CORRESP 1 filename1.txt vFinance, Inc. June 2, 2006 By Edgar, US Mail and Facsimile to: 202-772-9208 Ms. Margaret Fitzgerald United States Securities and Exchange Commission Division of Corporate Finance 100 F Street, N.E. Washington, D.C. 20549 Re: vFinance, Inc. Form 10-KSB for the Fiscal Year Ended December 31, 2005 Filed March 31, 2006 File # 001-11454 Dear Ms. Fitzgerald: We have reviewed your comment letter dated May 9, 2006 and have completed the response as per your instructions. We have indicated not only explanations as requested, but where necessary, I have included the proposed amended disclosure to the 10-KSB. If we have prospectively changed any of disclosures in response to your comments, in our most recent 10-Q filed on May15. 2006, it is so noted. We appreciate your assistance in making our disclosures as complete and informative for the investor as possible, and although some change may be required of the 10-KSB, we think you will find that we have already greatly improved our format and disclosures in our recently filed 10-Q for the period ended March 31, 2006. In connection with responding to your comments, vFinance Inc. acknowledges the following: 1. The Company is responsible for the adequacy and accuracy of the disclosure in the filing; 2. Staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; 3. The Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. We will amend our 10-KSB once you have indicated that we have answered all of your questions and modified the disclosures to your satisfaction. Thank you for your assistance thus far. You can call me any time to further discuss these issues at 561-981-1083. Sincerely, Sheila C. Reinken Chief Financial Officer vFinance, Inc. -1- Comment 1. Please revise your presentation to separately present the balance of your allowance for doubtful accounts. Response: We have prospectively changed the presentation of our Balance Sheet(s) to reflect the accounts receivable balance and separately disclose the allowance for doubtful accounts. A sample of this new format as extracted from our 10-Q filing for the quarter ended March 31, 2006: Consolidated Balance Sheet, Page F-2
vFinance, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS Assets: March 31, 2006 December 31, 2005 Unaudited -------------- -------------- Current Assets: Cash and cash equivalents $ 4,944,771 $ 4,427,406 Due from clearing broker 884,740 705,097 Investments in trading securities 694,793 870,306 Accounts receivable less allowance for doubtful accounts ($3,500 in 2006, $0 in 2005) 455,506 408,841 Notes receivable - employees 65,930 67,588 Prepaid expenses and other current assets 143,501 130,033 -------------- -------------- Total current assets 7,189,241 6,609,271 Furniture and equipment, at cost: Furniture and equipment 1,435,421 1,383,878 Software 173,890 173,890 -------------- -------------- 1,609,311 1,557,768 Less accumulated depreciation (950,439) (865,130) -------------- -------------- Furniture and equipment, net 658,872 692,638 Intangible assets, net 1,373,513 1,446,848 Other assets 242,828 313,327 -------------- -------------- Total assets $ 9,464,454 $ 9,062,084 ============== ==============
Further we have prospectively enhanced the disclosure in our footnote regarding the Accounts Receivable accounting policy from the wording in the 10-KSB to the wording noted below in blue which was included in the 10-Q. Accounts and Notes Receivable (as presented in the 10-KSB) Accounts and notes receivable balances are reviewed monthly to determine the Company's ability to collect such receivables. The Company records both a specific and general reserve on such balances as deemed appropriate. -2- Accounts and Notes Receivable (as presented in the 10-Q filed May 15, 2006): Accounts receivable consist of receivables incurred in the ordinary course of our business. The Company has a policy of establishing an allowance for uncollectible accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account may be in doubt. The allowance for uncollectible receivables at March 31, 2006 was $3,500 and as of December 31, 2005 was $0. Due to the immaterial nature of the allowance for the fiscal year ended 2005, ($0), we believe that the disclosure in our 10-KSB filing was adequate and we propose to amend our filings prospectively. Comment 2: Please revise your presentation to separately present interest and dividend income and interest expense. Response: The table below summarizes these amounts as they would have been presented if they had been presented separately on the Statements of Operations for the periods ended December 31, 2005 and 2004. Consolidated Statements of Operations, Page F-3 December 31, December 31, Description 2005 2004 Interest income 82,641 35,006 ---------------------------------------------- Dividend income 5,880 27,272 ---------------------------------------------- Interest expense (30,710) (283,982) ---------------------------------------------- Total $ 57,811 $ (221,704) ============================================== We will amend the presentation in the 10-KSB to reflect the presentation shown in the table above. Comment 3: Please revise your footnotes to include your accounting policy for determining costs of revenues, including how management tracks and determines the allocated overhead expenses and those specifically related to your revenue streams (i.e. costs of revenues). Response: This footnote was not a part of our 10-KSB. However, as a result of receiving the SEC's suggestion for expanded disclosure, we have prospectively changed the presentation in our footnotes to include language describing our accounting policy for cost of revenues. The following disclosure appeared in our 10-Q filing for the quarterly period ended March 31, 2006: -3- Cost of revenue The cost of revenue primarily consists of commissions paid (including those paid on success and consulting revenue), finder's fees and direct clearing and other transaction related costs including the costs associated with trading systems and fees imposed by electronic communications networks and various exchanges. Allocated overhead is not included in cost of revenue. We plan to amend our 10-KSB filing for the year ended December 31, 2005 to reflect this same disclosure language. Comment 4: Please revise your disclosure to include a description of your accounting policy for your allowance for bad debts. In your description, please discuss how management establishes and validates the accuracy of this estimate for losses and provide a roll forward of your allowance for all periods presented. Also, provide us a reconciliation of the changes in your allowance to the amounts reported in your Statement of Cash Flows. Response: Note 2: Significant Accounting Policies and Other Matters, Page F-6 Accounts receivable Presented below is the footnote as it appeared in the 10-KSB: Accounts and Notes Receivable Accounts and notes receivable balances are reviewed monthly to determine the Company's ability to collect such receivables. The Company records both a specific and general reserve on such balances as deemed appropriate. We have changed this footnote prospectively in our 10-Q filing for the period ended March 31, 2006 as follows: Accounts receivable Accounts receivable consist of receivables incurred in the ordinary course of our business. The Company has a policy of establishing an allowance for uncollectible accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account may be in doubt. The allowance for uncollectible receivables at March 31, 2006 was $3,500 and as of December 31, 2005 was $0. A receivable from one independent contractor in the amount of $157,096 accounted for 35% of the Company's accounts receivable balance at March 31, 2006. A receivable from one customer in the amount of $73,847, accounted for 18% of the Company's receivable balance at December 31, 2005. -4- In the amended 10-KSB, we will include the following revised footnote disclosure: Accounts receivable Accounts receivable consist of receivables incurred in the ordinary course of our business. The Company has a policy of establishing an allowance for uncollectible accounts based on its best estimate of the amount of probable credit losses in its existing accounts receivable. The Company periodically reviews its accounts receivable to determine whether an allowance is necessary based on an analysis of past due accounts and other factors that may indicate that the realization of an account may be in doubt. The allowance for uncollectible receivables at December 31, 2005 was $0 and as of December 31, 2004 was $6,014. As for the balances and reconciliation to the Statement of Cash Flows, the balance in allowance for doubtful accounts at 12/31/05 and 12/31/04 were $0 and $6,014, respectively. During fiscal 2005 additional reserves for bad debt totaled 69,657 and write offs against those reserves totaled $75,671 leaving a balance of $0. The provision adjustment of $69,657 on our statement of cash flows reflects the complete usage of all allowances as an adjustment to reconcile net income to net cash. Comment 5: Please revise your disclosure to include a description of how your accounting policy deals with lease expense, including how management takes rent holidays and escalations into account. Response: We propose to amend our 10-KSB to reflect the following disclosure: Note 2: Significant Accounting Policies and Other Matters, Page F-6 The Company has three operating leases for its office space, at its corporate headquarters in Boca Raton, Florida, a branch office in New York City, New York and its disaster recovery center in Mount Laurel, New Jersey. These leases generally require the Company to pay costs, such as real estate taxes, common area maintenance costs and utilities. In addition, these leases generally include scheduled rent increases and may include rent holidays. The Company accounts for material escalations and rent holidays on a straight-line basis over the initial terms of the leases, commencing on the date the Company can take possession of the leased facility. Resulting liabilities are recorded as short-term or long-term deferred rent liabilities as appropriate. These liabilities are then amortized as a reduction of rent expense on a straight-line basis over the life of the related lease. -5- Comment 6. Note 2: Significant Accounting Policies and Other Matters, Page F-6 Please revise your disclosure to address the impact of the newly issued accounting pronouncements. Response: We addressed this prospectively in our filing 10-Q for the period ended March 31, 2006 as noted: Recent accounting pronouncements In February 2006, the Financial Accounting Standards Board issued Statement No. 155 ("SFAS No. 155"), "Accounting for Certain Hybrid Instruments: An Amendment of FASB Statements No. 133 and 140". Management does not believe that this statement will have a significant impact as the Company does not use such instruments. