Delaware
|
|
20-1372858
|
(State
or other jurisdiction of
|
|
(I.R.S.
employer
|
incorporation
or organization)
|
|
identification
number)
|
PART
I- FINANCIAL INFORMATION
|
||||
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
|
19
|
|||
PART
II - OTHER INFORMATION
|
||||
Item
1. Legal Proceedings
|
19
|
|||
Item
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
19
|
|||
Item
3. Defaults Upon Senior Securities
|
19
|
|||
Item
4. Submission of Matters to a Vote of Security Holders
|
19
|
|||
Item
5. Other Information
|
19
|
|||
Item
6. Exhibits
|
20
|
|||
Signatures
|
21
|
·
|
Our
ability to raise capital
|
·
|
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
|
Trulite,
Inc. (a Development Stage Company)
|
|||||||||||
Balance
Sheets
|
March
31,
|
|
December
31,
|
|
||||
|
|
2007
|
|
2006
|
|||
ASSETS
|
|||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
|
156,126
|
$
|
275,957
|
|||
Patent
application fees
|
19,843
|
19,843
|
|||||
Prepaid
expenses and other current assets
|
2,700
|
13,372
|
|||||
Total
current assets
|
178,669
|
309,172
|
|||||
Property
and equipment, net
|
51,168
|
50,079
|
|||||
Total
assets
|
$
|
229,837
|
$
|
359,251
|
|||
LIABILITIES
AND STOCKHOLDERS' DEFICIT
|
|||||||
Current
liabilities:
|
|||||||
Accounts
payable and accrued expenses
|
$
|
474,189
|
$
|
301,907
|
|||
Notes
payable
|
1,850,000
|
1,250,000
|
|||||
Total
current liabilities
|
2,324,189
|
1,551,907
|
|||||
Commitments
and contingencies
|
|||||||
Stockholders'
(deficit) equity:
|
|||||||
8%
Cumulative Convertible, Series A Preferred Stock;
|
|||||||
$0.0001
par value, 1,500,000 shares authorized, 0 shares
|
|||||||
issued
and outstanding as of March 31, 2007 and
|
|||||||
December
31, 2006.
|
-
|
-
|
|||||
Common
Stock; $0.0001 par value, 20,000,000 shares
authorized,
|
|||||||
11,785,491
shares issued and outstanding as of
|
|||||||
March
31, 2007 and December 31, 2006.
|
1,178
|
1,178
|
|||||
Additional
paid-in-capital
|
9,679,517
|
9,537,426
|
|||||
Deficit
accumulated during the development stage
|
(11,775,047
|
)
|
(10,731,260
|
)
|
|||
Total
stockholders' deficit
|
(2,094,352
|
)
|
(1,192,656
|
)
|
|||
Total
liabilities and stockholders' deficit
|
$
|
229,837
|
$
|
359,251
|
The
accompanying notes are an integral part of these financial
statements.
|
Trulite,
Inc. (a Development Stage Company)
|
||||||||||
Statements
of Operations
|
|
|
|
|
Period
From
|
|
|||||
|
|
|
|
|
|
Inception
|
|
|||
|
|
Three
Months Ended
|
|
(July
15, 2004)
|
|
|||||
|
|
March
31,
|
|
Through
|
|
|||||
|
|
2007
|
|
2006
|
|
March
31, 2007
|
||||
Sales
|
$
|
-
|
$
|
8,333
|
$
|
26,750
|
||||
Cost
of sales
|
-
|
5,912
|
18,778
|
|||||||
GROSS
PROFIT
|
-
|
2,421
|
7,972
|
|||||||
Operating
expenses:
|
||||||||||
Research
and development
|
417,867
|
148,546
|
2,684,406
|
|||||||
Depreciation
|
5,642
|
2,720
|
28,453
|
|||||||
General
and administrative
|
471,590
|
230,801
|
3,305,870
|
|||||||
TOTAL
OPERATING EXPENSES
|
895,099
|
382,067
|
6,018,729
|
|||||||
LOSS
FROM OPERATIONS
|
(895,099
|
)
|
(379,646
|
)
|
(6,010,757
|
)
|
||||
Other
