71 grand towards r&d and millions raised.Where did all the money go?7 cents shares? Why did i buy at 42 cents?
In May 2003, we:
o sold an aggregate of 756,166 shares of common stock to nine
investors for total proceeds of $113,425; and
o sold 473,023 shares of common stock to a "non-US Person" (as
such term is defined in Regulation S under the Securities Act
of 1933) for total proceeds of $69,588;
o issued an aggregate of $396,000 principal amount of
convertible promissory notes to four investors, which notes
are convertible into shares of our common stock at a
conversion price of $1.00 per share and which were issued in
exchange for four convertible promissory notes issued in May
2002 with aggregate principal and interest due at the time of
the exchange of $360,000; and
o issued 31,250 shares of common stock upon conversion of a
convertible note held by one investor, resulting in the
cancellation of $10,000 that would have been outstanding under
the note.
In June 2003, we:
o sold an aggregate of 1,559,896 shares of common stock to
thirteen investors for total proceeds of $229,985; and
o issued 15,625 shares of common stock upon conversion of a
convertible note held by one investor, resulting in the
cancellation of $5,000 that would have been outstanding under
the note.
In July 2003, we:
o sold an aggregate of 1,447,400 shares of common stock to
fifteen investors for total proceeds of $217,110;
o issued 55,000 shares of common stock upon conversion of a
convertible note held by one investor, resulting in the
cancellation of $16,500 in principal and interest that would
have been outstanding under the note; and
34
10-Q
o issued an aggregate of $98,000 principal amount in convertible
promissory notes to two investors, which notes are convertible
into our common stock at conversion prices of $0.33 and $0.60
per share.
Following the quarter ended July 31, 2003, we sold or issued the
following unregistered securities:
In August 2003, we:
o sold an aggregate of 450,100 shares of common stock to seven
investors for total proceeds of $67,515;
o issued 300,000 shares of common stock upon exercise of a
warrant held by one person for which we received an aggregate
exercise price of $18,000; and
o issued an aggregate of 28,000 shares of common stock to four
persons for services valued at $10,360.
In September 2003, we:
o sold an aggregate of 163,666 shares of common stock to seven
investors for total proceeds of $24,550; and
o issued 700,000 shares of common stock upon exercise of a
warrant held by one person for which we received an aggregate
exercise price of $42,000.