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. We will revise our 10-KSB to reflect this same disclosure. Comment 7. We note in your disclosure that retainer fees are recognized as services are provided. Given this accounting treatment, we would anticipate a charge related to the deferred revenue. Please revise to quantify the amount of deferred revenue as of December 31, 2005, or clarify your accounting policy. Response: In our 10-KSB for the period ended December 31, 2005, we cited the following policy: Note 2: Revenue Recognition, Page F-6 The Company earns revenue (commissions) from brokerage and trading which is recognized on the day of the trade - trade date basis. The Company also earns revenue from investment banking and consulting. Monthly retainer fees for investment banking and consulting are recognized as services are provided. Investment banking success fees are generally based on a percentage of the total value of a transaction and are recognized upon successful completion. In our recently filed 10-Q, we reviewed our policy and revised the disclosure to read as follows: We earn revenue from brokerage and trading which is recognized on the day of the trade. We also earn revenue from investment banking and consulting. Monthly consulting fees for investment banking are recognized as earned. Investment banking success fees are generally based on a percentage of the total value of a transaction and are recognized upon successful completion. -6- It is the opinion of management that our fees are for providing consulting services in several areas of the investment banking process and we do not receive retainers for services to be rendered. Thus, we have revised our description to reflect the true nature of these fees as consulting revenue. The fees are related to specific projects and may or may not result in our doing additional work for the client. The projects are relatively short in duration, (normally they are completed in one month, sometimes lasting 3 months, and produce revenue that is nominal in value, (usually $10,000 to $30,000 in fees). In addition, some of this revenue is to satisfy the direct or indirect costs of performing this service. It is the opinion of management that because these fees may or may not lead to further engagement by the client, and that there is no guarantee that further engagement exists at the time this initial contract is signed, that this fee is the function of a stand alone process and that revenue is properly recognized during the service period. Comment 8: Please revise your disclosure to describe the nature of success fees and how they are earned and recognized. Response: Note 2: Revenue Recognition, Page F-6 Below is an excerpt from our 10-KSB followed by the language included in our 10-Q filing for the quarter ended March 31, 2006 changed prospectively to address the SEC's suggested revision: 10-KSB existing disclosure: The Company earns revenue (commissions) from brokerage and trading which are recognized on the day of the trade - trade date basis. The Company also earns revenue from investment banking and consulting. Monthly retainer fees for investment banking and consulting are recognized as services are provided. Investment banking success fees are generally based on a percentage of the total value of a transaction and are recognized upon successful completion. We propose to amend our 10-KSB for the period ended December 31, 2005 to read as follows: We earn revenue from brokerage and trading which are recognized at the time of execution. We also earn revenue from investment banking and consulting. Monthly consulting fees for investment banking are recognized as earned. Investment banking success fees are revenues that are paid only upon successful completion of a capital raise or similar transaction. Success fees are generally based on a percentage of the total value the customers benefit from the transaction. These fees are not accrued for at any time during the process of completing the transaction, but instead are booked when the transaction is "Successful" and the fees are earned as a result of the successful completion of that transaction. -7- Comment 9. Please provide us a schedule of our investments held as of December 31, 2005, indicating which companies are publicly held, which companies are privately held and the dollar amount of gains and losses recognized in FYE 2005 and FYE 2004 on each investment. Response: Note 2: Investments, Page F-8 In this item you have requested a schedule of our investments held as of December 31, 2005 and 2004. I have attached those schedules below respectively for three types of investments: securities traded in our market making activities, securities received in our investment banking transactions and warrants received in our investment banking transactions. As a matter of system limitations, we are only able to provide unrealized profit and loss by position on securities that we maintain in our success account and our warrant account. Securities maintained in our proprietary trading accounts are too voluminous to track manually, and we have been told that cost level tracking for every trade and position cannot be done within these accounts. Appendix A, tables 1 through 6 provide the details you requested. Comment 10: Please tell us how you have determined the values of your investments which are not publicly traded and those that are publicly traded but for which no active market exists. In your response, please tell us how you have considered restrictions on the shares and warrants in your valuation. You may wish to incorporate this information into the schedule requested in the prior comment. Response: All of our shares of common stock are publicly traded and valued by our clearing firm. If there is no ready market for the shares, then our clearing firm reflects no price for them; this results in an unrealized loss for the entire value of the shares (i.e. securities with no ready market are held at $0). Publicly traded shares that are readily tradable are priced using market data services of the clearing firm's choice. To the extent that shares are publicly traded, but the shares held are restricted and thinly traded, those shares are recorded at a 25% discount to the current market value. If restricted shares are not readily traded and pricing is unavailable, they are valued at $0 and an unrealized loss is recorded. Comment 11: We note that you have utilized the guidance in EITF 00-8 to value equity instruments obtained in the exchange for your investment banking services. For each of the equity grants you have obtained, please provide us your analyses under EITF 00-8 and tell us how you have determined the measurement date utilized for determining the fair values of these instruments. -8- Response: Equity instruments are received in one of three forms and are valued on the measurement date which is defined as the date at which we achieve the performance necessary to earn the equity instrument in accordance with EITF 00-8. The forms are unrestricted shares of a publicly traded company, (which are valued as discussed in comment 10), restricted shares or warrants. Comment 12: Please revise your footnote to include the disclosure required by paragraph 2(e) of SFAS 148. Response: We propose to amend our 10-KSB to reflect the following disclosure: Stock-based compensation In accordance with the provisions of SFAS 123, "Accounting for Stock-Based Compensation", as amended by SFAS 148 `Accounting for Stock Based Compensation - Transition and Disclosure- an amendment of FAS Statement No, 123" the company has elected to follow Accounting Principals Board Opinion ("APB") No 25, "Accounting for Stock Issued to Employees", and related interpretations in accounting for it's employee stock-based compensation plans. Under APB 25, if the exercise price of employee stock options equals or exceeds the fair value of the underlying stock on the date of grant, no compensation expense is recognized. Had compensation expense been determined consistent with SFAS 123, the Company's net income (loss) and earnings per share would have been changed to the following pro forma amounts:
For the year ended December 31, ---------------------------------- 2005 2004 ---------------- --------------- Net (loss) income applicable to common shareholders - as reported (1,137,398) 2,774,435 Total stock-based employee compensation expense under fair value method for all awards, net of income tax effect (406,171) (487,205) ---------------- --------------- Pro forma (loss) income applicable to common Shareholders (1,543,569) 2,287,230 ============== =============== Earnings per share Basic As reported $ (0.03) $ 0.08 Pro forma (0.04) 0.07 Diluted As reported - 0.08 Pro forma - 0.06
-9- Comment 13: Please revise your disclosure to include a discussion of the procedures performed to recognize and measure goodwill impairment, including a description of the facts and circumstances leading to the recognized impairment. Refer to paragraphs 19-22 and 47 of SFAS 142. Response: We have prospectively amended our 10-Q for the period ended March 31, 2006 as follows: Intangible assets Intangible assets consist of assets acquired in connection with acquisitions and include a customer list. The Company accounts for intangible assets in accordance with SFAS 142. The asset has been capitalized and is being amortized using the straight-line method over an expected useful life of five years. We plan to include the following disclosure in our amended 10-KSB to explain the procedures performed to recognize and measure goodwill impairment including a description of the facts and circumstances leading to the recognized impairment: On an annual basis, the Company reviews the recoverability of goodwill based primarily upon an analysis of discounted cash flows of the related reporting unit as compared to the carrying value or whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. Generally, the Company performs its annual assessment for impairment during the fourth quarter of its fiscal year, unless facts and circumstances require otherwise. During the fourth quarter of 2005, the Company determined that the goodwill associated with the acquisition of First Level Capital was no longer recoverable. This was as a result of determining that the final contributing brokers with the First Level Capital acquisition