38 per share based on the average of the last five closing prices of the Company’s shares and expiring 10 years from the grant date. The options become exercisable in two equal installments of fifty percent (50%), with the first installment becoming exercisable immediately and the balance becoming exercisable in 180 days.
The Company plans to register all options under its 2001 Stock Option Plan under Form S-8.
Year ended December 31, 2002
(1)
On April 26, 2002, the Company authorized the issuance of 2,160,000 shares of common stock issued for the conversion of $108,000 of debt to equity at a deemed price of $0.05 per share.
(2)
On July 25, 2002, the Company authorized the issuance of 2,390,000 shares of common stock issued for investor relations services provided valued at $0.05 per share, or $119,500.
On December 18, 2002, the Company authorized the issuance of 1,920,000 shares of common stock for the conversion of $96,000 of debt to equity at a deemed price of $0.05 per share.
(3)
Year ended December 31, 2001
On July 13, 2001, the Company authorized the issuance of 8,933,332 (2,233,333 pre-forward split) shares of common stock at $0.015 per share for the conversion of $134,000 of debt to equity representing $50,000 in 2000 accounts payable and $84,000 of 2001 accrued management fees for services rendered.
On July 25, 2002, the Board of Directors agreed to issue 2,390,000 restricted shares of its common stock at a price of $0.05 per share in exchange for investor relations services valued at $119,500 from EquityAlert.com, Inc., a wholly-owned subsidiary of Innotech Corporation. Harmel S. Rayat, a Director and majority shareholder of the Company, is also a Director and majority shareholder of Innotech Corporation. On October 1, 2002, the 2,390,000 common shares issued to EquityAlert.com, Inc. were transferred directly to Harmel S. Rayat to satisfy outstanding debt of $120,000 owed to Harmel S. Rayat for management services rendered to EquityAlert.com. The shares approximated the fair market value at the date of issuance.
On December 18, 2002, the Company authorized the issuance of 1,920,000 shares of common stock for the conversion of $96,000 of debt to equity representing 2002 accrued management fees for services rendered at a deemed price of $0.05 per share. The shares approximated the fair market value at the date of issuance. |
