Delaware
|
|
98-0178636
|
(State
or other jurisdiction of
|
|
(I.R.S.
Employer
|
incorporation
or organization)
|
|
Identification
No.)
|
|
|
|
33
Harbour Square, Suite 202, Toronto, Canada
|
|
M5J
2G2
|
(Address
of principal executive offices)
|
|
(Zip
Code)
|
Title
of each class
|
|
Name
of each exchange on which registered
|
Common
Stock, $.001 par value per share
|
|
The
NASDAQ Stock Market LLC
|
Large accelerated filer o | Accelerated filer þ | ||
Non-accelerated filer o | Smaller reporting company o |
|
Page
|
||
|
|
|
|
Part
I
|
|
|
|
Item
3.
|
Legal
Proceedings.
|
2
|
|
Part
II
|
|||
Item
7.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations.
|
3
|
|
Item
8.
|
Financial
Statements and Supplementary Data.
|
11
|
|
|
|
|
|
Part
IV
|
|
|
|
Item
15.
|
Exhibits
and Financial Statement Schedules.
|
13
|
|
|
|
|
|
Signatures
|
|
14
|
|
Schedule II |
15
|
Date
Issued
|
Aggregate
No.
of
Shares Unexercised
|
Exercise
Price*
|
Exercise
Date
|
|
Expiration
Date
|
||||||||
January
23, 2006
|
622,226
|
$
|
1.60
|
June
2, 2006
|
July
22, 2011
|
||||||||
February
27, 2006
|
4,770,617
|
$
|
3.00
|
August
27, 2006
|
August
27, 2011
|
||||||||
February
28, 2006
|
172,120
|
$
|
1.25
|
August
31, 2006
|
August
31, 2011
|
||||||||
March
1, 2006
|
800,000
|
$
|
3.00
|
September
6, 2006
|
September
6, 2011
|
||||||||
June
1, 2006
|
2,560,980
|
$
|
2.45
|
June
1, 2006
|
June
1, 2011
|
||||||||
June
2, 2006
|
3,273,144
|
$
|
2.35
|
June
2, 2006
|
June
2, 2011
|
Payments
Due by Period
|
||||||||||||||||
Contractual
Obligations
|
Total
|
Less
than 1
Year
|
1-3
years
|
3-5
years
|
More
than
5
years
|
|||||||||||
Long-Term
Debt Obligations
|
3,628,837
|
302,888
|
2,640,216
|
685,733
|
-
|
|||||||||||
Capital
Lease Obligations
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Operating
Lease Obligations
|
589,211
|
148,823
|
256,079
|
183,812
|
497
|
|||||||||||
Purchase
Obligations
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Other
Long-Term Liabilities Reflected on the Registrant's
Balance Sheet under GAAP
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Total
|
$
|
4,218,048
|
$
|
451,711
|
$
|
2,896,295
|
$
|
869,545
|
$
|
497
|
Page
|
||||
Report
of Independent Registered Public Accounting Firms
|
F-1-F-3
|
|||
Consolidated
Balance Sheets July 31, 2007
and 2006
|
F-4
|
|||
Consolidated
Statements of Operations For the Years Ended July 31, 2007,
2006
and 2005
and Cumulative From Inception to July 31, 2007
|
F-5
|
|||
Consolidated
Statements of Changes in Stockholders’ Equity For the Period November 2,
1995 (Date of Inception) to July 31, 2007
|
F-6-F-17
|
|||
Consolidated
Statements of Cash Flows For the Years Ended July 31, 2007,
2006
and 2005
and Cumulative From Inception to July 31, 2007
|
F-18
|
|||
Notes
to Consolidated Financial Statements
|
F-19-F-46
|
July
31,
|
|||||||
2007
|
|
2006
|
|||||
ASSETS
|
|||||||
Current
Assets:
|
|||||||
Cash
and cash equivalents
|
$
|
21,026,067
|
$
|
38,208,493
|
|||
Short-term
investments
|
14,011,738
|
14,372,653
|
|||||
Accounts
receivable
|
58,264
|
--
|
|||||
Inventory
|
123,931
|
--
|
|||||
Other
current assets
|
469,210
|
237,752
|
|||||
Total
Current Assets
|
35,689,210
|
52,818,898
|
|||||
Property
and Equipment, Net
|
2,137,027
|
2,585,744
|
|||||
Assets
Held for Investment, Net
|
3,693,183
|
3,602,773
|
|||||
Patents,
Net
|
4,884,984
|
5,097,827
|
|||||
TOTAL
ASSETS
|
$
|
46,404,404
|
$
|
64,105,242
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Current
Liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
7,156,709
|
$
|
5,444,790
|
|||
Deferred
revenue
|
33,314
|
--
|
|||||
Current
maturities of long-term debt
|
84,503
|
428,059
|
|||||
Convertible
debentures, net of debt discount of $-0- and $608,737
|
|||||||
at
July 31, 2007 and 2006, respectively
|
--
|
160,494
|
|||||
Total
Current Liabilities
|
7,274,526
|
6,033,343
|
|||||
Long-Term
Debt, Net
|
3,059,286
|
2,608,105
|
|||||
Commitments
and Contingencies
|
|||||||
Stockholders’
Equity:
|
|||||||
Special
Voting Rights Preferred Stock, $.001 par value;
|
|||||||
authorized
1,000 shares at July 31, 2007 and 2006; -0- and 1,000
shares
|
|||||||
issued
and outstanding at July 31, 2007 and 2006, respectively
|
--
|
1
|
|||||
Common
stock, $.001 par value; authorized 500,000,000 shares at July 31,
2007
|
|||||||
and
2006; 109,616,518 and 107,398,360 shares issued and outstanding
at
|
|||||||
July
31, 2007 and 2006, respectively
|
109,616
|
107,397
|
|||||
Additional
paid-in capital
|
247,079,439
|
243,097,627
|
|||||
Deficit
accumulated during the development stage
|
(212,000,270
|
)
|
(188,495,312
|
)
|
|||
Accumulated
other comprehensive income
|
881,807
|
754,081
|
|||||
Total
Stockholders’ Equity
|
36,070,592
|
55,463,794
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
46,404,404
|
$
|
64,105,242
|
For
the Years Ended July 31,
|
Cumulative
From November 2, 1995 (Date of Inception) to July 31,
|
||||||||||||
2007
|
2006
|
2005
|
2007
|
||||||||||
Revenues
|
$
|
182,429
|
$
|
175,000
|
$
|
392,112
|
$
|
2,376,725
|
|||||
Sales
discounts
|
(2,231
|
)
|
--
|
--
|
(2,231
|
)
|
|||||||
Net
Revenue
|
180,198
|
175,000
|
392,112
|
2,374,494
|
|||||||||
Cost
of Goods Sold
|
61,623
|
--
|
--
|
61,623
|
|||||||||
Operating
Expenses:
|
|||||||||||||
Research
and development
|
11,983,626
|
6,554,393
|
7,750,731
|
73,456,464
|
|||||||||
Research
and development -
|
|||||||||||||
related
party
|
--
|
--
|
--
|
220,218
|
|||||||||
Selling
and marketing
|
693,309
|
56,028
|
--
|
749,337
|
|||||||||
General
and administrative
|
12,317,742
|
12,270,562
|
11,199,802
|
90,039,418
|
|||||||||
General
and administrative -
|
|||||||||||||
related
party
|
--
|
--
|
--
|
314,328
|
|||||||||
Total
Operating Expenses
|
24,994,677
|
18,880,983
|
18,950,533
|
164,779,765
|
|||||||||
Operating
Loss
|
(24,876,102
|
)
|
(18,705,983
|
)
|
(18,558,421
|
)
|
(162,466,894
|
)
|
|||||
Other
Income (Expense):
|
|||||||||||||
Miscellaneous
income (expense)
|
--
|
500
|
70,345
|
196,193
|
|||||||||
Income
from Rental Operations, net
|
277,474
|
236,521
|
185,857
|
920,928
|
|||||||||
Interest
income
|
2,180,380
|
767,598
|
22,868
|
6,342,458
|
|||||||||
Interest
expense
|
(849,548
|
)
|
(37,715,275
|
)
|
(4,376,043
|
)
|
(43,602,015
|
)
|
|||||
Loss
on extinguishment of debt
|
(237,162
|
)
|
(12,550,565
|
)
|
(1,346,341
|
)
|
(14,134,068
|
)
|
|||||
Net
Loss Before Undernoted
|
(23,504,958
|
)
|
(67,967,204
|
)
|
(24,001,735
|
)
|
(212,743,398
|
)
|
|||||
Minority
Interest Share of Loss
|
--
|
--
|
--
|
3,038,185
|
|||||||||
Net
Loss
|
(23,504,958
|
)
|
(67,967,204
|
)
|
(24,001,735
|
)
|
(209,705,213
|
)
|
|||||
Preferred
Stock Dividend
|
--
|
--
|
--
|
2,295,057
|
|||||||||
Net
Loss Available to Common
|
|||||||||||||
Shareholders
|
$
|
(23,504,958
|
)
|
$
|
(67,967,204
|
)
|
$
|
(24,001,735
|
)
|
$
|
(212,000,270
|
)
|
|
Basic
and Diluted Net Loss Per
|
|||||||||||||
Common
Share
|
$
|
(.22
|
)
|
$
|
(.90
|
)
|
$
|
(.66
|
)
|
||||
Weighted
Average Number of Shares
|
|||||||||||||
of
Common Stock Outstanding
|
108,416,023
|
75,416,234
|
36,537,318
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
|
|
|
|||||||||||||||||||||||||||||
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
Shares
|
Amount
|
Additonal
Paid-In Capital
|
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||
Balance
November 2, 1995
|
||||||||||||||||||||||||||||||||||
(Inception)
|
-
|
$
|
-
|
-
|
$
|
-
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
|||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
February
1996, $.0254
|
-
|
-
|
321,429
|
321
|
-
|
-
|
7,838
|
-
|
-
|
-
|
8,159
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
February
1996, $.0510
|
-
|
-
|
35,142
|
35
|
-
|
-
|
1,757
|
-
|
-
|
-
|
1,792
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
February
1996, $.5099
|
-
|
-
|
216,428
|
216
|
-
|
-
|
110,142
|
-
|
-
|
-
|
110,358
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
March
1996, $10.2428
|
-
|
-
|
2,500
|
3
|
-
|
-
|
25,604
|
-
|
-
|
-
|
25,607
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
April
1996, $.0516
|
-
|
-
|
489,850
|
490
|
-
|
-
|
24,773
|
-
|
-
|
-
|
25,263
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
May
1996, $.0512
|
-
|
-
|
115,571
|
116
|
-
|
-
|
5,796
|
-
|
-
|
-
|
5,912
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
May
1996, $.5115
|
-
|
-
|
428,072
|
428
|
-
|
-
|
218,534
|
-
|
-
|
-
|
218,962
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
May
1996, $10.2302
|
-
|
-
|
129,818
|
130
|
-
|
-
|
1,327,934
|
-
|
-
|
1,328,064
|
||||||||||||||||||||||||
Issuance
of common stock for cash,
|
-
|
|||||||||||||||||||||||||||||||||
July
1996, $.0051
|
-
|
-
|
2,606,528
|
2,606
|
-
|
-
|
10,777
|
-
|
-
|
13,383
|
||||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
July
1996, $.0255
|
-
|
-
|
142,857
|
143
|
-
|
-
|
3,494
|
-
|
-
|
-
|
3,637
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
July
1996, $.0513
|
-
|
-
|
35,714
|
36
|
-
|
-
|
1,797
|
-
|
-
|
-
|
1,833
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
July
1996, $10.1847
|
-
|
-
|
63,855
|
64
|
-
|
-
|
650,282
|
-
|
-
|
-
|
650,346
|
|||||||||||||||||||||||
Costs
related to issuance of common
|
||||||||||||||||||||||||||||||||||
stock
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,252
|
)
|
-
|
-
|
-
|
(10,252
|
)
|
|||||||||||||||||||||
Founders
Shares transferred for services rendered
|
-
|
-
|
-
|
-
|
-
|
-
|
330,025
|
-
|
-
|
-
|
330,025
|
|||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(693,448
|
)
|
-
|
(693,448
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,017
|
)
|
(4,017
|
)
|
|||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
|
(693,448
|
)
|
(4,017
|
)
|
(697,465
|
)
|
|||||||||||||||||||||||||||
Balance,
July 31, 1996
|
-
|
$
|
-
|
4,587,764
|
$
|
4,588
|
-
|
$
|
-
|
$
|
2,708,501
|
$
|
-
|
$
|
(693,448
|
)
|
$
|
(4,017
|
)
|
$
|
2,015,624
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
||||||||||||||||||||||||||||||||
Shares
|
|
Amount
|
|
Shares
|
Amount
|
Shares
|
|
Amount
|
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
|||||||||||||||||||
Balance,
August 1, 1996
|
-
|
$
|
-
|
4,587,764
|
$
|
4,588
|
-
|
$
|
-
|
$
|
2,708,501
|
$
|
-
|
$
|
(693,448
|
)
|
$
|
(4,017
|
)
|
$
|
2,015,624
|
|||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
September
1996, $.0509
|
-
|
-
|
2,143
|
2
|
-
|
-
|
107
|
-
|
-
|
-
|
109
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
December
1996, $10.2421
|
-
|
-
|
1,429
|
1
|
-
|
-
|
14,635
|
-
|
-
|
-
|
14,636
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
January
1997, $.0518
|
-
|
-
|
1,466
|
1
|
-
|
-
|
75
|
-
|
-
|
-
|
76
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
March
1997, $10.0833
|
-
|
-
|
12
|
-
|
-
|
-
|
121
|
-
|
-
|
-
|
121
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
May
1997, $.0512
|
-
|
-
|
4,233
|
4
|
-
|
-
|
213
|
-
|
-
|
-
|
217
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
May
1997, $.5060
|
-
|
-
|
4,285,714
|
4,286
|
-
|
-
|
2,164,127
|
-
|
-
|
-
|
2,168,413
|
|||||||||||||||||||||||
Costs
related to issuance of common
|
||||||||||||||||||||||||||||||||||
stock,
May 1997
|
-
|
-
|
-
|
-
|
-
|
-
|
(108,421
|
)
|
-
|
-
|
-
|
(108,421
|
)
|
|||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
May
1997, $10.1194
|
-
|
-
|
18,214
|
18
|
-
|
-
|
184,297
|
-
|
-
|
-
|
184,315
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
June
1997, $.0504
|
-
|
-
|
10,714
|
11
|
-
|
-
|
529
|
-
|
-
|
-
|
540
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
June
1997, $.5047
|
-
|
-
|
32,143
|
32
|
-
|
-
|
16,190
|
-
|
-
|
-
|
16,222
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
June
1997, $8.9810
|
-
|
-
|
29,579
|
30
|
-
|
-
|
265,618
|
-
|
-
|
-
|
265,648
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
June
1997, $10.0978
|
-
|
-
|
714
|
1
|
-
|
-
|
7,209
|
-
|
-
|
-
|
7,210
|
|||||||||||||||||||||||
Issuance
of common stock for cash,
|
||||||||||||||||||||||||||||||||||
July
1997, $10.1214
|
-
|
-
|
25,993
|
26
|
-
|
-
|
263,060
|
-
|
-
|
-
|
263,086
|
|||||||||||||||||||||||
Costs
related to issuance of common
|
||||||||||||||||||||||||||||||||||
stock
|
-
|
-
|
-
|
-
|
-
|
-
|
(26,960
|
)
|
-
|
-
|
-
|
(26,960
|
)
|
|||||||||||||||||||||
Founders
Shares transferred for services rendered
|
-
|
-
|
-
|
-
|
-
|
-
|
23,481
|
-
|
-
|
-
|
23,481
|
|||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,379,024
|
)
|
-
|
(1,379,024
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
3,543
|
3,543
|
|||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(1,379,024
|
)
|
3,543
|
(1,375,481
|
)
|
|||||||||||||||||||||||||||||
Balance,
July 31, 1997
|
-
|
$
|
-
|
9,000,118
|
$
|
9,000
|
-
|
$
|
-
|
$
|
5,512,782
|
$
|
-
|
$
|
(2,072,472
|
)
|
$
|
(474
|
)
|
$
|
3,448,836
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
|
|||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
|
Amount
|
Shares
|
|
Amount
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||||
Balance,
August 1, 1997
|
-
|
$
|
-
|
9,000,118
|
$
|
9,000
|
-
|
$
|
-
|
$
|
5,512,782
|
$
|
-
|
$
|
(2,072,472
|
)
|
$
|
(474
|
)
|
$
|
3,448,836
|
|||||||||||||
Issuance
of warrants in exchange for services rendered, October 1997,
$.50
|
-
|
-
|
-
|
-
|
-
|
-
|
234,000
|
-
|
-
|
-
|
234,000
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, December 1997,
$0.05
|
-
|
-
|
234,000
|
234
|
-
|
-
|
10,698
|
-
|
-
|
-
|
10,932
|
|||||||||||||||||||||||
Issuance
of SVR Preferred Stock in exchange for services rendered, January
1998,
$.001
|
1,000
|
1
|
-
|
-
|
-
|
-
|
99
|
-
|
-
|
-
|
100
|
|||||||||||||||||||||||
Shares
issued pursuant to the January 9, 1998 reverse merger between
GBC-Delaware, Inc. and Generex Biotechnology Corporation
|
-
|
-
|
1,105,000
|
1,105
|
-
|
-
|
(1,105
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Issuance
of common stock for cash, March 1998, $2.50
|
-
|
-
|
70,753
|
71
|
-
|
-
|
176,812
|
-
|
-
|
-
|
176,883
|
|||||||||||||||||||||||
Issuance
of common stock for cash, April 1998, $2.50
|
-
|
-
|
60,000
|
60
|
-
|
-
|
149,940
|
-
|
-
|
-
|
150,000
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, April 1998,
$2.50
|
-
|
-
|
38,172
|
38
|
-
|
-
|
95,392
|
-
|
-
|
-
|
95,430
|
|||||||||||||||||||||||