income (expense):
|
||||||||||
Interest
expense
|
(45,469
|
)
|
(59
|
)
|
(75,858
|
)
|
||||
Interest
income
|
1,661
|
471
|
12,784
|
|||||||
Other
|
-
|
-
|
(4,411
|
)
|
||||||
TOTAL
OTHER INCOME (EXPENSE)
|
(43,808
|
)
|
412
|
(67,485
|
)
|
|||||
LOSS
BEFORE INCOME TAXES
|
(938,907
|
)
|
(379,234
|
)
|
(6,078,242
|
)
|
||||
Income
taxes
|
-
|
-
|
-
|
|||||||
NET
LOSS
|
(938,907
|
)
|
(379,234
|
)
|
$
|
(6,078,242
|
)
|
|||
Deemed dividend on warrant extension | (104,880 |
)
|
- | |||||||
Preferred
stock dividends
|
-
|
(29,095
|
)
|
|||||||
NET
LOSS ATTRIBUTABLE TO
|
||||||||||
COMMON
STOCKHOLDERS
|
$
|
(1,043,787
|
)
|
$
|
(408,329
|
)
|
||||
NET
LOSS PER COMMON SHARE
|
||||||||||
Basic
and diluted
|
$
|
(0.08
|
)
|
$
|
(0.10
|
)
|
||||
Preferred
and deemed dividends
|
(0.01
|
)
|
(0.01
|
)
|
||||||
Attributable
to common stockholders
|
$
|
(0.09
|
)
|
$
|
(0.11
|
)
|
||||
WEIGHTED
AVERAGE COMMON
|
||||||||||
SHARES
OUTSTANDING:
|
||||||||||
Basic
|
11,785,491
|
3,631,500
|
||||||||
Diluted
|
11,785,491
|
3,631,500
|
The
accompanying notes are an integral part of these financial
statements.
|
Trulite,
Inc. (a Development Stage Company)
|
||||||||||
Statements
of Cash Flows
|
|
|
|
|
Period
From
|
|
|||||
|
|
|
|
|
|
Inception
|
|
|||
|
|
Three
Months
Ended
|
|
(July
15, 2004)
|
|
|||||
|
|
March
31,
|
|
Through
|
|
|||||
|
|
2007
|
|
2006
|
|
March
31, 2007
|
||||
CASH
FLOWS FROM OPERATING ACTIVITIES
|
||||||||||
Net
loss
|
$
|
(938,907
|
)
|
$
|
(379,234
|
)
|
$
|
(6,078,242
|
)
|
|
Adjustments
to reconcile net loss to net
|
||||||||||
cash
used in operating activities:
|
||||||||||
Depreciation
|
5,642
|
2,720
|
28,453
|
|||||||
Common
stock issued for consulting services
|
-
|
-
|
285,000
|
|||||||
Common
stock issued for management fees
|
-
|
-
|
133,840
|
|||||||
Stock-based
compensation expense
|
37,211
|
-
|
548,368
|
|||||||
Warrants
issued for consulting services
|
-
|
-
|
162,155
|
|||||||
Write-off
of research and development expenses
|
-
|
-
|
606,798
|
|||||||
Changes
in operating assets and liabilities:
|
||||||||||
Due
from affiliate
|
-
|
23,773
|
-
|
|||||||
Accounts
receivable
|
-
|
8,334
|
-
|
|||||||
Patent
application fees
|
-
|
-
|
(19,843
|
)
|
||||||
Prepaid
expenses and other current assets
|
10,672
|
5,144
|
(4,168
|
)
|
||||||
Grants
receivable
|
-
|
85,483
|
850
|
|||||||
Accounts
payable and accrued expenses
|
172,282
|
53,811
|
466,080
|
|||||||
Net
cash used in operating activities
|
(713,100
|
)
|
(199,969
|
)
|
(3,870,709
|
)
|
||||
CASH
FLOWS FROM INVESTING ACTIVITIES
|
||||||||||
Purchase
of property and equipment
|
(6,731
|
)
|
-
|
(73,165
|
)
|
|||||
Net
cash used in investing activities
|
(6,731
|
)
|
-
|
(73,165
|
)
|
|||||
CASH
FLOWS FROM FINANCING ACTIVITIES
|
||||||||||
Issuance
of common stock
|
-
|
-
|
1,000,000
|
|||||||
Issuance
of notes payable
|
600,000
|
-
|
1,850,000
|
|||||||
Issuance
of preferred stock
|
-
|
-
|
1,250,000
|
|||||||
Net
cash provided by financing activities
|
600,000
|
-
|
4,100,000
|
|||||||
NET
INCREASE (DECREASE) IN CASH AND
|
||||||||||
CASH
EQUIVALENTS
