Delaware
|
|
20-1372858
|
|
(I.R.S.
employer
|
|
incorporation
or organization)
|
|
identification
number)
|
Item
1. Financial Statements:
|
||
Balance
Sheets
|
4
|
|
|
||
Statements
of Operations
|
5
|
|
|
||
Statements
of Cash Flows
|
6
|
|
|
||
Statements
of Stockholders’ Deficit
|
7
|
|
Notes
to Financial Statements
|
8
|
|
Item
2. Management's Discussion and Analysis and Plan of
Operation
|
15
|
|
Item
3. Controls and Procedures
|
21
|
|
PART
II - OTHER INFORMATION
|
||
|
||
Item
1. Legal Proceedings
|
22
|
|
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
22
|
|
Item
3. Defaults Upon Senior Securities
|
22
|
|
Item
4. Submission of Matters to a Vote of Security Holders
|
22
|
|
Item
5. Other Information
|
22
|
|
Item
6. Exhibits
|
23
|
|
Signatures
|
24
|
·
|
Our
ability to raise capital;
|
·
|
Our
ability to estimate future expenditures;
|
·
|
Our
ability to sell our products;
|
·
|
Our
ability to retain and attract experienced and knowledgeable personnel;
and
|
·
|
Our
ability to compete in the renewable energy
industry
|
June
30,
|
December
31,
|
|
|||||
|
|
2007
|
|
2006
|
|
||
|
|
|
|
Audited
|
|||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
493,447
|
$
|
275,957
|
|||
Prepaid
expenses and other current assets
|
6,898
|
13,372
|
|||||
Total
current assets
|
500,345
|
289,329
|
|||||
Property
and equipment, net
|
66,304
|
50,079
|
|||||
Patent
application fees
|
19,843
|
19,843
|
|||||
Total
assets
|
$
|
586,492
|
$
|
359,251
|
|||
LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
433,077
|
$
|
239,544
|
|||
Due
to affiliates
|
487,131
|
62,363
|
|||||
Notes
payable
|
2,815,979
|
1,250,000
|
|||||
Total
current liabilities
|
3,736,187
|
1,551,907
|
|||||
Commitments
and contingencies
|
|||||||
Stockholders'
deficit:
|
|||||||
8%
Cumulative Convertible, Series A Preferred Stock;
|
|||||||
$0.0001
par value, 1,500,000 shares authorized, 0 shares
|
|||||||
issued
and outstanding as of June 30, 2007 and
|
|||||||
December
31, 2006.
|
-
|
-
|
|||||
Common
Stock; $0.0001 par value, 50,000,000 and 20,000,000
shares
|
|||||||
authorized,
11,885,591 and 11,785,491 shares issued and outstanding
|
|||||||
as
of June 30, 2007 and December 31, 2006, respectively.
|
1,188
|
1,178
|
|||||
Additional
paid-in-capital
|
9,920,723
|
9,537,425
|
|||||
Deficit
accumulated during the development stage
|
(13,071,606
|
)
|
(10,731,259
|
)
|
|||
Total
stockholders' deficit
|
(3,149,695
|
)
|
(1,192,656
|
)
|
|||
Total
liabilities and stockholders' deficit
|
$
|
586,492
|
$
|
359,251
|
Period
From
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Inception
|
|
|||||
|
|
Three
Months Ended
|
|
Six
Months Ended
|
|
(July
15, 2004)
|
|
|||||||||
|
|
June
30,
|
|
June
30,
|
|
Through
|
|
|||||||||
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
June
30, 2007
|
||||||
Sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8,333
|
$
|
26,750
|
||||||
Cost
of sales
|
-
|
-
|
-
|
5,912
|
18,778
|
|||||||||||
GROSS
PROFIT
|
-
|
-
|
-
|
2,421
|
7,972
|