Issuance
of common stock for cash, May 1998, $2.50
|
-
|
-
|
756,500
|
757
|
-
|
-
|
1,890,493
|
-
|
-
|
-
|
1,891,250
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, May 1998,
$2.50
|
-
|
-
|
162,000
|
162
|
-
|
-
|
404,838
|
-
|
-
|
-
|
405,000
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, May 1998,
$.60
|
-
|
-
|
-
|
-
|
-
|
-
|
300,000
|
-
|
-
|
-
|
300,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash, June 1998, $2.50
|
-
|
-
|
286,000
|
286
|
-
|
-
|
714,714
|
-
|
-
|
-
|
715,000
|
|||||||||||||||||||||||
Exercise
of warrants for cash, June 1998, $0.0667
|
-
|
-
|
234,000
|
234
|
-
|
-
|
15,374
|
-
|
-
|
-
|
15,608
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, June 1998,
$2.50
|
-
|
-
|
24,729
|
24
|
-
|
-
|
61,799
|
-
|
-
|
-
|
61,823
|
|||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,663,604
|
)
|
-
|
(4,663,604
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(198,959
|
)
|
(198,959
|
)
|
|||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(4,663,604
|
)
|
(198,959
|
)
|
4,862,563
|
|||||||||||||||||||||||||||||
Balance,
July 31, 1998
|
1,000
|
$
|
1
|
11,971,272
|
$
|
11,971
|
-
|
$
|
-
|
$
|
9,565,836
|
$
|
-
|
$
|
(6,736,076
|
)
|
$
|
(199,433
|
)
|
$
|
2,642,299
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
|
|||||||||||||||||||||||||||||||
Shares
|
|
Amount
|
Shares
|
Amount
|
|
Shares
|
Amount
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||||
Balance,
August 1, 1998
|
1,000
|
$
|
1
|
11,971,272
|
$
|
11,971
|
-
|
$
|
-
|
$
|
9,565,836
|
$
|
-
|
$
|
(6,736,076
|
)
|
$
|
(199,433
|
)
|
$
|
2,642,299
|
|||||||||||||
Issuance
of common stock for cash, August 1998, $3.00
|
-
|
-
|
100,000
|
100
|
-
|
-
|
299,900
|
-
|
-
|
-
|
300,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash, August 1998, $3.50
|
-
|
-
|
19,482
|
19
|
-
|
-
|
68,168
|
-
|
-
|
-
|
68,187
|
|||||||||||||||||||||||
Redemption
of common stock for cash, September 1998, $7.75
|
-
|
-
|
(15,357
|
)
|
(15
|
)
|
-
|
-
|
(119,051
|
)
|
-
|
-
|
-
|
(119,066
|
)
|
|||||||||||||||||||
Issuance
of common stock for cash, September - October 1998, $3.00
|
-
|
-
|
220,297
|
220
|
-
|
-
|
660,671
|
-
|
-
|
-
|
660,891
|
|||||||||||||||||||||||
Issuance
of common stock for cash, August - October 1998, $4.10
|
-
|
-
|
210,818
|
211
|
-
|
-
|
864,142
|
-
|
-
|
-
|
864,353
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, August - October
1998,
$2.50
|
-
|
-
|
21,439
|
21
|
-
|
-
|
53,577
|
-
|
-
|
-
|
53,598
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, August - October
1998,
$4.10
|
-
|
-
|
18,065
|
18
|
-
|
-
|
74,048
|
-
|
-
|
-
|
74,066
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, September
1998, $4.10
|
-
|
-
|
180,000
|
180
|
-
|
-
|
737,820
|
-
|
-
|
-
|
738,000
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, October 1998,
$.26
|
-
|
-
|
-
|
-
|
-
|
-
|
2,064
|
-
|
-
|
-
|
2,064
|
|||||||||||||||||||||||
Issuance
of stock options in exchange for services rendered, November
1998, $1.85
|
-
|
-
|
-
|
-
|
-
|
-
|
92,500
|
-
|
-
|
-
|
92,500
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, November 1998,
$1.64
|
-
|
-
|
-
|
-
|
-
|
-
|
246,000
|
-
|
-
|
-
|
246,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$3.50
|
-
|
-
|
180,000
|
180
|
-
|
-
|
629,820
|
-
|
-
|
-
|
630,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$4.00
|
-
|
-
|
275,000
|
275
|
-
|
-
|
1,099,725
|
-
|
-
|
-
|
1,100,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999, $4.10
|
-
|
-
|
96,852
|
97
|
-
|
-
|
397,003
|
-
|
-
|
-
|
397,100
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, November 1998 -
January 1999, $4.10
|
-
|
-
|
28,718
|
29
|
-
|
-
|
117,715
|
-
|
-
|
-
|
117,744
|
|||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$5.00
|
-
|
-
|
20,000
|
20
|
-
|
-
|
99,980
|
-
|
-
|
-
|
100,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash, November 1998 - January 1999,
$5.50
|
-
|
-
|
15,000
|
15
|
-
|
-
|
82,485
|
-
|
-
|
-
|
82,500
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, January 1999,
$5.00
|
-
|
-
|
392
|
-
|
-
|
-
|
1,960
|
-
|
-
|
-
|
1,960
|
|||||||||||||||||||||||
Issuance
of common stock for cash, February 1999, $5.00
|
-
|
-
|
6,000
|
6
|
-
|
-
|
29,994
|
-
|
-
|
-
|
30,000
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, February 1999,
$6.00
|
-
|
-
|
5,000
|
5
|
-
|
-
|
29,995
|
-
|
-
|
-
|
30,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash, March 1999, $6.00
|
-
|
-
|
11,000
|
11
|
-
|
-
|
65,989
|
-
|
-
|
-
|
66,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash, April 1999, $5.50
|
-
|
-
|
363,637
|
364
|
-
|
-
|
1,999,640
|
-
|
-
|
-
|
2,000,004
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, April 1999,
$3.21
|
-
|
-
|
-
|
-
|
-
|
-
|
160,500
|
-
|
-
|
-
|
160,500
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, April 1999, $3.17
|
-
|
-
|
-
|
-
|
-
|
-
|
317,000
|
-
|
-
|
-
|
317,000
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, April 1999,
$2.89
|
-
|
-
|
-
|
-
|
-
|
-
|
144,500
|
-
|
-
|
-
|
144,500
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, April 1999, $3.27
|
-
|
-
|
-
|
-
|
184,310
|
-
|
-
|
-
|
184,310
|
|||||||||||||||||||||||||
Stock
adjustment
|
-
|
-
|
714
|
1
|
-
|
-
|
(1
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Issuance
of common stock for cash, May 1999, $5.50
|
-
|
-
|
272,728
|
273
|
-
|
-
|
1,499,731
|
-
|
-
|
-
|
1,500,004
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, May - June 1999,
$5.50
|
-
|
-
|
60,874
|
61
|
-
|
-
|
334,746
|
-
|
334,807
|
|||||||||||||||||||||||||
Exercise
of warrants for cash, June 1999, $5.50
|
-
|
-
|
388,375
|
389
|
-
|
1,941,484
|
-
|
-
|
-
|
1,941,873
|
||||||||||||||||||||||||
Exercise
of warrants in exchange for note receivable, June 1999, $5.00
|
-
|
-
|
94,776
|
95
|
-
|
-
|
473,787
|
(473,882
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||
Exercise
of warrants in exchange for services rendered, June 1999, $5.00
|
-
|
-
|
13,396
|
13
|
-
|
-
|
66,967
|
-
|
-
|
-
|
66,980
|
|||||||||||||||||||||||
Reduction
of note receivable in exchange for services rendered
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
38,979
|
-
|
-
|
38,979
|
|||||||||||||||||||||||
Shares
tendered in conjunction with warrant exercise, June 1999, $7.8125
|
-
|
-
|
(323,920
|
)
|
(324
|
)
|
-
|
-
|
(2,530,301
|
)
|
-
|
-
|
-
|
(2,530,625
|
)
|
|||||||||||||||||||
Exercise
of warrants for shares tendered, June 1999, $5.00
|
-
|
-
|
506,125
|
506
|
-
|
-
|
2,530,119
|
-
|
-
|
-
|
2,530,625
|
|||||||||||||||||||||||
Cost
of warrants redeemed for cash
|
-
|
-
|
-
|
-
|
-
|
(3,769
|
)
|
-
|
-
|
-
|
(3,769
|
)
|
||||||||||||||||||||||
Cost
related to warrant redemption, June 1999
|
-
|
-
|
-
|
-
|
-
|
-
|
(135,431
|
)
|
-
|
-
|
-
|
(135,431
|
)
|
|||||||||||||||||||||
Costs
related to issuance of common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,179,895
|
)
|
-
|
-
|
-
|
(1,179,895
|
)
|
|||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,239,602
|
)
|
-
|
(6,239,602
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
1,393
|
1,393
|
|||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(6,239,602
|
)
|
1,393
|
(6,238,209
|
)
|
|||||||||||||||||||||||||||||
Balance,
July 31, 1999
|
1,000
|
$
|
1
|
14,740,683
|
$
|
14,741
|
-
|
$
|
-
|
$
|
20,903,728
|
$
|
(434,903
|
)
|
$
|
(12,975,678
|
)
|
$
|
(198,040
|
)
|
$
|
7,309,849
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||||||
Balance,
August 1, 1999
|
1,000
|
$
|
1
|
14,740,683
|
$
|
14,741
|
-
|
$
|
-
|
$
|
20,903,728
|
$
|
(434,903
|
)
|
$
|
(12,975,678
|
)
|
$
|
(198,040
|
)
|
$
|
7,309,849
|
||||||||||||
Adjustment
for exercise of warrants recorded June
1999, $5.00
|
-
|
-
|
(2,300
|
)
|
(2
|
)
|
-
|
-
|
2
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Issuance
of common stock for cash, September
1999, $6.00
|
-
|
-
|
2,500
|
2
|
-
|
-
|
14,998
|
-
|
-
|
-
|
15,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private
placement, January 2000, $4.25
|
-
|
-
|
470,590
|
471
|
-
|
-
|
1,999,537
|
-
|
-
|
-
|
2,000,008
|
|||||||||||||||||||||||
Financing
costs associated with private placement, January,
2000
|
-
|
-
|
-
|
-
|
-
|
-
|
(220,192
|
)
|
-
|
-
|
-
|
(220,192
|
)
|
|||||||||||||||||||||
Issuance
of stock in exchange for services rendered,
January 2000, $5.00
|
-
|
-
|
8,100
|
8
|
-
|
-
|
40,492
|
-
|
-
|
-
|
40,500
|
|||||||||||||||||||||||
Granting
of stock options for services rendered,
January 2000
|
-
|
-
|
-
|
-
|
-
|
-
|
568,850
|
-
|
-
|
-
|
568,850
|
|||||||||||||||||||||||
Granting
of warrants for services rendered, January
2000
|
-
|
-
|
-
|
-
|
-
|
-
|
355,500
|
-
|
-
|
-
|
355,500
|
|||||||||||||||||||||||
Exercise
of warrants for cash, February 2000, $5.50
|
-
|
-
|
2,000
|
2
|
-
|
-
|
10,998
|
-
|
-
|
-
|
11,000
|
|||||||||||||||||||||||
Exercise
of warrants for cash, March 2000, $5.50
|
-
|
-
|
29,091
|
29
|
-
|
-
|
159,972
|
-
|
-
|
-
|
160,001
|
|||||||||||||||||||||||
Exercise
of warrants for cash, March 2000, $6.00
|
-
|
-
|
2,000
|
2
|
-
|
-
|
11,998
|
-
|
-
|
-
|
12,000
|
|||||||||||||||||||||||
Exercise
of warrants for cash, March 2000, $7.50
|
-
|
-
|
8,000
|
8
|
-
|
-
|
59,992
|
-
|
-
|
-
|
60,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private
placement, June 2000, $6.00
|
-
|
-
|
1,041,669
|
1,042
|
-
|
-
|
6,248,972
|
-
|
-
|
-
|
6,250,014
|
|||||||||||||||||||||||
Financing
costs associated with private placement,
June 2000
|
-
|
-
|
-
|
-
|
-
|
-
|
(385,607
|
)
|
-
|
-
|
-
|
(385,607
|
)
|
|||||||||||||||||||||
Issuance
of common stock for services, June 2000, $6.00
|
-
|
-
|
4,300
|
4
|
-
|
-
|
25,796
|
-
|
-
|
-
|
25,800
|
|||||||||||||||||||||||
Exercise
of warrants for cash, July 2000, $6.00
|
-
|
-
|
3,000
|
3
|
-
|
-
|
17,997
|
-
|
-
|
-
|
18,000
|
|||||||||||||||||||||||
Exercise
of warrants for cash, July 2000, $7.50
|
-
|
-
|
16,700
|
17
|
-
|
-
|
125,233
|
-
|
-
|
-
|
125,250
|
|||||||||||||||||||||||
Granting
of stock options for services rendered, July 2000
|
-
|
-
|
-
|
-
|
-
|
-
|
496,800
|
-
|
-
|
-
|
496,800
|
|||||||||||||||||||||||
Reduction
of note receivable in exchange for services
rendered
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
384,903
|
-
|
-
|
384,903
|
|||||||||||||||||||||||
Accrued
interest on note receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(4,118
|
)
|
-
|
-
|
(4,118
|
)
|
|||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(8,841,047
|
)
|
-
|
(8,841,047
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
32,514
|
32,514
|
|||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(8,841,047
|
)
|
32,514
|
(8,808,533
|
)
|
|||||||||||||||||||||||||||||
Balance,
July 31, 2000
|
1,000
|
$
|
1
|
16,326,333
|
$
|
16,327
|
-
|
$
|
-
|
$
|
30,435,066
|
$
|
(54,118
|
)
|
$
|
(21,816,725
|
)
|
$
|
(165,526
|
)
|
$
|
8,415,025
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
||||||||||||||||||||||||||||||||
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||
Balance,
August 1, 2000
|
1,000
|
$
|
1
|
16,326,333
|
$
|
16,327
|
-
|
$
|
-
|
$
|
30,435,066
|
$
|
(54,118
|
)
|
$
|
(21,816,725
|
)
|
$
|
(165,526
|
)
|
$
|
8,415,025
|
||||||||||||
Exercise
of warrants for cash, August 2000, $6.00
|
-
|
-
|
2,000
|
2
|
-
|
-
|
11,998
|
-
|
-
|
-
|
12,000
|
|||||||||||||||||||||||
Issuance
of common stock for services rendered August 2000
|
-
|
-
|
35,000
|
35
|
-
|
-
|
411,215
|
-
|
-
|
-
|
411,250
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for equity line agreement,
August 2000
|
-
|
-
|
-
|
-
|
-
|
-
|
3,406,196
|
-
|
-
|
-
|
3,406,196
|
|||||||||||||||||||||||
Exercise
of warrants for cash, August 2000, $7.50
|
-
|
-
|
30,300
|
30
|
-
|
-
|
227,220
|
-
|
-
|
-
|
227,250
|
|||||||||||||||||||||||
Exercise
of warrants for cash, August 2000, $8.6625
|
-
|
-
|
30,000
|
30
|
-
|
-
|
259,845
|
-
|
-
|
-
|
259,875
|
|||||||||||||||||||||||
Cashless
exercise of warrants, August 2000
|
-
|
-
|
8,600
|
9
|
-
|
-
|
(9
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Exercise
of warrants for cash, August 2000, $10.00
|
-
|
-
|
10,000
|
10
|
-
|
-
|
99,990
|
-
|
-
|
-
|
100,000
|
|||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $8.6625
|
-
|
-
|
63,335
|
63
|
-
|
-
|
548,576
|
-
|
-
|
-
|
548,639
|
|||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $5.50
|
-
|
-
|
16,182
|
16
|
-
|
-
|
88,986
|
-
|
-
|
-
|
89,002
|
|||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $6.00
|
-
|
-
|
53,087
|
53
|
-
|
-
|
318,470
|
-
|
-
|
-
|
318,523
|
|||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $10.00
|
-
|
-
|
9,584
|
10
|
-
|
-
|
95,830
|
-
|
-
|
-
|
95,840
|
|||||||||||||||||||||||
Exercise
of warrants for cash, September 2000, $7.50
|
-
|
-
|
32,416
|
32
|
-
|
-
|
243,088
|
-
|
-
|
-
|
243,120
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private
placement, October 2000, $11.00
|
-
|
-
|
2,151,093
|
2,151
|
-
|
-
|
23,659,872
|
-
|
-
|
-
|
23,662,023
|
|||||||||||||||||||||||
Exercise
of warrants for cash, Oct. 2000, $6.00
|
-
|
-
|
1,000
|
1
|
-
|
-
|
5,999
|
-
|
-
|
-
|
6,000
|
|||||||||||||||||||||||
Financing
costs associated with private placement, October 2000
|
-
|
-
|
-
|
-
|
-
|
-
|
(1,956,340
|
)
|
-
|
-
|
-
|
(1,956,340
|
)
|
|||||||||||||||||||||
Exercise
of warrants for cash, November - December 2000, $4.25
|
-
|
-
|
23,528
|
23
|
-
|
-
|
99,971
|
-
|
-
|
-
|
99,994
|
|||||||||||||||||||||||
Cashless
exercise of warrants, December 2000
|
-
|
-
|
3,118
|
3
|
-
|
-
|
(3
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Exercise
of warrants for cash, November - December 2000, $6.00
|
-
|
-
|
22,913
|
23
|
-
|
-
|
137,455
|
-
|
-
|
-
|
137,478
|
|||||||||||||||||||||||
Exercise
of warrants for cash, December 2000, $7.00
|
-
|
-
|
8,823
|
9
|
-
|
-
|
61,752
|
-
|
-
|
-
|
61,761
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation, December 2000
|
-
|
-
|
8,650
|
8
|
-
|
-
|
100,548
|
-
|
-
|
-
|
100,556
|
|||||||||||||||||||||||
Exercise
of warrants for cash, January 2001, $6.00
|
-
|
-
|
3,000
|
3
|
-
|
-
|
17,997
|
-
|
-
|
-
|
18,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, January
2001,
$14.53
|
-
|
-
|
344,116
|
344
|
-
|
-
|
4,999,656
|
-
|
-
|
-
|
5,000,000
|
|||||||||||||||||||||||
Financing
costs associated with private placement, January 2001
