Deficit
                                                                    Accumulated      Accumulated
                                                                       Other         During the                           Total
                                       Subscription    Deferred    Comprehensive     Development                      Comprehensive
                                        Receivable   Compensation      Loss             Stage            Total            Loss
                                       ------------  ------------  -------------    -------------     ------------    -------------
Balances Brought Forward                 $(885,000)    $(12,164)    $    (15,181)    $(24,584,362)    $  7,938,193

Preferred stock issue, net of
 issuance costs, 1/31/2003;
 250,000 shares at $10.00 per share             --           --               --               --        2,500,000

Collection of subscription
 receivable                                825,000           --               --               --          825,000

Reduction of subscription receivable,
 in lieu of payment for services            36,000           --               --               --           36,000

Amortization of deferred compensation           --       25,663               --               --           25,663

Fair value adjustment on deferred
 compensation                                   --      (18,321)              --               --               --

Offering cost for January 2004,
 private placement                              --           --               --               --          (17,603)

COMPREHENSIVE LOSS

 Net loss                                       --           --               --       (5,080,427)      (5,080,427)    $ (5,080,427)

 Other comprehensive loss:
 Unrealized gain (loss) on
 available-for-sale Securities, net             --           --          (12,517)              --          (12,517)         (12,517)
                                         ---------     --------     ------------     ------------     ------------     ------------

        Total Comprehensive Loss                                                                                       $ (5,092,944)
                                                                                                                       ============

Balance, December 31, 2003               $ (24,000)    $ (4,822)    $    (27,698)    $(29,664,789)    $  6,214,309
                                         =========     ========     ============     ============     ============