|
(119,831
|
)
|
(199,969
|
)
|
156,126
|
|||||
CASH
AND CASH EQUIVALENTS, beginning of period
|
275,957
|
235,982
|
-
|
|||||||
CASH
AND CASH EQUIVALENTS, end of period
|
$
|
156,126
|
$
|
36,013
|
$
|
156,126
|
||||
NON-CASH
INVESTING AND FINANCING ACTIVITIES:
|
||||||||||
Common
stock issued for consulting services
|
$
|
-
|
$
|
-
|
$
|
285,000
|
||||
Common
stock issued for management fees
|
$
|
-
|
$
|
-
|
$
|
133,840
|
||||
Warrants
issued for consulting services
|
$
|
-
|
$
|
-
|
$
|
162,155
|
||||
Common
stock options issued for compensation
|
$
|
37,211
|
$
|
-
|
$
|
548,368
|
||||
Preferred
stock issued for acquisition
|
$
|
-
|
$
|
-
|
$
|
20,000
|
||||
Common
stock issued for acquisition
|
$
|
-
|
$
|
-
|
$
|
592,460
|
||||
Cash
paid for interest
|
$
|
-
|
$
|
-
|
$
|
28,897
|
The
accompanying notes are an integral part of these financial
statements.
|
Trulite,
Inc. (a Development Stage Company)
|
|||||||||||||||
Statements
of Stockholders' Deficit
|
|||||||||||||||
For
the Periods From Inception (July 15, 2004) Through March 31,
2007
|
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
|
-
|
-
|
(978,493
|
)
|
(446,269
|
)
|
-
|
|||||||||||||
|
||||||||||||||||||||||
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
|
9,537,426
|
(10,731,260
|
)
|
(1,192,656
|
)
|
|||||||||||||
|
||||||||||||||||||||||
Stock-based
compensation
|
-
|
-
|
-
|
-
|
37,211
|
-
|
37,211
|
|||||||||||||||
|
||||||||||||||||||||||
Deemed dividend on warrant extension | - | - | - | - | 104,880 | (104,880 |
)
|
- | ||||||||||||||
Net
Loss
|
-
|
-
|
-
|
-
|
-
|
(938,907
|
)
|
(938,907
|
)
|
|||||||||||||
Balance,
March 31, 2007
|
-
|
$
|
-
|
11,785,491
|
$
|
1,178
|
$
|
9,679,517
|
$
|
(11,775,047
|
)
|
$
|
(2,094,352
|
)
|
The
accompanying notes are an integral part of these financial
statements.
|
Risk
free rate
|
4.30
|
%
|
||
Expected
life (in years)
|
4.8
|
|||
Expected
volatility
|
71
|
%
|
||
Expected
dividends
|
-
|
|||
Fair
value
|
$
|
0.05
|
Shares
|
Weighted
Average
|
Weighted
Average
|
Aggregate
|
||||||||||
Under
|
Exercise
Price
|
Remaining
|
Intrinsic
|
||||||||||
Options
|
Per
Share
|
Contractual
Term
|
Value
|
||||||||||
Outstanding
at January 1, 2007
|
2,344,864
|
$
|
0.94
|
||||||||||
Granted
|
-
|
-
|
|||||||||||
Exercised
|
-
|
-
|
|||||||||||
Forfeited
|
-
|
-
|
|||||||||||
Outstanding
at March 31, 2007
|
2,344,864
|
0.94
|
4.8
years
|
$
|
845,748
|
||||||||
Vested
or expected to vest at March 31, 2007
|
2,216,918
|
0.94
|
805,740
|
||||||||||
Exercisable
at March 31, 2007
|
1,081,193
|
$
|
0.88
|
3.1
years
|
$
|
452,301
|
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
Office
equipment
|
$
|
60,835
|
$
|
59,249
|
|||
Manufacturing
equipment
|
11,687
|
9,491
|
|||||
Test
equipment
|
7,100
|
4,150
|
|||||
Total
fixed assets
|
79,622
|
72,890
|
|||||
Accumulated
depreciation
|
(28,453
|
)
|
(22,811
|
)
|
|||
Property
and equipment, net
|
$
|
51,168
|
$
|
50,079
|
March
31,
|
December
31,
|
||||||
2007
|
2006
|
||||||
Accounts
payable
|
$
|
397,940
|
$
|
197,267
|
|||
Accrued
expenses
|
76,249
|
104,640
|
|||||