|||||||||||
Operating
expenses:
|
||||||||||||||||
Research
and development
|
536,900
|
289,632
|
994,516
|
448,167
|
3,367,568
|
|||||||||||
Depreciation
|
6,388
|
2,721
|
12,030
|
5,441
|
34,841
|
|||||||||||
General
and administrative
|
693,025
|
1,230,111
|
1,124,866
|
1,450,923
|
3,860,566
|
|||||||||||
TOTAL
OPERATING EXPENSES
|
1,236,313
|
1,522,464
|
2,131,412
|
1,904,531
|
7,262,975
|
|||||||||||
LOSS
FROM OPERATIONS
|
(1,236,313
|
)
|
(1,522,464
|
)
|
(2,131,412
|
)
|
(1,902,110
|
)
|
(7,255,003
|
)
|
||||||
Other
income (expense):
|
||||||||||||||||
Interest
expense
|
(60,408
|
)
|
-
|
(105,877
|
)
|
(59
|
)
|
(136,266
|
)
|
|||||||
Interest
income
|
162
|
2,735
|
1,823
|
3,206
|
12,946
|
|||||||||||
Other
|
-
|
-
|
-
|
-
|
(4,411
|
)
|
||||||||||
TOTAL
OTHER INCOME (EXPENSE)
|
(60,246
|
)
|
2,735
|
(104,054
|
)
|
3,147
|
(127,731
|
)
|
||||||||
LOSS
BEFORE INCOME TAXES
|
(1,296,559
|
)
|
(1,519,729
|
)
|
(2,235,466
|
)
|
(1,898,963
|
)
|
(7,382,734
|
)
|
||||||
Income
taxes
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
NET
LOSS
|
(1,296,559
|
)
|
(1,519,729
|
)
|
(2,235,466
|
)
|
(1,898,963
|
)
|
$
|
(7,382,734
|
)
|
|||||
Preferred
stock dividends
|
-
|
(10,180
|
)
|
-
|
(39,275
|
)
|
||||||||||
Deemed
dividend on conversion of
|
||||||||||||||||
preferred
stock to common stock
|
-
|
(1,586,150
|
)
|
-
|
(1,586,150
|
)
|
||||||||||
Deemed
dividend on warrant extension
|
-
|
-
|
(104,881
|
)
|
-
|
|||||||||||
NET
LOSS ATTRIBUTABLE TO
|
||||||||||||||||
COMMON
STOCKHOLDERS
|
$
|
(1,296,559
|
)
|
$
|
(3,116,059
|
)
|
$
|
(2,340,347
|
)
|
$
|
(3,524,388
|
)
|
||||
NET
LOSS PER COMMON SHARE
|
||||||||||||||||
Basic
and diluted
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.19
|
)
|
$
|
(0.29
|
)
|
||||
Preferred
and deemed dividends
|
-
|
(0.17
|
)
|
(0.01
|
)
|
(0.25
|
)
|
|||||||||
Attributable
to common stockholders
|
$
|
(0.11
|
)
|
$
|
(0.34
|
)
|
$
|
(0.20
|
)
|
$
|
(0.55
|
)
|
||||
WEIGHTED
AVERAGE COMMON
|
||||||||||||||||
SHARES
OUTSTANDING:
|
||||||||||||||||
Basic
|
11,791,086
|
9,236,879
|
11,788,304
|
6,449,674
|
||||||||||||
Diluted
|
11,791,086
|
9,236,879
|
11,788,304
|
6,449,674
|
|
|
|
|
Period
From
|
|
|||||
|
|
|
|
|
|
Inception
|
|
|||
|
|
Six
Months Ended June 30,
|
|
(July
15, 2004)
Through
|
|
|||||
|
|
2007
|
|
2006
|
|
June
30, 2007
|
|
|||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||
Net
loss
|
$
|
(2,235,466
|
)
|
$
|
(1,898,963
|
)
|
$
|
(7,382,734
|
)
|
|
Adjustments
to reconcile net loss to net
|
||||||||||
cash
used in operating activities:
|
||||||||||
Depreciation
|
12,030
|
5,441
|
34,841
|
|||||||
Amortization
of discount on convertible debt issuance
|
1,279
|
-
|
1,279
|
|||||||
Common
stock issued for consulting services
|
75,000
|
285,000
|
360,000
|
|||||||
Common
stock issued for management fees
|
-
|
-
|
133,840
|
|||||||
Stock-based
compensation expense
|
68,039
|
431,787
|
579,196
|
|||||||
Warrants
issued for consulting services
|
-
|
162,155
|
162,155
|
|||||||
Write-off
