Delaware
|
24-5711620
|
(State
or other jurisdiction of
|
(I.R.S.
employer
|
incorporation
or formation)
|
identification
number)
|
|
|
Three
Riverway
|
|
Suite
1050
|
|
Houston,
TX
|
77056
|
(Address
of Principal
|
(Zip
Code)
|
Executive
Offices)
|
|
Title
of each class:
|
Name
of Exchange on which to be so
registered
each class is to be registered:
|
Common
Stock, $.0001 par value per
share
|
N/A
|
·
|
Utilize
Strategic Relationships
|
·
|
Continuous
Technology and Product
Innovation
|
·
|
Strong
Corporate Culture
|
Three
Months
Ended
June
30, 2006
|
Three
Months
Ended
June
30, 2005
|
Six
Months
Ended
June
30, 2006
|
Six
Months
Ended
June
30, 2005
|
||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
||||||||||
SALES
|
$
|
-
|
$
|
-
|
$
|
8,333
|
$
|
-
|
|||||
COST
OF SALES
|
-
|
-
|
5,912
|
-
|
|||||||||
GROSS
MARGIN
|
-
|
-
|
2,421
|
-
|
|||||||||
OPERATING
EXPENSES
|
|||||||||||||
Research
and development
|
|
276,442
|
124,284
|
424,988
|
199,199
|
||||||||
Depreciation
|
|
2,721
|
1,460
|
5,441
|
2,351
|
||||||||
General
and administrative
|
876,755
|
153,937
|
1,107,556
|
255,477
|
|||||||||
TOTAL
OPERATING EXPENSES
|
1,155,918
|
279,681
|
1,537,985
|
457,027
|
|||||||||
LOSS
FROM OPERATIONS
|
(1,155,918
|
)
|
(279,681
|
)
|
(1,535,564
|
)
|
(457,027
|
)
|
|||||
OTHER
INCOME (EXPENSE)
|
|||||||||||||
Interest
expense
|
-
|
(345
|
)
|
(59
|
)
|
(345
|
)
|
||||||
Interest
income
|
2,735
|
807
|
3,206
|
807
|
|||||||||
Other
|
-
|
-
|
-
|
-
|
|||||||||
TOTAL
OTHER INCOME (EXPENSE)
|
2,735
|
462
|
3,147
|
462
|
|||||||||
LOSS
BEFORE PROVISION FOR
INCOME
TAXES
|
(1,153,183
|
)
|
(279,219
|
)
|
(1,532,417
|
)
|
(456,565
|
)
|
|||||
INCOME
TAXES
|
-
|
-
|
-
|
-
|
|||||||||
NET
LOSS
|
(1,153,183
|
)
|
(279,219
|
)
|
(1,532,417
|
)
|
(456,565
|
)
|
|||||
Preferred
dividends
|
(10,180
|
)
|
(23,172
|
)
|
(39,275
|
)
|
(32,202
|
)
|
|||||
Deemed
dividends on exchange of common stock
for
preferred stock
|
(1,586,150
|
)
|
-
|
(1,586,150
|
)
|
-
|
|||||||
NET
LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS’
|
$
|
(2,749,513
|
)
|
$
|
(302,391
|
)
|
$
|
(3,157,842
|
)
|
$
|
(
488,767
|
)
|
|
NET
LOSS PER COMMON SHARE
|
|||||||||||||
Basic
|
$
|
(0.12
|
)
|
$
|
(0.07
|
)
|
$
|
(0.22
|
)
|
$
|
(0.13
|
)
|
|
Preferred
and deemed dividends
|
(0.18
|
)
|
(0.01
|
)
|
(0.23
|
)
|
(0.01
|
)
|
|||||
Attributable
to common shareholders