had left the firm in August of 2005 and therefore the discounted cash flows no longer exceeded the carrying value of goodwill. Therefore the entire amount of goodwill remaining, $420,000 was impaired, and fully written-off in December 2005. Comment 14: In order for investors to better understand the transaction in your goodwill balance, please provide a roll-forward of goodwill for all periods presented. Refer to paragraph 45(c) of SFAS 142 -10- Response: We propose to provide the following disclosure in our amended 10-KSB and have prospectively reflected similar information in our 10-Q for the period ended March 31, 2006: At December 31, 2005 and December 31, 2004 respectively, goodwill and intangible assets consisted of the following: Goodwill Assets at December 31, December 31, Description 2005 2004 Goodwill - First Level Capital 1,446,848 Goodwill - EquityStation - 420,000 ------------------------------------------ Impairment - First Level Capital (420,000) Total Goodwill $ - $ 1,446,848 =========================================== Intangible Assets at Useful Life December 31, December 31, Description (Years) 2005 2004 Customer list 5 1,466,848 - ------------------------------------------------- Accumulated amortization - - ------------------------------------------------- Total intangible assets $ 1,466,848 $ - ================================================= During the period ended December 31, 2005 the Company performed an impairment analysis of it's goodwill and in accordance with FAS 142 paragraph 20 noted that the carrying amount of the intangible assets exceeded the implied fair value of the assets and thus recorded an impairment charge of $420,000. The Company acquired selected assets of Global Partner's Securities and the broker-dealer, EquityStation, Inc. in November 2004. The Company recorded the goodwill associated with the transaction initially in December 2004. The Company initially considered the goodwill to be associated with the brand EquityStation and therefore it was recorded as an intangible asset with an indefinite life so no amortization was recorded, in accordance with SFAS 142. During the first year after the acquisition, the Company determined that there was no brand equity associated with the EquityStation name and that it would provide no useful utility and that the goodwill instead was attached to the associated customer lists. The goodwill was assigned to an amortizable intangible asset, customer lists, in December 2005 and subsequently became amortizable over the average useful life. The average life of the customer list was determined to be 5 years based upon the historical norms of EquityStation customer relationships. Management did not believe that amortization expense should have been recorded during the period from November 2004 through November 2005 because during that time, the goodwill was assigned to an intangible with an indefinite life, the brand "EquityStation". -11- Comment 15: We note that in 2005, you re-classed $1.4 million out of goodwill and into customer relationships. In regards to this reclassification, please revise to include the following: o The events which lead to this reclassification o How management determined a 5 years amortization period was appropriate, and o How management has accounted for the amortization of this intangible which should have been recognized from November 2004 to November 2005. Response: (Please read the response to comment 14 above .) We propose to provide the following disclosure in our amended 10-KSB: Intangible Asset The carrying value of intangible assets as well as other long-lived assets is reviewed annually and if the facts and circumstances suggest that they may be impaired. If this review indicates that the assets will not be recoverable, as determined based on the undiscounted estimated cash flows of the Company over the remaining amortization period, the Company's carrying values of the assets would be reduced to their estimated fair values in accordance with Statement of Financial Accounting Standards No. 144, ACCOUNTING FOR THE IMPAIRMENT OR DISPOSAL OF LONG-LIVED ASSETS ("FAS 144"). Among other factors considered in such evaluation is the historical and projected operating performance of business operations, the operating environment and business strategy, competitive information and market trends. As a result of the acquisition of EquityStation and certain assets of Global Partners Securities in November 2004, the Company recorded goodwill in the amount of $1,446,848. The Company had goodwill of $1,866,848 as of December 31, 2004, which constituted approximately 19% of our total assets. In November 2005, the Company reassessed the allocation of the original purchase price of EquityStation and Global and re-classified the goodwill to customer lists. This reclassification is as a result of a determination by management that the value in the name recognition that was believed to be the primary benefit from the acquisition was no longer going to be a focus by management. The EquityStation name is going to be phased out starting in 2006. As such, management reevaluated its acquisition, as it has the right to do within the first 12 months, and determined that the value it obtained in the acquisition remained in the customer relationships and the customer lists that it purchased in November 2004 . The customer lists will be amortized over 5 years based on the company's historical review of its customer relationships. No amortization expense has been recorded through December 31, 2005 because the amount of amortization for the last 6 weeks of the year was deemed to be immaterial. The amortization was determined to become effective January 1, 2006. Management continues to evaluate this balance on an ongoing basis and as a result of this evaluation, has impaired the remaining goodwill by $420,000 against its First Level acquisition. Management believes that there has not been an impairment of its remaining long-lived assets as of December 31, 2005. The Company's remaining goodwill balance as of December 31, 2005 was $0. -12- Comment 16: Please revise to disclose why management did not believe interest could be collected on the forgivable loans and to further explain why no interest should be imputed on the loans. Response: We propose to provide the following disclosure in our amended 10-KSB: Forgivable Loans In order to remain competitive in the marketplace, the Company has previously granted forgivable loans to certain employees, primarily registered representatives, as part of their compensation package in order to attract them to join the firm. The terms of the loans ranged from two to five years with scheduled maturity dates from 2002 to 2005. For each year the employee was in good standing with the Company, the Company forgives a ratable portion of the loan and charges this amount to compensation expense. If the employee is terminated, the principal balance is due and payable within 120 days. Historically the Company has not been able to collect any monies due on forgivable loans and has since limited the practice of granting these loans. The loans do not bear interest and interest is not imputed because the Company's ability to collect such interest would not be probable. As of December 31, 2005, the balance of the forgivable loans was $0, as the balance was fully amortized in 2005. The loans have historically not borne interest although imputed interest would have been the more correct accounting treatment, though against the industry norm. The company has determined that had it imputed interest for the periods ended December 31, 2004 and December 31, 2005, at a rate of 7.125% per annum, this amount would have been $3,405.76 and $82.47 respectively, and immaterial to the financial statements. Imputed Interest on Forgivable Loans at 12/31/04 & 12/31/05
Loan Receivable Interest Rate Imputed Interest Balance @ January 1, 2004 86,758.50 7.125% 515.13 79,675.17 7.125% 473.07 72,591.84 7.125% 431.01 65,508.51 7.125% 388.96 58,425.18 7.125% 346.90 51,341.85 7.125% 304.84 44,258.51 7.125% 262.78 37,175.18 7.125% 220.73 30,091.85 7.125% 178.67 23,008.51 7.125% 136.61 15,925.18 7.125% 94.56 Balance @ December 21, 2004 8,841.85 7.125% 52.50 ---------------- Total Imputed Interest @ 12/31/04 3405.76 ================ Balance @ January 1, 2005 6,597.22 7.125% 39.17 4,513.89 7.125% 26.80 2,430.56 7.125% 14.43 347.22 7.125% 2.06 Balance @ December 31, 2005 0 ---------------- Total Imputed Interest @ 12/31/05 82.47 ================
-13- Comment 17: Please revise to disclose to whom the forgivable loans were being made and to disclose the purpose of the loans. Response: Disclosure existing in 10-KSB (amended language is in blue) In order to remain competitive in the marketplace, the Company previously granted forgivable loans to certain employees, primarily registered representatives, as part of their compensation package in order to attract them to join the firm. (Please refer to the answer to comment 16 above for the full paragraph disclosure.) The loans were not made to officers or directors of the company. Comment 18: Please revise your presentation of the pro forma financial statements to clearly explain the periods presented and the assumptions being made in the pro forma presentation. Clarify how this disclosure complies with paragraph 54 of SFAS 141. Response: Since the acquisition occurred in November 2004, the pro-forma presents the statement of operations giving effect to the acquisition as if it had occurred on January 1, 2004. There is no pro-forma presented for the year ended December 31, 2005 due to the fact that the acquisition had occurred prior to January 1, 2005. Comment 19: Please revise to discuss the events which triggered the impairment of your investment in JSM joint venture, and discuss the timing of your charge. In your revision, please specifically discuss the events which occurred between December 31, 2004 and August 2005 that indicated an impairment of the investment existed. Response: We propose to provide the following amended disclosure in our amended 10-KSB (amended language is shown in blue): On January 1, 2003, the Company entered into a Joint Venture Agreement with JSM Capital Holding Corp. ("JSM"), a retail brokerage operations headquartered in New York and founded by John S. Matthews, and on December 19, 2002 an Independent Contractors Agreement with John S. Matthews for him to be a registered representative with the Company. The Company issued JSM 1,000,000 warrants to purchase its common stock at an exercise price of $0.20 in exchange for a 19% equity position in JSM. The warrants were valued using the