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QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
Act of 1934
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Nevada
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98-0351508
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(State
or other jurisdiction of organization)
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(IRS
Employer Identification No.)
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Item
1: FINANCIAL
STATEMENTS:
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Page
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4
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5
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6
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7
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8
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10
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13
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PART
2-OTHER INFORMATION
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Item
1: LEGAL
PROCEEDINGS
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14
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Item
2: CHANGES
IN SECURITIES
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14
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Item
3: DEFAULTS
UPON SENIOR SECURITIES
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14
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14
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Item
5: OTHER
INOFRMATION
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14
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Item
6: EXHIBITS
AND REPORTS ON FORM 8-K
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14
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|
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15
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June
30,
2005
(Unaudited)
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December
31,
2004
(Audited)
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||||||
ASSETS
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|||||||
Current
Assets:
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|||||||
Cash
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$
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17,768
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$
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44,560
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|||
Total
current assets
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17,768
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44,560
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|||||
Fixed
Assets:
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|||||||
Automobile
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1,500
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1,500
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|||||
Less
accumulated depreciation
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1,089
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987
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|||||
Net
fixed assets
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411
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513
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|||||
Other
Assets:
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|||||||
Licensing
agreement
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160,000
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160,000
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|||||
Less
accumulated amortization
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42,354
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37,648
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|||||
Total
other assets
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117,646
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122,352
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|||||
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|||||
Total
Assets
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$
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135,825
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$
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167,425
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LIABILITIES
AND STOCKHOLDERS’ EQUITY
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|||||||
Current
Liabilities:
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|||||||
Accrued
liabilities
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$
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6,805
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$
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1,525
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|||
Stockholder
advance
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20,000
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|||||
Total
current liabilities
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26,805
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1,525
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|||||
Stockholders’
Equity:
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|||||||
Common
Stock: authorized 100,000,000 shares of $.001 par value; 46,676,400
shares
issued and outstanding
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46,676
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46,676
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|||||
Additional
paid-in capital
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650,624
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650,624
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|||||
Deficit
accumulated during development stage
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(588,280
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)
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(531,400
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)
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|||
Total
stockholders’ equity
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109,020
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165,900
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|||||
Total
Liabilities and Stockholders’ Equity
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$
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135,825
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$
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167,425
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Six
Month Periods Ended June 30,
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December
1, 1997
(Date
of Inception)
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|||||||||
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2005
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2004
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To
June 30, 2005
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|||||
Revenue
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$
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-
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$
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-
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$
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91,912
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||||
Expenses
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56,880
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65,932
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683,614
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|||||||
Operating
loss
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(56,880
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)
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(65,932
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)
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(591,702
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)
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||||
Other
Income - Interest
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-
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38
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3,422
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|||||||
Loss
accumulated during development stage
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$
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(56,880
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)
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$
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(65,894
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)
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$
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(588,280
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)
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Loss
Per Share -
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||||||||||
Basic
and Diluted
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$
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-
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$
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-
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||||||
Average
shares outstanding
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46,676,400
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46,676,400
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Quarters
Ended June
30,
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December
1, 1997
(Date
of Inception)
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|||||||||
2005
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2004
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To
June 30, 2005
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||||||||
Revenue
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$
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-
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$
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-
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$
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91,912
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||||
Expenses
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20,725
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23,892
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683,614
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|||||||
Operating
loss
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(20,725
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)
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(23,892
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)
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(591,702
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)
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||||
Other
Income - Interest
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-
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4
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3,422
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|||||||
Loss
accumulated during development stage
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$
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(20,725
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)
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$
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(23,888
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)
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$
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(588,280
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)
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Loss
Per Share -
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||||||||||
Basic
and Diluted
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$
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-
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$
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-
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||||||
Average
shares outstanding
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46,676,400
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46,676,400
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Quarters
Ended
June
30,
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December
1, 1997
(Date
of Inception)
To
June 30, 2005
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|||||||||
2005
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2004
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|||||||||
CASH
FLOWS FROM OPERATIONS:
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||||||||||
Net
loss
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$
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(56,880
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)
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$
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(65,894
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)
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$
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(588,280
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)
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Charges
not requiring the outlay of cash:
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||||||||||
Depreciation
and amortization
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4,808
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4,877
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43,443
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|||||||
Services
provided for common stock
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-
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-
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21,300
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|||||||
Changes
in assets and liabilities:
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Decrease
in advance from affiliate
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1,525
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-
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-
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|||||||
Increase
in accrued liabilities
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6,805
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6,805
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||||||||
Net
Cash Consumed By Operating
Activities
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(46,792
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)
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(61,017
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)
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(516,732
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)
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CASH
FLOWS FROM INVESTING
ACTIVITIES:
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Purchase
of automobile
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-
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-
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(1,500
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)
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||||||
Payment
of amount due for licensing agreement
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-
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-
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(160,000
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)
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Net
Cash Consumed By Investing
Activities
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-
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-
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(161,500
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)
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||||||
CASH
FLOWS FROM FINANCING
ACTIVITIES:
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Issuances
of common stock
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-
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-
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616,000
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|||||||
Shareholder
capital contributions
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-
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10,000
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60,000
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Shareholder
advance
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20,000
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-
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20,000
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|||||||
Net
Cash Provided By Financing
Activities
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20,000
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10,000
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696,000
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|||||||
Net
Change In Cash
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(26,792
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)
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(51,017
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)
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17,768
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|||||
Cash
balance, beginning of period
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44,560
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54,985
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-
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|||||||
Cash
balance, end of period
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$
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17,768
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$
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3,968
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$
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17,768
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1. |
BASIS
OF PRESENTATION
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2. |
SUPPLEMENTAL
DISCLOSURES OF CASH FLOWS INFORMATION
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3. |
RELATED
PARTY TRANSACTIONS
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4. |
EXPENSES
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Six
month periods Ended June 30,
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|||||||
2005
|
2004
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Consulting
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$
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23,280
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$
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23,400
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Professional
fees
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13,950
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14,605
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|||||
Rent
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12,446
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14,049
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Depreciation
and
amortization
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4,808
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4,877
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|||||
Other
expenses
|
2,396
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9,001
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|||||
Total
expenses
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$
|
56,880
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$
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65,932
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(i) |
this
quarterly report on Form 10 QSB contains any untrue statement of
a
material fact or omits to state a material fact necessary to make
the
statements made, in light of the circumstances under which such
statements
were made, not misleading with respect to the period covered by
this
quarterly report on Form 10 QSB, and(ii) the financial statements,
and
other financial information included in this quarterly report on
Form 10
QSB, fairly present in all material respects the financial condition,
results of operations and cash flows of the Company as of, and
for, the
periods presented in this quarterly report on Form 10
QSB.
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