|
-
|
-
|
-
|
-
|
-
|
-
|
(200,000
|
)
|
-
|
-
|
-
|
(200,000
|
)
|
|||||||||||||||||||||
Issuance
of common stock pursuant to litigation settlement, January 2001
|
-
|
-
|
2,832
|
2
|
-
|
-
|
21,096
|
-
|
-
|
-
|
21,098
|
|||||||||||||||||||||||
Granting
of stock options in exchange for services rendered, January 2001
|
-
|
-
|
-
|
-
|
-
|
-
|
745,000
|
-
|
-
|
-
|
745,000
|
|||||||||||||||||||||||
Granting
of stock options in exchange for services rendered, February 2001
|
-
|
-
|
-
|
-
|
-
|
-
|
129,600
|
-
|
-
|
-
|
129,600
|
|||||||||||||||||||||||
Exercise
of stock options for cash, February 2001, $5.00
|
-
|
-
|
50,000
|
50
|
-
|
-
|
249,950
|
-
|
-
|
-
|
250,000
|
|||||||||||||||||||||||
Exercise
of warrants for cash, March 2001, $6.00
|
-
|
-
|
500
|
1
|
-
|
-
|
2,999
|
-
|
-
|
-
|
3,000
|
|||||||||||||||||||||||
Exercise
of stock options in exchange for note receivable, March 2001
|
-
|
-
|
50,000
|
50
|
-
|
-
|
249,950
|
(250,000
|
)
|
-
|
-
|
-
|
||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, March 2001,
$5.50
|
-
|
-
|
8,000
|
8
|
-
|
-
|
43,992
|
-
|
-
|
-
|
44,000
|
|||||||||||||||||||||||
Granting
of stock options in exchange for services rendered, May 2001
|
-
|
-
|
-
|
-
|
-
|
-
|
592,300
|
-
|
-
|
-
|
592,300
|
|||||||||||||||||||||||
Exercise
of stock options for cash, June 2001, $5.00
|
-
|
-
|
75,000
|
75
|
-
|
-
|
374,925
|
-
|
-
|
-
|
375,000
|
|||||||||||||||||||||||
Exercise
of stock options for cash, June 2001, $5.50
|
-
|
-
|
12,500
|
12
|
-
|
-
|
68,738
|
-
|
-
|
-
|
68,750
|
|||||||||||||||||||||||
Exercise
of warrants for cash, June 2001, $6.00
|
-
|
-
|
4,000
|
4
|
-
|
-
|
23,996
|
-
|
-
|
-
|
24,000
|
|||||||||||||||||||||||
Exercise
of stock options for cash, July 2001, $5.00
|
-
|
-
|
7,500
|
8
|
-
|
-
|
37,492
|
-
|
-
|
-
|
37,500
|
|||||||||||||||||||||||
Exercise
of stock options for cash, July 2001, $5.50
|
-
|
-
|
2,500
|
3
|
-
|
-
|
13,747
|
-
|
-
|
-
|
13,750
|
|||||||||||||||||||||||
Exercise
of warrants for cash, July 2001, $6.00
|
-
|
-
|
2,000
|
2
|
-
|
-
|
11,998
|
-
|
-
|
-
|
12,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, July 2001,
$9.25
|
-
|
-
|
1,254,053
|
1,254
|
-
|
-
|
11,598,736
|
-
|
-
|
-
|
11,599,990
|
|||||||||||||||||||||||
Financing
costs associated with private placement, July 2001
|
-
|
-
|
-
|
-
|
-
|
-
|
(768,599
|
)
|
-
|
-
|
-
|
(768,599
|
)
|
|||||||||||||||||||||
Shares
issued in exchange for services rendered, July 2001, $9.25
|
-
|
-
|
23,784
|
24
|
-
|
-
|
219,978
|
-
|
-
|
-
|
220,002
|
|||||||||||||||||||||||
Shares
issued for Anti-Dilution Provisions, July 2001
|
-
|
-
|
5,779
|
6
|
-
|
-
|
53,450
|
-
|
-
|
-
|
53,456
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, July 2001
|
-
|
-
|
-
|
-
|
-
|
-
|
19,134
|
-
|
-
|
-
|
19,134
|
|||||||||||||||||||||||
Accrued
interest on note receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(10,182
|
)
|
-
|
-
|
(10,182
|
)
|
|||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(27,097,210
|
)
|
-
|
(27,097,210
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(81,341
|
)
|
(81,341
|
)
|
|||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(27,097,210
|
)
|
(81,341
|
)
|
(27,178,551
|
)
|
||||||||||||||||||||||||||||
Balance
at July 31, 2001
|
1,000
|
$
|
1
|
20,681,526
|
$
|
20,681
|
-
|
$
|
-
|
$
|
76,761,860
|
$
|
(314,300
|
)
|
$
|
(48,913,935
|
)
|
$
|
(246,867
|
)
|
$
|
27,307,440
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
|
|
|
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||||||
Balance,
August 1, 2001
|
1,000
|
$
|
1
|
20,681,526
|
$
|
20,681
|
-
|
$
|
-
|
$
|
76,761,860
|
$
|
(314,300
|
)
|
$
|
(48,913,935
|
)
|
$
|
(246,867
|
)
|
$
|
27,307,440
|
||||||||||||
Exercise
of stock options for cash,
|
||||||||||||||||||||||||||||||||||
August
2001, $5.50
|
-
|
-
|
5,000
|
5
|
-
|
-
|
27,495
|
-
|
-
|
-
|
27,500
|
|||||||||||||||||||||||
Purchase
of Treasury Stock for cash
|
||||||||||||||||||||||||||||||||||
October
2001, $3.915
|
-
|
-
|
-
|
-
|
(10,000
|
)
|
(39,150
|
)
|
-
|
-
|
-
|
-
|
(39,150
|
)
|
||||||||||||||||||||
Issuance
of stock options in exchange for services rendered, December 2001
|
-
|
-
|
-
|
-
|
-
|
-
|
25,000
|
-
|
-
|
-
|
25,000
|
|||||||||||||||||||||||
Issuance
of common stock as employee
|
||||||||||||||||||||||||||||||||||
compensation,
January 2002
|
-
|
-
|
10,800
|
11
|
-
|
-
|
71,161
|
-
|
-
|
-
|
71,172
|
|||||||||||||||||||||||
Preferred
stock dividend paid January 2002
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(720,900
|
)
|
-
|
(720,900
|
)
|
|||||||||||||||||||||
Purchase
of Treasury Stock for cash
|
||||||||||||||||||||||||||||||||||
February
2002, $4.693
|
-
|
-
|
-
|
-
|
(31,400
|
)
|
(147,346
|
)
|
-
|
-
|
-
|
-
|
(147,346
|
)
|
||||||||||||||||||||
Issuance
of warrants in exchange for services rendered, March 2002
|
-
|
-
|
-
|
-
|
-
|
-
|
202,328
|
-
|
-
|
-
|
202,328
|
|||||||||||||||||||||||
Purchase
of Treasury Stock for cash
|
||||||||||||||||||||||||||||||||||
March
2002, $4.911
|
-
|
-
|
-
|
-
|
(7,700
|
)
|
(37,816
|
)
|
-
|
-
|
-
|
-
|
(37,816
|
)
|
||||||||||||||||||||
Purchase
of Treasury Stock for cash
|
||||||||||||||||||||||||||||||||||
April
2002, $4.025
|
-
|
-
|
-
|
-
|
(12,800
|
)
|
(54,516
|
)
|
-
|
-
|
-
|
-
|
(54,516
|
)
|
||||||||||||||||||||
Issuance
of stock options in exchange for services rendered, June 2002
|
-
|
-
|
-
|
-
|
-
|
-
|
132,387
|
-
|
-
|
-
|
132,387
|
|||||||||||||||||||||||
Purchase
of Treasury Stock for cash
|
-
|
|||||||||||||||||||||||||||||||||
July
2002, $4.025
|
-
|
-
|
-
|
-
|
(34,600
|
)
|
(116,703
|
)
|
-
|
-
|
-
|
-
|
(116,703
|
)
|
||||||||||||||||||||
Accrued
interest on note receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(22,585
|
)
|
-
|
-
|
(22,585
|
)
|
|||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(13,693,034
|
)
|
-
|
(13,693,034
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss):
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(71,185
|
)
|
(71,185
|
)
|
|||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
|
(13,693,034
|
)
|
(71,185
|
)
|
(13,764,219
|
)
|
|||||||||||||||||||||||||||
Balance
at July 31, 2002
|
1,000
|
$
|
1
|
20,697,326
|
$
|
20,697
|
(96,500
|
)
|
$
|
(395,531
|
)
|
$
|
77,220,231
|
$
|
(336,885
|
)
|
$
|
(63,327,869
|
)
|
$
|
(318,052
|
)
|
$
|
12,862,592
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
||||||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||||||
Balance,
August 1, 2002
|
1,000
|
$
|
1
|
20,697,326
|
$
|
20,697
|
(96,500
|
)
|
$
|
(395,531
|
)
|
$
|
77,220,231
|
$
|
(336,885
|
)
|
$
|
(63,327,869
|
)
|
$
|
(318,052
|
)
|
$
|
12,862,592
|
||||||||||
Receipt
of restricted shares of common stock as settlement for executive
loan,
September 2002, $1.90
|
-
|
-
|
-
|
-
|
(592,716
|
)
|
(1,126,157
|
)
|
-
|
-
|
-
|
-
|
(1,126,157
|
)
|
||||||||||||||||||||
Purchase
of Treasury Stock for cash October 2002, $1.5574
|
-
|
-
|
-
|
-
|
(40,000
|
)
|
(62,294
|
)
|
-
|
-
|
-
|
-
|
(62,294
|
)
|
||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered,
November 2002, $2.50
|
-
|
-
|
-
|
-
|
-
|
-
|
988,550
|
-
|
-
|
-
|
988,550
|
|||||||||||||||||||||||
Issuance
of stock options in exchange for services receivable,
November 2002, $2.10
|
-
|
-
|
-
|
-
|
-
|
-
|
171,360
|
-
|
-
|
-
|
171,360
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered,
November 2002, $2.10
|
-
|
-
|
30,000
|
30
|
-
|
-
|
62,970
|
-
|
-
|
-
|
63,000
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation, January
2003, $2.10
|
-
|
-
|
9,750
|
10
|
-
|
-
|
20,465
|
-
|
-
|
-
|
20,475
|
|||||||||||||||||||||||
Purchase
of Treasury Stock for cash December 2002, $2.0034
|
- |
-
|
-
|
-
|
(13,000
|
)
|
(26,044
|
)
|
-
|
-
|
-
|
-
|
(26,044
|
)
|
||||||||||||||||||||
Preferred
stock dividend paid January 2003
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(764,154
|
)
|
-
|
(764,154
|
)
|
|||||||||||||||||||||
Issuance
of common stock in exchange for services rendered, March 2003,
$1.00
|
-
|
-
|
70,000
|
70
|
-
|
-
|
69,930
|
-
|
-
|
-
|
70,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, May 2003,
$1.15
|
-
|
-
|
2,926,301
|
2,926
|
-
|
-
|
3,362,324
|
-
|
-
|
-
|
3,365,250
|
|||||||||||||||||||||||
Financing
costs associated with private placement, May 2003
|
-
|
-
|
-
|
-
|
-
|
-
|
(235,568
|
)
|
-
|
-
|
-
|
(235,568
|
)
|
|||||||||||||||||||||
Exercise
of warrants for cash, May 2003, $1.50
|
-
|
-
|
35,000
|
35
|
-
|
-
|
52,465
|
-
|
-
|
-
|
52,500
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, June 2003,
$1.50
|
-
|
-
|
666,667
|
667
|
-
|
-
|
999,333
|
-
|
-
|
-
|
1,000,000
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation, June 2003, $2.00
|
-
|
-
|
100
|
-
|
-
|
-
|
200
|
-
|
-
|
-
|
200
|
|||||||||||||||||||||||
Exercise
of warrants for cash, June 2003, $1.50
|
-
|
-
|
1,496,001
|
1,496
|
-
|
-
|
2,242,506
|
-
|
-
|
-
|
2,244,002
|
|||||||||||||||||||||||
Cashless
exercise of warrants, June 2003
|
-
|
-
|
16,379
|
16
|
-
|
-
|
(16
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Exercise
of stock options for cash, June 2003, $1.59
|
-
|
-
|
70,000
|
70
|
-
|
-
|
111,230
|
-
|
-
|
-
|
111,300
|
|||||||||||||||||||||||
Accrued
interest on note receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(23,113
|
)
|
-
|
-
|
(23,113
|
)
|
|||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(13,261,764
|
)
|
-
|
(13,261,764
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
406,830
|
406,830
|
|||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
|
|
(13,261,764
|
)
|
406,830
|
(12,854,934
|
)
|
|||||||||||||||||||||||||||
Balance
at July 31, 2003
|
1,000
|
$
|
1
|
26,017,524
|
$
|
26,017
|
(742,216
|
)
|
$
|
(1,610,026
|
)
|
$
|
85,065,980
|
$
|
(359,998
|
)
|
$
|
(77,353,787
|
)
|
$
|
88,778
|
$
|
5,856,965
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
|
|
|
|
||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||||||
Balance,
August 1, 2003
|
1,000
|
$
|
1
|
26,017,524
|
$
|
26,017
|
(742,216
|
)
|
$
|
(1,610,026
|
)
|
$
|
85,065,980
|
$
|
(359,998
|
)
|
$
|
(77,353,787
|
)
|
$
|
88,778
|
$
|
5,856,965
|
|||||||||||
Shares
issued pursuant to acquisition of Antigen Express Inc., August
2003
|
-
|
-
|
2,779,974
|
2,780
|
-
|
-
|
4,639,777
|
-
|
-
|
-
|
4,642,557
|
|||||||||||||||||||||||
Cost
of stock options to be assumed in conjunction with merger
|
-
|
-
|
-
|
-
|
-
|
-
|
154,852
|
-
|
-
|
-
|
154,852
|
|||||||||||||||||||||||
Exercise
of stock options for cash, September 2003, $1.59
|
- |
-
|
10,000
|
10
|
-
|
-
|
15,890
|
-
|
-
|
-
|
15,900
|
|||||||||||||||||||||||
Exercise
of stock options for cash, October 2003, $2.10
|
-
|
-
|
14,900
|
15
|
-
|
-
|
31,275
|
-
|
-
|
-
|
31,290
|
|||||||||||||||||||||||
Exercise
of stock options for cash, October 2003, $1.59
|
-
|
-
|
10,000
|
10
|
-
|
-
|
15,890
|
-
|
-
|
-
|
15,900
|
|||||||||||||||||||||||
Exercise
of stock options for cash, October 2003, $0.30
|
-
|
-
|
65,000
|
65
|
-
|
-
|
19,435
|
-
|
-
|
-
|
19,500
|
|||||||||||||||||||||||
Exercise
of stock options for cash, October 2003, $0.55
|
-
|
-
|
40,000
|
40
|
-
|
-
|
21,960
|
-
|
-
|
-
|
22,000
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, October 2003,
$1.98
|
-
|
-
|
150,000
|
150
|
-
|
-
|
296,850
|
-
|
-
|
-
|
297,000
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, October 2003,
$1.84
|
-
|
-
|
337,500
|
338
|
-
|
-
|
620,662
|
-
|
-
|
-
|
621,000
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered October 2003
(at $1.35)
|
-
|
-
|
-
|
-
|
-
|
-
|
27,000
|
-
|
-
|
-
|
27,000
|
|||||||||||||||||||||||
Exercise
of stock options for cash, November 2003, $2.10
|
- |
-
|
10,500
|
10
|
-
|
-
|
22,040
|
-
|
-
|
-
|
22,050
|
|||||||||||||||||||||||
Redemption
of Treasury Stock, November 2003, $2.17
|
-
|
-
|
(742,216
|
)
|
(742
|
)
|
742,216
|
1,610,026
|
(1,609,284
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||
Granting
of stock options in exchange for services, November 2003 (at $1.71)
|
-
|
-
|
-
|
-
|
-
|
-
|
151,433
|
-
|
-
|
-
|
151,433
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jan 2004,
$1.47
|
-
|
-
|
1,700,680
|
1,701
|
-
|
-
|
2,498,299
|
-
|
-
|
-
|
2,500,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jan 2004,
$1.80
|
-
|
-
|
55,556
|
56
|
-
|
-
|
99,944
|
-
|
-
|
-
|
100,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Jan 2004,
$1.75
|
-
|
-
|
228,572
|
229
|
-
|
-
|
399,771
|
-
|
-
|
-
|
400,000
|
|||||||||||||||||||||||
Financing
costs associated with private placement, January 2004
|
-
|
-
|
-
|
-
|
-
|
-
|
(68,012
|
)
|
-
|
-
|
-
|
(68,012
|
)
|
|||||||||||||||||||||
Preferred
Stock Dividend paid in January
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(810,003
|
)
|
-
|
(810,003
|
)
|
|||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Feb 2004,
$1.60
|
-
|
-
|
93,750
|
94
|
-
|
-
|
149,906
|
-
|
-
|
-
|
150,000
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Feb 2004,
$1.66
|
-
|
-
|
68,675
|
69
|
-
|
-
|
113,932
|
-
|
-
|
-
|
114,001
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, Feb 2004,
$1.50
|
-
|
-
|
666,667
|
667
|
-
|
-
|
999,334
|
-
|
-
|
-
|
1,000,001
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation, Feb 2004, $1.48
|
-
|
-
|
8,850
|
8
|
-
|
-
|
13,089
|
-
|
-
|
-
|
13,097
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Feb 2004, $1.48
|
-
|
-
|
175,000
|
175
|
-
|
-
|
258,825
|
-
|
-
|
-
|
259,000
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Feb 2004, $1.51
|
-
|
-
|
112,500
|
113
|
-
|
-
|
169,762
|
-
|
-
|
-
|
169,875
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, July 2004,
$1.22
|
-
|
-
|
2,459,016
|
2,459
|
-
|
-
|
2,997,541
|
-
|
-
|
-
|
3,000,000
|
|||||||||||||||||||||||
Financing
costs associated with private placement, July 2004
|
-
|
-
|
-
|
-
|
-
|
-
|
(41,250
|
)
|
-
|
-
|
-
|
(41,250
|
)
|
|||||||||||||||||||||
Variable
accounting non-cash compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
45,390
|
-
|
-
|
-
|
45,390
|
|||||||||||||||||||||||
Accrued
interest on note receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(24,805
|
)
|
-
|
-
|
(24,805
|
)
|
|||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(18,362,583
|
)
|
-
|
(18,362,583
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
207,593
|
207,593
|
