8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 6, 2010

ADVANCED LIFE SCIENCES HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-51436	30-0296543
(State or other jurisdiction	(Commission	(I.R.S. Employer
of incorporation)	File Number)	Identification No.)

1440 Davey Road
Woodridge, Illinois	60517
(Address of principal executive offices)	(Zip Code)

(630) 739-6744

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01.Entry into a Material Definitive Agreement.

Advanced Life Sciences Holdings, Inc. (the “Company”) entered into a letter agreement, effective as of May 6, 2010, with The Leaders Bank (“Leaders”), amending its line of credit in order to extend the maturity date by one year to January 1, 2012 (the “Amendment”).  Under the terms of the Amendment, the Company is required to reduce the outstanding loan balance by $1.5 million immediately, $1.5 million by July 1, 2010 and an additional $1.0 million by April 2011.  Dr. Michael T. Flavin, the Company’s Chief Executive Officer, will provide a personal guarantee for the line of credit until the payment due July 1, 2010 is made.  The Amendment also provides that the interest rate on the outstanding loan balance will increase from 8.5% to 10.0%, and the Company’s rights as a result of its license agreement for cethromycin with Abbott Laboratories were included in the collateral for the line of credit.  The Company agreed to issue Leaders 500,000 warrants to purchase shares of its common stock at the current public trading price per share on the date the final loan documents are delivered and an additional 500,000 warrants on the anniversary of that date.

In addition, on May 7, 2010, the Company entered into an agreement with Dr. Flavin providing that the $2 million promissory note with Dr. Flavin will be exchanged for equity securities of the Company (the “Debt Exchange Agreement”).  The exchange is expected to occur at the same price and time as a contemplated concurrent sale of equity securities and will result in cancellation of the outstanding indebtedness.

The Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.  The Debt Exchange Agreement is filed as Exhibit 10.2 to this Current Report on Form 8-K and is incorporated by reference herein.  The above descriptions of the material terms of the Amendment and the Debt Exchange Agreement do not purport to be complete and are qualified in their entirety by reference to Exhibit 10.1 and Exhibit 10.2.

Item 2.02.Results of Operations and Financial Condition.*

On May 10, 2010, the Company issued a press release announcing its financial results for the first quarter ended March 31, 2010.  A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01.Financial Statements and Exhibits.

(d)	Exhibits:
10.1	Letter agreement between Advanced Life Sciences Holdings, Inc. and The Leaders Bank, effective as of May 6, 2010.
10.2	Debt Exchange Agreement dated as of May 7, 2010.
99.1*	Press Release dated May 10, 2010.

*     The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ADVANCED LIFE SCIENCES HOLDINGS, INC.
Dated:   May 10, 2010	By:	/s/ Michael T. Flavin
	Name:	Michael T. Flavin, Ph.D.
	Title:	Chairman and Chief Executive Officer

2

Exhibit Index

Exhibit No.	Description
10.1	Letter agreement between Advanced Life Sciences Holdings, Inc. and The Leaders Bank, effective as of May 6, 2010.
10.2	Debt Exchange Agreement dated as of May 7, 2010.
99.1*	Press Release dated May 10, 2010

*       The information furnished under Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

3

EX-10.1

Exhibit 10.1

The Leaders Bank	V 630 572 LEAD	John J. Prosia
2001 York Road	F 630 572 4979	Executive Vice President
Oak Brook IL 60523	leadersbank.com	jprosia@leadersbank.com

Dr. Michael Flavin

Chief Executive Officer

Advanced Life Sciences Holdings, Inc

1440 Davey Rd.

Woodridge, IL. 60517-5037

May 6, 2010

Dear Dr. Flavin:

The Leaders Bank (“Lender”) has approved the following changes and amendments to the existing Credit Facility extended to Advanced Life Sciences, Inc. secured by business assets and by other collateral as hereinafter set forth in form satisfactory to Lender’s counsel and subject to the usual terms, conditions, and remedies contained in Lender’s customary loan documents and subject to the following terms and conditions.

