Attached files
| file | filename |
|---|---|
| EX-31.2 - CERTIFICATION - QS Energy, Inc. | stwa_10q-ex3102.htm |
| EX-32 - CERTIFICATION - QS Energy, Inc. | stwa_10q-ex3200.htm |
| EX-31.1 - CERTIFICATION - QS Energy, Inc. | stwa_10q-ex3101.htm |
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q /A
|
x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the quarterly period ended June 30, 2009
or
|
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
For
the transition period
from
to
Commission
File Number 0-29185
SAVE
THE WORLD AIR, INC.
(Exact
name of registrant as specified in its charter)
|
Nevada
|
52-2088326
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
No.)
|
235
Tennant Avenue
Morgan
Hill, California 95037
(Address,
including zip code, of principal executive offices
(408) 778-0101
(Registrant’s
telephone number, including area code)
Securities
registered pursuant to Section 12(b) of the Exchange Act:
None.
Securities
registered pursuant to Section 12(g) of the Exchange Act: Common Stock,
$0.001 par value.
Check
whether the Registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes x No
o
Indicate
by check mark whether the registrant is a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of “large accelerated filer,” “accelerated filer” and
“smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
Large
accelerated filer
o
|
Accelerated
filer o
|
|
Non-accelerated
filer o (Do
not check if a smaller reporting company)
|
Smaller
reporting company x
|
Indicate
by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act). Yes o
No
x
The
number of shares of the Registrant’s Common Stock outstanding as of August
11, 2009 was 65,676,057 shares.
SAVE
THE WORLD AIR, INC.
FORM
10-Q
INDEX
|
Page
|
|||
|
PART
I
|
|||
|
ITEM
1. Financial Statements
|
|||
|
Condensed
consolidated balance sheets
|
3 | ||
|
Condensed
consolidated statements of operations (unaudited)
|
4 | ||
|
Condensed
consolidated statement of changes in stockholders’ deficiency
(unaudited)
|
5 | ||
|
Condensed
consolidated statements of cash flows (unaudited)
|
14 | ||
|
Notes
to condensed consolidated financial statements (unaudited)
|
16 | ||
|
ITEM
2. Management’s Discussion and Analysis of Financial Condition and
Results of Operations
|
28 | ||
|
ITEM
3. Quantitative and Qualitative Disclosure About Market
Risk
|
37 | ||
|
ITEM
4. Controls and Procedures
|
37 | ||
|
PART
II
|
|||
|
ITEM
1. Legal Proceedings
|
39 | ||
|
ITEM
1A. Risk Factors
|
40 | ||
|
ITEM
2. Unregistered Sales of Equity Securities and Use of
Proceeds
|
40 | ||
|
ITEM
3. Defaults Upon Senior Securities
|
41 | ||
|
ITEM
4. Submission of Matters to a Vote of Security Holders
|
41 | ||
|
ITEM
5. Other Information
|
42 | ||
|
ITEM
6. Exhibits
|
42 | ||
|
SIGNATURES
|
43 | ||
|
EXHIBIT
INDEX
|
44 | ||
|
EXHIBIT
31.1
|
|||
|
EXHIBIT
31.2
|
|||
|
EXHIBIT
32
|
2
Item 1.