|||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(18,362,583
|
)
|
207,593
|
(18,154,990
|
)
|
|||||||||||||||||||||||||||||
Balance
at July 31, 2004
|
1,000
|
$
|
1
|
34,262,448
|
$
|
34,264
|
-
|
$
|
-
|
$
|
97,110,291
|
$
|
(384,803
|
)
|
$
|
(96,526,373
|
)
|
$
|
296,371
|
$
|
529,751
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
|
|
||||||||||||||||||||||||||||||
Shares
|
|
Amount
|
Shares
|
|
Amount
|
Shares
|
Amount
|
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
|||||||||||||||||||||
Balance,
August 1, 2004
|
1,000
|
$
|
1
|
34,262,448
|
$
|
34,264
|
-
|
$
|
-
|
$
|
97,110,291
|
$
|
(384,803
|
)
|
$
|
(96,526,373
|
)
|
$
|
296,371
|
$
|
529,751
|
|||||||||||||
Issuance
of common stock In exchange for services rendered, Aug 2004, $1.09
|
-
|
-
|
620,000
|
620
|
-
|
-
|
675,180
|
-
|
-
|
-
|
675,800
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered Aug 2004, $1.08
|
-
|
-
|
-
|
-
|
-
|
-
|
415,000
|
-
|
-
|
-
|
415,000
|
|||||||||||||||||||||||
Granting
of stock options in exchange for services, Oct 2004, $0.94
|
-
|
-
|
-
|
-
|
-
|
-
|
75,600
|
-
|
-
|
-
|
75,600
|
|||||||||||||||||||||||
Cancellation
of common stock for non-performance of services, Oct 2004, $0.94
|
-
|
-
|
(75,000
|
)
|
(75
|
)
|
-
|
-
|
(137,925
|
)
|
-
|
-
|
-
|
(138,000
|
)
|
|||||||||||||||||||
Issuance
of warrants in conjunction with financing, Nov 2004, $0.91
|
-
|
-
|
-
|
-
|
-
|
-
|
89,900
|
-
|
-
|
-
|
89,900
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $4,000,000,
Nov
2004 $0.91
|
-
|
-
|
-
|
-
|
-
|
-
|
1,722,222
|
-
|
-
|
-
|
1,722,222
|
|||||||||||||||||||||||
Value
of beneficial conversion feature on convertible debentures, $4,000,000,
Nov 2004 $0.91
|
-
|
-
|
-
|
-
|
-
|
-
|
1,722,222
|
-
|
-
|
-
|
1,722,222
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Dec 2004, $0.71
|
-
|
-
|
48,000
|
48
|
-
|
-
|
34,032
|
-
|
-
|
-
|
34,080
|
|||||||||||||||||||||||
Conversion
of Series A Preferred Stock, Dec 2004 $25.77
|
-
|
-
|
534,085
|
534
|
-
|
-
|
14,309,523
|
-
|
-
|
-
|
14,310,057
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Jan 2005, $0.85
|
-
|
-
|
18,000
|
18
|
-
|
-
|
15,282
|
-
|
-
|
-
|
15,300
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Jan 2005, $0.75
|
-
|
-
|
40,000
|
40
|
-
|
-
|
29,960
|
-
|
-
|
-
|
30,000
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Feb 2005, $0.69
|
-
|
-
|
18,000
|
18
|
-
|
-
|
12,402
|
-
|
-
|
-
|
12,420
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
Feb 2005
|
-
|
-
|
250,910
|
251
|
-
|
-
|
181,262
|
-
|
-
|
-
|
181,513
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Feb 2005, $0.68
|
-
|
-
|
50,000
|
50
|
-
|
-
|
33,950
|
-
|
-
|
-
|
34,000
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
Mar 2005
|
-
|
-
|
265,228
|
265
|
-
|
-
|
162,197
|
-
|
-
|
-
|
162,462
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
Apr 2005
|
-
|
-
|
314,732
|
315
|
-
|
-
|
162,275
|
-
|
-
|
-
|
162,590
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $143,500 of $4,000,000
debenture, Apr 2005
|
-
|
-
|
175,316
|
175
|
-
|
-
|
143,584
|
-
|
-
|
-
|
143,759
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation, Apr 2005, $0.56
|
-
|
-
|
8,800
|
9
|
-
|
-
|
4,919
|
-
|
-
|
-
|
4,928
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $500,000,
Apr
2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
245,521
|
-
|
-
|
-
|
245,521
|
|||||||||||||||||||||||
Value
of beneficial conversion feature on convertible debentures, $500,000,
Apr
2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
86,984
|
-
|
-
|
-
|
86,984
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $100,000,
Apr
2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
49,104
|
-
|
-
|
-
|
49,104
|
|||||||||||||||||||||||
Value
of beneficial conversion feature on convertible debentures, $100,000,
Apr
2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
17,397
|
-
|
-
|
-
|
17,397
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for services rendered Apr 2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
40,000
|
-
|
-
|
-
|
40,000
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, Apr 2005,
$0.82
|
-
|
-
|
350,000
|
350
|
-
|
-
|
286,650
|
-
|
-
|
-
|
287,000
|
|||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, Apr 2005,
$0.82
|
-
|
-
|
950,927
|
951
|
-
|
-
|
778,809
|
-
|
-
|
-
|
779,760
|
|||||||||||||||||||||||
Granting
of stock options in exchange for outstanding liabilities, Apr
2005, $0.001
|
-
|
-
|
-
|
-
|
-
|
-
|
1,332,052
|
-
|
-
|
-
|
1,332,052
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
May 2005
|
-
|
-
|
482,071
|
482
|
-
|
-
|
321,877
|
-
|
-
|
-
|
322,359
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $300,000 of
$4,000,000
debenture, May 2005
|
-
|
-
|
365,914
|
366
|
-
|
-
|
299,683
|
-
|
-
|
-
|
300,049
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $244,000 of
$4,000,000
debenture, May 2005
|
-
|
-
|
297,659
|
298
|
-
|
-
|
243,783
|
-
|
-
|
-
|
244,081
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of
|
||||||||||||||||||||||||||||||||||
$410,000
of $4,000,000 debenture, May 2005
|
-
|
-
|
500,000
|
500
|
-
|
-
|
409,500
|
-
|
-
|
-
|
410,000
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with 1st extension of due date of $600,000
convertible debentures, May 2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
717,073
|
-
|
-
|
-
|
717,073
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
June 2005
|
-
|
-
|
311,307
|
311
|
-
|
-
|
244,644
|
-
|
-
|
-
|
244,955
|
|||||||||||||||||||||||
Issuance
of common stock in conjunction with financing, $2,000,000, June
2005,
$0.82
|
-
|
-
|
170,732
|
171
|
-
|
-
|
139,829
|
-
|
-
|
-
|
140,000
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with financing, $2,000,000, June 2005,
$0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
20,300
|
-
|
-
|
-
|
20,300
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $2,000,000,
June
2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
828,571
|
-
|
-
|
-
|
828,571
|
|||||||||||||||||||||||
Value
of beneficial conversion feature on convertible debentures, $2,000,000,
June 2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
1,171,429
|
-
|
-
|
-
|
1,171,429
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $100,000 of $2,000,000
debenture, June 2005
|
-
|
-
|
166,667
|
167
|
-
|
-
|
99,833
|
-
|
-
|
-
|
100,000
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $190,000 of $2,000,000
debenture, June 2005
|
-
|
-
|
316,927
|
317
|
-
|
-
|
189,839
|
-
|
-
|
-
|
190,156
|
|||||||||||||||||||||||
Issuance
of common stock In exchange for services rendered, June 2005, $0.60
|
-
|
-
|
63,207
|
63
|
-
|
-
|
37,861
|
-
|
-
|
-
|
37,924
|
|||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, June 2005,
$0.82
|
-
|
-
|
90,319
|
90
|
-
|
-
|
73,971
|
-
|
-
|
-
|
74,061
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $17,000 of $2,000,000
debenture, July 2005
|
-
|
-
|
28,398
|
28
|
-
|
-
|
17,011
|
-
|
-
|
-
|
17,039
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $75,000 of $2,000,000
debenture, July 2005
|
-
|
-
|
125,000
|
125
|
-
|
-
|
75,035
|
-
|
-
|
-
|
75,160
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with 2nd extension of due date of $600,000
convertible debentures, July 2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
629,268
|
-
|
-
|
-
|
629,268
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of principal and interest due, $4,000,000,
July 2005
|
-
|
-
|
364,123
|
364
|
-
|
-
|
237,586
|
-
|
-
|
-
|
237,950
|
|||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, July 2005,
$0.82
|
-
|
-
|
820,128
|
820
|
-
|
-
|
671,685
|
-
|
-
|
-
|
672,505
|
|||||||||||||||||||||||
Granting
of stock options in exchange for services, July 2004, $0.63
|
-
|
-
|
-
|
-
|
-
|
-
|
17,155
|
-
|
-
|
-
|
17,155
|
|||||||||||||||||||||||
Accrued
interest on note receivable
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(6,300
|
)
|
-
|
-
|
(6,300
|
)
|
|||||||||||||||||||||
Write-off
of uncollectible notes receivable - common stock
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
391,103
|
-
|
-
|
391,103
|
|||||||||||||||||||||||
Variable
accounting non-cash compensation expense
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(24,001,735
|
)
|
-
|
(24,001,735
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
272,478
|
272,478
|
|||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
|
|
(24,001,735
|
)
|
272,478
|
(23,729,257
|
)
|
|||||||||||||||||||||||||||
Balance
at July 31, 2005
|
1,000
|
$
|
1
|
41,933,898
|
$
|
41,935
|
-
|
$
|
-
|
$
|
126,044,326
|
$
|
-
|
$
|
(120,528,108
|
)
|
$
|
568,849
|
$
|
6,127,003
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
|
|
|
|||||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Shares
|
Amount
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||||||
Balance,
August 1, 2005
|
1,000
|
$
|
1
|
41,933,898
|
$
|
41,935
|
-
|
$
|
-
|
$
|
126,044,326
|
$
|
-
|
$
|
(120,528,108
|
)
|
$
|
568,849
|
$
|
6,127,003
|
||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$4,000,000, August 2005
|
-
|
-
|
429,041
|
429
|
-
|
-
|
282,738
|
-
|
-
|
-
|
283,167
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered August 2005
(at
$0.61)
|
-
|
-
|
19,500
|
19
|
-
|
-
|
11,877
|
-
|
-
|
-
|
11,896
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered August 2005
(at
$0.59)
|
-
|
-
|
246,429
|
246
|
-
|
-
|
145,147
|
-
|
-
|
-
|
145,393
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$4,000,000, September 2005
|
-
|
-
|
388,730
|
389
|
-
|
-
|
267,835
|
-
|
-
|
-
|
268,224
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$2,000,000, September 2005
|
-
|
-
|
322,373
|
322
|
-
|
-
|
222,115
|
-
|
-
|
-
|
222,437
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $504,538 of $2,000,000
debenture, September 2005
|
-
|
-
|
841,309
|
841
|
-
|
-
|
503,945
|
-
|
-
|
-
|
504,786
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $286,538 of $2,000,000
debenture, September 2005
|
-
|
-
|
477,962
|
478
|
-
|
-
|
286,299
|
-
|
-
|
-
|
286,777
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $457,200 of 2nd
$2,000,000 debenture, September 2005
|
-
|
-
|
762,000
|
762
|
-
|
-
|
456,739
|
-
|
-
|
-
|
457,501
|
|||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable, September
2005, $0.81
|
-
|
-
|
162,933
|
163
|
-
|
-
|
113,442
|
-
|
-
|
-
|
113,605
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $211,538 of $2,000,000
debenture, September 2005
|
-
|
-
|
353,665
|
354
|
-
|
-
|
211,845
|
-
|
-
|
-
|
212,199
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $150,000 of 2nd
$2,000,000 debenture, September 2005
|
-
|
-
|
250,000
|
250
|
-
|
-
|
149,750
|
-
|
-
|
-
|
150,000
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $457,317 of 2nd
$2,000,000 debenture, September 2005
|
-
|
-
|
762,195
|
762
|
-
|
-
|
458,209
|
-
|
-
|
-
|
458,971
|
|||||||||||||||||||||||
Issuance
of common stock in conjunction with financing, 2nd $2,000,000,
September
2005, $0.82
|
-
|
-
|
170,732
|
171
|
-
|
-
|
139,829
|
-
|
-
|
-
|
140,000
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with financing, 2nd $2,000,000, September
2005,
$0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
30,600
|
-
|
-
|
-
|
30,600
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, 2nd $2,000,000,
September 2005 (at $0.82)
|
-
|
-
|
-
|
-
|
-
|
-
|
785,185
|
-
|
-
|
-
|
785,185
|
|||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible Debentures, 2nd
$2,000,000, September 2005 (at $0.82)
|
-
|
-
|
-
|
-
|
-
|
-
|
1,185,185
|
-
|
-
|
-
|
1,185,185
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$4,000,000, October 2005
|
-
|
-
|
243,836
|
244
|
-
|
-
|
163,126
|
-
|
-
|
-
|
163,370
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$2,000,000, October 2005
|
-
|
-
|
67,949
|
68
|
-
|
-
|
45,458
|
-
|
-
|
-
|
45,526
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $307,317 of 2nd
$2,000,000 debenture, October 2005
|
-
|
-
|
512,195
|
512
|
-
|
-
|
306,805
|
-
|
-
|
-
|
307,317
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $300,000 of $2,000,000
debenture, October 2005
|
-
|
-
|
501,397
|
501
|
-
|
-
|
300,337
|
-
|
-
|
-
|
300,838
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $500,000 of $500,000
debenture, October 2005
|
-
|
-
|
644,003
|
644
|
-
|
-
|
527,438
|
-
|
-
|
-
|
528,082
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $113,077 of $2,000,000
debenture, October 2005
|
-
|
-
|
189,019
|
189
|
-
|
-
|
113,222
|
-
|
-
|
-
|
113,411
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $297,692 of $4,000,000
debenture, October 2005
|
-
|
-
|
364,113
|
364
|
-
|
-
|
298,209
|
-
|
-
|
-
|
298,573
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, October 2005, $0.82
|
-
|
-
|
8,404,876
|
8,405
|
-
|
-
|
6,883,593
|
-
|
-
|
-
|
6,891,998
|
|||||||||||||||||||||||
Exercise
of stock options for cash, October 2005, $0.63
|
-
|
-
|
101,500
|
101
|
-
|
-
|
63,844
|
-
|
-
|
-
|
63,945
|
|||||||||||||||||||||||
Exercise
of stock options for cash, October 2005, $0.94
|
-
|
-
|
40,000
|
40
|
-
|
-
|
37,560
|
-
|
-
|
-
|
37,600
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $100,000 of $100,000
debenture, October 2005
|
-
|
-
|
128,834
|
129
|
-
|
-
|
105,515
|
-
|
-
|
-
|
105,644
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with financing, $500,000, October 2005,
$0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
14,250
|
-
|
-
|
-
|
14,250
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $500,000,
October
2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
270,950
|
-
|
-
|
-
|
270,950
|
|||||||||||||||||||||||
Issuance
of warrants as exercise inducement Oct 2005, $1.20
|
-
|
-
|
-
|
-
|
-
|
-
|
573,146
|
-
|
-
|
-
|
573,146
|
|||||||||||||||||||||||
Issuance
of warrants as exercise inducement Oct 2005, $1.25
|
-
|
-
|
-
|
-
|
-
|
-
|
2,501,390
|
-
|
-
|
-
|
2,501,390
|
|||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible Debentures, $500,000,
October 2005 (at $0.82)
|
-
|
-
|
-
|
-
|
-
|
-
|
229,050
|
-
|
-
|
-
|
229,050
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$4,000,000, Nov 2005, $1.17
|
-
|
-
|
108,006
|
108
|
-
|
-
|
126,259
|
-
|
-
|
-
|
126,367
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$2,000,000, Nov 2005, $1.17