|
$
|
(0.30
|
)
|
$
|
(0.08
|
)
|
$
|
(0.45
|
)
|
$
|
(0.14
|
)
|
|
WEIGHTED
AVERAGE COMMON SHARES:
|
|||||||||||||
Basic
|
9,305,011
|
3,631,500
|
6,942,215
|
3,582,967
|
|||||||||
Diluted
|
9,305,011
|
3,631,500
|
6,942,215
|
3,582,967
|
|
(Audited)
December
31,
2005
|
(Audited)
December
31,
2004
|
|||||
|
|
|
|||||
SALES
|
$
|
16,667
|
$
|
1,750
|
|||
|
|||||||
COST
OF SALES
|
12,216
|
650
|
|||||
|
|||||||
GROSS
MARGIN
|
4,451
|
1,100
|
|||||
|
|||||||
OPERATING
EXPENSES
|
|||||||
|
|||||||
Research
and development
|
410,958
|
713,109
|
|||||
|
|||||||
Depreciation
|
6,823
|
1,140
|
|||||
|
|||||||
General
and administrative
|
412,877
|
164,873
|
|||||
|
|||||||
TOTAL
OPERATING EXPENSES
|
830,658
|
879,122
|
|||||
|
|||||||
LOSS
FROM OPERATIONS
|
(826,207
|
)
|
(878,022
|
)
|
|||
|
|||||||
OTHER
INCOME (EXPENSE)
|
|||||||
Interest
expense
|
(663
|
)
|
-
|
||||
Interest
income
|
5,329
|
-
|
|||||
Other
|
(4,411
|
)
|
-
|
||||
TOTAL
OTHER INCOME (EXPENSE)
|
255
|
-
|
|||||
|
|||||||
LOSS
BEFORE PROVISION FOR
|
|||||||
INCOME
TAXES
|
(825,952
|
)
|
(878,022
|
)
|
|||
|
|||||||
INCOME
TAXES
|
-
|
-
|
|||||
|
|||||||
NET
LOSS
|
$
|
(825,952
|
)
|
$
|
(878,022
|
)
|
|
|
|||||||
PREFERRED
DIVIDENDS
|
(84,074
|
)
|
(6,624
|
)
|
|||
|
|||||||
NET
LOSS ATTRIBUTABLE TO
|
|||||||
COMMON
SHAREHOLDERS
|
$
|
(910,026
|
)
|
$
|
(884,646
|
)
|
|
|
|||||||
NET
LOSS PER COMMON SHARE:
|
|||||||
Basic
|
$
|
(0.25
|
)
|
$
|
(0.28
|
)
|
|
|
|||||||
Diluted
|
$
|
(0.25
|
)
|
$
|
(0.28
|
)
|
|
|
|||||||
WEIGHTED
AVERAGE COMMON SHARES:
|
|||||||
Basic
|
3,606,195
|
3,157,001
|
|||||
Diluted
|
3,606,195
|
3,157,001
|
(a)
|
Security
ownership of certain beneficial
owners.
|
Name
and Address
|
Amount
and Nature of Beneficial Ownership
|
Percentage
of Class
|
|||||
NewPoint
Energy Solutions, LP (a)
Three
Riverway
Suite
1050
Houston,
Texas 77056
|
5,331,622
|
45.2
|
%
|
||||
Kevin
Shurtleff (b)
573
East 950 North
Orem,
UT 84097
|
2,734,763(c
|
)
|
21.9
|
%
|
|||
Andrew
Nielson
340
South 800 West
Orem,
UT 84058
|
1,120,745(d
|
)
|
9.5
|
%
|
|||
Eric
Ladd
4987
West Woodbend Road
West
Jordan, UT 84084
|
648,794(e
|
)
|
5.2
|
%
|
|||
John
Berger (f)
Three
Riverway
Suite
1050
Houston,
TX 77056
|
6,100,400(g
|
)
|
48.6
|
%
|
Contango
Capital Partners, L.P. (h)
Three
Riverway
Suite
1050
Houston,
TX 77056
|
768,778(i
|
)
|
6.1
|
%
|
|||
John
Sifonis (j)
P.O.