Black-Scholes valuation method which calculated the value to be $0.08 per warrant, or $80,000. The Company accounts for this investment using the cost method. Effective May 1, 2003, vFinance merged its "company-owned" retail branches into JSM. Effective upon such merger JSM became an independent contractor of the Company. During the month of August, the Company became aware of what it believed was a material breach in its contract with JSM, the breach was caused by a failure to disclose business that John S. Matthews was doing away from the firm. The failure to disclose was not only a breach of the contract, but also a failure by John S. Matthews to comply with the broker dealer's supervisory procedures and with NASD and SEC regulations. These activities were deemed to be so egregious, that the firm had no option but to terminate its contract with John S. Matthews and JSM for cause. In August 2005, the relationship between the Company and John S. Matthews and JSM was terminated, and management fully impaired the investment in the last quarter of 2005, when it determined that JSM had no remaining material assets or operations. -14- Comment 20: Please revise the Liquidity section of MD&A to discuss that management does not believe that future income will be sufficient to allow for the utilization of net operating losses, resulting in the valuation allowance against your deferred tax assets. Response: We will append the following language to our Liquidity and Capital Resource section of the M, D & A for our 10-KSB: For the period ended December 31, 2005, we had a gross deferred tax asset of $4,622, 252 which was offset by a valuation allowance in the amount of $4,622,252 which amounted to a net deferred tax asset of $0. The valuation allowance was recorded against certain deferred tax assets that have been generated from net operating losses. In evaluating whether we would recover these deferred tax assets, we have not assumed any future taxable income in the jurisdictions associated with these carry-forwards. Management believes that based on its history of generating operating losses, that the ability to realize the benefit of the net operation losses to offset future taxable income is uncertain. However, future income generation and/or the use of tax planning strategies to recover these deferred tax assets could lead to the reversal of these valuation allowances and a reduction of income tax expense. We believe that our estimates for the valuation allowances reserved against the deferred tax assets are appropriate based on current facts and circumstances. However, other people applying reasonable judgment to the same facts and circumstances could develop a different estimate of these factors. Comment 21: We note that in 2001, you entered into a financing arrangement with SBI. In regards to your loan with SBI, please revise your filing to include the following: o How management calculated the imputed interest to be $563,000 at the date the agreement was executed o How management calculated the beneficial conversion feature and commitment date utilized for measurement purposes Refer us to the accounting literature you have considered. -15- Response: This information has been disclosed in our 2005 10-KSB: In accordance with EITF Issue No. 00-27, (APPLICATION OF ISSUE NO. 98-5),ACCOUNTING FOR CONVERTIBLE SECURITIES WITH BENEFICIAL CONVERSION FEATURES OF CONTINGENTLY ADJUSTABLE CONVERSION RATIOS, IN CERTAIN CONVERTIBLE INSTRUMENTS, and APB # 21 (INTEREST ON RECEIVABLES AND PAYABLES) the Company recorded an imputed interest factor related to the Note Purchase Agreement of $563,000. The Company fully expensed the beneficial conversion factor due to the fact that the SBI Note was immediately convertible. The net one time charge to the financial statements was $412,000. Response: We will append the following language to our 10-KSB disclosure: The imputed interest was calculated using a discount rate of 24% per annum on the original note balance of $975,000 which amounted to $563,000. This imputed interest was being amortized over four years, the life of the note. The beneficial conversion feature ("BCF") was calculated based on a conversion price of $0.285 per share convertible into 3,421,053 shares on November 28, 2001, the date the note was issued, when the common stock was selling at $0.74 per share. The BCF = $0.74 - $0.285 = $0.455 * 3,421,053 = $1,556,579. At the time, the note's principal balance was only $412,000 (975,000 - $563,000 in imputed interest) so $412,000 was the maximum amount recorded as BCF. Comment # 22: Please revise to clearly disclose the relationship between vFinance and NFS, including the nature of the services provided, the specific terms of the incentive calculation and how management determined the terms of the incentive calculation to be very achievable Response: Please see response to note 25 below. Comment # 23: We note that during March of 2004 with the NFS acquisition of CSC, "potential breached under the credit facility" arose. Please revise to more clearly explain how this acquisition created the potential breaches noted and the business purpose for NFS agreeing to directly pay down the UBS credit facility for your benefit. Response: Please see response to note 25 below. Comment # 24: In regards to the $200,000 transition cost paid by NFS, please revise to disclose how you determined these costs should be accounted for as a reduction to clearing and transaction costs. -16- Response: In accordance with Staff Accounting Bulletin 104 on Revenue Recognition, the Company matched the benefit and expense in the proper period. The $200,000 was paid to vFinance to directly offset costs associated with the changing clearing relationship and to defray setup costs which include but are not limited to upgrades in technology required to use the new clearing firm. Comment # 25: We note that as a result of the repayment of your credit facility by NFS, you have recognized a gain of $1.5 million. Please tell us the accounting literature you have relied upon in determining the appropriateness of recognizing the full amount as a gain as it appears to be contingent upon maintaining your relationship with NFS. Response: The forgiveness of indebtedness was not directly related to the relationship with NFS nor is it contingent upon maintaining this relationship. Although the amount of the forgiveness of indebtedness is an amount that approximates the termination fee, this is coincidental and not directly related to the forgiveness of indebtedness. The accounting literature relied upon was Staff Accounting Bulletin 104, Revenue Recognition. Please see the proposed revised disclosure below explaining the full facts and circumstances. Note 8: Debt, page F-20 8. Debt On January 25, 2002, vFinance, Inc. entered into a Credit Agreement (the "Credit Agreement"), as amended on April 12, 2002, with UBS Americas, Inc. ("UBS"). UBS was an affiliate of Correspondent Services Clearing ("CSC"), the clearing firm for the Company at the time pursuant to a Clearing Agreement (the "CSC Clearing Agreement"). Under the terms of the Credit Agreement, UBS provided vFinance, Inc. (not vFinance Investments, Inc.) with a revolving credit facility for up to $3,000,000 to facilitate our continued investment is our general corporate infrastructure, for the purpose of supporting the expansion of our brokerage business, and expanding our general operations including but not limited to our broker-dealer operations. The Credit Facility had a term of 4 years, was required to be repaid in full by January 2005, and accrued interest at LIBOR plus a LIBOR margin of 2% if the loan was repaid within a month or 5% if it was outstanding more than a month. vFinance, Inc. borrowed $1,500,000 under the Credit facility on January 28, 2002 leaving an additional $1,500,000 in available funds to be drawn upon by vFinance, Inc. vFinance, Inc. was required to obtain matching financing for each $1,500,000 drawn under the Credit Facility which matching financing was in fact obtained in order for vFinance to draw upon the first $1,500,000 loan pursuant to the Credit Facility. -17- In June 2003, Fidelity Investments, on behalf of its clearing division, National Financial Services LLC, Member NYSE / SIPC, a Fidelity Investments company ("NFS"), announced that it had acquired CSC Pursuant to such acquisition, the Credit Facility was to remain with UBS notwithstanding the sale of the clearing from CSC to NFS. At the time such acquisition was announced CSC, UBS, and NFS all advised vFinance, Inc. that they did not intend to honor the second draw obligation under the UBS Credit Facility to extend the additional $1,500,000 in funds to vFinance, Inc. although none of the parties claimed in any way that vFinance, Inc. was in breach of the UBS Credit Facility and otherwise not be entitled to request or receive such draw. CSC, UBS, and NFS found themselves with a contractual and business dilemma - the vFinance Investments, Inc. clearing relationship was supposed to move to NFS but the UBS Credit Facility which was between vFinance, Inc. and UBS. vFinance, Inc. was demanding that UBS honor such request because vFinance, Inc. was in the process of arranging for additional matching financing as it did with respect to the original draw of $1,500,000. vFinance, Inc. was claiming to such parties that failure to fund was a clear breach of the Credit Facility. vFinance, Inc. then learned that NFS was required to enter into a new clearing agreement with vFinance Investments, Inc. pursuant to NYSE rules and could not just take an assignment of the vFinance Investments, Inc./CSC Clearing Agreement. vFinance, Inc. would not permit vFinance Investments, Inc. to enter into a new clearing agreement until the failure to fund and consequent breaches by UBS, CSC and NFS herein with respect UBS Credit Facility were addressed. vFinance, Inc. further became aware that Fidelity Investments transaction with CSC in June 2003 could be viewed as a technical and inadvertent breach by vFinance, Inc. under the Credit Facility which would arise if the Company moved its clearing from CSC to another firm. Such a move could have caused a default - in effect NFS and CSC created an arguable breach by vFinance, Inc. independent of any actions by vFinance, Inc. This was in the Company's view bad faith and certainly further grounds for vFinance, Inc. to allege that UBS was in breach of the Credit Facility in addition material breach of the Credit Facility by UBS as a result of its position that it was not going to fund the additional $1,500,000 draw. In addition, vFinance, Inc. learned that FMR Corporation ,an affiliate of NFS, had