lwilkenson <lwilkenson@[EMAIL PROTECTED]
> wrote in news:2ff3867f-709d-4cd8-a39a-
591a0e743f14@[EMAIL PROTECTED]
> I have been following this company for about a month and they're are
> making some impressive steps forward. Just this week they announced
> that they are in talks with the Department of Defense to provide them
> with Autonomous Airborne Chemical/Biological Cloud Detection Sensor.
> Down a bit at the moment which has created some op****tunity.
>
15-May-2008
Quarterly Re****t
Item 2 PLAN OF OPERATIONS
In 2007, we raised $113,401 in a Regulation A Offering and obtained
$120,000 from a loan provided by an officer and director with loan
proceeds as of December 31, 2007 totaling $200,000. The remaining ****tion
of the offering was sold in January 2008 for proceeds of $185,500, which
was used to repay the loan in part. The remaining $15,500 owed to the
officer and director, plus accrued simple interest $14,563 as of March
31, 2008 is payable accruing interest at 8% convertible into common stock
at 75% of the initial trading price of QualSec common stock. Because the
common stock has not yet traded, we cannot predict at this time what the
conversion rate will be or the number of shares issuable upon conversion
of this note. We received a loan of $30,000 in March 2008 from an
investment fund. The loan matures December 31, 2008 and bears interest at
8%, and is convertible into common stock at $.30 per share. As of March
31, 2008 the note has accrued interest of $120.
Our operations have been limited to development of our technology. We
have no sales or contracts for sales and have performed only preliminary
marketing. Homeland Security sales will be dependent on the government
procurement cycle, which in general involves a one-year lead time from
awarding contracts until sales can be made. Other sensing applications
will not have these time constraints. We believe that receipt of the
additional $4.5 million in financing by June 2009, will be required to
reach sales and a break even point. If we encounter a long delay in
obtaining governmental contracts for our device, this date will be
accordingly pushed back. We cannot expect to facilitate firm contracts
without a prototype.
We could encounter delays in obtaining FDA clearance for our device if we
cannot prepare the required do***entation for filing of the 510(k).
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