|
-
|
-
|
16,753
|
17
|
-
|
-
|
19,584
|
-
|
-
|
-
|
19,601
|
|||||||||||||||||||||||
Exercise
of stock options for cash, November 2005, $0.94
|
-
|
-
|
100,000
|
100
|
-
|
-
|
93,900
|
-
|
-
|
-
|
94,000
|
|||||||||||||||||||||||
Exercise
of stock options for cash, November 2005, $0.63
|
-
|
-
|
1,500
|
2
|
-
|
-
|
944
|
-
|
-
|
-
|
946
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, November 2005, $0.82
|
-
|
-
|
3,058,536
|
3,058
|
-
|
-
|
2,504,942
|
-
|
-
|
-
|
2,508,000
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered November
2005, $0.97
|
-
|
-
|
64,287
|
64
|
-
|
-
|
62,294
|
-
|
-
|
-
|
62,358
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $42,800 of 2nd
$2,000,000
debenture, Nov 2005, $1.23
|
-
|
-
|
72,058
|
72
|
-
|
-
|
88,559
|
-
|
-
|
-
|
88,631
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered August 2005,
$0.97
|
-
|
-
|
19,500
|
19
|
-
|
-
|
18,897
|
-
|
-
|
-
|
18,916
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $230,769 of $4,000,000
debenture, November 2005,$0.97
|
-
|
-
|
282,721
|
283
|
-
|
-
|
273,957
|
-
|
-
|
-
|
274,240
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$2,000,000, Dec 2005, $0.98
|
-
|
-
|
212,750
|
213
|
-
|
-
|
208,282
|
-
|
-
|
-
|
208,495
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $1,451,000 of
$3,500,000
debenture, Dec 2005, $0.93
|
-
|
-
|
1,770,223
|
1,770
|
-
|
-
|
1,644,537
|
-
|
-
|
-
|
1,646,307
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $4,221 of 2nd
$2,000,000
debenture, Dec 2005, $0.85
|
-
|
-
|
7,042
|
7
|
-
|
-
|
5,979
|
-
|
-
|
-
|
5,986
|
|||||||||||||||||||||||
Issuance
of common stock in conjunction with financing, $3,500,000, December
2005,
$0.95
|
-
|
-
|
224,000
|
224
|
-
|
-
|
212,576
|
-
|
-
|
-
|
212,800
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with financing, $3,500,000, December
2005,
$0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
76,650
|
-
|
-
|
-
|
76,650
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, $3,500,000,
December 2005, $0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
1,648,387
|
-
|
-
|
-
|
1,648,387
|
|||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible Debentures, $3,500,000,
December 2005,$0.82
|
-
|
-
|
-
|
-
|
-
|
-
|
1,851,613
|
-
|
-
|
-
|
1,851,613
|
|||||||||||||||||||||||
Issuance
of warrants as exercise inducement Dec 2005, $1.25
|
-
|
-
|
-
|
-
|
-
|
-
|
1,115,853
|
-
|
-
|
-
|
1,115,853
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $82,000 of $3,500,000
debenture, December 2005, $0.84
|
-
|
-
|
100,000
|
100
|
-
|
-
|
83,900
|
-
|
-
|
-
|
84,000
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
2nd
$2,000,000, Jan 2006, $0.81
|
-
|
-
|
75,149
|
75
|
-
|
-
|
60,796
|
-
|
-
|
-
|
60,871
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$500,000, Jan 2006, $0.81
|
-
|
-
|
53,612
|
54
|
-
|
-
|
43,372
|
-
|
-
|
-
|
43,426
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $617,000 of $3,500,000
debenture, January 2005, $0.94
|
-
|
-
|
757,630
|
758
|
-
|
-
|
711,415
|
-
|
-
|
-
|
712,173
|
|||||||||||||||||||||||
Issuance
of common stock in conjunction with financing, $4,000,000, January
2006,
$1.00
|
-
|
-
|
266,667
|
267
|
-
|
-
|
266,400
|
-
|
-
|
-
|
266,667
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with financing, $4,000,000, January
2006, $1.05
|
-
|
-
|
-
|
-
|
-
|
-
|
88,800
|
-
|
-
|
-
|
88,800
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, 4,000,000,
January
2006, $1.05
|
-
|
-
|
-
|
-
|
-
|
-
|
1,653,631
|
-
|
-
|
-
|
1,653,631
|
|||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible Debentures, 4,000,000,
January 2006, $1.05
|
-
|
-
|
-
|
-
|
-
|
-
|
1,463,155
|
-
|
-
|
-
|
1,463,155
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, January 2006, $0.82
|
-
|
-
|
7,317,072
|
7,317
|
-
|
-
|
5,992,682
|
-
|
-
|
-
|
5,999,999
|
|||||||||||||||||||||||
Issuance
of warrants as exercise inducement Jan 2006, $1.60
|
-
|
-
|
-
|
-
|
-
|
-
|
3,109,756
|
-
|
-
|
-
|
3,109,756
|
|||||||||||||||||||||||
Exercise
of stock options for cash, January 2006, $0.63
|
-
|
-
|
10,000
|
10
|
-
|
-
|
6,290
|
-
|
-
|
-
|
6,300
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $850,000 of $3,500,000
debenture, January 2006, $1.06
|
-
|
-
|
1,045,779
|
1,046
|
-
|
-
|
1,107,480
|
-
|
-
|
-
|
1,108,526
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$500,000, Feb 2006, $1.23
|
-
|
-
|
49,812
|
50
|
-
|
-
|
61,219
|
-
|
-
|
-
|
61,269
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$2,000,000, Feb 2006, $1.23
|
-
|
-
|
67,746
|
68
|
-
|
-
|
83,260
|
-
|
-
|
-
|
83,328
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation, December 2005, $0.90
|
-
|
-
|
140,115
|
140
|
-
|
-
|
125,964
|
-
|
-
|
-
|
126,104
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $0.82
|
-
|
-
|
303,902
|
304
|
-
|
-
|
248,896
|
-
|
-
|
-
|
249,200
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered February
2006, $1.53
|
-
|
-
|
50,000
|
50
|
-
|
-
|
76,450
|
-
|
-
|
-
|
76,500
|
|||||||||||||||||||||||
Exercise
of stock options for cash, February 2006, $0.94
|
-
|
-
|
80,000
|
80
|
-
|
-
|
75,120
|
-
|
-
|
-
|
75,200
|
|||||||||||||||||||||||
Exercise
of stock options for cash, February 2006, $1.59
|
-
|
-
|
80,000
|
80
|
-
|
-
|
127,120
|
-
|
-
|
-
|
127,200
|
|||||||||||||||||||||||
Exercise
of stock options for cash, February 2006, $1.38
|
-
|
-
|
20,000
|
20
|
-
|
-
|
27,580
|
-
|
-
|
-
|
27,600
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $1.05
|
-
|
-
|
3,809,524
|
3,810
|
-
|
-
|
3,996,191
|
-
|
-
|
-
|
4,000,001
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $1.20
|
-
|
-
|
909,756
|
910
|
-
|
-
|
1,090,797
|
-
|
-
|
-
|
1,091,707
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $1.25
|
-
|
-
|
4,578,048
|
4,578
|
-
|
-
|
5,717,982
|
-
|
-
|
-
|
5,722,560
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, February 2006, $1.72
|
-
|
-
|
34,782
|
35
|
-
|
-
|
59,790
|
-
|
-
|
-
|
59,825
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $950,000 of Jan
$4,000,000 debenture, Feb 2006, $2.38
|
-
|
-
|
904,762
|
905
|
-
|
-
|
2,152,429
|
-
|
-
|
-
|
2,153,334
|
|||||||||||||||||||||||
Issuance
of warrants in conjunction with convertible debentures, 4,000,000,
February 2006, $1.05
|
-
|
-
|
-
|
-
|
-
|
-
|
2,374,507
|
-
|
-
|
-
|
2,374,507
|
|||||||||||||||||||||||
Value
of Beneficial Conversion Feature on Convertible Debentures, 4,000,000,
February 2006, $1.05
|
-
|
-
|
-
|
-
|
-
|
-
|
1,625,493
|
-
|
-
|
-
|
1,625,493
|
|||||||||||||||||||||||
Issuance
of warrants as exercise inducement Feb 2006, $3.00
|
-
|
-
|
-
|
-
|
-
|
-
|
8,294,141
|
-
|
-
|
-
|
8,294,141
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $1,550,000 of
Jan
$4,000,000 debenture, Mar 2006, $2.21
|
-
|
-
|
1,485,349
|
1,485
|
-
|
-
|
3,281,136
|
-
|
-
|
-
|
3,282,621
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.72
|
-
|
-
|
347,913
|
348
|
-
|
-
|
598,062
|
-
|
-
|
-
|
598,410
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$2,000,000, Mar 2006, $2.31
|
-
|
-
|
67,094
|
67
|
-
|
-
|
154,920
|
-
|
-
|
-
|
154,987
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$500,000, March 2006, $2.31
|
-
|
-
|
49,312
|
49
|
-
|
-
|
113,861
|
-
|
-
|
-
|
113,910
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$3,500,000, Mar 2006, $2.31
|
-
|
-
|
55,644
|
56
|
-
|
-
|
128,482
|
-
|
-
|
-
|
128,538
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered March 2006,
$2.31
|
-
|
-
|
50,000
|
50
|
-
|
-
|
115,450
|
-
|
-
|
-
|
115,500
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $0.94
|
-
|
-
|
300,222
|
300
|
-
|
-
|
281,909
|
-
|
-
|
-
|
282,209
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $2,350,000 of
Feb
$4,000,000 debenture, Mar 2006, $2.31
|
-
|
-
|
1,880,000
|
1,880
|
-
|
-
|
4,340,920
|
-
|
-
|
-
|
4,342,800
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.47
|
-
|
-
|
274,500
|
274
|
-
|
-
|
403,241
|
-
|
-
|
-
|
403,515
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.25
|
-
|
-
|
1,600,000
|
1,600
|
-
|
-
|
1,998,400
|
-
|
-
|
-
|
2,000,000
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $0.91
|
-
|
-
|
60,000
|
60
|
-
|
-
|
54,540
|
-
|
-
|
-
|
54,600
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.59
|
-
|
-
|
263,700
|
264
|
-
|
-
|
419,019
|
-
|
-
|
-
|
419,283
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $500,000 of Feb
$4,000,000 debenture, Mar 2006, $2.20
|
-
|
-
|
400,592
|
401
|
-
|
-
|
880,902
|
-
|
-
|
-
|
881,303
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $0.82
|
-
|
-
|
48,000
|
48
|
-
|
-
|
39,312
|
-
|
-
|
-
|
39,360
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.05
|
-
|
-
|
46,000
|
46
|
-
|
-
|
48,254
|
-
|
-
|
-
|
48,300
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $200,000 of Jan
$4,000,000 debenture, March 2006, $2.31
|
-
|
-
|
192,136
|
192
|
-
|
-
|
443,642
|
-
|
-
|
-
|
443,834
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.71
|
-
|
-
|
180,000
|
180
|
-
|
-
|
307,620
|
-
|
-
|
-
|
307,800
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $384,615 of $500,000
debenture, March 2006, $3.33
|
-
|
-
|
470,450
|
470
|
-
|
-
|
1,566,129
|
-
|
-
|
-
|
1,566,599
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.68
|
-
|
-
|
1,639,344
|
1,639
|
-
|
-
|
2,752,459
|
-
|
-
|
-
|
2,754,098
|
|||||||||||||||||||||||
Cashless
exercise of stock warrants, March 2006, $2.50
|
-
|
-
|
8,179
|
8
|
-
|
-
|
(8
|
)
|
-
|
-
|
-
|
-
|
||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.25
|
-
|
-
|
68,000
|
68
|
-
|
-
|
84,932
|
-
|
-
|
-
|
85,000
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $2.10
|
-
|
-
|
175,000
|
175
|
-
|
-
|
367,325
|
-
|
-
|
-
|
367,500
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.10
|
-
|
-
|
150,000
|
150
|
-
|
-
|
164,850
|
-
|
-
|
-
|
165,000
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $1.52
|
-
|
-
|
150,000
|
150
|
-
|
-
|
227,850
|
-
|
-
|
-
|
228,000
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $2.19
|
-
|
-
|
150,000
|
150
|
-
|
-
|
328,350
|
-
|
-
|
-
|
328,500
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $2.15
|
-
|
-
|
2,000
|
2
|
-
|
-
|
4,298
|
-
|
-
|
-
|
4,300
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.88
|
-
|
-
|
31,000
|
31
|
-
|
-
|
58,249
|
-
|
-
|
-
|
58,280
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $2.02
|
-
|
-
|
23,438
|
23
|
-
|
-
|
47,322
|
-
|
-
|
-
|
47,345
|
|||||||||||||||||||||||
Exercise
of stock options for cash, March 2006, $0.63
|
-
|
-
|
120,750
|
121
|
-
|
-
|
75,952
|
-
|
-
|
-
|
76,073
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, March 2006, $1.86
|
-
|
-
|
170,068
|
170
|
-
|
-
|
316,156
|
-
|
-
|
-
|
316,326
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered March 2006,
$2.96
|
-
|
-
|
25,000
|
25
|
-
|
-
|
73,975
|
-
|
-
|
-
|
74,000
|
|||||||||||||||||||||||
Issuance
of common stock in satisfaction of accounts payable March 2006,
$3.20
|
-
|
-
|
2,390
|
2
|
-
|
-
|
7,646
|
-
|
-
|
-
|
7,648
|
|||||||||||||||||||||||
Issuance
of warrants as exercise inducement Mar 2006, $3.00
|
-
|
-
|
-
|
-
|
-
|
-
|
1,293,953
|
-
|
-
|
-
|
1,293,953
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$2,000,000, April 2006, $2.70
|
-
|
-
|
67,083
|
67
|
-
|
-
|
181,057
|
-
|
-
|
-
|
181,124
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
$3,500,000, April 2006, $2.70
|
-
|
-
|
49,812
|
50
|
-
|
-
|
134,443
|
-
|
-
|
-
|
134,493
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Jan
$4,000,000, Apr 2006, $2.70
|
-
|
-
|
167,144
|
167
|
-
|
-
|
451,122
|
-
|
-
|
-
|
451,289
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, April 2006, $1.88
|
-
|
-
|
29,000
|
29
|
-
|
-
|
54,491
|
-
|
-
|
-
|
54,520
|
|||||||||||||||||||||||
Exercise
of stock options for cash, April 2006, $1.47
|
-
|
-
|
95,500
|
95
|
-
|
-
|
140,290
|
-
|
-
|
-
|
140,385
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $307,692 of 2nd
$2,000,000 debenture, April 2006, $2.63
|
-
|
-
|
513,158
|
513
|
-
|
-
|
1,349,092
|
-
|
-
|
-
|
1,349,605
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $423,077 of $3,500,000
debenture, April 2005, $2.63
|
-
|
-
|
516,291
|
516
|
-
|
-
|
1,357,329
|
-
|
-
|
-
|
1,357,845
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $923,077 of Jan
$4,000,000 debenture, April 2006, $2.63
|
-
|
-
|
879,699
|
880
|
-
|
-
|
2,312,729
|
-
|
-
|
-
|
2,313,609
|
|||||||||||||||||||||||
Exercise
of stock options for cash, April 2006, $0.94
|
-
|
-
|
25,000
|
25
|
-
|
-
|
23,475
|
-
|
-
|
-
|
23,500
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, April 2006, $0.82
|
-
|
-
|
132,000
|
132
|
-
|
-
|
108,108
|
-
|
-
|
-
|
108,240
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, April 2006, $0.91
|
-
|
-
|
60,000
|
60
|
-
|
-
|
54,540
|
-
|
-
|
-
|
54,600
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, April 2006, $1.05
|
-
|
-
|
69,000
|
69
|
-
|
-
|
72,381
|
-
|
-
|
-
|
72,450
|
|||||||||||||||||||||||
Issuance
of common stock in satisfaction of deposit April 2006, $1.25
|
-
|
-
|
204,465
|
204
|
-
|
-
|
255,377
|
-
|
-
|
-
|
255,581
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered April 2006,
$2.67
|
-
|
-
|
38,400
|
38
|
-
|
-
|
102,490
|
-
|
-
|
-
|
102,528
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered April 2006, $2.66
|
-
|
-
|
-
|
-
|
-
|
-
|
137,200
|
-
|
-
|
-
|
137,200
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Jan
$4,000,000, May 2006, $3.10
|
-
|
-
|
74,322
|
74
|
-
|
-
|
230,324
|
-
|
-
|
-
|
230,398
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Feb
$4,000,000, May 2006, $3.10
|
-
|
-
|
172,713
|
173
|
-
|
-
|
535,238
|
-
|
-
|
-
|
535,411
|
|||||||||||||||||||||||
Exercise
of stock options for cash, May 2006, $2.10
|
-
|
-
|
25,000
|
25
|
-
|
-
|
52,475
|
-
|
-
|
-
|
52,500
|
|||||||||||||||||||||||
Exercise
of stock options for cash, May 2006, $1.47
|
-
|
-
|
10,000
|
10
|
-
|
-
|
14,690
|
-
|
-
|
-
|
14,700
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered May 2006, $1.91
|
-
|
-
|
-
|
-
|
-
|
-
|
35,250
|
-
|
-
|
-
|
35,250
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation May 2006, $1.88
|
-
|
-
|
755,000
|
755
|
-
|
-
|
1,418,645
|
-
|
-
|
-
|
1,419,400
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2006,
$1.85