of research and development expenses
|
-
|
-
|
606,798
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Due
to/from affiliate
|
424,768
|
(3,310
|
)
|
487,131
|
||||||
Accounts
receivable
|
-
|
16,667
|
-
|
|||||||
Patent
application fees
|
-
|
-
|
(19,843
|
)
|
||||||
Prepaid
expenses and other current assets
|
6,474
|
(28,657
|
)
|
(433
|
)
|
|||||
Grants
receivable
|
-
|
-
|
850
|
|||||||
Accounts
payable and accrued expenses
|
193,533
|
142,938
|
424,968
|
|||||||
Net
cash used in operating activities
|
(1,454,343
|
)
|
(886,942
|
)
|
(4,611,952
|
)
|
||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||
Purchase
of property and equipment
|
(28,255
|
)
|
(11,414
|
)
|
(94,689
|
)
|
||||
Net
cash used in investing activities
|
(28,255
|
)
|
(11,414
|
)
|
(94,689
|
)
|
||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||
Issuance
of common stock
|
88
|
1,000,000
|
1,000,088
|
|||||||
Issuance
of preferred stock
|
-
|
-
|
1,250,000
|
|||||||
Issuance
of notes payable
|
1,700,000
|
-
|
2,950,000
|
|||||||
Net
cash provided by financing activities
|
1,700,088
|
1,000,000
|
5,200,088
|
|||||||
NET
INCREASE IN CASH AND
|
||||||||||
CASH
EQUIVALENTS
|
217,490
|
101,644
|
493,447
|
|||||||
CASH
AND CASH EQUIVALENTS, beginning of period
|
275,957
|
235,982
|
-
|
|||||||
CASH
AND CASH EQUIVALENTS, end of period
|
$
|
493,447
|
$
|
337,626
|
$
|
493,447
|
||||
NON-CASH
INVESTING AND FINANCING ACTIVITIES:
|
||||||||||
Common
stock issued for consulting services
|
$
|
75,000
|
$
|
285,000
|
$
|
360,000
|
||||
Common
stock issued for management fees
|
$
|
-
|
$
|
-
|
$
|
133,840
|
||||
Warrants
issued for consulting services
|
$
|
-
|
$
|
162,155
|
$
|
162,155
|
||||
Common
stock options issued for compensation
|
$
|
68,039
|
$
|
431,787
|
$
|
579,196
|
||||
Preferred
stock issued for acquisition
|
$
|
-
|
$
|
-
|
$
|
20,000
|
||||
Common
stock issued for acquisition
|
$
|
-
|
$
|
-
|
$
|
592,460
|
||||
Cash
paid for interest
|
$
|
-
|
$
|
-
|
$
|
28,897
|
8%
Cumulative
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Convertible
Series A
|
|
|
|
|
|
Additional
|
|
|
|
|
|
|||||||||
|
|
Preferred
Stock
|
|
Common
Stock
|
|
Paid-in
|
|
Accumulated
|
|
|
|
|||||||||||
|
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Capital
|
|
Deficit
|
|
Total
|
||||||||
Cash
issuances:
|
||||||||||||||||||||||
July
28, 2004; issuance of preferred stock at $1.00 per share
|
100,000
|
$
|
10
|
-
|
$
|
-
|
$
|
99,990
|
$
|
-
|
$
|
100,000
|
||||||||||
November
5, 2004; issuance of preferred stock at $1.00 per share
|
190,000
|
19
|
-
|
-
|
189,981
|
-
|
190,000
|
|||||||||||||||
November
12, 2004; issuance of preferred stock at $1.00 per share
|
10,000
|
1
|
-
|
-
|
9,999
|
-
|
10,000
|
|||||||||||||||
Non-cash
issuances:
|
||||||||||||||||||||||
July
22, 2004; preferred stock issued in the acquisition
|
||||||||||||||||||||||
of
Trulite Technology, LC based on fair value of stock issued
|
||||||||||||||||||||||
of
$1.00 per share
|
20,000
|
2
|
-
|
-
|
19,998
|
-
|
20,000
|
