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esi23

09/18/07 10:33 AM

#255521 RE: HDOGTX #255516

TCLT warrants

Common Stock - During 2005, 45,200 common shares were issued and 169,577 are
issuable pursuant to an Investment Banking Agreement relating to the Series A
Preferred sale. The shares were valued at $107,388 based on the $.50 per share
common stock value of contemporaneous issuances and charged to Series A
Preferred Stock value as an offering cost.