Financial Statements
SAVE
THE WORLD AIR, INC. AND SUBSIDIARY
(A
DEVELOPMENT STAGE ENTERPRISE)
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
June
30, 2009
(unaudited)
|
December
31,
2008
|
|||||||
|
ASSETS
|
||||||||
|
Current
assets
|
||||||||
|
Cash
|
$
|
5,195
|
$
|
59,346
|
||||
|
Other
current assets
|
23,047
|
33,275
|
||||||
|
Total
current assets
|
28,242
|
92,621
|
||||||
|
Property
and Equipment, net of accumulated depreciation and
amortization of
$127,969 and $111,193, respectively
|
115,193
|
131,969
|
||||||
|
Other
assets
|
11,020
|
11,250
|
||||||
|
Total
assets
|
$
|
154,455
|
$
|
235,840
|
||||
|
LIABILITIES
AND STOCKHOLDERS’ DEFICIENCY
|
||||||||
|
Current
liabilities
|
||||||||
|
Accounts
payable-related parties
|
$
|
156,227
|
$
|
93,003
|
||||
|
Accounts
payable-License Agreements
|
840,750
|
716,500
|
||||||
|
Accounts
payable-other
|
501,310
|
384,467
|
||||||
|
Accrued
expenses
|
1,022,976
|
803,795
|
||||||
|
Accrued
professional fees
|
431,242
|
390,535
|
||||||
|
Loans
payable-related parties and shareholders
|
162,341
|
78,280
|
||||||
|
Convertible
debentures, net-related parties
|
39,782
|
12,466
|
||||||
|
Convertible
debentures, net-others
|
847,253
|
290,659
|
||||||
|
Total
current liabilities
|
4,001,881
|
2,769,705
|
||||||
|
Commitments
and contingencies
|
||||||||
|
Stockholders’
deficiency
|
||||||||
|
Common
stock, $.001 par value: 200,000,000 shares authorized, 65,508,160 and
62,940,891 shares issued and outstanding at June 30, 2009 and
December 31, 2008, respectively
|
65,508
|
62,941
|
||||||
|
Common
stock to be issued (99,200 shares at June 30, 2009 and 97,059 shares at
December 31, 2008 respectively)
|
33,750
|
16,500
|
||||||
|
Additional
paid-in capital
|
41,328,142
|
40,129,758
|
||||||
|
Deficit
accumulated during the development stage
|
(45,274,826)
|
(42,743,064
|
)
|
|||||
|
Total
stockholders’ deficiency
|
(3,847,426)
|
(2,533,865
|
)
|
|||||
|
Total
liabilities and stockholders’ deficiency
|
$
|
154,455
|
$
|
235,840
|
||||
See notes
to condensed consolidated financial statements.
3
SAVE
THE WORLD AIR, INC. AND SUBSIDIARY
(A
DEVELOPMENT STAGE ENTERPRISE)
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
Three
months ended
June
30,
|
Six
months ended
June
30,
|
For
the Period From
February
18, 1998 (Date of Inception) through
|
||||||||||||||||||
|
2009
|
2008
|
2009
|
2008
|
June
30, 2009
|
||||||||||||||||
|
Net
sales
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
69,000
|
||||||||||
|
Cost
of goods sold
|
-
|
-
|
-
|
-
|
24,120
|
|||||||||||||||
|
Gross
profit
|
-
|
-
|
-
|
-
|
44,880
|
|||||||||||||||
|
Operating
expenses
|
594,604
|
519,860
|
1,435,422
|
1,280,002
|
31,362,362
|
|||||||||||||||
|
Research
and development expenses
|
15,220
|
62,692
|
262,060
|
322,362
|
5,720,653
|
|||||||||||||||
|
Non-cash
patent settlement costs
|
-
|
-
|
-
|
-
|
1,610,066
|
|||||||||||||||
|
Loss
before other income (expense)
|
(609,824
|
) |
(582,552
|
)
|
(1,697,482)
|
(1,602,364
|
)
|
(38,648,201
|
)
|
|||||||||||
|
Other
income (expense)
|
||||||||||||||||||||
|
Other
income
|
-
|
11
|
-
|
563
|
(1,140
|
)
|
||||||||||||||
|
Interest
income
|
-
|
-
|
-
|
2
|
16,342
|
|||||||||||||||
|
Interest
expense
|
(369,720
|
) |
(161,556
|
)
|
(834,280)
|
(488,559
|
)
|
(6,788,586
|
)
|
|||||||||||
|
Loss
on sale of equipment
|
-
|
-
|
-
|
(9,683
|
)
|
(14,426
|
)
|
|||||||||||||
|
Settlement
of debt due Morale/Matthews
|
-
|
-
|
-
|
(927,903
|
)
|
(927,903
|
)
|
|||||||||||||
|
Settlement
of litigation and debt
|
-
|
52,070
|
-
|
52,070
|
1,089,088
|
|||||||||||||||
|
Net
loss
|
$
|
(979,544
|
) |
$
|
(692,027
|
)
|
$
|
(2,531,762)
|
$
|
(2,975,874
|
)
|
$
|
(45,274,826
|
)
|
||||||
|
Net
loss per share, basic and diluted
|
$
|
(0.02
|
) |
$
|
(0.02
|
)
|
$
|
(0.04)
|
$
|
(0.06
|
)
|
|||||||||
|
Weighted
average shares outstanding, basic and diluted
|
65,037,789
|
44,938,165
|
64,504,305
|
46,979,175
|
||||||||||||||||
See notes
to condensed consolidated financial statements.