|||||||||||||||
July
22, 2004; common stock issued in the acquisition
|
||||||||||||||||||||||
of
Trulite Technology, LC based on fair value of stock issued
|
||||||||||||||||||||||
of
$0.20 per share (post April 2005 split)
|
-
|
-
|
2,962,300
|
296
|
592,164
|
-
|
592,460
|
|||||||||||||||
July
28, 2004; common stock issued for management services
|
||||||||||||||||||||||
based
on fair value of stock issued of $0.20 per share
|
||||||||||||||||||||||
(post
April 2005 split)
|
-
|
-
|
343,850
|
34
|
68,736
|
-
|
68,770
|
|||||||||||||||
Accretion
of dividends
|
-
|
6,624
|
-
|
-
|
(6,624
|
)
|
-
|
-
|
||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(878,022
|
)
|
(878,022
|
)
|
|||||||||||||
Balance,
December 31, 2004
|
320,000
|
6,656
|
3,306,150
|
330
|
974,244
|
(878,022
|
)
|
103,208
|
||||||||||||||
Cash
issuances:
|
||||||||||||||||||||||
February
1, 2005; issuance of preferred stock, at $1.00 per share
|
200,000
|
20
|
-
|
-
|
199,980
|
-
|
200,000
|
|||||||||||||||
June
1, 2005; issuance of preferred stock at $0.80 per share
|
934,725
|
93
|
-
|
-
|
749,907
|
-
|
750,000
|
|||||||||||||||
Non-cash
issuances:
|
||||||||||||||||||||||
January
28, 2005; common stock issued for management services
|
||||||||||||||||||||||
based
on fair value of stock issued of $0.20 per share (post April 2005
split)
|
-
|
-
|
325,350
|
33
|
65,037
|
-
|
65,070
|
|||||||||||||||
Accretion
of dividends
|
-
|
84,074
|
-
|
-
|
(84,074
|
)
|
-
|
-
|
||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(825,952
|
)
|
(825,952
|
)
|
|||||||||||||
Balance,
December 31, 2005
|
1,454,725
|
90,843
|
3,631,500
|
363
|
1,905,094
|
(1,703,974
|
)
|
292,326
|
||||||||||||||
Cash
issuances:
|
||||||||||||||||||||||
April
13, 2006; issuance of common stock and warrants
|
-
|
-
|
1,000,000
|
100
|
999,900
|
-
|
1,000,000
|
|||||||||||||||
Non-cash
issuances:
|
||||||||||||||||||||||
April
26, 2006; common stock issued for consulting services
|
||||||||||||||||||||||
based
on fair value of stock issued of $0.95 per share
|
-
|
-
|
300,000
|
30
|
284,970
|
-
|
285,000
|
|||||||||||||||
April
26, 2006; warrants to purchase common stock issued
|
||||||||||||||||||||||
for
consulting services based on fair value of warrants issued
|
-
|
-
|
-
|
-
|
162,155
|
-
|
162,155
|
|||||||||||||||
Accretion
of dividends
|
-
|
39,275
|
-
|
-
|
(39,275
|
)
|
-
|
-
|
||||||||||||||
May
2, 2006; accretion of preferred stock for deemed
|
||||||||||||||||||||||
dividend
on conversion of accrued dividends to common stock
|
-
|
161,388
|
-
|
-
|
(161,388
|
)
|
-
|
-
|
||||||||||||||
May
2, 2006; accretion of preferred stock for deemed dividend
|
||||||||||||||||||||||
on
conversion to common stock
|
-
|
1,424,762
|
-
|
-
|
(978,494
|
)
|
(446,268
|
)
|
-
|
|||||||||||||
May
2, 2006; conversion of preferred stock to common stock
|
(1,454,725
|
)
|
(1,716,268
|
)
|
6,853,991
|
685
|
6,853,306
|
(5,137,723
|
)
|
-
|
||||||||||||
Stock-based
compensation
|
-
|
-
|
-
|
-
|
511,157
|
-
|
511,157
|
|||||||||||||||