|
-
|
-
|
3,784
|
4
|
-
|
-
|
6,997
|
-
|
-
|
-
|
7,001
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2006,
$1.88
|
-
|
-
|
38,000
|
38
|
-
|
-
|
71,402
|
-
|
-
|
-
|
71,440
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Jan
$4,000,000, Jun 2006, $1.96
|
-
|
-
|
73,979
|
74
|
-
|
-
|
144,925
|
-
|
-
|
-
|
144,999
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Feb
$4,000,000, Jun 2006, $1.96
|
-
|
-
|
83,911
|
84
|
-
|
-
|
164,382
|
-
|
-
|
-
|
164,466
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, June 2006, $1.25
|
-
|
-
|
1,327,880
|
1,328
|
-
|
-
|
1,658,522
|
-
|
-
|
-
|
1,659,850
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, June 2006, $1.60
|
-
|
-
|
3,036,310
|
3,036
|
-
|
-
|
4,855,060
|
-
|
-
|
-
|
4,858,096
|
|||||||||||||||||||||||
Issuance
of warrants as exercise inducement June 2006, $2.35
|
-
|
-
|
-
|
-
|
-
|
-
|
4,549,670
|
-
|
-
|
-
|
4,549,670
|
|||||||||||||||||||||||
Issuance
of common stock for cash pursuant to private placement, June 2006,
$2.05
|
-
|
-
|
3,414,636
|
3,415
|
-
|
-
|
6,996,589
|
-
|
-
|
-
|
7,000,004
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered June 2006,
$1.85
|
-
|
-
|
3,784
|
4
|
-
|
-
|
6,997
|
-
|
-
|
-
|
7,001
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Jan
$4,000,000, July 2006, $1.75
|
-
|
-
|
66,264
|
66
|
-
|
-
|
115,896
|
-
|
-
|
-
|
115,962
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Feb
$4,000,000, July 2006, $1.75
|
-
|
-
|
64,923
|
65
|
-
|
-
|
113,550
|
-
|
-
|
-
|
113,615
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered July 2006,
$1.40
|
-
|
-
|
5,000
|
5
|
-
|
-
|
6,995
|
-
|
-
|
-
|
7,000
|
|||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(67,967,204
|
)
|
-
|
(67,967,204
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
185,232
|
185,232
|
|||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(67,967,204
|
)
|
185,232
|
(67,781,972
|
)
|
|||||||||||||||||||||||||||||
Balance
at July 31, 2006
|
1,000
|
$
|
1
|
107,398,360
|
$
|
107,397
|
$
|
-
|
$
|
-
|
$
|
243,097,627
|
$
|
-
|
$
|
(188,495,312
|
)
|
$
|
754,081
|
$
|
55,463,794
|
SVR
Preferred Stock
|
Common
Stock
|
Treasury
Stock
|
|
|
|
|
||||||||||||||||||||||||||||
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Shares
|
Amount
|
Additonal
Paid-In Capital
|
Notes
Receivable - Common Stock
|
Deficit
Accumulated During the Development Stage
|
Accumulated
Other Comprehensive Income (Loss)
|
Total
Stockholders' Equity
|
||||||||||||||||||||
Balance,
August 1, 2006
|
1,000
|
$
|
1
|
107,398,360
|
$
|
107,397
|
$
|
-
|
$
|
-
|
$
|
243,097,627
|
$
|
-
|
$
|
(188,495,312
|
)
|
$
|
754,081
|
$
|
55,463,794
|
|||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Feb
$4,000,000, Aug 2006, $1.48
|
-
|
-
|
64,718
|
65
|
-
|
-
|
95,718
|
-
|
-
|
-
|
95,783
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Aug 2006,
$1.43
|
-
|
-
|
25,000
|
25
|
-
|
-
|
35,725
|
-
|
-
|
-
|
35,750
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due
Feb
$4,000,000, Sep 2006 $1.53
|
-
|
-
|
64,400
|
64
|
-
|
-
|
98,468
|
-
|
-
|
-
|
98,532
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2006,
$1.50
|
-
|
-
|
25,000
|
25
|
-
|
-
|
37,475
|
-
|
-
|
-
|
37,500
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due
Feb $4,000,000, Oct 2006, $1.65
|
-
|
-
|
64,000
|
64
|
-
|
-
|
105,536
|
-
|
-
|
-
|
105,600
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2006,
$1.83
|
-
|
-
|
27,262
|
27
|
-
|
-
|
49,862
|
-
|
-
|
-
|
49,889
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Oct 2006,
$1.50
|
-
|
-
|
25,000
|
25
|
-
|
-
|
37,475
|
-
|
-
|
-
|
37,500
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation Oct 2006, $1.83
|
-
|
-
|
100,000
|
100
|
-
|
-
|
182,900
|
-
|
-
|
-
|
183,000
|
|||||||||||||||||||||||
Exercise
of stock warrants for cash, Oct 2006, $1.25
|
-
|
-
|
100,000
|
100
|
-
|
-
|
124,900
|
-
|
-
|
-
|
125,000
|
|||||||||||||||||||||||
Exercise
of stock options for cash, Oct 2006, $1.59
|
-
|
-
|
90,300
|
90
|
-
|
-
|
143,487
|
-
|
-
|
-
|
143,577
|
|||||||||||||||||||||||
Exercise
of stock options for cash, Oct 2006, $1.47
|
-
|
-
|
6,500
|
6
|
-
|
-
|
9,549
|
-
|
-
|
-
|
9,555
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due
Feb
$4,000,000, Nov 2006, $2.02
|
-
|
-
|
63,764
|
64
|
-
|
-
|
128,740
|
-
|
-
|
-
|
128,804
|
|||||||||||||||||||||||
Exercise
of stock options for cash, Nov 2006, $1.59
|
-
|
-
|
15,000
|
15
|
-
|
-
|
23,835
|
-
|
-
|
-
|
23,850
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Nov 2006,
$2.15
|
-
|
-
|
50,000
|
50
|
-
|
-
|
107,450
|
-
|
-
|
-
|
107,500
|
|||||||||||||||||||||||
Issuance
of common stock as repayment of monthly amortization payments due,
Feb
$4,000,000, Dec 2006, $2.08
|
-
|
-
|
63,384
|
63
|
-
|
-
|
131,775
|
-
|
-
|
-
|
131,838
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Dec 2006,
$1.68
|
-
|
-
|
25,000
|
25
|
-
|
-
|
41,975
|
-
|
-
|
-
|
42,000
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jan 2007,
$1.77
|
-
|
-
|
25,000
|
25
|
-
|
-
|
44,225
|
-
|
-
|
-
|
44,250
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $52,554 of Feb
$4,000,000
debenture, Jan, $1.74
|
-
|
-
|
42,043
|
42
|
-
|
-
|
73,113
|
-
|
-
|
-
|
73,155
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of 52,554 of Feb
$4,000,000
debenture, Jan, $1.77
|
-
|
-
|
42,043
|
42
|
-
|
-
|
74,374
|
-
|
-
|
-
|
74,416
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Feb 2007,
$1.90
|
-
|
-
|
25,000
|
25
|
-
|
-
|
47,475
|
-
|
-
|
-
|
47,500
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2007,
$1.71
|
-
|
-
|
100,000
|
100
|
-
|
-
|
170,900
|
-
|
-
|
-
|
171,000
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation Mar 2007,
$1.71
|
- |
-
|
9,844
|
10
|
-
|
-
|
16,823
|
-
|
-
|
-
|
16,833
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered Mar 2007,
$1.71
|
- |
-
|
-
|
-
|
125,000
|
-
|
-
|
-
|
125,000
|
|||||||||||||||||||||||||
Issuance
of common stock as employee compensation Mar 2007, $1.71
|
-
|
-
|
296,000
|
296
|
-
|
-
|
505,864
|
-
|
-
|
-
|
506,160
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2007,
$1.65
|
-
|
-
|
13,637
|
13
|
-
|
-
|
22,487
|
-
|
-
|
-
|
22,500
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Mar 2007,
$1.69
|
-
|
-
|
25,000
|
25
|
-
|
-
|
42,225
|
-
|
-
|
-
|
42,250
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $52,554 of Feb
$4,000,000
debenture, Mar 2007, $1.71
|
-
|
-
|
42,043
|
42
|
-
|
-
|
71,851
|
-
|
-
|
-
|
71,893
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation Mar 2007, $1.70
|
-
|
-
|
4,951
|
5
|
-
|
-
|
8,412
|
-
|
-
|
-
|
8,417
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2007,
$1.71
|
-
|
-
|
22,728
|
23
|
-
|
-
|
38,842
|
-
|
-
|
-
|
38,865
|
|||||||||||||||||||||||
Preferred
Shares Redemption, April 2007
|
(1,000
|
)
|
(1
|
)
|
-
|
-
|
-
|
-
|
(99
|
)
|
-
|
-
|
-
|
(100
|
)
|
|||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2007,
$1.65
|
-
|
-
|
13,637
|
14
|
-
|
-
|
22,486
|
-
|
-
|
-
|
22,500
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Apr 2007,
$1.69
|
-
|
-
|
25,000
|
25
|
-
|
-
|
42,225
|
-
|
-
|
-
|
42,250
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation Apr 2007, $1.64
|
-
|
-
|
5,132
|
5
|
-
|
-
|
8,411
|
-
|
-
|
-
|
8,416
|
|||||||||||||||||||||||
Issuance
of common stock in connection with conversion of $52,554 of Feb
$4,000,000
debenture, Apr 2007, $1.61
|
-
|
-
|
42,043
|
42
|
-
|
-
|
67,647
|
-
|
-
|
-
|
67,689
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2007,
$1.60
|
-
|
-
|
22,728
|
23
|
-
|
-
|
36,342
|
-
|
-
|
-
|
36,365
|
|||||||||||||||||||||||
Exercise
of stock options for cash, May 2007, $0.63
|
-
|
-
|
5,000
|
5
|
-
|
-
|
3,145
|
-
|
-
|
-
|
3,150
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2007,
$1.47
|
-
|
-
|
25,000
|
25
|
-
|
-
|
36,725
|
-
|
-
|
-
|
36,750
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered May 2007,
$1.47
|
-
|
-
|
13,637
|
14
|
-
|
-
|
20,033
|
-
|
-
|
-
|
20,047
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation May 2007, $1.45
|
-
|
-
|
5,805
|
6
|
-
|
-
|
8,411
|
-
|
-
|
-
|
8,417
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation May 2007, $1.45
|
-
|
-
|
450,000
|
450
|
-
|
-
|
652,050
|
-
|
-
|
-
|
652,500
|
|||||||||||||||||||||||
Issuance
of warrants in exchange for the services rendered May 2007, $1.45
|
-
|
-
|
-
|
-
|
141,400
|
-
|
-
|
-
|
141,400
|
|||||||||||||||||||||||||
Cancellation
of common stock, May 2007, $1.45
|
-
|
-
|
(150,000
|
)
|
(150
|
)
|
-
|
-
|
150
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2007,
$1.40
|
-
|
-
|
22,728
|
23
|
-
|
-
|
31,796
|
-
|
-
|
-
|
31,819
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jun 2007,
$1.83
|
-
|
-
|
13,637
|
14
|
-
|
-
|
24,942
|
-
|
-
|
-
|
24,956
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for services rendered Jun 2007, $1.80
|
-
|
-
|
25,000
|
25
|
-
|
-
|
44,975
|
-
|
-
|
-
|
45,000
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation, Jul 2007, $1.78
|
-
|
-
|
4,728
|
5
|
-
|
-
|
8,411
|
-
|
-
|
-
|
8,416
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2007,
$1.78
|
-
|
-
|
22,728
|
23
|
-
|
-
|
40,433
|
-
|
-
|
-
|
40,456
|
|||||||||||||||||||||||
Exercise
of stock options for cash, Jul 2007, $0.94
|
-
|
-
|
70,000
|
70
|
-
|
-
|
65,730
|
-
|
-
|
-
|
65,800
|
|||||||||||||||||||||||
Exercise
of stock options for cash, Jul 2007, $0.56
|
-
|
-
|
100,000
|
100
|
-
|
-
|
55,900
|
-
|
-
|
-
|
56,000
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2007,
$1.75
|
-
|
-
|
13,637
|
14
|
-
|
-
|
23,851
|
-
|
-
|
-
|
23,865
|
|||||||||||||||||||||||
Issuance
of common stock in exchange for the services rendered Jul 2007,
$1.68
|
-
|
-
|
25,000
|
25
|
-
|
-
|
41,975
|
-
|
-
|
-
|
42,000
|
|||||||||||||||||||||||
Issuance
of common stock as employee compensation April 2007, $1.65
|
-
|
-
|
5,101
|
5
|
-
|
-
|
8,412
|
-
|
-
|
-
|
8,417
|
|||||||||||||||||||||||
Comprehensive
Income (Loss):
|
||||||||||||||||||||||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(23,504,958
|
)
|
-
|
(23,504,958
|
)
|
|||||||||||||||||||||
Other
comprehensive income (loss)
|
||||||||||||||||||||||||||||||||||
Currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
127,726
|
127,726
|
|||||||||||||||||||||||
Total
Comprehensive Income (Loss)
|
(23,504,958
|
)
|
127,726
|
(23,377,232
|
)
|
|||||||||||||||||||||||||||||
Balance
at July 31, 2007
|
-
|
-
|
109,616,518
|
109,616
|
-
|
-
|
247,079,439
|
-
|
(212,000,270
|
)
|
881,807
|
36,070,592
|
For
the Year Ended July 31,
|
Cumulative
From November 2, 1995 |
||||||||||||
2007
|
2006
|
2005
|
2007
|
||||||||||
Cash
Flows From Operating Activities:
|
|||||||||||||
Net
loss
|
$
|
(23,504,958
|
)
|
$
|
(67,967,204
|
)
|
$
|
(24,001,735
|
)
|
$
|
(209,705,213
|
)
|
|
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
|||||||||||||
Depreciation
and amortization
|
1,166,090
|
1,134,676
|
1,103,948
|
5,881,946
|
|||||||||
Minority
interest share of loss
|
--
|
--
|
--
|
(3,038,185
|
)
|
||||||||
Reduction
of notes receivable - common stock in exchange for services
rendered
|
--
|
--
|
--
|
423,882
|
|||||||||
Write-off
of uncollectible notes receivable - common stock
|
--
|
--
|
391,103
|
391,103
|
|||||||||
Write-off
of deferred offering costs
|
--
|
--
|
--
|
3,406,196
|
|||||||||
Write-off
of abandoned patents
|
21,721
|
73,699
|
66,952
|
171,506
|
|||||||||
Loss
on disposal of property and equipment
|
--
|
911
|
--
|
911
|
|||||||||
Loss
on extinguishment of debt
|
237,163
|
12,550,565
|
1,346,341
|
14,134,069
|
|||||||||
Common
stock issued as employee compensation
|
748,076
|
1,545,504
|
--
|
2,293,580
|
|||||||||
Common
stock issued for services rendered
|
1,695,013
|
515,039
|
1,131,452
|
6,996,316
|
|||||||||
Amortization
of prepaid services in conjunction with common stock
issuance
|
--
|
138,375
|
--
|
138,375
|
|||||||||
Non-cash
compensation expense
|
--
|
--
|
--
|
45,390
|
|||||||||
Stock
options and warrants issued for services rendered
|
266,400
|
172,450
|
547,755
|
7,272,723
|
|||||||||
Issuance
of warrants as additional exercise right inducement
|
--
|
21,437,909
|
--
|
21,437,909
|
|||||||||
Preferred
stock issued for services rendered
|
--
|
--
|
--
|
100
|
|||||||||
Treasury
stock redeemed for non-performance of services
|
--
|
--
|
(138,000
|
)
|
(138,000
|
)
|
|||||||
Amortization
of deferred debt issuance costs and loan origination
fees
|
--
|
1,234,772
|
248,107
|
1,482,879
|
|||||||||
Amortization
of discount on convertible debentures
|
608,737
|
14,586,879
|
3,734,811
|
18,930,427
|
|||||||||
Common
stock issued as interest payment on convertible
debentures
|
15,716
|
191,747
|
76,996
|
284,459
|
|||||||||
Interest
on short-term advance
|
--
|
13,524
|
--
|
22,190
|
|||||||||
Founders’
shares transferred for services rendered
|
--
|
--
|
--
|
353,506
|
|||||||||
Fees
in connection with short-term refinancing of long-term
debt
|
--
|
7,974
|
105,300
|
113,274
|
|||||||||
Changes
in operating assets and liabilities (excluding the effects of
acquisition):
|
|||||||||||||
Accounts
receivable
|
(56,680
|
)
|
--
|
--
|
(56,680
|
)
|
|||||||
Miscellaneous
receivables
|
--
|
--
|
--
|
43,812
|
|||||||||
Inventory
|
(117,502
|
)
|
--
|
--
|
(117,502
|
)
|
|||||||
Other
current assets
|
(26,068
|
)
|
9,596
|
731,656
|
(128,713
|
)
|
|||||||
Accounts
payable and accrued expenses
|
1,682,196
|
3,780,168
|
3,255,169
|
11,328,115
|
|||||||||
Deferred
revenue
|
33,031
|
--
|
--
|
33,031
|
|||||||||
Other,
net
|
--
|
--
|
--
|
110,317
|
|||||||||
Net
Cash Used in Operating Activities
|
(17,231,065
|
)
|
(10,573,416
|
)
|
(11,400,145
|
)
|
(117,888,277
|
)
|
|||||
Cash
Flows From Investing Activities:
|
|||||||||||||
Purchase
of property and equipment
|
(93,704
|
)
|
(149,991
|
)
|
(63,735
|
)
|
(4,536,411
|
)
|
|||||
Costs
incurred for patents
|
(208,606
|
)
|
(114,010
|
)
|
(193,429
|
)
|
(1,817,602
|
)
|
|||||
Change
in restricted cash
|
--
|
216,868
|
19,333
|
45,872
|
|||||||||
Proceeds
from maturity of short term investments
|
22,795,763
|
8,600,000
|
--
|
158,082,809
|
|||||||||
Purchases
of short-term investments
|
(22,434,848
|
)
|
(22,972,653
|
)
|
--
|
(172,094,547
|
)
|
||||||
Cash
received in conjunction with merger
|
--
|
--
|
--
|
82,232
|
|||||||||
Advances
to Antigen Express, Inc.