4
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock
to
be
|
Additional
Paid-in
|
Deferred
|
Deficit
Accumulated
During
the
Development
|
Total
Stockholders’
|
|||||||||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
||||||||||||||||||||||||
|
Balance, February 18,
1998 (date of inception)
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
$
|
—
|
||||||||||||||||||
|
Issuance
of common stock on April 18, 1998
|
.0015 -
.01
|
10,030,000
|
10,030
|
—
|
14,270
|
—
|
—
|
24,300
|
|||||||||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(21,307
|
)
|
(21,307
|
)
|
||||||||||||||||||||||
|
Balance,
December 31, 1998
|
10,030,000
|
$
|
10,030
|
$
|
—
|
14,270
|
$
|
—
|
$
|
(21,307
|
)
|
$
|
2,993
|
||||||||||||||||||
|
Issuance
of common stock on May 18, 1999
|
1.00 -
6.40
|
198,003
|
198
|
—
|
516,738
|
—
|
—
|
516,936
|
|||||||||||||||||||||||
|
Issuance
of common stock for ZEFS on September 14, 1999
|
.001
|
5,000,000
|
5,000
|
—
|
—
|
—
|
—
|
5,000
|
|||||||||||||||||||||||
|
Stock
issued for professional services on May 18, 1999
|
0.88
|
69,122
|
69
|
—
|
49,444
|
—
|
—
|
49,513
|
|||||||||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(1,075,264
|
)
|
(1,075,264
|
)
|
||||||||||||||||||||||
|
Balance,
December 31, 1999
|
15,297,125
|
$
|
15,297
|
$
|
—
|
$
|
580,452
|
$
|
—
|
$
|
(1,096,571
|
)
|
$
|
(500,822
|
)
|
||||||||||||||||
(continued)
5
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock
to
be
|
Additional
Paid-in
|
Deferred
|
Deficit
Accumulated
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||
|
Balance,
December 31, 1999
|
15,297,125
|
$
|
15,297
|
$
|
—
|
$
|
580,452
|
$
|
—
|
$
|
(1,096,571
|
) |
$
|
(500,822
|
)
|
|||||||||
|
Issuance
of common stock for services
|
$0.38 -
$5.31
|
305,810
|
306
|
—
|
588,704
|
—
|
—
|
589,010
|
||||||||||||||||
|
Stock
issued for employee compensation on February 8, 2000
|
$1.03-$5.31
|
42,000
|
42
|
—
|
137,378
|
—
|
—
|
137,420
|
||||||||||||||||
|
Stock
issued for directors fees
|
$3.38-$4.44
|
56,000
|
56
|
—
|
195,584
|
—
|
—
|
195,640
|
||||||||||||||||
|
Common
stock cancelled
|
(55,000
|
) |
(55
|
) |
(64,245
|
) |
(64,300
|
)
|
||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(1,270,762
|
)
|
(1,270,762
|
)
|
|||||||||||||||
|
Balance,
December 31, 2000
|
15,645,935
|
15,646
|
—
|
1,437,873
|
—
|
(2,367,333
|
)
|
(913,814
|
)
|
|||||||||||||||
|
Issuance
of common stock for services
|
$0.25-$1.65
|
1,339,912
|
1,340
|
—
|
1,031,231
|
—
|
—
|
1,032,571
|
||||||||||||||||
|
Stock
issued for directors fees
|
$0.60-$0.95
|
1,100,000
|
1,100
|
1,008,900
|
1,010,000
|
|||||||||||||||||||
|
Intrinsic
value of options issued to employees
|
2,600,000
|
(2,600,000)
|
—
|
|||||||||||||||||||||
|
Fair
value of options issued to non-employees
|
142,318
|
142,318
|
||||||||||||||||||||||
|
Amortization
of deferred compensation
|
191,667
|
191,667
|
||||||||||||||||||||||
|
Net
loss
|
(2,735,013
|
) |
(2,735,013
|
)
|
||||||||||||||||||||
|
Balance,
December 31, 2001
|
18,085,847
|
$
|
18,086
|
$
|
—
|
$
|
6,220,322
|
$
|
(2,408,333
|
) |
$
|
(5,102,346
|
)
|
$
|
(1,272,271
|
) | ||||||||
(continued)
6
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY (continued)