Net
loss
|
-
|
-
|
-
|
-
|
-
|
(3,443,294
|
)
|
(3,443,294
|
)
|
|||||||||||||
Balance,
December 31, 2006
|
-
|
-
|
11,785,491
|
1,178
|
9,537,425
|
(10,731,259
|
)
|
(1,192,656
|
)
|
|||||||||||||
Cash
issuances:
|
||||||||||||||||||||||
April
1, 2007; issuance of common stock
|
-
|
-
|
100
|
-
|
88
|
-
|
88
|
|||||||||||||||
Non-cash
issuances:
|
||||||||||||||||||||||
June
26, 2007; common stock issued for consulting services
|
||||||||||||||||||||||
based
on fair value of stock issued of $1.00 per share
|
-
|
-
|
100,000
|
10
|
74,990
|
-
|
75,000
|
|||||||||||||||
February,
22, 2007; deemed dividend on warrant extension
|
-
|
-
|
-
|
-
|
104,881
|
(104,881
|
)
|
-
|
||||||||||||||
June
26, 2007; warrants issued with convertible debt
|
-
|
-
|
-
|
-
|
135,300
|
-
|
135,300
|
|||||||||||||||
Stock-based
compensation
|
-
|
-
|
-
|
-
|
68,039
|
-
|
68,039
|
|||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
(2,235,466
|
)
|
(2,235,466
|
)
|
|||||||||||||
Balance,
June 30, 2007
|
-
|
$
|
-
|
11,885,591
|
1,188
|
$
|
9,920,723
|
$
|
(13,071,606
|
)
|
$
|
(3,149,695
|
)
|
Risk
free rate
|
5.07
|
%
|
||
Expected
life (in years)
|
4.7
|
|||
Expected
volatility
|
64
|
%
|
||
Expected
dividends
|
-
|
|||
Fair
value
|
$
|
0.57
|
Shares
|
Weighted
Average
|
Weighted
Average
|
Aggregate
|
||||||||||
Under
|
Exercise
Price
|
Remaining
|
Intrinsic
|
||||||||||
Options
|
Per
Share
|
Contractual
Term
|
Value
|
||||||||||
Outstanding
at January 1, 2007
|
2,447,060
|
$
|
0.94
|
||||||||||
Granted
|
375,916
|
1.00
|
|||||||||||
Exercised
|
-
|
-
|
|||||||||||
Forfeited/Cancelled
|
(2,300
|
)
|
0.88
|
||||||||||
Outstanding
at June 30, 2007
|
2,820,676
|
0.94
|
5.0
years
|
$
|
152,754
|
||||||||
Vested
or expected to vest at June 30, 2007
|
2,684,512
|
0.94
|
151,577
|
||||||||||
Exercisable
at June 30, 2007
|
1,459,032
|
$
|
0.91
|
3.8
years
|
$
|
140,984
|
June
30,
|
December
31,
|
||||||
2007
|
2006
|
||||||
Office
and other equipment
|
$
|
75,623
|
$
|
59,249
|
|||
Manufacturing
equipment
|
15,450
|
9,491
|
|||||
Test
equipment
|
10,072
|
4,150
|
|||||
Total
fixed assets
|
101,145
|
72,890
|
|||||
Accumulated
depreciation
|
(34,841
|
)
|
(22,811
|
)
|
|||
Property
and equipment, net
|
$
|
66,304
|
$
|
50,079
|
|||
June
30,
|
December
31,
|
||||||
2007
|
2006
|
||||||
Accounts
payable
|
$
|
273,239
|
$
|
134,905
|
|||
Accrued
expenses
|
159,838
|
104,639
|
|||||
$
|
433,077
|
$
|
239,544
|
||||
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
||||||||||||
2007
|
|
2006
|
|
2007
|
|
2006
|
|||||||
Numerator:
|
|||||||||||||
Net
loss
|
$
|
(1,296,559
|
)
|
$
|
(1,519,729
|
)
|
$
|
(2,235,466
|
)
|
$
|
(1,898,963
|
)
|
|
Increases
to Net Loss:
|
|||||||||||||
Preferred
stock dividends
|
-
|
(10,180
|
)
|
-
|
(39,275
|
)
|
|||||||
Deemed
dividend on conversion of
|
|||||||||||||
preferred
stock to common stock
|
-
|
(1,586,150
|
)
|
-
|
(1,586,150
|
)
|
|||||||
Deemed
dividend on warrant extension
|
-
|
-
|
(104,881
|
)
|
-
|
||||||||
Net
loss attributable to common stockholders
