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Sunday, October 14, 2007 8:06:28 AM
The Company has incurred recurring operating losses in each of the periods since Inception (December 23, 2003) to August 31, 2007 aggregating $1,985,423 and has a working capital deficit of $710,943 as of August 31, 2007. Excluding the income related to the fair value of warrant liability and liability for warrants accounted for as a derivative, the operating loss since inception is $2,787,109 and net working capital deficit of $157,503. The recurring operating losses are due to the Company being in the development stage, and that it has yet to establish commercial operations. The Company has no cash flows from revenues and has been utilizing the proceeds from the sale of its securities primarily on research and development activities and administrative costs.
The Company will need additional capital for its planned activity and for payment of its current liabilities, which raises substantial doubt about its ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon the exercising of outstanding warrants for cash, and the proceeds from additional common stock offerings or debt financings.
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