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock
to
be
|
Additional
Paid-in
|
Deferred
|
Deficit
Accumulated
During
the
Development
|
Total
Stockholders’
|
|||||||||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
||||||||||||||||||||||||
|
Balance,
December 31, 2001
|
18,085,847
|
$
|
18,086
|
$
|
—
|
$
|
6,220,322
|
$
|
(2,408,333
|
) |
$
|
(5,102,346
|
) |
$
|
(1,272,271
|
) | |||||||||||||||
|
Stock
issued for directors fees
|
0.40
|
2,150,000
|
2,150
|
—
|
857,850
|
—
|
—
|
860,000
|
|||||||||||||||||||||||
|
Common
stock sold (2,305,000
shares)
|
0.15-0.25
|
—
|
—
|
389,875
|
—
|
—
|
—
|
389,875
|
|||||||||||||||||||||||
|
Fair
value of options issued to non-employees for services
|
—
|
—
|
—
|
54,909
|
(54,909
|
)
|
—
|
—
|
|||||||||||||||||||||||
|
Amortization
of deferred compensation
|
—
|
—
|
—
|
—
|
891,182
|
—
|
891,182
|
||||||||||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(2,749,199
|
)
|
(2,749,199
|
)
|
||||||||||||||||||||||
|
Balance,
December 31, 2002
|
20,235,847
|
20,236
|
389,875
|
7,133,081
|
(1,572,060)
|
(7,851,545
|
)
|
(1,880,413
|
)
|
||||||||||||||||||||||
|
Common
stock issued previously paid for
|
0.15-0.25
|
2,305,000
|
2,305
|
(433,750
|
)
|
431,445
|
—
|
—
|
—
|
||||||||||||||||||||||
|
Sale
of common stock
|
$ |
0.25
|
9,504,000
|
9,504
|
2,366,439
|
—
|
—
|
2,375,943
|
|||||||||||||||||||||||
|
Issuance
of common stock for services
|
$ |
0.55
|
83,414
|
83
|
—
|
45,794
|
—
|
—
|
45,877
|
||||||||||||||||||||||
|
Common
stock issued for convertible debt
|
$ |
0.25
|
2,000,000
|
2,000
|
498,000
|
—
|
—
|
500,000
|
|||||||||||||||||||||||
|
Finders’
fees related to stock issuances
|
—
|
—
|
43,875
|
(312,582
|
)
|
—
|
—
|
(268,707
|
) | ||||||||||||||||||||||
|
Common
stock
sold
(25,000
shares)
|
0.25
|
—
|
—
|
6,250
|
—
|
—
|
—
|
6,250
|
|||||||||||||||||||||||
|
Amortization
of deferred comp
|
—
|
—
|
—
|
—
|
863,727
|
—
|
863,727
|
||||||||||||||||||||||||
|
Net
loss
|
(2,476,063
|
) |
(2,476,063
|
) | |||||||||||||||||||||||||||
|
Balance,
December 31, 2003
|
34,128,261
|
$
|
34,128
|
$
|
6,250
|
$
|
10,162,177
|
$
|
(708,333
|
) |
$
|
(10,327,608
|
)
|
$
|
(833,386
|
)
|
|||||||||||||||
(continued)
7
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY (continued)
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock
to
be
|
Additional
Paid-in
|
Deferred
|
Deficit
Accumulated
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
|||||||||||||||||||||||
|
Balance,
December 31, 2003
|
34,128,261
|
$
|
34,128
|
$
|
6,250
|
$
|
10,162,177
|
$
|
(708,333
|
) |
$
|
(10,327,608
|
)
|
$
|
(833,386
|
) | ||||||||||||||
|
Common
stock issued previously
paid for
|
$ |
.25
|
25,000
|
25
|
(6,250)
|
6,225
|
—
|
|||||||||||||||||||||||
|
Sale
of common stock
|
$ |
1.00
|
1,272,500
|
1,273
|
119,000
|
1,271,227
|
—
|
—
|
1,391,500
|
|||||||||||||||||||||
|
Stock
issued for services
|
$ |
.15-$1.70
|
1,268,560
|
1,
|
1,268
|
1,388,663
|
1,389,931
|
|||||||||||||||||||||||
|
Stock
issued for directors fees
|
$ |
1.50
|
50,000
|
50
|
—
|
74,950
|
—
|
—
|
75,000
|
|||||||||||||||||||||
|
Common
stock issued for convertible debt
|
$ |
1.53
|
60,000
|
60
|
91,740
|
—
|
—
|
91,800
|
||||||||||||||||||||||
|
Common
stock issued upon exercise of warrants and options