|
$
|
(1,296,559
|
)
|
$
|
(3,116,059
|
)
|
$
|
(2,340,347
|
)
|
$
|
(3,524,388
|
)
|
|
Denominator
|
|||||||||||||
Basic
earnings per share - weighted average
|
|||||||||||||
common
shares outstanding
|
11,791,086
|
9,236,879
|
11,788,304
|
6,449,674
|
|||||||||
Weighted-average
dilutive effect of stock-based
|
|||||||||||||
awards
and common stock issuable upon conversion
|
|||||||||||||
of
preferred stock, net of assumed repurchase of
|
|||||||||||||
treasury
stock
|
-
|
-
|
-
|
-
|
|||||||||
Fully-diluted
earnings per share - weighted
|
|||||||||||||
average
common shares outstanding
|
11,791,086
|
9,236,879
|
11,788,304
|
6,449,674
|
|||||||||
Net
loss per common share
|
|||||||||||||
Basic
and diluted
|
$
|
(0.11
|
)
|
$
|
(0.16
|
)
|
$
|
(0.19
|
)
|
$
|
(0.29
|
)
|
|
Preferred
and deemed dividends
|
-
|
(0.17
|
)
|
(0.01
|
)
|
(0.25
|
)
|
||||||
Attributable
to common stockholders
|
$
|
(0.11
|
)
|
$
|
(0.34
|
)
|
$
|
(0.20
|
)
|
$
|
(0.55
|
)
|
Anti-dilutive
securities
|
|||||||||||||
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
||||||||||||
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||||
Common
stock options
|
2,553,619
|
1,647,154
|
2,490,579
|
1,072,498
|
|||||||||
Common
stock warrants
|
1,436,630
|
1,125,275
|
1,418,416
|
565,746
|
|||||||||
8%
cumulative convertible
|
|||||||||||||
series
A preferred stock
|
-
|
511,552
|
-
|
980,533
|
|||||||||
Convertible
debt (if-converted)
|
3,704,021
|
-
|
1,862,242
|
-
|
Three
Months Ended June 30,
|
Six
Months Ended June 30,
|
||||||||||||
2007
|
|
2006
|
|
2007
|
|
2006
|
|||||||
Sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
8,333
|
|||||
Cost
of sales
|
-
|
-
|
-
|
5,912
|
|||||||||
GROSS
PROFIT
|
-
|
-
|
-
|
2,421
|
|||||||||
Operating
expenses:
|
|||||||||||||
Research
and development
|
536,900
|
289,632
|
994,516
|
448,167
|
|||||||||
Depreciation
|
6,388
|
2,721
|
12,030
|
5,441
|
|||||||||
General
and administrative
|
693,025
|
1,230,111
|
1,124,866
|
1,450,923
|
|||||||||
TOTAL
OPERATING EXPENSES
|
1,236,313
|
1,522,464
|
2,131,412
|
1,904,531
|
|||||||||
LOSS
FROM OPERATIONS
|
(1,236,313
|
)
|
(1,522,464
|
)
|
(2,131,412
|
)
|
(1,902,110
|
)
|
|||||
Other
income (expense):
|
|||||||||||||
Interest
expense
|
(60,408
|
)
|
-
|
(105,877
|
)
|
(59
|
)
|
||||||
Interest
income
|
162
|
2,735
|
1,823
|
3,206
|
|||||||||
TOTAL
OTHER INCOME (EXPENSE)
|
(60,246
|
)
|
2,735
|
(104,054
|
)
|
3,147
|
|||||||
LOSS
BEFORE INCOME TAXES
|
(1,296,559
|
)
|
(1,519,729
|
)
|
(2,235,466
|
)
|
(1,898,963
|
)
|
|||||
Income
taxes
|
-
|
-
|
-
|
-
|
|||||||||
NET
LOSS
|
$
|
(1,296,559
|
)
|
$
|
(1,519,729
|
)
|
$
|
(2,235,466
|
)
|
$
|
(1,898,963
|
)
|
Number
of
Shares
Voted For
|
Number
of
Shares
Withheld
|
||||||
Jonathan
H. Godshall
|
6,541,627
|
0
|
|||||
William
Jackson Berger
|
6,541,627
|
0
|
|||||
Richard
K. Hoesterey
|
6,541,627
|
0
|
|||||
General
Randolph W. House
|
6,541,627
|
0
|
|||||
John
Sifonis
|
6,541,627
|
0
|
|||||
John
D. White
|
6,541,627
|
0
|
|||||
W.