Borrower:	Advanced Life Sciences, Inc.
Total Facility:	The facility reduced from $10 million to $8.5 million immediately, then to be reduced to $7 million on or before July 1, 2010 and to $6 million on or before April 1, 2011
Collateral:	All existing business assets of the Borrower including but not limited to intellectual property patents, inventory and accounts.
Maturity:	Extended from January 1, 2011 to January 1, 2012
Repayment:	Interest Only, Monthly with the principal balance of the commitment to be reduced by $1.5 million on or before 7-1-10 and $1 million on or before 4-1-2011.
Interest Rate:	The interest rate shall increase from 8.5% fixed to 10% fixed.
Guarantees:	Advanced Life Sciences Holdings, Inc. secured by its assets and the unsecured Personal Guarantee of Dr. Michael Flavin. Dr. Flavin’s Personal Guarantee will be released upon receipt of the July 1, 2010 principal reduction
Closing Fee:	None

Other Expenses:	Borrower agrees to pay all reasonable costs and out of pocket expenses incurred in connection with preparation, negotiation, and execution of the documentation evidencing these changes.
Warrants:	Borrower agrees to issue to lender 1,000,000 common stock warrants with 500,000 priced and issued upon execution of the loan documents and the remaining 500,000 to be priced and issued 12 months from execution of the loan documents.
Commitment Acceptance:	Subject to the terms and conditions stated herein, the Commitment is an offer that may be accepted by you until May 31, 2010. Acceptance shall be signified by executing and returning to Lender a copy of this Commitment on or before May 15, 2010 and no other form of acceptance will be effective.

Sincerely,
/s/ John J. Prosia
John J. Prosia
Executive Vice President
Accepted this 6th day of May, 2010.
Advanced Life Sciences Holding, Inc.
By:	/s/ Michael Flavin
	Dr. Michael Flavin, CEO

EX-10.2

Exhibit 10.2

DEBT EXCHANGE AGREEMENT

THIS DEBT EXCHANGE AGREEMENT (this “Agreement”) is entered into as of this seventh (7th) day of May, 2010 by and between ADVANCED LIFE SCIENCES HOLDINGS, INC., a Delaware corporation (the “Company”), and Michael T. Flavin (the “Maker”).

RECITALS

WHEREAS, the Company and the Maker have entered into that certain Third Amended & Restated Promissory Note dated as of January 4, 2010 (the “Note”) relating to indebtedness of the Company to Maker in the outstanding principal amount of $2.0 million (the “Indebtedness”);

WHEREAS, the Company has filed with the Securities and Exchange Commission a Registration Statement on Form S-1 (Registration No. 333-165388) relating to a proposed registered public offering by the Company (“Offering”) of units, with each unit consisting of a specified number of shares of common stock and warrants to purchase common stock (the “Units”); and

WHEREAS, the Maker has agreed with the Company (acting through the independent audit committee of the Company’s board of directors) to exchange the Note for Units on the terms and conditions described herein.

NOW, THEREFORE, in consideration of the foregoing Recitals and the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Maker and the Company hereby agree as follows:

ARTICLE I

DEBT EXCHANGE

1.1           Debt Exchange.  Within ten (10) business days following a Qualified Unit Offering (as defined below), the Maker shall deliver the Note to the Company for cancellation and retirement in full of the Indebtedness and, in exchange, receive from the Company a number of Units determined by dividing (a) $2,000,000 by (b) the price per Unit at which the Units were issued and sold to the public in the Qualified Unit Offering, rounded down to the nearest whole Unit with any fractional Unit being paid by the Company in cash (the “Exchange”).  A “Qualified Unit Offering” shall mean the sale of Units by the Company in an Offering that results in gross cash proceeds to the Company (before taking into account placement agent fees and reimbursable expenses) greater than or equal to ten million dollars ($10,000,000.00).

1.2           Accrued Interest.  On the date of the Exchange, the Company shall make a cash payment to the Maker in satisfaction of accrued and unpaid interest on the Indebtedness to but excluding the date of the Exchange.

1.3           Restricted Securities.  The Maker understands that the Units to be issued by the Company pursuant to this Agreement, the shares of common stock and warrants underlying such Units and the shares of common stock underlying such warrants (collectively, the “Securities”) are characterized as “restricted securities” under the federal securities laws inasmuch as they will be acquired in a transaction not involving a public offering, and that under such laws and applicable regulations such securities may be resold without registration under the federal securities laws only in certain limited circumstances.  The certificates for the Securities shall be subject to a legend or legends restricting transfer under the federal securities laws and referring to restrictions on transfer herein, such legend to be substantially as follows:

THE SECURITIES REPRESENTED BY THIS CERTIFICATE (THE “SECURITIES”) HAVE BEEN ISSUED AND SOLD IN RELIANCE UPON EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “1933 ACT”), AND APPROPRIATE EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES LAWS OF OTHER APPLICABLE JURISDICTIONS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD OR TRANSFERRED OTHER THAN PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE 1933 ACT AND THE APPLICABLE SECURITIES LAWS OF ANY OTHER JURISDICTION.  THE ISSUER SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT WITH RESPECT TO COMPLIANCE OF THE PROPOSED SALE OR TRANSFER WITH THE REGISTRATION REQUIREMENTS OF THE 1933 ACT OR EXEMPTION THEREFROM.