|
$ |
.20
-$.40
|
960,500
|
960
|
—
|
193,240
|
—
|
—
|
194,200
|
|||||||||||||||||||||
|
Common
stock issued for patent settlement
|
$ |
1.24
|
20,000
|
20
|
24,780
|
24,800
|
||||||||||||||||||||||||
|
Fair
value of warrants issued
|
1,614,138
|
1,614,138
|
||||||||||||||||||||||||||||
|
Fair
value of options issued to employees
|
—
|
—
|
—
|
248,891
|
(248,891
|
)
|
—
|
—
|
||||||||||||||||||||||
|
Fair
value of options issued to non-employees
|
—
|
—
|
—
|
55,381
|
(55,381
|
)
|
—
|
—
|
||||||||||||||||||||||
|
Amortization
of deferred compensation
|
—
|
—
|
—
|
—
|
936,537
|
—
|
936,537
|
|||||||||||||||||||||||
|
Finders’
fees related to stock issuances
|
(88,384
|
) | ||||||||||||||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(6,803,280
|
)
|
(6,803,280
|
)
|
|||||||||||||||||||||
|
Balance,
December 31, 2004
|
37,784,821
|
$
|
37,784
|
$
|
119,000
|
$
|
15,043,028
|
$
|
(76,068
|
) |
$
|
(17,130,888
|
)
|
$
|
(2,007,144
|
)
|
||||||||||||||
(continued)
8
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY (continued)
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock
to
be
|
Additional
Paid-in
|
Deferred
|
Deficit
Accumulated
During
the
Development
|
Total
Stockholders’
|
|||||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
||||||||||||||||||||
|
Balance,
December 31, 2004
|
37,784,821
|
$
|
37,784
|
$
|
119,000
|
$
|
15,043,028
|
$
|
(76,068
|
) |
$
|
(17,130,888
|
)
|
$
|
(2,007,144
|
) | |||||||||||
|
Common
stock issued previously paid for
|
$1.00
|
119,000
|
119
|
(119,000
|
) |
118,881
|
—
|
—
|
—
|
||||||||||||||||||
|
Sale
of common stock
|
$1.00
|
1,530,500
|
1,530
|
1,528,970
|
—
|
—
|
1,530,500
|
||||||||||||||||||||
|
Common
stock issued upon exercise of warrants
|
$.40
- $1.00
|
500
|
1
|
—
|
199
|
—
|
—
|
200
|
|||||||||||||||||||
|
Common
stock to be issued for settlement of payables
|
612,521
|
612,521
|
|||||||||||||||||||||||||
|
Fair
value of options issued for settlement costs
|
31,500
|
31,500
|
|||||||||||||||||||||||||
|
Fair
value of warrants issued
|
18,462
|
18,462
|
|||||||||||||||||||||||||
|
Fair
value of warrants issued and intrinsic value of beneficial conversion
associated with convertible notes
|
1,453,181
|
1,453,181
|
|||||||||||||||||||||||||
|
Fair
value of options issued to employees
|
—
|
—
|
—
|
243,750
|
(243,750
|
)
|
—
|
—
|
|||||||||||||||||||
|
Amortization
of deferred compensation
|
—
|
—
|
—
|
—
|
177,631
|
—
|
177,631
|
||||||||||||||||||||
|
Finders’
fees related to stock issuances
|
(109,840
|
) |
(109,840
|
) | |||||||||||||||||||||||
|
Common
stock cancelled
|
(8,047,403
|
) |
(8,047
|
) |
8,047
|
—
|
|||||||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(3,115,186
|
)
|
(3,115,186
|
)
|
||||||||||||||||||
|
Balance,
December 31, 2005
|
31,387,418
|
$
|
31,387
|
$
|
612,521
|
$
|
18,336,178
|
$
|
(142,187
|
) |
$
|
(20,246,074
|
)
|
$
|
(1,408,175
|
)
|
|||||||||||
(continued)
9
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY (continued)
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock
to
be
|
Additional
Paid-in
|
Deferred
|
Deficit
Accumulated
During
the
Development
|
Total
Stockholders’
|
|||||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Compensation