Box 201887
Arlington,
TX 76006-1887
|
46,113(k
|
)
|
0.4
|
%
|
|||
General
Randolph House (l)
905
Carmel Place
College
Station, TX 77845
|
3,423(m
|
)
|
0.03
|
%
|
|||
James
A. Longaker (n)
2002
Woodland Valley Drive
Kingwood,
TX 77339
|
3,700(o
|
)
|
0.03
|
%
|
|||
Eric
Melvin (p)
Three
Riverway
Suite
1700
Houston,
TX 77056
|
768,778(q
|
)
|
6.1
|
%
|
|||
William
Flores (r)
25
Beacon Hill
Sugar
Land, TX 77479
|
500(s
|
)
|
(t
|
)
|
|||
Contango
Venture Capital Corporation (u)
3700
Buffalo Speedway, Suite 960
Houston,
TX 77098
|
2,001,014(v
|
)
|
17.0
|
%
|
|||
Richard
Hoesterey (w)
7852
La Cosa Drive
Dallas,
TX 75248
|
0
|
--
|
|||||
Jonathan
H. Godshall (x)
5360
Spring Park
Houston,
TX 77056
|
0
|
--
|
|||||
All
Directors and Officers as a Group (8 individuals)
|
6,922,914
|
54.9
|
%
|
||||
(a)
|
Standard
Renewable Energy Services, GP LLC is the General Partner of NewPoint
Energy Solutions, LP. John Berger is the sole member and manager
of
Standard Renewable Energy Services, GP LLC and in that capacity
has voting
and dispositive power over these
shares.
|
(b)
|
Dr.
Shurtleff resigned from his position as member of the Company’s Board of
Directors and Vice President of Technology on March 24, 2006. Dr.
Shurtleff continues to work for Trulite as an
employee.
|
(c)
|
Represents
2,035,460 shares of Common Stock and currently exercisable options
to
purchase up to 699,303 shares of Common Stock at a price of $.88
per
share.
|
(d)
|
Effective
March 2, 2005, Mr. Nielson gave an option to Eric Ladd to purchase
up to
473,968 shares of his Common Stock for an aggregate purchase price
of
$48,000, exercisable at any time until March 2,
2014.
|
(e)
|
Represents
currently exercisable options to purchase 174,826 shares of Common
Stock
from the Company and a currently exercisable option to purchase
up to
473,968 shares of Common Stock from Andrew Nielson for an aggregate
purchase price of $48,000. This option to purchase Mr. Nielson’s Common
Stock expires March 2, 2014.
|
(f)
|
Mr.
Berger is the Chairman of the Board of Directors of Trulite and
the
managing partner of CCP.
|
(g)
|
Includes
warrants to purchase 592,500 shares of Common Stock and options
to
purchase 176,278 shares of Common Stock owned by CCP. Although
he does not
have sole voting or dispositive power over the warrants and options
owned
by CCP, he may be deemed to be the beneficial owner thereof. Includes
5,331,622 shares owned by NewPoint Energy Solutions, LP. Mr. Berger
is the
sole member and manager of Standard Renewable Energy Services,
GP LLC, the
general partner of Newpoint Energy Solutions, LP, and in that capacity
has
voting and dispositive power over these
shares.
|
(h)
|
The
general partners of CCP are John Berger, Kenneth R. Peak, Todd
Sullivan,
Gerald Sullivan, Eric Melvin and John D.
White.
|
(i)
|
Represents
currently exercisable options to purchase up to 176,278 shares
of Common
Stock at a price of $.88 per share and warrants to purchase 592,500
shares
of Common Stock at a strike price of $1.50 per
share.
|
(j)
|
Mr.
Sifonis a director of Trulite. Mr. Sifonis resigned as President
and CEO
effective August 11, 2006.
|
(k)
|
Represents
currently exercisable options to purchase up to 46,113 shares of
Common
Stock at a price of $.88 per
share.
|
(l)
|
General
House is a director of
Trulite.
|
(m)
|
Represents
currently exercisable options to purchase up to 3,423 shares of
Common
Stock at a price of $.88 per
share.
|
(n)
|
Mr.
Longaker is the Chief Financial Officer and Secretary of Trulite.
|
(o)
|
Represents
options to purchase up to 3,700 shares of Common Stock at a price
of $.88
per share, which such options vested on July 15,
2006.
|
(p)
|
Mr.
Melvin is a director of
Trulite.
|
(q)
|
Consists
of warrants to purchase 592,500 shares of Common Stock and options
to
purchase 592,500 shares of Common Stock owned by CCP. Although
Mr. Melvin
does not have sole voting or dispositive power over the shares
owned by
CCP, as a general partner of CCP he may be deemed a beneficial
owner
thereof.
|
(r)
|
Mr.