provided a guaranty of the Credit Facility to UBS pursuant to the June 2003 purchase transaction of the CSC clearing business between FMR and UBS. Thus, UBS and FMR Corp. were obligated under the Credit Facility with respect to any liabilities for potential breaches by UBS or FMR Corp. or their affiliates. In light of the above, vFinance, Inc. recognized that it had very viable damage claims and UBS, CSC, FMR Corp. and NFS had potential liability in the $4,500,000 to 5,000,000 range as follows: i. Not being able to collect from vFinance, Inc. the $1,500,000 outstanding loan representing the first draw; ii. $1,500,000 representing the unfunded Credit Facility balance, which vFinance, Inc. needed for additional working capital; iii. $1,500,000 representing consequential damages arising from vFinance, Inc.'s inability to get matching funding (vFinance, Inc. used the UBS Credit Facility to attract investors who would match the UBS financing as it did in the first $1,500,000 draw); iv. Lenders liability and punitive damages based on "bad faith"; and v. Recovery of legal fees and costs. In March 2004, vFinance, Inc., UBS and FMR Corp. agreed to settle these potential claims for the following consideration: FMR Corp. would pay off the vFinance, Inc. $1,500,000 note (representing the first draw under the UBS Credit Facility) to UBS through a direct payment from FMR Corp. to UBS in the amount of $1,500,000 pursuant to its stated guaranty agreement between UBS and FMR Corp., thus making such payment part of their original purchase price of the clearing business from CSC/UBS and eliminating the potential liability and damages described above. vFinance, Inc. would benefit from the $1,500,000 note pay off but as consideration agree to a full release of UBS and the termination of the Credit Facility and thereby waive its right to draw upon an additional $1,500,000 in capital and the ability to use such loan match to attract an additional $1,500,000 in additional financing similar to what vFinance, Inc. accomplished in the first $1,500,000 draw of the Credit Facility. Thus, vFinance, Inc.'s quid pro quo or consideration for the loan payoff was its relinquishment of $3,000,000 in additional potential working capital plus recovery for any consequential, punitive or lenders liability damages as well as recovery of legal fees and costs. -18- During March 2004, vFinance Investments, Inc. (not vFinance, Inc.) entered into a new clearing agreement with NFS (the "NFS Clearing Agreement"). The terms and conditions of the NFS Clearing Agreement were identical to the CSC Clearing Agreement in all material respects including the Exhibit A clearing charges imposed on vFinance Investments, Inc. by NFS, except with respect to the margin bonus provision in Exhibit A of the NFS Clearing Agreement. The goal of the Company with respect to such margin bonus provision was to recoup in part the loss of working capital of approximately $3,000,000 that the Company could have realized with the second draw of the Credit Facility ($1,500,000 second draw) and the opportunity to find matching funds ($1,500,000 match). Thus, the margin bonus was designed to provide $1,500,000 in additional funds to vFinance Investments, Inc. by requiring NFS to pay to vFinance Investment, Inc., over 60 months, a monthly incentive bonus not to exceed $25,000 per month up to a margin bonus of $1,500,000 in the aggregate. In order to achieve the $1,500,000 bonus and to accommodate the Company for lack of additional capital, NFS and vFinance Investments, Inc. agreed that the bonus calculation apply retroactively to January 2004, three months prior to the execution of the NFS Clearing Agreement, and end 60 months later, three months prior to the termination of the NFS Clearing Agreement. The margin bonus formula is based on 5% of the margin balance vFinance Investments, Inc. maintains with NFS prorated over 12 months but not to exceed $25,000 per month. In effect, this would require vFinance Investments, Inc. to maintain a minimum margin balance of $5,000,000. vFinance Investments, Inc. has consistently maintained a margin balance in the average range of approximately $9,000,0000 to $10,000,000 and such margin balance has not fallen below $7,000,000 in any month since January 2004. Therefore since the margin bonus was designed in such a fashion to be very achievable by vFinance Investments, Inc. since January 2004 such bonus has been realized and paid by NFS with $300,000 through December 31, 2005 included in the related statements of operations as "other brokerage related income". In addition, NFS and vFinance Investments, Inc. acknowledged that vFinance Investments, Inc. would incur integration and transition costs associated with moving the clearing relationship from CSC to NFS. Thus Exhibit A of the NFS Clearing Agreement required NFS to provide vFinance Investments, Inc. with a payment due upon signing of the March 2004 NFS Clearing Agreement equal to $200,000 to assist the company with transition costs related to the conversion from CSC to NFS. This amount was paid to vFinance in March 2004 and was included in the first quarter's statement of operations as a reduction to clearing and transaction costs in accordance with SAB 104. Essentially the Company is attempting to properly match the expenses and offsetting credits from the clearing firm in the proper period. The NFS Clearing Agreement requires a termination fee of $1,700,000 should vFinance discontinue using NFS' services. This amount was agreed upon by the Company in light of receiving a margin bonus ($1,500,000) which is recognized into income monthly at a rate of $25,000 per month and integration and transition payments fees received ($200,000). This termination fee is reduced, pro rata, annually over the five year term of the agreement. The only condition for the annual reduction of the termination fee is that vFinance Investments, Inc. must remain a broker dealer and that vFinance Investments, Inc., may not use another clearing firm without NFS' consent. Comment 26 Please provide us a roll-forward of your accrual related to litigation for all periods presented, detailing additions and reductions to the accrual and payments made for settlements and identifying the cases for which payments were made. Response: We have included below the accruals for potential litigation settlements for the periods ended December 31, 2004 and 2005. -19- Between January 1, 2004 and December 31, 2005, there were no settlements that took place against reserves established for what management deemed to be cases of a material value. Details of less material cases are available upon request, but were not deemed to be part of the scope of this question. 2004 Litigation Reserves Customer/Complaintant Reserve Tuscano unsuitable investments 100,000 Lesley Levine unsuitable tades 35,000 Marie Chimento et al unsuitable trades 35,000 Beitman mutual fund breakpoint 35,000 TOTAL 205,000 2005 Litigation Reserves Customer/Complaintant Reserve Tuscano unsuitable private placement $100,000 Lesley Levine unsuitable trades $ 35,000 Marie Chimento et al unsuitable trades $ 35,000 Beitman mutual fund breakpoint $ 35,000 Grimaldi unauthorized $ 15,000 $220,000 Comment 27 We note that in August 2001, you determined to liquidate your investment in Critical Investments, LLC. Please tell us why you consider this liquidation a contingency. Response: We don't consider it a contingency. It was already determined and done. We will remove the reference to this event from the amended 10-KSB disclosure. Comment 28 Please revise your officer certifications to exclude the titles of your officers in the opening paragraph and exclude the reference to the "Annual Report" in the second paragraph of your certifications. The language of the certifications required by Section 302 of Sarbanes Oxley and our rules under that section shall not be altered. Please revise your certifications accordingly. Response We revised our certifications to exclude officer titles as required by Section 302 in our recently filed 10-Q for the period ended March 31, 2006. We will do the same for our amended 10-KSB. -20- Vfinance Investments December 31, 2004 Restricted Securities Appendix A Table 1
Name Symbol Shares Stock Basis Market Value Unrealized P(L) ---- ------ -------- ----------- -------------- --------------- RESTRICTED AMER ENERGY PRODUCTION INC AMEP 40 - 0.48 0.48 GAIN RESTRICTED BERDY MEDICAL SYSTEMS INC 327 - - - GAIN RESTRICTED BRIGHTCUBE BRCU 63,600 - - GAIN RESTRICTED CARMINA TECHNOLOGIES INC 325 552.50 (552.50) LOSS RESTRICTED CELL SOURCE (CELLBIO SYSTEMS) CBSI 162,500 - 10,562.50 10,562.50 GAIN RSTK CASTLE & MORGAN CSMH 25,000 - 6,250.00 6,250.00 GAIN FOCUS ENHANCEMENTS INC FCSE 13,041 22,300.11 14,866.74 (7,433.37) LOSS FOCUS ENHANCEMENTS INC FCSE 34,783 46,957.05 39,970.95 (6,986.10) LOSS MAGNITUDE INFO SYS 67,000 - 8,710.00 8,710.00 GAIN RESTRICTED COM-GUARD.COM INC CGUD 152,000 55,480.00 9,120.00 (46,360.00) LOSS RESTRICTED DCM 25 - GAIN RESTRICTED GENESIS TECHNOLOGY GTEC 5,000 640.00 500.00 (140.00) LOSS RESTRICTED IBX GROUP INC IBXG 20,000 3,500.00 60.00 (3,440.00) LOSS RESTRICTED JUNIPER GROUP INC JUNI 3,719 10,710.00 (10,710.00) LOSS RESTRICTED KIRSHNER ENTNT & TECHNOLOGIES KSHRE 500,625 - - GAIN RESTRICTED LOCATEPLUS HOLDINGS LPLHB 100,000 28,500.00 25,000.00 (3,500.00) LOSS RESTRICTED MEDICOR LTD (SCIENTIO INC) MDCR - - - GAIN RESTRICTED MOBILE REACH INTL MBRI.OB 167,344 61,917.28 7,028.45 (54,888.83) LOSS RESTRICTED MPTV INC NEW 10,000 10.00 (10.00) LOSS RESTRICTED NEWPORT INTL GROUP NWPI 500 820.00 880.00 60.00 GAIN RESTRICTED NEXIA HOLDINGS INC 2,002 2.00 (2.00) LOSS RESTRICTED OMDA OIL & GAS INC OMOG 3,778 - 49.11 49.11 GAIN RESTRICTED PHC INC MASS CL A PIHC.OB - - - GAIN RESTRICTED PLANET LINK PLKC 3,750 101.25 37.50 (63.75) LOSS RESTRICTED PRIMARY BUSINESS SYS. INC PYBS.OB 50,000 27,750.00 750.00 (27,000.00) LOSS RESTRICTED SENSE HOLDINGS SEHO 14,650 2,930.00 2,344.00 (586.00) LOSS RESTRICTED THE FINX GROUP INC FXGP 385,000 - 1,540.00 1,540.00 GAIN RESTRICTED VALESC Inc VLES 25,000 28,750.00 500.00 (28,250.00) LOSS RESTRICTED XSTREAM BEVERAGE GROUP INC XSBG.OB 1,122 5,160.97 (5,160.97) LOSS WARRANTS NEW DRAGON ASIA CORP NWDWS 1,500 52.50 15.00 (37.50) LOSS Total Gross 128,184.73 Less Haircut 25% Net Book Value $ 96,138.55
Vfinance Investments December 31, 2005 Restricted Securities Appendix A Table 2