|
Stage
|
Deficiency
|
||||||||||||||||||||
|
Balance,
December 31, 2005
|
31,387,418
|
$
|
31,387
|
$
|
612,521
|
$
|
18,336,178
|
$
|
(142,187)
|
$
|
(20,246,074
|
)
|
$
|
(1,408,175
|
) | ||||||||||||
|
Common
stock issued previously paid for
|
846,549
|
847
|
(612,521
|
) |
611,674
|
—
|
—
|
—
|
|||||||||||||||||||
|
Sale
of common stock
|
$1.00
- $1.89
|
1,360,537
|
1,360
|
60,000
|
2,401,048
|
—
|
—
|
2,462,408
|
|||||||||||||||||||
|
Common
stock issued upon exercise of warrants
|
$.50
- $1.50
|
2,583,533
|
2,584
|
—
|
1,794,944
|
—
|
—
|
1,797,528
|
|||||||||||||||||||
|
Common
stock to be issued for convertible debt
|
$.70
|
3,416,186
|
3,417
|
2,356,449
|
2,359,866
|
||||||||||||||||||||||
|
Common
stock to be issued for out of line of credit
|
$.55
- $1.22
|
487,483
|
|
487
|
379,610
|
380,097
|
|||||||||||||||||||||
|
Fair
value of options issued to employees
|
—
|
—
|
—
|
2,253,263
|
—
|
2,253,263
|
|||||||||||||||||||||
|
Fair
value of options issued for settlement costs
|
31,500
|
31,500
|
|||||||||||||||||||||||||
|
Fair
value of warrants issued for services
|
463,627
|
463,627
|
|||||||||||||||||||||||||
|
Fair
value of warrants issued and intrinsic value of beneficial conversion
associated with convertible notes
|
1,259.696
|
1,259,696
|
|||||||||||||||||||||||||
|
Write
off of deferred compensation
|
—
|
—
|
—
|
(142,187
|
) |
142,187
|
—
|
—
|
|||||||||||||||||||
|
Finders’
fees related to stock issuances
|
(284,579
|
) |
(284,579
|
) | |||||||||||||||||||||||
|
Fees
paid on equity line of credit
|
(30,402
|
) |
(30,402
|
) | |||||||||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(10,181,523
|
)
|
(10,181,523
|
)
|
||||||||||||||||||
|
Balance,
December 31, 2006
|
40,081,757
|
$
|
40,082
|
$
|
60,000
|
$
|
29,430,821
|
$
|
—
|
$
|
(30,427,597
|
)
|
$
|
(896,694
|
)
|
||||||||||||
(continued)
10
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY (continued)
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock
to
be
|
Additional
Paid-in
|
Deficit
Accumulated
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Stage
|
Deficiency
|
|||||||||||||||||||
|
Balance,
December 31, 2006
|
40,081,757
|
$
|
40,082
|
$
|
60,000
|
$
|
29,430,821
|
$
|
(30,427,597
|
)
|
$
|
(896,694
|
) | ||||||||||||
|
Common
stock issued previously paid for
|
2,597,524
|
2,598
|
(60,000
|
) |
57,402
|
—
|
—
|
||||||||||||||||||
|
Common
stock to be issued for convertible debt
|
$.17
- $.53
|
1,910,711
|
1,911
|
524,569
|
526,480
|
||||||||||||||||||||
|
Common
stock issued for put of line of
credit
|
$.27
- $.73
|
1,880,421
|
1,880
|
990,175
|
992,055
|
||||||||||||||||||||
|
Common
stock granted for services
|
4,000
|
4,000
|
|||||||||||||||||||||||
|
Fair
value of options issued to employees
|
—
|
—
|
—
|
67,592
|
—
|
67,592
|
|||||||||||||||||||
|
Fair
value of warrants issued for services
|
35,340
|
35,340
|
|||||||||||||||||||||||
|
Fair
value of warrants issued and intrinsic value of beneficial conversion
associated with convertible notes
|
1,253,548
|
1,253,548
|
|||||||||||||||||||||||
|
Fees
paid on equity line of credit
|
(79,364
|
) |
(79,364
|
) | |||||||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
(6,262,743
|
)
|
(6,262,743