ARTICLE II

MISCELLANEOUS

2.1           Changes.  This Agreement may be modified, amended or waived only pursuant to a written instrument signed by the Company and the Maker.

2.2           Headings.  The headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be part of this Agreement.

2.3           Governing Law.  This Agreement shall be interpreted and the rights and liabilities of the parties hereto determined in accordance with the internal laws and decisions of the State of Illinois, without giving affect to the conflict of laws principals thereof.  Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or by the remaining provisions of this Agreement.

2.4           Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other party.

2.5           Entire Agreement.  This Agreement constitutes the entire agreement between the parties hereto with respect to the Exchange and supersedes any prior understandings or agreements with respect thereto.

[signature page follows]

2

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

ADVANCED LIFE SCIENCES HOLDINGS, INC.
By:	/s/ Mark Caputo
	Name:  Mark Caputo
	Title:    Vice President Accounting and Controller
MICHAEL T. FLAVIN
By:	/s/ Michael Flavin

3

EX-99.1

Exhibit 99.1

1440 Davey Road Woodridge, IL 60517 (Phone) 630.739.6744 (Fax) 630.739.6754 www.advancedlifesciences.com

Company Contact: Joe Camp 630-754-4352

Email: jcamp@advancedlifesciences.com

Advanced Life Sciences Announces First Quarter 2010 Financial Results

and Debt Restructuring  Agreements

CHICAGO, IL, May 10, 2010/PRNewswire/: — Advanced Life Sciences Holdings, Inc. (OTCBB: ADLS), a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, oncology and respiratory diseases, today announced its financial results for the first quarter ended March 31, 2010.

The net loss allocable to common shareholders for the three months ended March 31, 2010 was $2.0 million or ($0.02) per share compared to a net loss allocable to common shareholders of $2.3 million or ($0.06) per share for the three months ended March 31, 2009.  The decrease in the net loss is due to decreased support costs involved in the clinical activities and regulatory review of the Company’s lead compound, Restanza™ (cethromycin).

The Company ended the first quarter of 2010 with cash and cash equivalents totaling $2.8 million.  Cash used for operating activities during the quarter was approximately $2.3 million.

“Following the successful approval of the measures voted on by our shareholders at our recent shareholder meeting, we are excited to continue to advance our development of Restanza for use as a drug to treat serious community-based infection such as pneumonia and as a broad spectrum countermeasure against key bioterror pathogens,” said Michael T. Flavin, Ph.D., chairman and chief executive officer of Advanced Life Sciences.

The Company also announced today that it has amended its loan agreement with Leaders Bank to extend the date of maturity by 12 months to January 1, 2012.  In connection with this extension, the Company reduced the amount currently outstanding under the facility from $10 million to $8.5 million and has agreed to further reduce the outstanding balance to $6 million by April 1, 2011.  Advanced Life Sciences has also agreed to increase the interest rate from 8.5% to 10% and to issue 1,000,000 common stock warrants to Leaders Bank.

In addition, the Company announced that it has entered into an agreement providing that the $2 million promissory note with Michael T. Flavin, Ph.D., chairman and chief executive officer of Advanced Life Sciences, will be exchanged for equity securities of the Company.  The exchange is expected to occur at the same price and time as a contemplated concurrent sale of equity securities and will result in cancellation of the outstanding indebtedness.

“We view these two debt restructuring commitments as very positive transactions that will strengthen the Company’s balance sheet and provide financial flexibility as we move forward,” said John L. Flavin, president and chief financial officer of Advanced Life Sciences.  “In addition to reducing the debt on our balance sheet, the steps we have taken will mitigate our annual cash outflows by close to $400,000.”