Flores is a director of
Trulite.
|
(s)
|
Represents
500 shares of Common Stock Mr. Flores owns in his individual
name.
|
(t)
|
Less
than one-tenth of 1%.
|
(u)
|
Contango
Venture Capital Corporation is owned by Contango Oil & Gas Company,
which is managed by Kenneth R. Peak, Lesia Bautina, Sergio Castro
and Marc
Duncan. The Board of Directors of Contango Oil & Gas Company includes
Kenneth R. Peak, Jay D. Brehmer, Darrell W. Williams, Charles M.
Reimer
and Steven L. Schoonover.
|
(v)
|
Represents
2,001,014 shares of Common Stock owned by Contango Venture Capital
Corporation.
|
(w)
|
Mr.
Hoesterey was appointed to the Company’s
Board of Directors on May 5,
2006.
|
(x)
|
Mr.
Godshall was appointed President and Chief Operating Officer on
August 7,
2006.
|
Name
|
Age
|
Position
|
Jonathan
H. Godshall
|
58
|
President
and CEO
|
John
Sifonis
|
65
|
Director
|
James
A. Longaker
|
60
|
Chief
Financial Officer and Secretary
|
John
Berger
|
32
|
Chairman
of the Board of Directors
|
Richard
Hoesterey
|
63
|
Director
|
General
Randolph House
|
59
|
Director
|
Eric
Melvin
|
40
|
Director
|
Name
and Position
|
Year
|
Salary
|
Bonus
|
Other
Compensation
|
|
Jonathan
H. Godshall, President
|
2006
|
$120,000 (1)
|
--
--
|
Options
to purchase 676,626 shares of Common Stock at $1.00 per share.
Also a cash
incentive bonus plan will be developed by February 7, 2007 and
submitted
to the Board of Directors for approval. (3)
|
|
Kevin
Shurtleff, Employee
|
2006
2005
2004
|
$65,000
$42,500
$42,500
|
--
--
|
Options
to purchase 699,303 shares of Common Stock at $.88 per share
(4).
|
|
John
Sifonis, Former
President
and CEO
|
2006
2005
2004
|
$120,000 (2)
$42,000
$12,000
|
--
--
|
Options
to purchase 291,478 shares of Common Stock at $.88 per share (5);
And
options to purchase 20,000 shares of Common Stock at $1.00 per
share
(6).
|
|
James
A. Longaker, Chief
Financial
Officer and Secretary
|
2006
2005
2004
|
$65,000
$65,000
|
$20,000
|
Option
to purchase 20,000 shares of Common Stock at $.88 per share. (5)
and
another 35,000 shares of Common Stock at $0.88 per share
(6).
|
·
|
1%
of the number of then outstanding shares of the Company’s Common Stock,
or
|
·
|
the
average weekly trading volume of the Company’s Common Stock during the
four calendar weeks preceding the
sale;
|
Plan
Category
|
Number
of securities to be issued upon exercise of outstanding options,
warrants
and rights
(a)
|
Weighted-average
exercise price of outstanding options, warrants and rights
(b)
|
Number
of securities remaining available for future issuance under equity
compensation plans (excluding securities reflected in column
(a))
(c)
|
|||
Equity
compensation plans approved by security holders
|
0
|
0
|
0
|
|||
Equity
compensation plans not approved by security holders (1)
|
1,582,867
(1)
1,091,626
(2)
|
$.88
$1.00
|
436,312
|
|||
Total
|
2,674,493
(3)
|
$.89
|
436,312
|
Page
|
|
Interim
Financial Statements:
|
|
Balance
Sheets at June 30, 2006 and December 31, 2005
|
F-2
|
Statements
of Operations for the three and six months ended June 30, 2006