Kyle Willis
|
6,541,627
|
0
|
Proposal
|
Voted
For
|
Number
of Shares Voted Against |
Abstaining
|
|||
Amendment
of the Company’s Certificate of Incorporation
|
6,541,627
|
0
|
0
|
|||
Approval
of the Company’s Amended and Restated Stock Option Plan
|
6,541,627
|
0
|
0
|
Certificate
of Amendment to the Certificate of Incorporation of Trulite,
Inc.
|
|||
10.72(3)
|
Promissory
Note, dated May 30, 2007, made by Trulite, Inc., in favor of Contango
Venture Capital Corporation.
|
||
10.73(3)
|
Promissory
Note, dated May 31, 2007, made by Trulite, Inc., in favor of Standard
Renewable Energy Group, LLC.
|
||
10.74(1)
|
Form
of Convertible Promissory Note
|
||
10.75(1)
|
Form
of Warrant
|
||
10.76(1)
|
Note
and Warrant Purchase Agreement dated June 26, 2007
|
||
10.75(2)
|
Amendment
to Promissory Note dated June 29, 2007, made by Trulite in favor
of
Standard Renewable Energy Group, LLC
|
||
10.76(2)
|
Amendment
to Promissory Note dated June 29, 2007, made by Trulite in favor
of
Contango Venture Capital Corporation
|
||
10.77(2)
|
Amendment
to Promissory Note dated June 29, 2007, made by Trulite in favor
of
Standard Renewable Energy, LP
|
||
10.78(2)
|
Second
Amendment to Subscription Agreement dated June 29, 2007, made by
Trulite
in favor of Standard Renewable Energy Group, LLC
|
||
10.79(2)
|
Second
Amendment to Subscription Agreement dated June 29, 2007, made by
Trulite
in favor of Contango Venture Capital Corporation
|
||
10.80(2)
|
Second
Amendment to Subscription Agreement dated June 29, 2007, made by
Trulite
in favor of Standard Renewable Energy, LP
|
||
10.81(2)
|
Agreement,
dated July 10, 2007 between Trulite, Inc. and HPC Capital
Management
|
||
31.1
|
Certification
of the Company’s Principal Executive Officer pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly
Report on Form 10-QSB for the quarter ended June 30,
2007.
|
||
31.2
|
Certification
of the Company’s Principal Financial Officer pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Quarterly
Report on Form 10-QSB for the quarter ended June 30,
2007.
|
||
32.1
|
Certification
of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of
2002.
|
||
32.2
|
Certification
of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of
2002.