Name Symbol Shares Stock Basis Market Value Unrealized P(L) RESTRICTED AMER ENERGY PRODUCTION INC AMEP 40 0.00 1.96 1.96 GAIN RESTRICTED BERDY MEDICAL SYSTEMS INC 327 0.00 - - GAIN RESTRICTED BRIGHTCUBE BRCU 63,600 0.00 - - GAIN RESTRICTED CARMINA TECHNOLOGIES INC 65,000 110,500.00 (110,500.00) LOSS RESTRICTED CELL SOURCE (CELLBIO SYSTEMS) CBSI 125,000 0.00 21,000.00 21,000.00 GAIN RESTRICTED CASTLE & MORGAN CSMH 25,000 0.00 - GAIN RESTRICTED DIGITAL VIDEO SYS INC DVID 50,000 53,500.00 80,000.00 26,500.00 GAIN RESTRICTEDMAGNITUDE INFO SYS MAGY 67,000 0.00 5,159.00 5,159.00 GAIN RESTRICTED COM-GUARD.COM INC CGUD 152,000 55,480.00 5,320.00 (50,160.00) LOSS RESTRICTED COM-GUARD.COM INC CGUD 331,650 11,607.75 11,607.75 - GAIN RESTRICTED DCM 25 0.00 - - GAIN RESTRICTED GENESIS TECHNOLOGY GTEC 5,000 640.00 260.00 (380.00) LOSS RESTRICTED IMEDIA INC IMNLE 23,875 0.00 5,730.00 5,730.00 GAIN RESTRICTED IBX GROUP INC IBXG 20,000 3,500.00 20.00 (3,480.00) LOSS RESTRICTED INZON CORP IZON 4,775 1,432.50 4,412.10 2,979.60 GAIN RESTRICTED JUNIPER GROUP INC JUNI 29,750 10,710.00 - (10,710.00) LOSS RESTRICTED KIRSHNER ENTNT & TECHNOLOGIES KSHRE 500,625 0.00 - GAIN RESTRICTED LOCATEPLUS HOLDINGS LPLHB 100,000 28,500.00 7,400.00 (21,100.00) LOSS RESTRICTED MEDICOR LTD (SCIENTIO INC) MDCR - 0.00 - - GAIN RESTRICTED MOBILE REACH INTL MBRI.OB 25,000 17,500.00 17,500.00 GAIN RESTRICTED MOBILE REACH INTL MBRI.OB 167,344 61,917.28 (61,917.28) LOSS RESTRICTED MPTV INC NEW 10,000 10.00 - (10.00) LOSS RESTRICTED NARROWSTEP NRWS 109,517 158,799.65 110,945.50 (47,854.15) LOSS RESTRICTED NEWPORT INTL GROUP NWPI 500 820.00 375.00 (445.00) LOSS RESTRICTED NEXIA HOLDINGS INC NEXH 2 2.00 - (2.00) LOSS RESTRICTED NOBLE HSE INC COM NEW ISSUE NHSEF 21,650 0.00 7,144.50 7,144.50 GAIN RESTRICTED NOVELOS THERAPEUTICS INC NVLT 28,620 0.00 57,240.00 57,240.00 GAIN RESTRICTED OMDA OIL & GAS INC OMOG 3,778 0.00 15.11 15.11 GAIN RESTRICTED PHC INC MASS CL A PIHC.OB - 0.00 - - GAIN RESTRICTED PLANET LINK PLKC 3,750 101.25 15.00 (86.25) LOSS RESTRICTED PRIMARY BUSINESS SYS. INC PYBS.OB 50,000 27,750.00 (27,750.00) LOSS RESTRICTED SENSE HOLDINGS SEHO 14,650 2,930.00 3,809.00 879.00 GAIN RESTRICTED THE FINX GROUP INC FXGP 385,000 0.00 - - GAIN RESTRICTED VALESC Inc VLES 25,000 28,750.00 500.00 (28,250.00) LOSS RESTRICTED XSTREAM BEVERAGE GROUP INC XSBG.OB 1,122 5,160.97 (5,160.97) LOSS Total Gross 338,454.92 Less Haircut 25% Net Book Value $ 253,841.19
Vfinance, Inc. Trading Securites December 31,2004 Appendix A Table 3
Description Shares Price Long Short AUSTRALIAN AGRICULTURAL 10 0.00 0.01 A21 GROUP, INC 16,000 0.13 2,000.00 COR EQUITY HOLDING(WEBSTATION.COM INC) 5 0.02 0.10 BIOTECH MEDICS (CORBEL HOLDINGS INC 75 0.08 6.00 DATA RACE INC 70,748 0.00 70.75 ECOMMERCE TOOLS 21 0.00 EMPIRE OF CAROLINA 160,000 0.00 160.00 EVEROCK INC 50,000 0.01 250.00 INTRAC INC NEW 2002 3,605 3.35 12,076.75 NETFRAN DEVELOPMENT CORP 653 0.10 65.30 RAMP CORP 4,423 3.47 15,347.81 SHARPE RESOURCES CORP 20,000 0.04 700.00 SNACKIE JACK'S LTD 100,000 0.00 400.00 TGFIN HOLDINGS 62,074 0.09 5,586.66 VIRTGAME CORP 27,960 0.39 10,904.40 Asstd securities 34,657.33 MOBILE RESEARCH INTL INC COM (100) 0.06 (6.00) VIRTGAME CORP 690 0.39 269.10 0.00 SIX FLAGS (1,000) 5.37 (5,370.00) GENOIL INC ISIN #CA3719241018 SEDOL #24440 (1,000) 0.35 (350.00) MAVERICK OIL & GAS INC * Due from you (200) 1.59 (318.00) A21 INC * Due from you (931) 0.13 (121.03) EAST DELTA RES CORP * Due from you (200) 0.60 (120.00) ICRYSTAL INC COM NEW 7 0.15 1.05 GAMING TRANSACTIONS INC COM 5 0.25 1.25 CYBERCARE INC 600 0.01 4.80 THEMESCAPES INC 5,425 0.00 5.43 LANDSTAR INC 5,000 0.00 10.00 BATTERY TECHNOLOGIES INC ISIN #CA07132T102 10,500 0.00 10.50 TRIM IMAGE INC 15,000 0.00 15.00 AMER INTL PETE CORP COM PAR $0.08 NEW 6,000 0.00 18.00 METAL RECOVERY TECHNOLOGIES INC 6,700 0.00 20.10 WORLDS.COM INC 5,000 0.01 30.00 ELECTROPURE INC 500 0.07 35.00 PACIFIC MAGTRON INTL CORP 500 0.07 35.00 AMS HOMECARE INC COM NO PAR ISIN 480 0.08 38.40 SILVERADO FINL INC 200 0.21 42.00 UNITED DEV INTL COM 5,000 0.01 45.00 WORLDBID CORP 1,000 0.05 48.00 DIXON OIL & GAS INC COM NEW 5,000 0.01 50.00 GLOBAL INDL SVCS INC 4,050 0.01 52.65 WORLD TRANS AUTH INC ISIN #CA9819241030SED 8,000 0.01 64.00 LEGEND INTL HLDGS INC 500 0.13 65.00 REWARD ENTERPRISES INC COM NEW 1,667 0.04 66.68 SOUTHWESTERN WATER EXPLORATION CO 10,000 0.01 80.00 ACIES CORP COM N/C FROM 049077100 500 0.20 100.00 OTISH MTN DIAMOND CO 500 0.20 100.00 U S WIND FARMING INC 5,000 0.02 100.00 BPK RES INC 2,000 0.07 132.00 FG INTL INC 10,000 0.02 150.00 CITYVIEW CORP LTD NEW ISIN #AU000000CVI8 S 5,000 0.04 175.00 INTL AIRLINE SUPPORT GROUP INC COM NEW 9,000 0.02 180.00 HIGH RD INTL INC 100,000 0.00 200.00 MOUNTAINS WEST EXPL INC NEW MEX 5,000 0.04 200.00 TBX RES INC COM 5,000 0.04 200.00 USCORP COM NEW 1,000 0.20 200.00 DYNAMIC RESOURCES CORP COM ISIN #CA2680051 5,100 0.04 204.00 TELCO BLUE INC COM NEW 14,616 0.01 204.62 KIK TECHNOLOGY INTL INC 7,000 0.03 210.00 BICO INC COM 286,500 0.00 286.50 AMERICAN UNITED GOLD CORP COM 2,500 0.13 325.00 INFOTEC BUSINESS SYS INC 5,500 0.06 330.00 MEG ATHLETICS CORP COM 5,200 0.07 364.00 CRUISECAM INTL INC 1,546 $0.32 494.72 TIGER TEAM TECHNOLOGIES INC 4,500 0.11 495.00 PARADIGM ENTERPRISES INC 500 1.00 500.00 MAILKEY CORP 11,500 0.05 598.00 MICHELEX CORP COM NEW 3,000 0.20 600.00 UNIPRO FINL SVCS INC COM 12,500 0.05 625.00 SUMMUS INC 1,298 0.59 765.82 WIRELESS FRONTIER INTERNET INC 10,000 0.08 800.00 CUSTOM BRANDED NETWORKS INC 7,000 0.12 847.00 BIO MATRIX SCIENTIFIC GROUP INC CL A 5,001 0.20 1,000.20 SURGE GLOBAL ENERGY INC COM 500 2.05 1,025.00 CRESTON RES LTD 5,000 0.31 1,550.00 MIDNET INC 1,000 1.65 1,650.00 MORGAN BEAUMONT INC 2,500 0.80 2,000.00 TRANS ORIENT PETE LTD COM NO PAR ISIN #CA8 1,594 1.35 2,151.90 STRATEGY INTL INS GROUP INC COM 1,000 2.27 2,270.00 DELTA OIL & GAS COM NEW 4,500 0.94 4,230.00 ROX RES LTD 919,900 0.04 36,796.00 COATTEC INDS INC COM NEW 290,000 unavailab unavailable BIRCH MOUNTAIN RESOURCES LTD * Due from yo (1,500) 1.85 (2,775.00) VEGAS FROM HOME.COM Due from you (1,072) 0.19 (203.68) MTR CARS GROUP INC Due from you (50) 0.40 (20.00) PARTNERS & CO INC (4) 0.09 (0.38) ALPHATRADE COM NEW 14,300 0.20 2,860.00 AMERICAN ENTMT & ANIMATION CORP 35,000 0.03 1,050.00 AXIA GROUP INC COM PAR $0.001 3,005,000 unavailab unavailable BAY RESOURCES LTD COM 383 1.16 444.28 BENTLEY COMMERCE CORP 11,000 0.01 77.00 BINGO.COM INC 4,587 0.40 1,834.80 BIO-WARM CORP N/C FROM 753339100 10,000 0.22 2,200.00 CLEARLY CANADIAN BEVERAGE NEW 188 0.20 37.60 DYNECO CORP 25 0.12 3.00 ELEMENT 21 GOLF CO 3,750 0.06 225.00 GLOBAL NETWORK INC 9,700 0.00 29.10 GARUDA CAPITAL CORP 5,000 0.10 500.00 GEMZ CORP COM NEW 5,000 0.00 5.00 ENTERTAINMENT & MUSIC INC 500,000 0.00 500.00 RES INC ISIN 250 2.99 747.50 ANTI AGING LIFESTYLE OPTS 5,025 0.04 195.98 ENVIRONMENTAL RES INC NEV 10,000 0.01 70.00 TECHNOLOGIES INC COM NEW 222 0.24 53.72 INTL INC COM 4 1.06 4.24 CORP COM 10,000 unavailable IDENTITY PRESENCE COM #CA46061N1087 CANADA 5,000 0.01 50.00 POWER AG ZUG NAMEN AKT ISIN 2,100 0.51 1,071.00 INTL INC 500 0.03 15.00 HLDGS INC 196,575 0.09 17,691.75 CORP 35,000 0.02 595.00 RES CORP ISIN #CA57772U1093 6,000 0.24 1,464.00 NU STAR HLDGS INC 5 4.50 22.50 ORBITTRAVEL.COM CORP 35,000 0.00 35.00 PERFISANS HLDGS INC 20,000 0.44 8,800.00 PHOTOCHANNEL NETWORKS INC ISIN #CA71931610 23,000 0.15 3,450.00 QUEENSTON MNG INC 35,000 0.52 18,340.00 QUIET TIGER INC 1,400 0.04 53.20 SONA DEV CORP 5,000 0.18 900.00 STAFFORD ENERGY INC 15,000 0.02 360.00 THINKPATH INC COM ISIN #CA8840991027SEDOL 5,000,000 unavailable TITAN CONSOLIDATED INC 53,200 0.00 53.20 VERIDIEN CORP 85,000 0.05 4,080.00 W2 ENERGY INC 5,000 0.14 700.00 COMPOSITE TECHNOLOGY CORP * Due from you (650) 5.62 (3,653.00) INFINIUM LABS INC * Due from you (920) 0.81 (745.20) XO COMMUNICATIONS INC * (100) 3.00 (300.00) NORTHLAND CRANBERRIES INC CL A NEW (175) 0.67 (117.25) NEOMEDIA TECH INC Dividend Option Cash Cap (200) 0.25 (50.00) DONINI INC COM NEW * Due from you (525) 0.08 (42.00) EXABYTE CORP Dividend Option Cash Capital (100) 0.42 (42.00) FLORIDA GAMING CORP COM NEW * Due from you (1) 28.85 (28.85) OCEAN RES INC COM * Due from you (200) 0.05 (10.80) SEDONA CORP PA Dividend Option Cash Capita (33) 0.31 (10.23) EDGETECH SVCS INC * Due from you (100) 0.04 (4.20) GFY FOODS INC COM PAR $0.001 * Due from yo (508) 0.00 (0.51) PTS INC COM NEW 64 0.00 0.06 CORRIDOR COMMUNICATIONS CORP 295 0.00 0.30 OMDA OIL & GAS INC COM 37 0.01 0.48 TOTAL LUXURY GROUP INC FORMERLY 10 0.09 0.90 GLOBAL RES CORP COM 140 0.01 1.40 EKNOWLEDGE GROUP INC COM NEW 100 0.03 3.00 AMERICANA PUBG INC COM NEW 125 0.03 3.50 USA BIOMASS CORP Dividend Option Cash Capi 300 0.02 6.60 LEADING EDGE EARTH PRODUCTS 95 0.10 9.50 NATIONAL SCIENTIFIC CORP 190 0.06 10.45 MOLECULAR DIAGNOSTICS INC 163 0.07 10.60 LINK ENERGY LLC COM UNITS 155 0.08 12.40 PAVING STONE CORP 15,004 0.00 15.00 NATIONAL ENERGY GROU P INC COM 7 2.18 15.26 OCCAM NETWORKS INC DEL COM 200 0.08 16.00 LIFESTYLE INNOVATION INC COM 2,000 0.01 20.00 UNIVERCELL HLDGS INC 10,000 0.00 20.00 CAMBRIDGE HEART INC 47 0.51 23.97 NATUREWELL INC 5,000 0.01 25.00 SCHLOTZSKY'S INC Dividend Option Cash Capi 1,600 0.02 25.60 TURNER VALLEY OIL & GAS INC 100 0.27 26.50 CENTRAL WIRELESS INC 27,010 0.00 27.01 AUTO Q INTL INC 5,000 0.01 30.00 CONECTISYS CORP COM NEW 10,000 0.00 30.00 INGEN TECHNOLOGIES INC COM 1,000 0.03 30.00 MOONEY AEROSPACE GRP LTD CL A 31,000 0.00 31.00 INTERACTIVE MULTIMEDIA NETWORK 660 0.05 33.00 PHLO CORP 900 0.04 33.30 COLLECTIBLE CONCEPTS GROUP INC COM NEW 17,500 0.00 35.00 MICRON ENVIRO SYS INC 1,000 0.04 36.00 NETIMPACT HLDGS INC 10,000 0.00 40.00 GADZOOKS INC Dividend Option Cash Capital 47 0.88 41.36 ELITE FLIGHT SOLUTIONS INC 45,000 0.00 45.00 ADVANCED OXYGEN TECH INC 5,000 0.01 50.00 BIMS RENEWABLE ENERGY INC 5,000 0.01 50.00 ICOWORKS INC NEW 5,000 0.01 50.00 ENUCLEUS INC COM PAR $.001 139 0.37 51.43 ITRONICS INC 1,000 0.06 55.00 PARENTECH INC 10,000 0.01 60.00 S3 INVT CO INC COM 15,000 0.00 60.00 SAFE ALTERNATIVES CORP AMER INC 43 1.40 60.20 NOVA BIOGENETICS INC 315 0.20 63.00 TECH LABS INC 3,750 0.02 63.75 OPHTHALMIC IMAGING SYSTEM 66 1.01 66.66 HEALTH EXPRESS USA INC 7,026 0.01 70.26 INTEGRATED TECH GROUP 5,000 0.02 75.00 SUPERWIPES INC COM 7,640 0.01 76.40 DIGITAL COLOR PRINT INC 400 0.20 80.00 HOP ON COM 29,000 0.00 87.00 AUGRID CORP COM PAR $0.001 10,000 0.01 90.00 ENVIRONMENTAL ENERGY SVCS INC 90,075 0.00 90.08 CHIMERA TECHNOLOGY CORP COM PAR $ 1,000 0.10 95.00 PLANETLINK COMMUNICATIONS INC 10,000 0.01 100.00 RAPIDTRON INC 400 0.25 100.00 SURFACE TECH INC 5,000 0.02 100.00 REDOX TECHNOLOGY CRP 5,000 0.02 105.00 PICK UPS PLUS INC 5,000 0.03 130.00 GREAT WEST GOLD INC COM N/C FROM 95109R100 70,000 0.00 140.00 CORVU CORP 500 0.30 150.00 BIO TRACKING SEC INC 27,090 0.01 162.54 BLUETORCH INC 33,334 0.01 166.67 STRATUS SVCS GROUP INC COM NEW 250 0.71 177.50 WORLD AM INC FORMERLY WORLD AM COMMUNICATI 180,000 0.00 180.00 TREY RES INC CL A 4,519 0.04 180.76 CAREDECISION CORP COM 