At December 31, 2003, we had cash and cash equivalents of $453,434 compared to $81,421 at September 30, 2004. In the nine months ended September 30, 2004, negative working capital has deteriorated by $2,254,926 to $7,910,675 at September 30, 2004 from $5,655,749 at December 31, 2003 due to an increase in short term financing of $300,000 and an increase in the amount of convertible debentures that come due within the next twelve months.
We had continuing losses from operations in the nine months ended September 30, 2004 of $1,412,179. We are currently unable to project when the business may no longer generate a loss.