|
|
and
period from inception (July 15, 2004) through June 30, 2006
|
F-3
|
Statements
of Stockholders’ Equity for the period from inception
|
|
(July
15, 2004) through June 30, 2006
|
F-4
|
Statement
of Cash Flows for the three and six months ended June 30, 2006
|
|
and
period from inception (July 15, 2004) through June 30,
2006
|
F-8
|
Notes
to Interim Financial Statements for the six months ended June
30,
2006
|
|
and
2005 and for the period from inception (July 15, 2004)
|
|
through
June 30, 2006
|
F-9
|
Audited
Financial Statements
|
|
Report
of Independent Registered Public Accounting Firm
|
F-20
|
Balance
Sheets at December 31, 2005 and December 31, 2004
|
F-21
|
Statements
of Operations for the year ended December 31, 2005 and for
the
|
|
period
from inception (July 15, 2004) through December 31, 2005
|
F-22
|
Statements
of Stockholders’ Equity for the period from inception
|
|
(December
31, 2004) through December 31, 2005
|
F-23
|
Statements
of Cash Flows for the year ended December 31, 2005 and for
the
|
|
period
from inception (July 15, 2004) through December 31, 2004
|
F-24
|
Notes
to Financial Statements
|
F-25
|
June
30, 2006
|
December
31, 2005
|
||||||
(Unaudited)
|
Audited
|
||||||
ASSETS
|
|||||||
CURRENT
ASSETS
|
|||||||
Cash
and cash equivalents
|
$
|
337,626
|
$
|
235,982
|
|||
Due
from affiliate
|
27,083
|
23,773
|
|||||
Accounts
receivable (net of allowance for doubtful accounts of $0)
|
-
|
16,667
|
|||||
Patent
application fees
|
19,843
|
19,843
|
|||||
Advances
to employees
|
10,000
|
-
|
|||||
Prepaid
expenses and other current assets
|
26,501
|
7,844
|
|||||
TOTAL
CURRENT ASSETS
|
421,053
|
304,109
|
|||||
PROPERTY
AND EQUIPMENT
|
|||||||
Equipment
|
52,415
|
41,001
|
|||||
Less:
accumulated depreciation
|
13,404
|
7,963
|
|||||
NET
PROPERTY AND EQUIPMENT
|
39,011
|
33,038
|
|||||
TOTAL
ASSETS
|
$
|
460,064
|
$
|
337,147
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
CURRENT
LIABILITIES
|
|||||||
Accounts
Payable and accrued expenses
|
$
|
187,759
|
$
|
44,821
|
|||
TOTAL
CURRENT LIABILITIES
|
187,759
|
44,821
|
|||||
COMMITMENTS
AND CONTINGENCIES
|
|||||||
STOCKHOLDERS’
EQUITY
|
|||||||
8%
Cumulative Convertible, Series A Preferred Stock; $0.0001 par
value,
1,500,000 share authorized, 0 and 1,454,725 shares issued
and
outstanding as June 30, 2006 and December 31, 2005,
respectively.
Liquidation value of $1.00 per share plus
preferred
dividend per share of $0.0623 and an aggregate liquidation
of
$1,545,354 as of December 31, 2005
|
-
|
90,843
|
|||||
Common
stock; $0.0001 par value, 20,000,000 shares authorized,
11,785,491
and 3,631,500 shares issued and outstanding as of June
30,
2006 and December 31, 2005, respectively
|
1,178
|
363
|
|||||
Additional
paid-in-capital
|
9,091,510
|
1,905,094
|
|||||
Deficit
accumulated during the development stage
|
(8,820,383
|
)
|
(1,703,974
|
)
|
|||
TOTAL
STOCKHOLDERS’ EQUITY
|
272,305
|
292,326
|
|||||
TOTAL
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
460,064
|
$
|
337,147
|
TRULITE,
INC. (A DEVELOPMENT STAGE COMPANY)