10,000 0.02 190.00 FORTUNE NAT RES CORP Dividend Option Cash 22,000 0.01 198.00 BSI2000 INC 5,000 0.04 215.00 LIMELIGHT MEDIA GROUP INC 5,000 0.05 225.00 TORBAY HLDGS INC 5,000 0.05 225.00 INNOVATIVE COMMUNICATIONS TECH INC 10,000 0.02 230.00 ECUITY INC 5,000 0.05 245.00 CYGNUS INC Dividend Option Cash Capital Ga 2,500 0.12 287.50 AMBIENT CORP 1,000 0.35 350.00 SAMEX MINING CORP 500 0.70 350.00 DENNYS CORP COM 81 4.45 360.45 USURF AMERICA INC Dividend Option Cash Cap 5,000 0.07 365.00 LEFT RIGHT MARKETING TECHNOLOGY INC 10,005 0.04 400.20 CYCO.NET INC 5,000 0.09 425.00 MERA PHARMACEUTICALS INC 30,029 0.02 450.44 PATRIOT SCIENTIFIC CORP 7,615 0.08 571.13 GRUBB & ELLIS CO COM PAR $0.01 160 4.65 744.00 ACCUPOLL HLDG CORP COM 15,000 0.07 975.00 MEDCOM USA INC COM NEW Dividend Option Cas 700 1.72 1,200.50 IMAGING DIAGNOSTIC SYSTEMS INC 3,100 0.41 1,255.50 RASER TECHNOLOGIES INC 205 11.95 2,449.75 ALPHA WIRELESS BROADBAND INC 203,100 unavailab unavailable HOMELAND SECURITY TECHNOLOGY INC 5,000 unavailable LTWC CORP NO STOCKHOLDERS EQUITY 04/12/04 78,947 unavailable MARMION INDS CORP COM NEW 20,000 unavailable METROPOLITAN MTG & SECURTIES INC VAR RATE 80,000 unavailable ALANCO TECHNOLOGIES INC Dividend Option Ca (2,500) 0.99 (2,475.00) FIDELIS ENERGY INC * Due from you (1) 0.80 (0.80) PARAMCO FINL GROUP INC DEL NEW 100 0.01 0.50 VERTICALBUYER INC 80 0.03 2.40 IPEC HLDGS INC 1,071 2.25 2,409.75 LEXINGTON RES INC NEV 4,100 1.29 5,289.00 QUEENSTON MNG INC 20,000 0.52 10,480.00 PLATINUM SUPER YACHTS INC 75,800 0.15 11,218.40 APPLIED NEUROSOLUTIONS INC 65,000 0.28 18,200.00 ANTS SOFTWARE INC FORMERLY ANTS (585) 2.20 (1,287.00) UBIQUITEL INC (50) 7.12 (356.00) CHAPARRAL RESOURCES INC NEW Dividend Optio (188) 1.75 (329.00) EFJ INC Dividend Option Cash Capital Gain (26) 9.75 (253.50) VANNESSA VENTURES LTD ISIN (540) 0.34 (183.60) SMSACTIVE TECHNOLOGIES CORP * Due from you (5,000) 0.03 (160.00) PARAFIN CORP COM * Due from you (225) 0.45 (101.25) TRIPATH TECHNOLOGY INC (50) 1.25 (62.50) STELLAR TECHNOLOGIES INC * Due from you (25) 2.25 (56.25) AMERICAN PALLET LEASING INC N/C (52) 1.01 (52.52) ENTRADE INC Dividend Option Cash Capital G (53) 0.95 (50.35) PACIFICHEALTH LABORATORIES INC Dividend Op (54) 0.69 (37.26) ELGRANDE COM INC COM NEW * Due from you (519) 0.06 (31.14) GLOBAL TRIAD INC * Due from you (160) 0.18 (28.80) POWER2SHIP INC * Due from you (73) 0.35 (25.55) BACKWEB TECHNOLOGIES LTD ISIN (13) 0.70 (9.11) BIOPHAN TECHNOLOGIES INC COM (3) 1.29 (3.87) HAIRMAX INTL 50 0.01 0.45 EQUITY TECH & RES INC COM NEW 60 0.02 0.90 CHOICE ONE COMMUNICATIONS INC NO STOCKHOLD 13,595 0.00 1.36 VALCOM INC DEL NEW 17 0.08 1.36 ITERIS INC NEW COM 1 3.45 3.45 FAR EAST ENERGY CORP 5 1.21 6.05 NEW VISUAL CORP COM NEW 52 0.12 6.24 PLURISTEM LIFE SYS INC 50 0.20 10.00 FTS GROUP INC 80 0.15 12.00 SITEWORKS INC COM PAR $.001 62 0.30 18.60 NEW MORNING CORP COM 320 0.07 20.80 VELOCITY EXPRESS CORP COM NEW 100 0.28 28.00 LIQUIDMETAL TECHNOLOGIES INC Dividend Opti 17 2.15 36.55 AERO MARINE ENGINE INC COM NEW 52 0.80 41.60 ASTRALIS LTD 69 0.73 50.37 UNIGENE LABS INC 23 2.30 52.90 VALENTIS INC COM NEW 28 2.50 70.00 SONIC FOUNDRY INC 50 1.55 77.50 GALAXY ENERGY CORP 65 1.22 79.30 INDUS INTERNATIONAL INC 39 2.14 83.46 SPECTRALINK CORP 9 14.18 127.62 FACTORY 2 U STORES INC Dividend Option Cas 25,780 0.01 154.68 SUREBEAM CORP CL A Dividend Option Cash Ca 33,809 0.01 169.05 NORSAT INTL INC ISIN 445 0.51 226.95 QUINTEK TECH INC 1,040 0.24 249.60 FIELDPOINT PETROLEUM CORP 205 1.23 252.15 U S PLASTIC LUMBER CORP 7,319 0.04 256.17 STORAGE ALLIANCE INC 26,717 0.01 267.17 ANALYTICAL SURVEYS INC PAR 85 3.35 284.75 ALLIANCE PHARMACEUTICAL CORP COM 1,700 0.17 289.00 INSIGHTFUL CORP 100 3.05 305.00 VENCOR INTL INC NEW 13,000 0.02 312.00 E DIGITAL CORP 1,614 0.33 532.62 SENETEK PLC SPONSORED ADR Dividend Option 2,873 0.22 632.06 SMARTSERV ONLINE INC COM PAR 449 2.15 965.35 SKINVISIBLE INC 20,000 0.08 1,600.00 ENER1 INC 2,630 0.76 1,998.80 EGAMES INC Dividend Option Cash Capital Ga 5,000 0.61 3,050.00 SPECTRX INC Dividend Option Cash Capital G 7,337 0.60 4,402.20 LPBP INC CL A VTG ISIN #CA5021181022 (6)unavailab unavailable CBCOM INC 45 0.00 0.05 GLOBAL VISION HLDGS INC COM NEW 5 0.03 0.15 LASERSIGHT INC COM NEW 5 0.03 0.15 GRAVITAS INTL INC 14 0.04 0.49 MAXUS TECHNOLOGY CORP 2 0.40 0.80 VENCOR INTL INC NEW 50 0.02 1.20 GOSUN COMMUNICATIONS LTD 83 0.02 1.66 VIZACOM INC COM NEW 440 0.01 2.20 CETALON CORP 1 3.00 3.00 SAGE CASH 1,000 0.01 5.00 ASSISTGLOBAL TECHNOLOGIES CORP 67 0.09 6.03 TRENWICK GROUP LTD BERMUDA SHS 7,700 0.00 7.70 UBUYHOLDINGS INC 8,000 0.00 24.00 WATCH RES LTD ISIN #CA9411021053 290 0.22 62.35 TOPLF 204 1.35 275.40 TLTD CASH 6,000 0.17 990.00 ARMITEC INC 60 unavailable CARDECISION (REST) 1,200 unavailable CLUBHOUSE VIDEOS INC (REST) 20 unavailable GLOBAL FREIGHT INTEGRATORS INC 7 unavailable GSOCIETY INC 544 unavailable INTERNET CABLE CORP 1,000 unavailable LITE KING CORP 646 unavailable MELTRONIX INC 25,000 unavailable NAVIGATOR VENTURES INC COM 5,000 unavailable BURLINGTON INDS INC NEW COM NO STOCKHOLDER 1,800 unavailable CALICO COMM INC 200 unavailable COASTAL HOLDINGS INC RESTRICTED 4 unavailable CTC COMMUNICATIONS GROUP INC NO STOCKHOLDE 2,400 unavailable FETCHOMATIC GLOBAL INTERNET INCCOM NEW 4,665 unavailable GENERAL MAGIC INC COM NEW NOSTOCKHOLDER'S 7 unavailable HAYES LEMMERZ INTL INC NO STKHOLDERS EQUIT 2,153 unavailable INTERNATIONAL BIOCHEMICAL INDS 100 unavailable JOSHUA TREE CONSTR INC COM PAR 1 unavailable KEY3MEDIA GROUP INC NO STOCKHOLDER EQU 06/ 170,000 unavailable LEAP WIRELESS INTL INC NO 62 unavailable NET SERVICE CORP RESTRICTED 20,000 unavailable DIRECTVIEW INC * Due from you (210,000) 0.03 (7,171.17) STEREO VISION ENTMT INC COM NEW * Due from (7,520) 0.66 (4,963.20) SOURCE ENERGY CORP COM NEW * Due from you (500) 4.75 (2,375.00) THOMAS EQUIP INC COM * Due from you (500) 3.90 (1,950.00) REGI U.S. INC * Due from you (1,150) 1.18 (1,351.25) SPATIALIGHT INC Dividend Option Cash Capit (22) 8.95 (196.90) VICTOR INDS INC * Due from you (15,000) 0.01 (180.00) ASAT HLDGS LTD Dividend Option Cash Capita (127) 1.32 (167.26) EMPIRE RESORTS INC Dividend Option Cash Ca (12) 11.15 (133.80) SPECTRUM SIGNAL PROCESSING INC Dividend Op (37) 2.54 (93.94) UCN INC * Due from you (29) 3.02 (87.58) AMERICAN ENERGY PRODUCTION INC * Due from (5,000) 0.01 (65.00) GALACTIC GAMING INC COM PAR $0.0001 (584) 0.04 (23.36) EAUTOCLAIMS INC COM * Due from you (98) 0.21 (20.58) GRAND LUX INC COM NEW * Due from you (7) 0.20 (1.40) JUNIPER GROUP INC COM PAR $0.001 3 0.26 0.78 PALIGENT INC 28 0.15 4.20 NEBO PRODS INC 5,000 0.00 5.00 VINOBLE INC COM 10 0.69 6.90 A21 INC 57 0.13 7.13 ANSCOTT INDS INC 50 0.19 9.50 ADVANCED OPTICS ELECTRONICS INC 5,000 0.00 10.00 TGFIN HLDGS INC 138 0.09 12.42 CHILMARK ENTMT GROUP INC 3,000 0.01 15.00 PLASTICON INTL INC COM N/C FROM 967535204 5,000 0.00 15.00 SAGENT TECHNOLOGY INC 875 0.02 17.50 RAVEN MOON ENTMT INC COM PAR $.0001 5,886 0.00 17.66 SUN NETWORK GROUP INC 5,000 0.00 20.00 ORYX TECHNOLOGY CORP COM NEW 10 2.36 23.60 AQUATIC CELLULOSE INTL CORP 29,500 0.00 29.50 ISLAND CRITICAL CARE CORP 5,000 0.01 30.00 AMERICA ASIA CORP COM NEW 133 0.25 33.25 UNIVERSAL MEDIA HLDG INC FLA COM 20,000 0.00 40.00 PHOENIX GROUP CORP COM NEW 31 1.90 58.90 CARIBBEAN DEVS INC COM N/C FROM 17 3.75 63.75 UNIVERSAL ICE BLAST INC 5,000 0.01 70.00 BLASTGARD INTL INC 21 4.20 88.20 SANSWIRE TECHN INC COM 1,744 0.06 95.92 MICROLEAGUE MULTIMEDIA INC 12,600 0.01 126.00 INVICTA GROUP INC CDT COM 10,000 0.02 160.00 MONEY CTRS AMER INC COM 250 0.70 175.00 THE FEINSTEIN REPORT INC RESTRICTED 8,800 0.00 175.35 GENIO GROUP INC 2,000 0.09 180.00 NOVO NETWORKS INC CO M Dividend Option Cas 10,625 0.02 180.63 NETFRAN DEV CORP 2,000 0.10 200.00 PBHG INC COM NEW 21 10.00 210.00 SYNTHETIC BLOOD INTL INC 1,000 0.23 226.00 ARADYME CORP 200 1.40 280.00 MACROCHEM CORP DEL 400 0.73 292.00 KNIGHTSBRIDGE FINE WINES INC 1,000 0.30 300.00 RTG VENTURES INC 22,000 0.02 352.00 MEDICOR LTD 87 4.50 391.50 VISION GLOBAL SOLUTIONS INC COM ISIN #CA90 142,361 0.00 427.08 ABAZIAS INC COM 5,000 0.09 450.00 KINGDOM VENTURES INC 29,800 0.02 536.40 UPTREND CORP 5,000 0.11 550.00 INTERNATIONAL COML TELEVISION INC 1,200 0.56 672.00 PEREGRINE PHARMACEUT ICALS INC 638 1.17 746.46 SUNWIN INTL NEUTRACEUTICALS INC 5,000 0.16 775.00 ULTIMATE FRANCHISE SYS INC COM NEW 2,350 0.33 775.50 BSD SOFTWARE INC 5,000 0.16 800.00 CHROMAVISION MED SYS INC 380 2.16 820.80 SONEX RESH INC 21,000 0.04 840.00 SENSE HLDG INC 6,500 0.16 1,040.00 VERTICAL HEALTH SOLUTIONS INC COM PAR $.00 2,600 0.41 1,066.00 ENVIRO VORAXIAL TECH INC 1,800 0.60 1,080.00 DELTA MUTUAL INC NEW 2,500 0.46 1,150.00 INTERNATIONAL MONETARY SYS LTD 5,000 0.26 1,300.00 COBALIS CORP COM NEW 1,100 1.20 1,320.00 OTHNET INC 5,000 0.27 1,350.00 VIDEOLOCITY INTL INC COM NEW 9,659 0.18 1,738.62 TRUE HEALTH INC COM PAR $0.001 28,990 0.06 1,739.40 HEALTHETECH INC COM NEW Dividend Option Ca 1,366 1.28 1,748.48 SPATIALIZER AUDIO LABORATORIES INC 26,900 0.07 1,802.30 DESERT HEALTH PRODS INC 10,000 0.19 1,900.00 DRAGON INTL GROUP CORP COM 5,000 0.45 2,250.00 VIRTGAME CORP 5,968 0.39 2,327.52 COM GUARD COM INC 47,600 0.06 2,856.00 TRICELL INC 25,000 0.15 3,750.00 NO BORDERS INC COM 10,400 0.42 4,316.00 ACCERIS COMMUNICATIONS INC 7,225 0.60 4,335.00 AMERICAN ENERGY GRP LTD COM NEW 5,000 0.90 4,500.00 BONUSAMERICA WORLDWIDE CORP 58,100 0.08 4,648.00 MAGNITUDE INFORMATION SYSTEMS INC 60,300 0.13 7,839.00 WHOLEFOOD FARMACY CORP COM 37,500 0.21 7,875.00 CYBERADS INC 192,900 0.09 17,361.00 ELINE ENTERTAINMENT GROUP INC COM PAR NEW 40,300 0.46 18,538.00 TECHLABS INC COM PAR $0.001 16,970 1.45 24,606.50 AMITELO COMMUNICATIONS INC 25,000 unavailab unavailable CYPOST CORP 46,525 unavailab unavailable GLOBAL EXPLORATIONS INC COM NEW 170,000 unavailab unavailable KDW TELECOM INC 5 unavailab unavailable LECSTAR CORP 5,000 unavailab unavailable BIG SKY ENERGY CORP * Due from you (3,633) 0.68 (2,470.44) IMMUNE RESPONSE CORP Dividend Option Cash (1,036) 1.61 (1,667.96) CELL BIO SYSTEMS INC * Due from you (20,130) 0.08 (1,610.40) VARSITY GROUP INC Dividend Option Cash Cap (130) 8.27 (1,075.10) GEOTEC THERMAL GENERATORS INC * Due from y (3,850) 0.15 (577.50) ADC TELECOMMUNICATNS INC Dividend Option C (200) 2.68 (536.00) MIDASTRADE.COM INC * Due from you (100) 2.90 (290.00) ENDEVCO INC TX * Due from you (6,648) 0.04 (245.98) MONARCH SERVICES INC Dividend Option Cash (100) 2.36 (236.00) CHORDIANT SOFTWARE INC Dividend Option Cas (100) 2.28 (228.00) TIDELANDS OIL & GAS CORP * Due from you (100) 1.10 (110.00) PROCOREGROUP INC * Due from you (685) 0.15 (102.75) PATCH INTERNATIONAL INC * Due from you (1,585) 0.05 (80.84) ENVOY COMMUNICATIONS GROUP INC Dividend Op (100) 0.61 (61.00) BRANDS SHOPPING NETWORK