|
(1)
|
Previously
filed as an exhibit to the Company’s Form 8-K dated June 29, 2007, and
incorporated herein by reference
|
Previously
filed as an exhibit to the Company’s Form 8-K dated July 30, 2007, and
incorporated herein by reference
|
||
(3)
|
Previously
filed as an exhibit to the Company’s Form 8-K dated May 30, 2007, and
incorporated herein by
reference
|
Dated: August 10, 2007 | Trulite, Inc. | |
|
|
|
By: | /s/ Jonathan Godshall | |
Jonathan Godshall |
||
President (Principal Executive Officer) |
By: | /s/ G. Wade Stubblefield | |
G. Wade Stubblefield |
||
Chief Financial Officer (Principal | ||
Financial
and Accounting
Officer)
|
Date:
August 10, 2007
|
/s/ Jonathan Godshall | |
Jonathan Godshall |
||
Principal
Executive Officer
|
Date:
August 10, 2007
|
/s/ G. Wade Stubblefield | |
G. Wade Stubblefield |
||
Principal
Financial and Accounting
Officer
|
/s/ Jonathan Godshall | |||
Jonathan Godshall |
|||
Principal
Executive Officer
|
|||
August 10, 2007 |
/s/ G. Wade Stubblefield | |||
G. Wade Stubblefield |
|||
Principal Financial and Accounting Officer | |||
August 10, 2007 |
Delaware
|
0-51696
|
20-1372858
|
||
(State
or Other Jurisdiction
|
(Commission
File Number)
|
(I.R.S.
Employer
|
||
of
Incorporation)
|
Identification
No.)
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Exhibit
No.
|
Description
|
10.74
|
Agreement,
dated July 10, 2007 between Trulite, Inc. and HPC Capital
Management
|
TRULITE,
INC.
|
||
(Registrant)
|
||
Dated:
July 18, 2007
|
By:
|
/s/
Jonathan Godshall
|
Name:
|
Jonathan
Godshall
|
|
Title:
|
President
|
Delaware
|
|
0-51696
|
|
20-1372858
|
(State
or Other Jurisdiction
|
|
(Commission
File Number)
|
|
(I.R.S.
Employer
|
of
Incorporation)
|
|
|
|
Identification
No.)
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Exhibit
No.
|
Description
|
||
|
|
||
10.74
|
Agreement,
dated July 10, 2007, between Trulite, Inc. and HPC Capital
Management
|
||
10.75
|
Amendment
To Promissory Note, dated June 29, 2007, made by Trulite, Inc., in
favor
of Standard Renewable Energy Group, LLC.
|
||
|
|
||
10.76
|
Amendment
To Promissory Note, dated June 29, 2007, made by Trulite, Inc., in
favor
of Contango Venture Capital
Corporation.
|
||
10.77
|
Amendment
To Promissory Note, dated June 29, 2007, made by Trulite, Inc., in
favor
of Standard Renewable Energy, LP.
|
||
10.78
|
Second
Amendment To Subscription Agreement, dated June 29, 2007, made by
Trulite,
Inc., in favor of Standard Renewable Energy Group, LLC.
|
||
10.79
|
Second
Amendment To Subscription Agreement, dated June 29, 2007, made by
Trulite,
Inc., in favor of Contango Venture Capital Corporation.
|
||
10.80
|
Second
Amendment To Subscription Agreement, dated June 29, 2007, made by
Trulite,
Inc., in favor of Standard Renewable Energy,
LP.
|
|
|
|
|
TRULITE,
INC.
(Registrant)
|
|
|
|
|
Dated:
August 3, 2007
|
By:
|
/s/
G. Wade Stubblefield
|
|
Name:
G. Wade Stubblefield
|
|
|
Title:
Chief Financial Officer
|
Delaware
|
|
0-51696
|
|
20-1372858
|
(State
or Other Jurisdiction
|
|
(Commission
File Number)
|
|
(I.R.S.
Employer
|
of
Incorporation)
|
|
|
|
Identification
No.)
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
5.02.
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment
of
Certain Officers; Compensatory Arrangements of Certain
Officers.
|
|
Exhibit
No.
|
Description
of Exhibit
|
|
|
None
|
|
|
|
|
|
TRULITE,
INC.
(Registrant)
|
|
|
|
|
Dated:
August 13, 2007
|
By:
|
/s/
Jonathan H. Godshall
|
|
Name:
Jonathan
H. Godshall
|
|
|
Title:
Chief Executive Officer
|