|
)
|
|||||||||||||||||
|
Balance,
December 31, 2007
|
46,470,413
|
$
|
46,471
|
$
|
4,000
|
$
|
32,280,083
|
$
|
(36,690,340
|
)
|
$
|
(4,359,786
|
)
|
||||||||||||
(continued)
11
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY (continued)
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock
to
be
|
Additional
Paid-in
|
Deficit
Accumulated
During
the
Development
|
Total
Stockholders’
|
||||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Stage
|
Deficiency
|
|||||||||||||||||||
|
Balance,
December 31, 2007
|
46,470,413
|
$
|
46,471
|
$
|
4,000
|
$
|
32,280,083
|
$
|
(36,690,340
|
)
|
$
|
(4,359,786
|
)
|
||||||||||||
|
Common
stock issued for convertible debt
|
$.17
- $.53
|
5,575,082
|
5,574
|
16,500
|
1,936,171
|
—
|
1,958,245
|
||||||||||||||||||
|
Common
stock issued for Morale/ Matthews settlement
|
$.38
|
7,421,896
|
7,422
|
—
|
2,776,289
|
—
|
2,783,711
|
||||||||||||||||||
|
Common
stock issued for services
|
$.17
- $.49
|
2,398,850
|
2,399
|
—
|
516,230
|
—
|
518,629
|
||||||||||||||||||
|
Common
stock issued upon exercise of warrants
|
$.50
|
1,064,650
|
1,065
|
—
|
531,260
|
—
|
532,325
|
||||||||||||||||||
|
Fair
value of options issued as compensations
|
—
|
—
|
—
|
—
|
645,745
|
—
|
645,745
|
||||||||||||||||||
|
Fair
value of warrants issued and intrinsic value of beneficial conversion
associated with convertible notes
|
—
|
—
|
—
|
—
|
1,323,077
|
—
|
1,323,077
|
||||||||||||||||||
|
Fair
value of warrants issued to PIPE holders
|
—
|
—
|
—
|
—
|
116,913
|
—
|
116,913
|
||||||||||||||||||
|
Common
stock issued for services
|
0.17
|
10,000
|
10
|
(4,000
|
)
|
3,990
|
—
|
—
|
|||||||||||||||||
|
Net
loss
|
—
|
—
|
—
|
—
|
—
|
(6,052,724
|
)
|
(6,052,724
|
|||||||||||||||||
|
Balance,
December 31, 2008
|
62,940,891
|
$
|
62,941
|
$
|
16,500
|
$
|
40,129,758
|
$
|
(42,743,064
|
)
|
$
|
(2,533,865
|
)
|
||||||||||||
(continued)
12
SAVE
THE WORLD AIR, INC.
(A
DEVELOPMENT STAGE ENTERPRISE)
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ DEFICIENCY (continued)
FROM
FEBRUARY 18, 1998 (INCEPTION) TO JUNE 30, 2009
|
Price
per
|
Common
Stock
|
Common
Stock to be
|
Additional
Paid-in
|
Deficit
Accumulated During the Development
|
Total
Stockholders’
|
|||||||||||||||||||||||
|
Share
|
Shares
|
Amount
|
Issued
|
Capital
|
Stage
|
Deficiency
|
||||||||||||||||||||||
|
Balance,
December 31, 2008
|
62,940,891 | $ | 62,941 | $ | 16,500 | $ | 40,129,758 | $ | (42,743,064 | ) | $ | (2,533,865 | ) | |||||||||||||||
|
Common
stock issued for convertible debt
|
0.15-0.50 | 2,014,914 | 2,015 | (16,500 | ) | 430,614 | — | 416,129 | ||||||||||||||||||||
|
Common
stock issued for services
|
0.17-0.49 | 502,355 | 502 | — | 173,911 | — | 174,413 | |||||||||||||||||||||
|
Common
stock issued for settlement of accounts payable
|
0.27 | 50,000 | 50 | 33,750 | 13,450 | — | 47,250 | |||||||||||||||||||||
|
Fair
value of options issued as compensation
|
— | — | — | — | 44,498 | — | 44,498 | |||||||||||||||||||||
|
Fair
value of warrants issued for note payable
|
— | — | — | — | 1,248 | — | 1,248 | |||||||||||||||||||||
|
Fair
value of warrants issued and intrinsic value of beneficial conversion
associated with convertible notes
|
— | — | ||||||||||||||||||||||||||