|
||||||||||
STATEMENT
OF OPERATIONS
|
Period
from
|
||||||||||||||||
Inception
|
||||||||||||||||
(July
15, 2004)
|
||||||||||||||||
Three
Months Ended
|
Six
Months Ended
|
through
|
||||||||||||||
June
30,
|
June
30,
|
June
30,
|
||||||||||||||
2006
|
2005
|
2006
|
2005
|
2006
|
||||||||||||
|
Unaudited
|
Unaudited
|
||||||||||||||
SALES
|
$
|
-
|
$
|
-
|
$
|
8,333
|
$
|
-
|
$
|
26,750
|
||||||
|
||||||||||||||||
COST
OF SALES
|
-
|
-
|
5,912
|
-
|
18,778
|
|||||||||||
|
||||||||||||||||
GROSS
MARGIN
|
-
|
-
|
2,421
|
-
|
7,972
|
|||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Research
and development
|
276,442
|
124,284
|
424,988
|
199,199
|
1,549,055
|
|||||||||||
Depreciation
|
2,721
|
1,460
|
5,441
|
2,351
|
13,404
|
|||||||||||
General
and administrative
|
876,755
|
153,937
|
1,107,556
|
255,477
|
1,685,306
|
|||||||||||
TOTAL
OPERATING EXPENSES
|
1,155,918
|
279,681
|
1,537,985
|
457,027
|
3,247,765
|
|||||||||||
LOSS
FROM OPERATIONS
|
(1,155,918
|
)
|
(279,681
|
)
|
(1,535,564
|
)
|
(457,027
|
)
|
(3,239,793
|
)
|
||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||
Interest
expense
|
-
|
(345
|
)
|
(59
|
)
|
(345
|
)
|
(722
|
)
|
|||||||
Interest
income
|
2,735
|
807
|
3,206
|
807
|
8,535
|
|||||||||||
Other
|
-
|
-
|
-
|
-
|
(4,411
|
)
|
||||||||||
TOTAL
OTHER INCOME
|
2,735
|
462
|
3,147
|
462
|
3,402
|
|||||||||||
LOSS
BEFORE PROVISION FOR INCOME TAXES
|
(1,153,183
|
)
|
(279,219
|
)
|
(1,532,417
|
)
|
(456,565
|
)
|
(3,236,391
|
)
|
||||||
INCOME
TAXES
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
NET
LOSS
|
(1,153,183
|
)
|
(279,219
|
)
|
(1,532,417
|
)
|
(456,565
|
)
|
$
|
(3,236,391
|
)
|
|||||
PREFERRED
DIVIDENDS
|
(10,180
|
)
|
(23,172
|
)
|
(39,275
|
)
|
(32,202
|
)
|
||||||||
Deemed
dividend on conversion of common
|
||||||||||||||||
stock
to preferred stock
|
(1,586,150
|
)
|
-
|
(1,586,150
|
)
|
-
|
||||||||||
NET
LOSS ATTRIBUTABLE TO COMMON STOCK
|
$
|
(2,749,513
|
)
|
$
|
(302,391
|
)
|
$
|
(3,157,842
|
)
|
$
|
(488,767
|
)
|
||||
NET
LOSS PER COMMON SHARE
|
||||||||||||||||
Basic
|
$
|
(0.12
|
)
|
$
|
(0.07
|
)
|
$
|
(0.24
|
)
|
$
|
(0.13
|
)
|
||||
Preferred
and deemed dividends
|
(0.18
|
)
|
(0.01
|
)
|
(0.25
|
)
|
(0.01
|
)
|
||||||||
Attributable
to common shareholders
|
$
|
(0.30
|
)
|
$
|
(0.0
8
|
)
|
$
|
(0.49
|
)
|
$
|
(0.14
|
)
|
||||
WEIGHTED
AVERAGE COMMON SHARES:
|
||||||||||||||||
Basic
|
9,305,011
|
3,631,500
|
6,492,215
|
3,582,967
|
||||||||||||
Diluted
|
9,305,011
|
3,631,500
|
6,492,215
|
3,582,967
|
||||||||||||
8%
Cumulative Convertible Series A Preferred Stock
|
Common
Stock
|
Additional
Paid-in
|
Accumulated
|
|||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Cash
issuances
|
||||||||||||||||||||||
July
28, 2004, 100,000 shares @ $1.00 per share
|
100,000
|
$
|
10
|
-
|
$
|
-
|
$
|
99,990
|
$
|
-
|
$
|
100,000
|
||||||||||
November
5, 2004, 190,000 shares @ $1.00 per share
|
190,000
|
19
|
-
|
-
|
189,981
|
-
|
190,000
|
|||||||||||||||
November
12, 2004, 10,000 shares @ $1.00 per share
|
10,000
|
1