-MORE-

Operating Expense Analysis

·Research and development expenses were $0.9 million for the three months ended March 31, 2010, approximately the same as the three months ended March 31, 2009.

·Selling, general and administrative expenses totaled $1.3 million for the first quarter compared to $1.5 million for the first quarter of last year.

First Quarter Achievements

·Met with the FDA and continued the Special Protocol Assessment (SPA) process for our upcoming CABP clinical program;

·Responded to BARDA request for information relating to the pending BAA proposal submission;

·Initiated PK animal studies for the Restanza IV formulation;

·Reported potent Restanza in vitro data in Burkholderia psuedomallei and Burkholderia mallei, which are important biodefense and global health related pathogens.

Conference Call Details

Advanced Life Sciences will host a conference call and live webcast at 9:00 a.m. Eastern Time on Monday, May 10, 2010 to discuss the Company’s first quarter financial results.

The conference call will be webcast simultaneously over the Internet. Please visit the Investor Relations section of the Advanced Life Sciences corporate website www.advancedlifesciences.com. Alternatively, callers may participate in the conference call by dialing 888.680.0893 (domestic) or 617.213.4859 (international). The passcode for the conference call is 91076532. A replay of the conference call will be available until May 17, 2010. Callers may access the telephone replay by dialing 888-286-8010 (domestic) or 617-801-6888 (international), passcode 33440510. Investors are advised to dial into the call at least ten minutes prior to the call to register. Participants may pre-register for the call at
https://www.theconferencingservice.com/prereg/key.process?key=P39XBXM9U. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection.

About Community Acquired Bacterial Pneumonia (CABP)

CABP is the sixth most common cause of death in the United States. CABP and other respiratory tract infections are caused by pathogens such as Streptococcus pneumoniae and Haemophilus influenzae.  Approximately 5.6 million cases of CABP are diagnosed each year in the United States with 10 million physician visits, resulting in an estimated total annual expenditure of $2.0 billion for prescribed antibiotics to treat CABP.  CABP is potentially fatal if not treated properly, and the bacteria that cause CABP are developing resistance to current standard of care treatments.

Macrolides and penicillins are currently the front-line treatments for respiratory tract infections such as CABP.   As macrolide and penicillin resistance grows and has the potential to cause more clinical failures, there is a need for new antibiotics with unique mechanisms of action that can overcome this emerging resistance.

About Restanza

Restanza is a novel, once-a-day, oral antibiotic that is in late stage development for the treatment of CABP and biodefense pathogens. It has shown higher in vitro potency and a broader range of activity than macrolides against Gram-positive bacteria associated with respiratory tract infections and appears to be effective against penicillin-, macrolide- and fluoroquinolone-resistant bacteria. Restanza’s demonstrated potency and ability to overcome bacterial resistance may be due to its mechanism of action resulting in specificity for its bacterial target. In addition to its utility in CABP, Restanza is also being investigated for the prophylactic treatment of inhalation anthrax post-exposure and other high priority biodefense pathogens, including plague and tularemia. The FDA has designated Restanza as an orphan drug for the prophylactic treatment of inhalation anthrax post exposure, as well as for use in treating plague and tularemia, but the drug is not yet approved for these or any other indications.

-MORE-

About Advanced Life Sciences

Advanced Life Sciences is a biopharmaceutical company engaged in the discovery, development and commercialization of novel drugs in the therapeutic areas of infection, cancer and respiratory diseases. The Company’s lead candidate, Restanza, is a novel once-a-day oral antibiotic in late-stage development for the treatment of respiratory tract infections including CABP and biodefense pathogens including anthrax, plague and tularemia. For more information, please visit us on the web at www.advancedlifesciences.com or follow us on twitter at http://twitter.com/advancedlifesci.

Forward-Looking Statements

Any statements contained in this press release that relate to future plans, events or performance are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements represent our management’s judgment regarding future events.  The Company does not undertake any obligations to update any forward-looking statements whether as a result of new information, future events or otherwise.  Our actual results could differ materially from those discussed herein due to several factors including the success and timing of our clinical trials and our ability to obtain and maintain regulatory approval and labeling of our product candidates; our plans to develop and commercialize our product candidates; the loss of key scientific or management personnel; the size and growth of potential markets for our product candidates and our ability to serve those markets; regulatory developments in the U.S. and foreign countries; the rate and degree of market acceptance of any future products; the accuracy of our estimates regarding expenses, future revenues and capital requirements; our ability to obtain financing on terms acceptable to us; our ability to obtain and maintain intellectual property protection for our product candidates; the successful development of our sales and marketing capabilities; the success of competing drugs that become available; and the performance of third party collaborators and manufacturers.  These and additional risks and uncertainties are detailed in the Company’s filings with the Securities and Exchange Commission.