$
|
474,189
|
$
|
301,907
|
Three
Months Ended March 31,
|
|||||||
2007
|
|
2006
|
|||||
Numerator:
|
|||||||
Net
loss
|
$
|
(938,907
|
)
|
$
|
(379,234
|
)
|
|
Increases
to Net Loss:
|
|||||||
Deemed
dividend on warrant extension
|
(104,880 |
)
|
- | ||||
Preferred
stock dividends
|
-
|
(29,095
|
)
|
||||
Net
loss attributable to common stockholders
|
$
|
(1,043,787
|
)
|
$
|
(408,329
|
)
|
|
Denominator
|
|||||||
Basic
earnings per share - weighted average
|
|||||||
common
shares outstanding
|
11,785,491
|
3,631,500
|
|||||
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
|
11,785,491
|
3,631,500
|
|||||
Net
loss per common share
|
|||||||
Basic
and diluted
|
$
|
(0.08
|
)
|
$
|
(0.10
|
)
|
|
Preferred
and deemed dividends
|
(0.01
|
)
|
(0.01
|
)
|
|||
Attributable
to common stockholders
|
$
|
(0.09
|
)
|
$
|
(0.11
|
)
|
Three
Months Ended March 31,
|
|||||||
2007
|
2006
|
||||||
Common
stock options
|
2,344,864
|
421,327
|
|||||
Common
stock warrants
|
1,400,000
|
-
|
|||||
8%
cumulative convertible
|
|||||||
series
A preferred stock
|
-
|
1,454,725
|
Three
Months Ended March 31,
|
|||||||
2007
|
|
2006
|
|||||
Sales
|
$
|
-
|
$
|
8,333
|
|||
Cost
of sales
|
-
|
5,912
|
|||||
GROSS
PROFIT
|
-
|
2,421
|
|||||
Operating
expenses:
|
|||||||
Research
and development
|
417,867
|
148,546
|
|||||
Depreciation
|
5,642
|
2,720
|
|||||
General
and administrative
|
471,590
|
230,801
|
|||||
TOTAL
OPERATING EXPENSES
|
895,099
|
382,067
|
|||||
LOSS
FROM OPERATIONS
|
(895,099
|
)
|
(379,646
|
)
|
|||
Other
income (expense):
|
|||||||
Interest
expense
|
(45,469
|
)
|
(59
|
)
|
|||
Interest
income
|
1,661
|
471
|
|||||
Other
|
-
|
-
|
|||||
TOTAL
OTHER INCOME (EXPENSE)
|
(43,808
|
)
|
412
|
||||
LOSS
BEFORE INCOME TAXES
|
(938,907
|
)
|
(379,234
|
)
|
|||
Income
taxes
|
-
|
-
|
|||||
NET
LOSS
|
$
|
(938,907
|
)
|
$
|
(379,234
|
)
|
Exhibit
No.
|
Description
|
|
10.57(1)**
|
Employment
Agreement dated January 1, 2007, with Kenneth Pearson
|
|
|
||
10.61(2)
|
Promissory
Note dated February 6, 2007, made by Trulite in favor of Standard
Renewable Energy Group, LLC
|
|
|
||
10.62(2)
|
Promissory
Note dated February 6, 2007, made by Trulite in favor of Contango
Venture
Capital Corporation
|
|
|
||
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 March 31,
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 March 31,
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 Form SB-2/A, filed January 30, 2007, and
incorporated herein by reference
|
(2)
|
Previously
filed as an exhibit to the Company’s Form 8-K dated January 1, 2007, and
incorporated herein by reference
|
Dated: May 14, 2007 | Trulite, Inc. | |
|
|
|
By: | /s/ Jonathan Godshall | |
Jonathan
Godshall
President
|
Date:
May 14, 2007
|
/s/
Jonathan Godshall
Jonathan
Godshall
Principal
Executive Officer
|
Date:
May 14, 2007
|
/s/
G. Wade Stubblefield
G.
Wade Stubblefield
Principal
Financial Officer
|
|
/s/
Jonathan Godshall
Jonathan
Godshall
Principal
Executive Officer
May
14, 2007
|
|
/s/
G. Wade Stubblefield
G.
Wade Stubblefield
Principal
Financial Officer
May
14,
2007
|