|
-
|
-
|
9,999
|
-
|
10,000
|
|||||||||||||||
Non
cash issuances
|
||||||||||||||||||||||
July
22, 2004, 20,000 shares @ $1.00 per share for acquisition of
Trulite
Technology, LC based on fair value of the stock
|
20,000
|
2
|
-
|
-
|
19,998
|
-
|
20,000
|
|||||||||||||||
July
22, 2004, 592,460 shares @ $1.00 per share for acquisition of
Trulite
Technology, LC based on fair value of the stock (post stock split,
2,962,300 shares)
|
-
|
-
|
2,962,300
|
296
|
592,164
|
-
|
592,460
|
|||||||||||||||
July
28, 2004, 68,770 shares @ $1.00 per share for management services
based on
fair value of common shares (post stock split, 343,850
shares)
|
-
|
-
|
343,850
|
34
|
68,736
|
-
|
68,770
|
|||||||||||||||
Accretion
of dividends on 8% Cumulative convertible Series A preferred
stock
|
-
|
6,624
|
-
|
-
|
(6,624
|
)
|
-
|
-
|
||||||||||||||
8%
Cumulative Convertible Series A Preferred Stock
|
Common
Stock
|
Additional
Paid-in
|
Accumulated
|
|||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Non
cash issuances
|
||||||||||||||||||||||
Net
loss for year ended December 31, 2004
|
-
|
-
|
-
|
-
|
(878,022
|
)
|
(878,022
|
)
|
||||||||||||||
Balance
at December 31, 2004
|
320,000
|
6,656
|
3,306,150
|
330
|
974,244
|
(878,022
|
)
|
103,208
|
||||||||||||||
Cash
issuances
|
||||||||||||||||||||||
February
1, 2005, 200,000 shares @ $1.00 per share
|
200,000
|
20
|
-
|
-
|
199,980
|
-
|
200,000
|
|||||||||||||||
June
1, 2005, 934,725 shares @ $0.802375 per share
|
934,725
|
93
|
-
|
-
|
749,907
|
-
|
750,000
|
|||||||||||||||
Non
cash issuances
|
||||||||||||||||||||||
January
28, 2005, 65,070 shares @ $1.00 per share for management services
based on
fair value of common shares (post stock split, 325,350
shares)
|
-
|
-
|
325,350
|
33
|
65,037
|
-
|
65,070
|
|||||||||||||||
Accretion
of dividends on 8% cumulative Convertible Series A preferred
stock
|
-
|
84,074
|
-
|
-
|
(84,074
|
)
|
-
|
|||||||||||||||
Net
loss for year ended December 31, 2005
|
(825,952
|
)
|
(825,952
|
)
|
||||||||||||||||||
Balance
at December 31, 2005
|
1,454,725
|
90,843
|
3,631,500
|
363
|
1,905,094
|
(1,703,974
|
)
|
292,326
|
8%
Cumulative Convertible Series A Preferred Stock
|
Common
Stock
|
Additional
Paid-in
|
Accumulated
|
|||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Cash
issuances
|
||||||||||||||||||||||
March
26, 2006, 1,000,000 shares @ $1.00 per share (inclusive of warrants
to purchase 1,000,000 common
shares)
|
-
|
-
|
1,000,000
|
100
|
999,900
|
-
|
1,000,000
|
|||||||||||||||
Non
cash issuances
|
||||||||||||||||||||||
April
26, 2006, 250,000 shares @ $0.88 per share for consulting services
on the
fair value of the common shares
|
-
|
-
|
250,000
|
25
|
219,975
|
-
|
220,000
|
|||||||||||||||
April
26, 2006, 50,000 shares @ $0.88 per share for consulting services
on the
fair value of the common shares
|
-
|
-
|
50,000
|
5
|
43,995
|
-
|
44,000
|
|||||||||||||||
April
26, 2006, 400,000 warrants issued for consulting services
|
-
|
-
|
-
|
-
|
173,230
|
-
|
173,230
|
|||||||||||||||
May
2, 2006, Accreti |