###

ADVANCED LIFE SCIENCES HOLDINGS, INC. AND SUBSIDIARY

(A Development Stage Company)

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	March 31,			December 31,
	2010			2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	2,787,456		$	2,841,801
Grant receivable	283,526			530,219
Prepaid insurance	122,233			111,761
Other prepaid expenses and deposits	133,520			88,535
Total current assets	3,326,735			3,572,316
PROPERTY AND EQUIPMENT:
Furniture and fixtures	214,380			244,072
Computer software and equipment	258,786			258,786
Leasehold improvements	177,253			177,253
Total property and equipment—at cost	650,419			680,111
Less accumulated depreciation	(606,019		)	(624,158		)
Property and equipment—net	44,400			55,953
OTHER ASSETS:
Commercial launch materials	2,760,936			2,760,936
Deferred offering and financing costs	10,174			13,566
Other long-term assets	25,000			25,000
Total other assets	2,796,110			2,799,502
TOTAL ASSETS	$	6,167,245		$	6,427,771
LIABILITIES AND EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable	$	549,023		$	604,334
Accrued payroll	416,896			664,436
Other accrued expenses	362,265			661,504
Accrued interest payable	73,194			73,194
Short-term lease payable	—			4,350
Line of credit	3,000,000			—
Short-term grant payable	500,000			—
Total current liabilities	4,901,378			2,007,818
Long-term grant payable	—			500,000
Long-term notes payable - related party	2,000,000			2,000,000
Line of credit	7,000,000			10,000,000
Total liabilities	13,901,378			14,507,818
COMMITMENTS AND CONTINGENCIES
EQUITY (DEFICIT):
Common stock, $0.01 par value—120,000,000 shares authorized; 100,372,067 issued and outstanding at March 31, 2010; 84,925,010 shares issued and outstanding at December 31, 2009	1,003,721			849,250
Additional paid-in capital	124,789,598			122,621,392
Deficit accumulated during the development stage	(133,527,452		)	(131,550,689		)
Noncontrolling interest in subsidiary	—			—
Total equity (deficit)	(7,734,133		)	(8,080,047		)
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	6,167,245		$	6,427,771

ADVANCED LIFE SCIENCES HOLDINGS, INC. AND SUBSIDIARY

(A Development Stage Company)

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

							Period From
							Inception
							(January 1, 1999)
	Three months ended March 31,						Through
	2010			2009			March 31, 2010
Revenue:
Management fees	$	—		$	—		$	1,161,180
Grants	479,824			411,485			4,549,416
Royalty—related party	—			—			45,238
Total revenue	479,824			411,485			5,755,834
Expenses:
Research and development	864,204			934,769			95,906,886
Contracted research and development—related party	—			—			7,980,299
Selling, general and administrative	1,341,829			1,508,953			34,713,315
Total expenses	2,206,033			2,443,722			138,600,500
Loss from operations	(1,726,209		)	(2,032,237		)	(132,844,666		)
Net other (income) expense:
Interest income	(5,435		)	(1,732		)	(2,965,858		)
Interest expense	255,989			252,718			4,441,604
Other (income) expense, net	—			—			146,092
Gain on sale of interest in Sarawak Medichem Pharmaceuticals joint venture	—			—			(939,052		)
Net other (income) expense	250,554			250,986			682,786
Net loss	(1,976,763		)	(2,283,223		)	(133,527,452		)
Less net loss attributable to the noncontrolling interest in subsidiary	—			—			—
Net loss attributable to Advanced Life Sciences Holdings, Inc.	(1,976,763		)	(2,283,223		)	(133,527,452		)
Less accumulated preferred stock dividends of subsidiary for the period	43,750			43,750			1,888,542
Net loss available to common shareholders	$	(2,020,513	)	$	(2,326,973	)	$	(135,415,994	)
Net loss per share available to common shareholders - basic and diluted	$	(0.02	)	$	(0.06	)
Weighted average shares outstanding - basic and diluted	92,642,185			41,779,634