Stockholders equity: Series A preferred stock, $.001 par value; 1,694,724 authorized shares, 407,620 and 293,874 issued and outstanding as of September 30, 2007 and December 31, 2006, respectively
each share Series A preferred stock is convertible into approximately ten shares of our common stock.
Series B preferred stock, $.001 par value; 1,539,000 authorized shares, 71,429 issued and outstanding as of September 30, 2007 and December 31, 2006
As a result of anti-dilution adjustments to the conversion price of the Series B, each share of Series B is currently convertible into approximately sixteen shares of our common stock which
Each Series C shares</vB> are initially convertible into 500 shares of our common stock, at any time, at an initial conversion price equal to $2 per share subject to adjustment based upon customary anti-dilution provisions
Common stock, $.001 par value; authorized 120,000,000 shares and 58,691,538 and 51,401,215 shares issued and outstanding as of September 30, 2007 and December 31, 2006, respectively
67,930,601 shares of Common Stock, par value $.001, were outstanding on November 13, 2007.
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Great idea here but ZERO rev's - The company is living off selling shares.
On February 16, 2007, we sold to six institutional and accredited investors $6,000,000 aggregate principal amount of unsecured convertible debentures due February 16, 2009 (the “2007 Debentures”), and warrants to purchase an aggregate of 1,824,105 shares of common stock at an exercise price of $1.14 per share.
Sources and Uses of Cash
As of September 30, 2007, we had $4,234,926 in cash and cash equivalents and restricted cash of $829,100. Cash used in operations totaled $5,902,829 and $5,548,125 during the nine months ended September 30, 2007 and 2006, respectively, and related to primarily funding our net operating losses.
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