|
--
|
--
|
--
|
(32,000
|
)
|
||||||||
Increase
in officers’ loans receivable
|
--
|
--
|
--
|
(1,126,157
|
)
|
||||||||
Change
in deposits
|
(196,457
|
)
|
(29,639
|
)
|
395,889
|
(703,290
|
)
|
||||||
Change
in notes receivable - common stock
|
--
|
--
|
(6,300
|
)
|
(91,103
|
)
|
|||||||
Change
in due from related parties
|
--
|
--
|
--
|
(2,222,390
|
)
|
||||||||
Other,
net
|
--
|
--
|
--
|
89,683
|
|||||||||
Net
Cash Provided by (Used in) Investing Activities
|
(137,852
|
)
|
(14,449,425
|
)
|
151,758
|
(24,322,904
|
)
|
||||||
Cash
Flows From Financing Activities:
|
|||||||||||||
Proceeds
from short-term advance
|
--
|
--
|
325,179
|
325,179
|
|||||||||
Repayment
of short-term advance
|
--
|
(347,369
|
)
|
--
|
(347,369
|
)
|
|||||||
Proceeds
from issuance of long-term debt
|
--
|
35,461
|
815,832
|
2,005,609
|
|||||||||
Repayment
of long-term debt
|
(73,151
|
)
|
(572,280
|
)
|
(98,447
|
)
|
(1,852,369
|
)
|
|||||
Change
in due to related parties
|
--
|
--
|
--
|
154,541
|
|||||||||
Proceeds
from exercise of warrants
|
125,000
|
39,337,065
|
--
|
44,015,049
|
|||||||||
Proceeds
from exercise of stock options
|
301,931
|
3,241,755
|
--
|
4,554,126
|
|||||||||
Proceeds
from minority interest investment
|
--
|
--
|
--
|
3,038,185
|
|||||||||
Proceeds
from issuance of preferred stock
|
--
|
--
|
--
|
12,015,000
|
|||||||||
Redemption
of SVR preferred stock
|
(100
|
)
|
--
|
--
|
(100
|
)
|
|||||||
Proceeds
from issuance of convertible debentures, net
|
--
|
13,955,000
|
6,299,930
|
20,254,930
|
|||||||||
Repayments
of convertible debentures
|
(174,399
|
)
|
--
|
(461,358
|
)
|
(635,757
|
)
|
||||||
Purchase
of treasury stock
|
--
|
--
|
--
|
(483,869
|
)
|
||||||||
Proceeds
from issuance of common stock, net
|
--
|
7,000,004
|
--
|
80,283,719
|
|||||||||
Purchase
and retirement of common stock
|
--
|
--
|
--
|
(119,066
|
)
|
||||||||
Net
Cash Provided by Financing Activities
|
179,281
|
62,649,636
|
6,881,136
|
163,207,808
|
|||||||||
Effect
of Exchange Rates on Cash
|
7,210
|
(4,832
|
)
|
3,362
|
29,440
|
||||||||
Net
Increase (Decrease) in Cash and Cash Equivalents
|
(17,182,426
|
)
|
37,621,963
|
(4,363,889
|
)
|
21,026,067
|
|||||||
Cash
and Cash Equivalents, Beginning of Period
|
38,208,493
|
586,530
|
4,950,419
|
--
|
|||||||||
Cash
and Cash Equivalents, End of Period
|
$
|
21,026,067
|
$
|
38,208,493
|
$
|
586,530
|
$
|
21,026,067
|
July
31,
|
|||||||
2007
|
2006
|
||||||
Land
|
$
|
213,312
|
$
|
201,075
|
|||
Buildings
and Improvements
|
1,352,010
|
1,274,448
|
|||||
Furniture
and Fixtures
|
101,705
|
91,151
|
|||||
Office
Equipment
|
181,273
|
151,684
|
|||||
Lab
Equipment
|
4,221,152
|
4,046,520
|
|||||
Total
Property and Equipment
|
6,069,452
|
5,764,878
|
|||||
Less
Accumulated Depreciation
|
3,932,425
|
3,179,134
|
|||||
Property
and Equipment, Net
|
$
|
2,137,027
|
$
|
2,585,744
|
Land | $ | 181,507 | ||
Buildings and Improvements | 1,147,093 | |||
Total Property and Equipment Reclassified | 1,328,600 | |||
Less Accumulated Depreciation | 255,851 | |||
Property and Equipment, Net Reclassified | $ | 1,072,749 |
July
31,
|
|||||||
2007
|
2006
|
||||||
Assets
Held For Investment
|
$
|
4,485,179
|
$
|
4,227,871
|
|||
Less:
Accumulated Depreciation
|
791,996
|
625,098
|
|||||
Assets
Held For Investment, Net
|
$
|
3,693,183
|
$
|
3,602,773
|
July
31,
|
|||||||
2007
|
2006
|
||||||
Patents
|
$
|
6,580,005
|
$
|
6,380,006
|
|||
Less:
Accumulated Amortization
|
1,695,021
|
1,282,179
|
|||||
Patents,
Net
|
$
|
4,884,984
|
$
|
5,097,827
|
|||
Weighted
Average Life
|
13.1
years
|
13.7
years
|
July
31,
|
|||||||
2007
|
2006
|
||||||
Deferred
Tax Assets:
|
|||||||
Net
operating loss carryforwards
|
$
|
57,628,338
|
$
|
47,811,943
|
|||
Other
timing difference
|
2,579,377
|
2,660,938
|
|||||
Total
Deferred Tax Assets
|
60,207,715
|
50,472,881
|
|||||
Valuation
Allowance
|
(58,873,007
|
)
|
(48,991,563
|
)
|
|||
Deferred
Tax Liabilities
|
|||||||
Intangible
assets
|
(1,236,432
|
)
|
(1,347,468
|
)
|
|||
Other
timing difference
|
(98,276
|
)
|
(133,850
|
)
|
|||
Total
Deferred Tax Liabilities
|
(1,334,708
|
)
|
(1,481,318
|
)
|
|||
Net
Deferred Income Taxes
|
$
|
--
|
$
|
--
|
2007
|
2006
|
|
2005
|
|||||||
Federal
statutory rate
|
(34.0
|
)%
|
(34.0
|
)%
|
(34.0
|
)%
|
||||
Increase
(decrease) in income taxes resulting from:
|
||||||||||
Imputed
interest income on intercompany receivables from foreign
subsidiaries
|
2.0
|
--
|
--
|
|||||||
Nondeductible
items
|
--
|
7.0
|
3.0
|
|||||||
Other
timing differences
|
(10.0
|
)
|
6.0
|
--
|
||||||
Change
in valuation allowance
|
42.0
|
21.0
|
31.0
|
|||||||
Effective
tax rate
|
--
|
%
|
--
|
%
|
--
|
%
|
|
July
31,
|
||||||
2007
|
|
2006
|
|||||
Accounts
Payable
|
$
|
1,791,080
|
$
|
1,214,694
|
|||
Research
and Development
|
1,956,049
|
696,769
|
|||||
Executive
Compensation
|
2,252,978
|
2,121,389
|
|||||
Financial
Services
|
1,156,602
|
1,411,938
|
|||||
Total
|
$
|
7,156,709
|
$
|
5,444,790
|
Year
|
Amount
|
|||
2008
|
$
|
148,823
|
||
2009
|
147,355
|
|||
2010
|
108,723
|
|||
2011
|
95,772
|
|||
2012
|
88,040
|
|||
Thereafter
|
497
|
|||
Total
Minimum Lease Payments
|
$
|
589,210
|
Year
|
Amount
|
|||
2008
|
$
|
41,309
|
||
2009
|
36,670
|
|||
2010
|
13,481
|
|||
2011
and thereafter
|
--
|
|||
Total
|
$
|
91,460
|
Year
|
Amount
|
|||
2008
|
$
|
284,686
|
||
2009
|
194,876
|
|||
2010
|
114,212
|
|||
2011
|
109,459
|
|||
2012
|
94,017
|
|||
Thereafter
|
61,549
|
|||
Total
|
$
|
858,799
|
For
the Years Ended July 31,
|
||||||||||
2007
|
2006
|
|
2005
|
|||||||
Interest
Income
|
$
|
--
|
$
|
14,288
|
$
|
15,854
|
July
31,
|
|||||||
2007
|
2006
|
||||||
Mortgage
payable - interest at 6.822 percent per
|
|||||||
annum,
monthly principal and interest payments of
|
|||||||
$2,194,
due June 2011, secured by real property
|
|||||||
located
at 98 Stafford Drive, Brampton, ON
|
$
|
273,666
|
$
|
264,579
|
|||
Mortgage
payable - interest at 6.822 percent per
|
|||||||
annum,
monthly principal and interest payments of
|
|||||||
$3,538,
due June 2011, secured by real property
|
|||||||
located
at 1740 Sismet Road, Mississauga, ON
|
441,380
|
426,725
|
|||||
Mortgage
payable - interest at 7.6 percent per annum,
|
|||||||
monthly
payments of principal and interest of $5,662,
|
|||||||
due
May 2010, secured by first mortgage over real
|
|||||||
property
located at 17 Carlaw Avenue and 33 Harbour
|
|||||||
Square,
Toronto, Canada
|
667,943
|
645,898
|
|||||
Mortgage
payable - interest at 10 percent per annum,
|
|||||||
monthly
payments of principal and interest of $2,453,
|
|||||||
due
November 2008, secured by real property located
|
|||||||
at
13-14, 11 Carlaw Avenue, Toronto, Canada
|
210,371
|
206,209
|
|||||
Mortgage
payable - interest at 8.5 percent per annum,
|
|||||||
monthly
payments of interest only of $3,126, principal
|
|||||||
payment
due August 2008, secured by real property
|
|||||||
located
at 10-11, 11 Carlaw Avenue, Toronto, Canada
|
375,120
|
353,600
|
|||||
Mortgage
payable - interest at 6.07 percent per annum,
|
|||||||
monthly
interest payments of $8,829, principal due
|
|||||||
March
2009, secured by secondary rights to real
|
|||||||
property
located at 1-8, 11 Carlaw Avenue, Toronto,
|
|||||||
Canada
|
1,175,309
|
1,139,153
|
|||||
Total
Debt
|
3,143,789
|
3,036,164
|
|||||
Less
Current Maturities of Long-Term Debt
|
84,503
|
428,059
|
|||||
Total
Long-Term Debt
|
$
|
3,059,286
|
$
|
2,608,105
|
Year
|
Amount
|
|||
2008
|
$
|
84,503
|
||
2009
|
1,759,069
|
|||
2010
|
653,691
|
|||
2011
|
646,526
|
|||
2012
and thereafter
|
--
|
|||
Total
|
$
|
3,143,789
|
Debenture
|
||||||||||
1st
$4,000,000
|
1st
$500,000
|
|
$100,000
|
|||||||
Date
Issued
|
12/2004
|
3/2005
|
4/2005
|
|||||||
Promissory
Note Amount
|
$
|
1,000,000
|
$
|
500,000
|
$
|
100,000
|
||||
#
of Promissory Notes
|
4
|
1
|
1
|
|||||||
Terms
|
(A
|
)
|
(E
|
)
|
(E
|
)
|
||||
Conversion
Price
|
$
|
0.82
|
$
|
0.82
|
$
|
0.82
|
||||
Gross
Proceeds
|
$
|
4,000,000
|
$
|
500,000
|
$
|
100,000
|
||||
Issuance
Costs Paid in Cash
|
$
|
300,070
|
$
|
--
|
$
|
--
|
||||
Issuance
Costs Paid in Common Stock
|
$
|
--
|
$
|
--
|
$
|
--
|
||||
Shares
of Common Stock
|
--
|
--
|
--
|
|||||||
Issuance
Costs Paid in Warrants
|
145,000
|
--
|
--
|
|||||||
Warrant
Exercise Price
|
$
|
0.91
|
n/a
|
n/a
|
||||||
Warrant
Fair Value (WFV)
|
$
|
89,900
|
n/a
|
n/a
|
||||||
Black
Scholes Model Assumptions
|
(B1)
|
|
n/a
|
n/a
|
||||||
Total
Issuance Costs (C)
|
$
|
389,970
|
$
|
--
|
$
|
--
|
||||
Amortization
of Issuance Costs as
|
||||||||||
Non-cash
Interest Expense
|
$
|
389,970
|
$
|
--
|
$
|
--
|
||||
Net
Cash Proceeds
|
$
|
3,699,930
|
$
|
500,000
|
$
|
100,000
|
||||
Warrants
Issued to Investor
|
4,878,048
|
1,219,512
|
243,902
|
|||||||
Warrant
Exercise Price
|
$
|
0.91
|
$
|
0.82
|
$
|
0.82
|
||||
Warrant
Fair Value (WFV)
|
$
|
1,722,222
|
$
|
245,521
|
$
|
49,104
|
||||
Black
Scholes Model Assumptions
|
(B1)
|
|
(B2)
|
|
(B2)
|
|
||||
Beneficial
Conversion Feature (BCF)
|
$
|
1,722,222
|
$
|
86,984
|
$
|
17,397
|
||||
Amortization
of WFV and BCF as
|
||||||||||
Non-cash
Interest Expense
|
$
|
3,444,444
|
$
|
332,505
|
$
|
66,501
|
||||
Principal
and Interest Converted
|
$
|
1,628,292
|
$
|
528,082
|
$
|
105,644
|
||||
Loss
on Extinguishment (D)
|
$
|
42,409
|
$
|
--
|
$
|
--
|
||||
Shares
Issued Upon Conversion
|
1,985,249
|
644,003
|
128,834
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Shares of Common Stock
|
$
|
2,005,500
|
$
|
--
|
$
|
--
|
||||
Loss
on Extinguishment (D)
|
$
|
147,457
|
$
|
--
|
$
|
--
|
||||
Shares
Issued for Principal and
|
||||||||||
Interest
Repayments
|
3,158,344
|
--
|
--
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Cash
|
$
|
506,564
|
$
|
--
|
$
|
--
|
||||
Warrant
Issued to Investor for 1st
|
||||||||||
Extension
of Maturity Date (F)
|
n/a
|
1,219,512
|
243,902
|
|||||||
Warrant
Exercise Price
|
n/a
|
$
|
0.82
|
$
|
0.82
|
|||||
Warrant
Fair Value (WFV)
|
n/a
|
$
|
597,561
|
$
|
119,512
|
|||||
Black
Scholes Model Assumptions
|
n/a
|
(B2)
|
|
(B2)
|
|
|||||
Warrant
Issued to Investor for 2nd
|
||||||||||
Extension
of Maturity Date (F)
|
n/a
|
1,219,512
|
243,902
|
|||||||
Warrant
Exercise Price
|
n/a
|
$
|
0.82
|
$
|
0.82
|
|||||
Warrant
Fair Value (WFV)
|
n/a
|
$
|
524,390
|
$
|
104,878
|
|||||
Black
Scholes Model Assumptions
|
n/a
|
(B7)
|
|
(B7)
|
|
Debenture
|
||||||||||
1st
2,000,000
|
2nd
2,000,000
|
2nd
$500,000
|
||||||||
Date
Issued
|
6/2005
|
9/2005
|
10/2005
|
|||||||
Promissory
Note Amount
|
$
|
500,000
|
$
|
500,000
|
$
|
500,000
|
||||
#
of Promissory Notes
|
4
|
4
|
1
|
|||||||
Terms
|
(A
|
)
|
(A
|
)
|
(A
|
)
|
||||
Conversion
Price
|
$
|
0.60
|
$
|
0.60
|
0.82
|
|||||
Gross
Proceeds
|
$
|
2,000,000
|
$
|
2,000,000
|
$
|
500,000
|
||||
Issuance
Costs Paid in Cash
|
$
|
--
|
$
|
15,000
|
$
|
--
|
||||
Issuance
Costs Paid in Common Stock
|
$
|
140,000
|
$
|
140,000
|
$
|
33,250
|
||||
Shares
of Common Stock
|
170,732
|
170,732
|
35,000
|
|||||||
Issuance
Costs Paid in Warrants
|
35,000
|
60,000
|
15,000
|
|||||||
Warrant
Exercise Price
|
$
|
0.82
|
$
|
0.82
|
$
|
0.95
|
||||
Warrant
Fair Value (WFV)
|
$
|
20,300
|
$
|
30,600
|
$
|
14,250
|
||||
Black
Scholes Model Assumptions
|
(B3)
|
|
(B4)
|
|
(B4)
|
|
||||
Total
Issuance Costs (C)
|
$
|
160,300
|
$
|
185,600
|
$
|
47,500
|
||||
Amortization
of Issuance Costs as
|
||||||||||
Non-cash
Interest Expense
|
$
|
160,300
|
$
|
185,600
|
$
|
47,500
|
||||
Net
Cash Proceeds
|
$
|
2,000,000
|
$
|
1,985,000
|
$
|
500,000
|
||||
Warrants
Issued to Investor
|
2,439,024
|
2,439,024
|
609,756
|
|||||||
Warrant
Exercise Price
|
$
|
0.82
|
$
|
0.82
|
$
|
0.82
|
||||
Warrant
Fair Value (WFV)
|
$
|
828,571
|
$
|
785,185
|
$
|
270,950
|
||||
Black
Scholes Model Assumptions
|
(B3)
|
|
(B4)
|
|
(B4)
|
|
||||
Beneficial
Conversion Feature (BCF)
|
$
|
1,171,429
|
$
|
1,185,185
|
$
|
229,050
|
||||
Amortization
of WFV and BCF as
|
||||||||||
Non-cash
Interest Expense
|
$
|
2,000,000
|
$
|
1,970,370
|
$
|
500,000
|
||||
Principal
and Interest Converted
|
$
|
1,800,206
|
$
|
1,729,144
|
$
|
385,769
|
||||
Loss
on Extinguishment (D)
|
$
|
--
|
$
|
1,088,868
|
$
|
1,180,830
|
||||
Shares
Issued Upon Conversion
|
3,000,344
|
2,878,648
|
470,450
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Shares of Common Stock
|
$
|
225,322
|
$
|
293,893
|
$
|
125,244
|
||||
Loss
on Extinguishment (D)
|
$
|
62,242
|
$
|
394,912
|
$
|
93,361
|
||||
Shares
Issued for Principal and
|
||||||||||
Interest
Repayments
|
407,075
|
489,822
|
152,736
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Cash
|
$
|
--
|
$
|
--
|
$
|
--
|
Debenture
|
||||||||||
$3,500,000
|
2nd
$4,000,000
|
3rd
$4,000,000
|
||||||||
Date
Issued
|
12/2005
|
1/2006
|
2/2006
|
|||||||
Promissory
Note Amount
|
$
|
1,000,000
|
$
|
1,000,000
|
$
|
1,000,000
|
||||
#
of Promissory Notes
|
3.5
|
4
|
4
|
|||||||
Terms
|
(A
|
)
|
(A
|
)
|
(A
|
)
|
||||
Conversion
Price
|
$
|
0.82
|
$
|
1.05
|
$
|
1.25
|
||||
Gross
Proceeds
|
$
|
3,500,000
|
$
|
4,000,000
|
$
|
4,000,000
|
||||
Issuance
Costs Paid in Cash
|
$
|
15,000
|
$
|
15,000
|
$
|
--
|
||||
Issuance
Costs Paid in Common
|
||||||||||
Stock
|
$
|
179,550
|
$
|
266,400
|
$
|
--
|
||||
Shares
of Common Stock
|
189,000
|
266,667
|
--
|
|||||||
Issuance
Costs Paid in Warrants
|
105,000
|
120,000
|
--
|
|||||||
Warrant
Exercise Price
|
$
|
0.82
|
$
|
1.05
|
n/a
|
|||||
Warrant
Fair Value (WFV)
|
$
|
76,650
|
$
|
88,800
|
n/a
|
|||||
Black
Scholes Model Assumptions
|
(B5)
|
(B6)
|
n/a
|
|||||||
Total
Issuance Costs (C)
|
$
|
271,200
|
$
|
370,200
|
$
|
--
|
||||
Amortization
of Issuance Costs as
|
||||||||||
Non-cash
Interest Expense
|
$
|
271,200
|
$
|
370,200
|
$
|
--
|
||||
Net
Cash Proceeds
|
$
|
3,485,000
|
$
|
3,985,000
|
$
|
4,000,000
|
||||
Warrants
Issued to Investor
|
4,268,292
|
3,809,524
|
3,200,000
|
|||||||
Warrant
Exercise Price
|
$
|
0.82
|
$
|
1.05
|
$
|
1.25
|
||||
Warrant
Fair Value (WFV)
|
$
|
1,648,387
|
$
|
1,653,631
|
$
|
2,374,507
|
||||
Black
Scholes Model Assumptions
|
(B5)
|
|
(B6)
|
|
(B7)
|
|
||||
Beneficial
Conversion Feature (BCF)
|
$
|
1,851,613
|
$
|
1,463,155
|
$
|
1,625,493
|
||||
Amortization
of WFV and BCF as
|
||||||||||
Non-cash
Interest Expense
|
$
|
3,500,000
|
$
|
3,116,786
|
$
|
4,000,000
|
||||
Principal
and Interest Converted
|
$
|
3,435,735
|
$
|
3,635,041
|
$
|
3,081,556
|
||||
Loss
on Extinguishment (D)
|
$
|
1,473,115
|
$
|
4,558,356
|
$
|
2,450,301
|
||||
Shares
Issued Upon Conversion
|
4,189,923
|
3,461,946
|
2,448,764
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Shares of Common Stock
|
$
|
86,475
|
$
|
398,578
|
$
|
941,326
|
||||
Loss
on Extinguishment (D)
|
$
|
176,556
|
$
|
541,854
|
$
|
571,782
|
||||
Shares
Issued for Principal and
|
||||||||||
Interest
Repayments
|
105,456
|
381,709
|
641,813
|
|||||||
Principal
and Interest Repayments
|
||||||||||
in
Cash
|
$
|
--
|
$
|
--
|
$
|
174,399
|
(A) |
The
notes carry a 6% coupon and a 15-month term and amortization in 13
equal
assignments commencing in the third month of the term. The principal
and
interest payments are payable in cash or, at the Company's option,
the
lesser of registered stock valued at a 10% discount to the average
of the
20-day VWAP as of the payment date or predetermined conversion price,
subject to certain conditions.
|
Risk
Free
Interest
Rate
|
Expected
Volatility
|
Life
(Years)
|
||||||||
(B1) | 1.79 | % | 1.0463 | 5.50 | ||||||
(B2) | 2.78 | % | 1.0054 | 5.50 | ||||||
(B3) | 3.02 | % | 0.9775 | 5.50 | ||||||
(B4) | 3.76 | % | 0.9232 | 5.50 | ||||||
(B5) | 4.02 | % | 0.9288 | 5.50 | ||||||
(B6) | 4.23 | % | 0.9210 | 5.50 | ||||||
(B7) | 4.49 | % | 0.9380 | 5.50 |
(C) |
The
issuance cost is amortized over the life of the debt as a deferred
debt
issuance cost.
|
(D) |
Loss
on extinguishment represents the difference between the quoted market
price of the Company's common stock and lower of predetermined conversion
price or the 10% discount to the average of the 20-day
VWAP.
|
(E) |
The
notes carry a 10% coupon and a 1 ½ month term. The principal and interest
payments are payable in cash or, at the Holder's option, in common
stock
at a per share price equal to
$0.82.
|
(F) |
The
Company extended the maturity date of the convertible debenture from
May
to July and later to September 2005. In consideration for the holder’s
agreement to extend the maturity date, the Company issued the holder
additional warrants. In accordance with EITF 98-5, the fair value
of the
warrants was determined to be the reacquisition price on the debt
extinguishment date and was recorded as a loss on
extinguishment.
|
Number
of Shares
To
be Purchased
|
Warrant
Exercise
Price
Per Share
|
Warrant
Expiration
Date
|
||
5,000
|
$2.50
|
November
29, 2007
|
||
30,000
|
$3.00
|
November
29, 2007
|
||
500,000
|
$2.50
|
January
15, 2008
|
||
255,102
|
$1.86
|
January
9, 2009
|
||
57,143
|
$2.20
|
January
9, 2009
|
||
13,889
|
$2.25
|
January
9, 2009
|
||
166,667
|
$1.89
|
February
13, 2009
|
||
17,169
|
$2.10
|
February
13, 2009
|
||
327,869
|
$1.68
|
July
12, 2009
|
||
500,000
|
$1.09
|
August
10, 2009
|
||
100,000
|
$0.82
|
April
27, 2010
|
||
102,232
|
$1.25
|
April
17, 2011
|
||
70,000
|
$2.66
|
April
17, 2011
|
||
25,000
|
$1.91
|
May
29, 2011
|
||
3,273,144
|
$2.35
|
May
31, 2011
|
||
2,560,980
|
$2.45
|
May
31, 2011
|
||
5,000
|
$1.05
|
July
19, 2011
|
||
622,226
|
$1.60
|
July
22, 2011
|
||
4,770,617
|
$3.00
|
August
26, 2011
|
||
172,120
|
$1.25
|
August
27, 2011
|
||
800,000
|
$3.00
|
September
2, 2011
|
||
100,000
|
$1.71
|
March
3, 2012
|
||
140,000
|
$1.45
|
May
27, 2012
|
||
14,614,158
|
Risk-Free
|
Expected
|
Expected
|
Expected
|
||||||||||
Interest
Rate
|
Life
(Years)
|
Volatility
|
Dividends
|
||||||||||
July
31, 2007 and 2006
|
n/a
|
n/a
|
n/a
|
n/a
|
|||||||||
July
31, 2005
|
2.32
|
%
|
5.00
|
1.0215
|
--
|
Options
|
Weighted
Average Exercise Price Per Share
|
||||||
Outstanding
- August 1, 2004
|
7,214,159
|
$
|
3.49
|
||||
Granted
|
6,046,110
|
$
|
0.50
|
||||
Forfeited
or expired
|
(1,653,000
|
)
|
$
|
6.49
|
|||
Exercised
|
--
|
$
|
--
|
||||
Outstanding
- July 31, 2005
|
11,607,269
|
$
|
1.51
|
||||
Granted
|
--
|
$
|
--
|
||||
Forfeited
or expired
|
(755,000
|
)
|
$
|
5.97
|
|||
Exercised
|
(2,352,672
|
)
|
$
|
1.37
|
|||
Outstanding
- July 31, 2006
|
8,499,597
|
$
|
1.15
|
||||
Granted
|
--
|
$
|
--
|
||||
Forfeited
or expired
|
(250,159
|
)
|
$
|
7.86
|
|||
Exercised
|
(286,800
|
)
|
$
|
1.05
|
|||
Outstanding
- July 31, 2007
|
7,962,638
|
$
|
1.12
|
||||
Exercisable
- July 31, 2007
|
7,962,638
|
$
|
1.12
|
Options
Outstanding
|
|||||||||||||
Weighted
|
|||||||||||||
Number
|
Weighted
|
Average
|
|||||||||||
Outstanding
|
Average
|
Remaining
|
Aggregate
|
||||||||||
Range
of
|
at
|
Exercise
|
Life
|
Intrinsic
|
|||||||||
Exercise
Price
|
July
31, 2007
|
Price
|
(Years)
|
Value
|
|||||||||
$0.001
|
2,239,610
|
$
|
0.001
|
2.68
|
|||||||||
$0.56
- $0.94
|
2,702,528
|
0.77
|
2.39
|
||||||||||
$1.00
- $2.19
|
3,020,500
|
1.80
|
0.73
|
||||||||||
7,962,638
|
1.84
|
$
|
6,059,852
|
Options
Exercisable
|
||||||||||
Number
|
Weighted
|
|||||||||
Outstanding
|
Average
|
Aggregate
|
||||||||
Range
of
|
at
|
Exercise
|
Intrinsic
|
|||||||
Exercise
Price
|
July
31, 2007
|
Price
|
|
Value
|
||||||
$0.001
|
2,239,610
|
$
|
0.001
|
|||||||
$0.56
- $0.94
|
2,702,528
|
0.77
|
||||||||
$1.00
- $2.19
|
3,020,500
|
1.80
|
||||||||
7,962,638
|
$
|
6,059,852
|
For
the Year Ended July 31,
|
||||||||||
2007
|
2006
|
2005
|
||||||||
Weighted
Average Grant Date Fair Value
|
||||||||||
of
Options Granted
|
$
|
--
|
$
|
--
|
$
|
0.59
|
||||
Aggregate
Intrinsic Value of Options
|
||||||||||
Exercised
|
$
|
238,179
|
$
|
3,499,814
|
$
|
--
|
||||
Cash
Received for Exercise of Stock Options
|
$
|
301,932
|
$
|
3,241,755
|
$
|
--
|
Year
Ended
|
||||
July
31,
|
||||
2005
|
||||
Net
Loss Available to Common
|
||||
Stockholders,
as Reported
|
$
|
(24,001,735
|
)
|
|
Add:
Total Stock-Based Employee
|
||||
Compensation
Expense Included
|
||||
In
Reported Net Loss
|
--
|
|||
Deduct:
Total Stock-Based Employee
|
||||
Compensation
Expense Determined
|
||||
Under
Fair Value Based Method
|
2,199,300
|
|||
Pro
Forma Net Loss Available
|
||||
to
Common Stockholders
|
$
|
(26,201,035
|
)
|
|
Loss
Per Share:
|
||||
Basic
and diluted, as reported
|
$
|
(0.66
|
)
|
|
Basic
and diluted, pro forma
|
$
|
(0.72
|
)
|
For
the Years Ended July 31,
|
||||||||||
2007
|
|
2006
|
|
2005
|
||||||
Cash
paid during the year for:
|
||||||||||
Interest
|
$
|
256,836
|
$
|
273,097
|
$
|
184,655
|
||||
Income
taxes
|
$
|
--
|
$
|
--
|
$
|
--
|
Year
Ended July 31, 2007
|
||||
Principal
repayment of convertible debentures through the issuance
|
||||
of
common stock
|
$
|
384,616
|
||
Issuance
of common stock in conjunction with convertible debenture
|
||||
conversion
|
$
|
210,216
|
||
Par
value in connection with voluntary relinquishment and
cancellation
|
||||
of
150,000 shares of common stock
|
$
|
150
|
Year
Ended July 31, 2006
|
||||
Value
of common stock issued in conjunction with capitalized
|
||||
services
upon issuance of convertible debentures
|
$
|
619,467
|
||
Value
of warrants issued in conjunction with capitalized
|
||||
services
upon issuance of convertible debentures
|
$
|
210,300
|
||
Costs
paid from proceeds in conjunction with capitalized
services
|
||||
upon
issuance of convertible debentures
|
$
|
45,000
|
||
Value
of warrants issued in conjunction with issuance of
convertible
|
||||
debentures
and related beneficial conversion feature
|
$
|
13,087,156
|
||
Satisfaction
of accounts payable through the issuance of common
|
||||
stock
|
$
|
391,147
|
||
Principal
repayment of convertible debentures through the issuance
|
||||
of
common stock
|
$
|
2,102,689
|
||
Issuance
of common stock in conjunction with convertible debenture
|
||||
conversion
|
$
|
14,551,466
|
||
Increase
in other current assets for the prepayment of services
|
||||
through
the issuance of common stock
|
$
|
184,500
|
||
Satisfaction
of due from related party through reduction of accrued
|
||||
executive
compensation
|
$
|
415,828
|
||
Repayment
of long-term debt through the issuance of long-term debt
|
||||
upon
refinancing
|
$
|
1,082,443
|
Year
Ended July 31, 2005
|
||||
Costs
associated with convertible debentures paid from proceeds
|
$
|
300,070
|
||
Value
of common stock issued in conjunction with capitalized
|
||||
services
upon issuance of convertible debentures
|
$
|
140,000
|
||
Value
of warrants issued in conjunction with capitalized
|
||||
services
upon issuance of convertible debentures
|
$
|
110,200
|
||
Sale
of Series A Preferred Stock and mandatorily converted
|
||||
to
common shares
|
$
|
14,310,057
|
||
Value
of warrants issued in conjunction with issuance of
|
||||
convertible
debentures and related beneficial conversion feature
|
$
|
5,843,450
|
||
Satisfaction
of accounts payable through the issuance of
|
||||
common
stock
|
$
|
1,526,326
|
||
Principal
repayment of convertible debentures through the
|
||||
issuance
of common stock
|
$
|
1,235,577
|
||
Issuance
of common stock in conjunction with convertible
|
||||
debenture
conversions
|
$
|
1,479,500
|
||
Issuance
of below market stock options in satisfaction of
|
||||
accounts
payable and accrued expenses
|
$
|
1,332,052
|
||
Costs
paid from proceeds of issuance of long-term debt
|
$
|
54,466
|
||
Repayment
of long-term debt through the issuance of long-term debt
|
||||
upon
refinancing
|
$
|
323,301
|
2007
|
2006
|
2005
|
||||||||
Identifiable
Assets
|
||||||||||
Canada
|
$
|
41,899,734
|
$
|
59,583,574
|
$
|
8,722,630
|
||||
United
States
|
4,504,670
|
4,521,668
|
4,743,215
|
|||||||
Total
|
$
|
46,404,404
|
$
|
64,105,242
|
$
|
13,465,845
|
||||
Revenue
|
||||||||||
Canada
|
$
|
25,242
|
$
|
--
|
$
|
--
|
||||
United
States
|
157,187
|
175,000
|
392,112
|
|||||||
Total
|
$
|
182,429
|
$
|
175,000
|
$
|
392,112
|
Q1
|
Q2
|
|
Q3
|
|
Q4
|
||||||||
Fiscal
Year July 31, 2007:
|
|||||||||||||
Revenues
|
$
|
139,005
|
$
|
45,421
|
$
|
10,960
|
$
|
(15,188
|
)
|
||||
Operating
loss
|
$
|
(3,980,182
|
)
|
$
|
(5,478,477
|
)
|
$
|
(8,006,072
|
)
|
$
|
(7,411,371
|
)
|
|
Net
loss
|
$
|
(3,658,045
|
)
|
$
|
(5,195,634
|
)
|
$
|
(7,718,355
|
)
|
$
|
(6,932,924
|
)
|
|
Net
loss available to common
|
|||||||||||||
stockholders
|
$
|
(3,658,045
|
)
|
$
|
(5,195,634
|
)
|
$
|
(7,718,355
|
)
|
$
|
(6,932,924
|
)
|
|
Net
loss per share
|
$
|
(0.03
|
)
|
$
|
(0.05
|
)
|
$
|
(0.07
|
)
|
$
|
(0.07
|
)
|
Fiscal
Year July 31, 2006:
|
|||||||||||||
Contract
research revenue
|
$
|
43,750
|
$
|
43,750
|
$
|
43,750
|
$
|
43,750
|
|||||
Operating
loss
|
$
|
(2,107,485
|
)
|
$
|
(5,184,252
|
)
|
$
|
(3,890,499
|
)
|
$
|
(7,523,747
|
)
|
|
Net
loss
|
$
|
(9,003,218
|
)
|
$
|
(14,400,597
|
)
|
$
|
(31,773,494
|
)
|
$
|
(12,789,895
|
)
|
|
Net
loss available to common
|
|||||||||||||
stockholders
|
$
|
(9,003,218
|
)
|
$
|
(14,400,597
|
)
|
$
|
(31,773,494
|
)
|
$
|
(12,789,895
|
)
|
|
Net
loss per share
|
$
|
(.20
|
)
|
$
|
(.22
|
)
|
$
|
(.36
|
)
|
$
|
(.12
|
)
|
Description
of Exhibit
|
||
23
|
Consent
of DanzigerHochman Partners LLP, Independent Registered Public Accounting
Firm†
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002†
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002†
|
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant to
Section
906 of the Sarbanes-Oxley Act of
2002†
|
†
|
Filed
herewith.
|
||
Note:
The Consent of BDO Dunwoody, LLP, the Company’s predecessor auditor, is
not included herewith on the basis that no changes have been made
to the
Company’s consolidated financial statements included in this Amendment.
BDO Dunwoody, LLP served as the Company’s auditors for fiscal years ending
July 31, 2003 through 2005, and BDO Dunwoody, LLP’s consent was included
with the Annual Report on Form 10-K when it was initially filed on
October
15, 2007.
|
Name
|
|
Capacity
in Which Signed
|
|
Date
|
|
|
|
|
|
/s/
Anna E. Gluskin
|
|
President,
Chief Executive Officer and Director
|
|
March
12, 2008
|
Anna
E. Gluskin
|
|
(Principal
Executive Officer)
|
|
|
|
|
|
|
|
/s/
Rose C. Perri
|
|
Chief
Operating Officer, Chief Financial Officer,
|
|
March
12, 2008
|
Rose
C. Perri
|
|
Treasurer,
Secretary and Director
|
|
|
|
|
(Principal
Financial and Accounting Officer)
|
|
|
|
|
|
|
|
/s/
Gerald Bernstein, M.D.
|
|
Vice
President Medical Affairs and Director
|
|
March
12, 2008
|
Gerald
Bernstein, M.D.
|
|
|
|
|
|
|
|
|
|
/s/
Brian T. McGee
|
|
Director
|
|
March
12, 2008
|
Brian
T. McGee
|
|
|
|
|
|
|
|
|
|
/s/
John P. Barratt
|
|
Director
|
|
March
12, 2008
|
John
P. Barratt
|
|
|
|
|
|
|
|
|
|
/s/
Peter G. Amanatides
|
|
Director
|
|
March
12, 2008
|
Peter
G. Amanatides
|
|
|
|
|
|
|
|
|
|
/s/
Nola E. Masterson
|
|
Director
|
|
March
12, 2008
|
Nola
E. Masterson
|
|
|
|
|
|
|
|
|
|
/s/
Slava Jarnitskii
|
|
Controller
|
|
March
12, 2008
|
Slava
Jarnitskii
|
|
|
|
|
Balance
at
|
Additions
|
Balance
|
||||||||||||||
Beginning
|
Charged
|
Other
|
at
End of
|
|||||||||||||
Of
Period
|
to
Expenses
|
Additions
|
Deductions
|
Period
|
||||||||||||
Year
Ended July 31, 2005 Valuation Allowance on Deferred Tax
Asset
|
$
|
27,443,257
|
--
|
--
|
7,506,943
|
$
|
34,950,200
|
|||||||||
Year
Ended July 31, 2006 Valuation Allowance on Deferred Tax
Asset
|
$
|
34,950,200
|
--
|
--
|
14,041,363
|
$
|
48,991,563
|
|||||||||
Year
Ended July 31, 2007 Valuation Allowance on Deferred Tax
Asset
|
$
|
48,991,563
|
--
|
--
|
9,881,444
|
$
|
58,873,007
|
Description
of Exhibit
|
||
23
|
Consent
of DanzigerHochman Partners LLP, Independent Registered Public
Accounting
Firm†
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002†
|
|
31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002†
|
|
32
|
Certification
of Chief Executive Officer and Chief Financial Officer pursuant
to Section
906 of the Sarbanes-Oxley Act of
2002†
|
†
|
Filed
herewith.
|
||
Note:
The Consent of BDO Dunwoody, LLP, the Company’s predecessor auditor, is
not included herewith on the basis that no changes have been made
to the
Company’s consolidated financial statements included in this Amendment.
BDO Dunwoody, LLP served as the Company’s auditors for fiscal years ending
July 31, 2003 through 2005, and BDO Dunwoody, LLP’s consent was included
with the Annual Report on Form 10-K when it was initially filed
on October
15, 2007.
|