INC COM PAR $.001 (1,500) 0.03 (45.00) SAFETEK INTL INC COM PAR $.0001 NEW (90) 0.45 (40.50) EMERGING ENTERPRISES SOLUTIONS INC (4,900) 0.01 (24.50) HEARTLAND OIL & GAS CORP NEV * Due from yo (5) 1.75 (8.75) GO ONLINE NETWORKS CORP * Due from you (2,300) 0.00 (6.90) BIB HLDGS LTD * Due from you (200) 0.00 (0.60) AMERICAN COMM SOLUTIONS INC 1 0.02 0.02 GLOBAL BUSINESS MKTS INC COM NEW 6 0.01 0.07 SUNCOAST NATURALS INC 1 0.16 0.16 DALRADA FINL CORP 140 0.00 0.28 NORTHPOINT COMMUNICATIONS GROUP INC 335 0.00 0.34 THE VIALINK CO 25 0.04 1.00 AUSTRALIAN FST INDS COM 1 1.30 1.30 SOLPOWER CORP 28 0.05 1.40 ALR TECH INC 60 0.04 2.52 MAGNUM D OR RES INC 67 0.04 2.61 ZOOLINK CORP 400 0.01 2.80 VIE FINL GROUP INC COM NEW 60 0.08 4.50 ADVANTAGE CAP DEV CORP 10 0.55 5.50 ALPHA SPACECOM INC 182 0.03 5.64 MAXIMUM DYNAMICS INC 273 0.03 8.19 AMERICAN SCIENTIFIC RES INC 700 0.01 8.40 PRIMEHOLDINGS.COM INC COM NEW 500 0.02 10.00 ADB SYSTEMS INTL LTD ISIN 100 0.15 15.00 SKYBRIDGE WIRELESS INC COM NEW 948 0.02 15.17 AMERIRESOURCE TECHNOLOGIES INC 560 0.03 16.80 US WIRELESS DATA INC CL A NEW 17,500 0.00 17.50 SENTEX SENSING TECHNOLOGY INC 1,314 0.02 22.34 ROANOKE TECHNOLOGY CORP COM NEW 25,000 0.00 25.00 STRAT PETE LTD COM NEW 300 0.09 27.00 THE CLASSICA GROUP INC NEW 30,580 0.00 30.58 NUENERGY GROUP INC 10,795 0.00 32.39 BROADBAND WIRELESS INTL CORP 2,700 0.01 35.10 ADVANCED COMM TECH INC 38,425 0.00 38.43 SEQUIAM CORP 165 0.24 38.78 BEVERLY HILLS WEIGHT LOSS & WELLNESS INC 5,000 0.01 40.00 KIRSHNER ENTMT & TECHNOLOGIES INC 15,000 0.00 45.00 NEXT INC 30 1.55 46.50 CEDRIC KUSHNER PROMOTIONS INC 110 0.45 49.50 DELTA MINING & EXPLORATION CORP 10,480 0.01 52.40 IVOICE INC 54,200 0.00 54.20 SIRICOMM INC 23 2.55 58.65 GENELABS TECHS INC 49 1.20 58.80 INTERAGE LTD 15,000 0.00 60.00 TRIANGLE MULTI-MEDIA INC 13,000 0.01 65.00 GK INTELLIGENT SYSTEMS INC COM NEW 3,553 0.02 71.06 AMERICAN HOSPITAL RESOURCE INC 200 0.36 72.00 ARC WIRELESS SOLUTIO N INC COM 590 0.13 77.88 ASCENDANT SOLUTIONS INC COM 100 0.90 90.00 MICROMEM TECHNOLOGIES INC ISIN 127 0.74 93.98 GRAPHON CORP 200 0.50 99.00 GENESIS TECHNOLOGY GROUP INC 1,000 0.10 100.00 MOTIVNATION INC 5,000 0.02 100.00 CALEDONIA MINING CORP Dividend Option Cash 1,000 0.10 103.00 GLOBETRAC INC 3,400 0.03 108.80 DIABETEX INTL CORP 15,675 0.01 109.73 ZAP COM NEW 34 3.23 109.82 SMALL TOWN RADIO INC NEV COM 56,658 0.00 113.32 BEVSYSTEMS INTL INC NEW 60,562 0.00 121.12 GAMEZNFLIX INC 10,000 0.01 130.00 FIRSTWAVVE TECHNOLOGIES INC NEW 58 2.33 135.14 EROOM SYSTEM TECHNOLOGIES INC 496 0.29 143.84 P COM INC COM PAR $0.0001 331 0.44 145.64 CRITICAL PATH INC COM NEW 100 1.47 147.00 CT HOLDINGS INC Dividend Option Cash Capit 14,100 0.01 155.10 ALASKA OIL & GAS LTD COM 35,800 0.01 179.00 NANNACO INC COM PAR $.001 190,495 0.00 190.50 APPLIED IMAGING CORP 289 0.66 190.74 ADS MEDIA GROUP INC 4,200 0.05 210.00 2KSOUNDS CORP COM 53,000 0.00 212.00 ZKID NETWORK CO 5,000 0.04 220.00 ROCKWELL MEDICAL TECH INC 70 3.15 220.50 NEXPRISE INC NEW COM NEW 317 0.74 234.58 BIOMETRICS 2000 CORP 34,200 0.01 239.40 UNITED SPECIALTIES INC 245,150 0.00 245.15 VITALWORKS INC 58 4.45 258.10 UNGAVA MINERALS CORP ISIN #CA9049191070SED 3,500 0.08 280.00 RICKS CABARET INTL INC 100 2.89 289.00 Z TEL TECHNOLOGIES COM NEW 180 1.70 306.00 ENDOVASC INC NEV 6,386 0.05 325.69 VISCOUNT SYS INC 400 0.82 328.00 CENTRAL NETWORK COMM INC 85,585 0.00 342.34 ADVANCED PLANT PHARMACEUTICALS INC 116,240 0.00 348.72 ASSURE ENERGY INC ISIN 250 1.60 400.00 SAN TELMO ENERGY CRP ISIN #CA7995491007SED 1,265 0.50 636.30 MERGENCE CORP 30,125 0.02 692.88 PARADYNE NETWORKS INC 200 3.59 718.00 PAYSTAR CORP 190,000 0.00 760.00 DANGELO BRANDS INC COM NEW 498 1.55 771.90 TROPICAL BEVERAGE INC 25,000 0.03 800.00 UNIVEC INC Dividend Option Cash Capital Ga 13,000 0.06 806.00 CELERITY SYS INC COM NEW 288,901 0.00 866.70 ARETE INDS INC COM NEW 151,850 0.01 911.10 SCORES HLDG INC COM NEW 50,000 0.02 950.00 SPECTRANETICS CORP Dividend Option Cash Ca 200 5.62 1,124.20 DAUPHIN TECHNOLOGY WDC 7,940 0.15 1,191.00 AURA SYSTEMS INC Dividend Option Cash Capi 34,055 0.04 1,191.93 API ELECTRONICS GRP CORP ISIN #CA001859107 510 2.36 1,203.60 REALITY WIRELESS NETWORKS INC COM PAR $0.0 335,000 0.00 1,340.00 DNAPRINT GENOMICS IN C 128,170 0.01 1,409.87 UNICO INC COM 307,500 0.01 1,537.50 TANGO INC 400,000 0.00 1,600.00 SEREFEX CORP COM 57,200 0.03 1,716.00 USA TECHNOLOGIES INC 25,000 0.13 3,175.00 TS&B HLDGS INC COM NEW 1,998,625 0.00 3,997.25 PROTON LABORATORIES INC 3,382 1.47 4,971.54 MCLEODUSA INC FORMERLY MCLEOD INC TO 05/29 15,596 0.72 11,229.12 MEDICAL STAFFING SOL UTIONS INC COM 240,479 0.05 12,985.87 ADVANCE SOLUTIONS & TECHNOLOGIES INC 45,000 unavailab unavailable BMC INDS INC MINN 68,655 unavailab unavailable BROADBAND WIRELESS INTL INC RESTRICTED 100 unavailab unavailable COASTAL HLDGS INC COM NEW 460,000 unavailab unavailable COASTAL HOLDINGS INC RESTRICTED 1,000 unavailab unavailable CORTDEV INC 245,000 unavailab unavailable ECONNECT GAMING SVCS INC 7 unavailab unavailable ELEPHANT TALK (RESTRICTED STOCK) 5 unavailab unavailable EVOLVE SOFTWARE INC NEW NO STKHOLDERS EQUI 2,030 unavailab unavailable FORTEL INC CALIF Dividend Option Cash Capi 163,610 unavailab unavailable HEARTSOFT INC 32,788 unavailab unavailable ILIVE INC COM NEW 3,627 unavailab unavailable INTEGRATED SOFTWARE DEV INC 2,000,000 unavailab unavailable INTERSPACE ENTERPRISES INC COM 104,642 unavailab unavailable PACEL CORP COM NO PAR 08/16/2004 95,050 unavailab unavailable PCD INC Dividend Option Cash Capital Gain 1,500 unavailab unavailable TRAVLANG INC 10,000 unavailab unavailable WORLDWIDE HOLDINGS CORP 45,000 unavailab unavailable ZKID NETWORK COMPANY RESTRICTED 225 unavailab unavailable THCG INC 1 0.01 0.01 WORK RECOVERY INC NEW 200 0.00 0.20 WORLD ACCESS INCDividend Option CashCapita 1,000 0.00 1.00 NATION ENERGY INC 3,000 0.08 240.00 FORUM ENERGY CORP ISIN#CA34984R1091 4,700 0.08 376.00 TRUE HEALTH INC COM PAR $0.001 53,200 0.06 3,192.00 SKYWAY COMMUNICATIONS HLDG CORP 25,000 0.14 3,375.00 SCORES HLDG INC COM NEW 181,000 0.02 3,439.00 ZKID NETWORK CO 82,000 0.04 3,608.00 VERIDIUM CORP 77,050 0.06 4,391.85 ENDOVASC INC NEV 87,000 0.05 4,437.00 GENESIS TECHNOLOGY GROUP INC 44,500 0.10 4,450.00 ARMOR ELECTRIC INC 47,000 0.10 4,465.00 EARTHFIRST TECHNOLOGIES INC 36,000 0.13 4,500.00 VITAL LIVING INC 30,500 0.15 4,575.00 AMERICAN AMMUNITION INC CA 30,000 0.16 4,650.00 CHINA WIRELESS COMMUNICATIONSINC 60,000 0.08 4,800.00 TS&B HLDGS INC COM NEW 2,421,000 0.00 4,842.00 ACCUPOLL HLDG CORP COM 75,600 0.07 4,914.00 GAMEZNFLIX INC 380,000 0.01 4,940.00 NANOPIERCE TECHS INC 32,200 0.16 4,991.00 BIOFIELD CORPDividend Option CashCapital G 39,000 0.13 5,070.00 AIRROVER WI FI CORP 47,000 0.11 5,170.00 USA TECHNOLOGIES INC 43,500 0.13 5,524.50 ADZONE RESEARCH INC 44,500 0.13 5,696.00 NESS ENERGY INTL INC 30,000 0.19 5,700.00 WATER CHEF INC 27,000 0.22 5,805.00 CYBERADS INC 80,000 0.09 7,200.00 LEVEL 8 SYS INCDividend Option CashCapital 85,500 0.13 10,687.50 PERSONAL DIAGNOSTICS 500 unavailable DAW TECHNOLOGIES INC COMDividend Option Ca 100 unavailable NATIONAL RESIDENTIAL PROPERTIESINC COM 1,500,000 unavailable STAR TELECOMM INC NOSTOCKHOLDERS' EQUITY 0 23,600 unavailable TRANS WORLD AIRLINES INC NEW NOSTOCKHOLDER 2 unavailable UDC HOMES INC (OLD) NOSTKHOLDERS EQUITY 11 400 unavailable VERTICAL COMPUTER SYSTEMS INC 50 unavailable DF CHINA TECHNOLOGY INC SHS ISIN #VGG27545 (11,600) 0.24 (2,784.00) WAVERIDER COMMUNICATIONS INC COM NEW (2,863) 0.24 (687.12) FONIX CORP DEL COM NEW * Due from you (3,650) 0.19 (675.25) GREENWIND PWR CORP USA COM NEW * Due from (500) 1.35 (675.00) WIZZARD SOFTWARE CORP NEW * Due from you (250) 1.95 (487.50) H QUOTIENT INC * Due from you (936) 0.51 (477.36) AMERICAN HOMEPATIENT INC Dividend Option C (131) 3.45 (451.95) ORGANETIX INC * Due from you (836) 0.50 (418.00) FALCON PRODS INC Dividend Option Cash Capi (2,001) 0.20 (400.20) EMERGENCY FILTRATION PRODUCT * Due from yo (1,000) 0.38 (380.00) TAYCO DEVELOPMENTS INC * Due from you (100) 3.50 (350.00) SILVERADO GOLD MINES LTD * Due from you (4,900) 0.07 (333.20) FORLINK SOFTWARE CRP INC * Due from you (1,000) 0.24 (240.00) US UNWIRED INC Dividend Option Cash Capita (33) 4.74 (156.42) DIRECT RESPONSE FINL SVCS INC COM (2,650) 0.05 (140.45) CORONADO INDUSTRIES INC * Due from you (2,000) 0.07 (140.00) ION NETWORKS INC Dividend Option Cash Capi (500) 0.27 (135.00) MEDICAL MAKEOVER CORP AMERICA * Due from y (500) 0.25 (125.00) HABER INC * Due from you (1,104) 0.11 (121.44) UNDERGROUND SOLUTION S INC * Due from you (500) 0.24 (120.00) INTERPLAY ENTERTAINMENT CORP Dividend Opti (2,000) 0.02 (36.00) KEY GOLD CORP * Due from you (25) 1.27 (31.75) GLUV CORP * Due from you (5,000) 0.01 (30.00) KOMODO INC * Due from you (24) 0.89 (21.36) PRIMEHOLDINGS.COM INC COM NEW * Due from y (489) 0.03 (14.18) INDIGINET INC COM NO PAR NEW NOV 2004 (999) 0.00 (3.00) WARNING MGMT SVCS INC COM 130 0.00 0.39 DELEK RES INC COM 6 0.45 2.70 WINWIN GAMING INC 3 1.01 3.03 EPICUS COMMUNICATIONS GROUP INC 5,000 0.00 5.00 LITHIUM TECHNOLOGY CRP COM PAR 25 0.24 6.00 RENOVO HOLDINGS 3,000 0.00 6.00 PALOMAR ENTERPRISES INC COM PAR $0.001 1,092 0.01 7.64 GOLDTECH MNG CORP NEV 39 0.20 7.80 JACKSON RIVS CO COM NEW 10,000 0.00 10.00 QUALITY RESTAURANT VENTURES INC 10,000 0.00 10.00 CHINA NETTV HLDGS INC COM NEW 100 0.14 13.50 TRANS ENERGY INC NEW Dividend Option Cash 1,000 0.01 14.00 NATHANIEL ENERGY CORP NEW 95 0.18 17.10 ENTRUST FINL SVCS INC COM NEW 30 0.58 17.40 EARTHSHELL CORP COM NEW 8 2.35 18.80 IDENTA CORP 10,000 0.00 20.00 GREEN MTN CAP INC COM 20,026 0.00 20.03 QUEST PRODUCTS CORP 13,600 0.00 27.20 ZALDIVA INC 100 0.30 30.00 FINX GROUP INC 8,000 0.00 32.00 E-PRIME AEROSPACE CORP 5,000 0.01 35.00 SPORTS WHEELS INC 36,500 0.00 36.50 O C G TECHNOLOGY INC 1,392 0.03 41.76 FIRSTPLUS FINANCIAL GROUP Dividend Option 1,000 0.05 45.00 KAIRE HLDGS INC COM NEW 1,064 0.05 47.88 MAJESCO HLDGS INC 1 FRO 7 25 1.95 48.75 ONE VOICE TECH INC 950 0.06 60.80 PHONE 1GLOBALWIDE INC 100 0.77 77.00 FOSTER WHEELER LTD SHS NEW ISIN 5 15.60 78.00 SUPERWIRE INC 986 0.08 78.88 COPYTELE INC 100 0.80 80.00 SHEP TECHNOLOGIES INC ISIN #CA8232221041CA 1,300 0.07 92.30 TRIBEWORKS INC COM NEW 615 0.16 95.33 GLOBALNET CORP 25,000 0.00 100.00 PURE H2O BIO-TECH INC 10,000 0.01 100.00 5G WIRELESS COMMUNICATIONS INC 10,000 0.01 100.00 XECHEM INTL INC COM NEW 6,000 0.02 102.00 PEABODYS COFFEE INC NEV 10,700 0.01 107.00 COASTAL CARIBBEAN OILS & MINERALS LTD COM 1,300 0.09 110.50 AUTOTRADECENTER INC COM NEW 77 1.50 115.50 UCAP INC COLO COM 4,000 0.03 120.00 MAUI GEN STORE INC 1,700 0.07 125.80 WORLD GOLF LEAGUE INC DEL COM NEW 20,000 0.01 140.00 NOTIFY TECHNOLOGY CORP Dividend Option Cas 1,000 0.15 150.00 GLOBALSCAPE INC 1,123 0.16 179.68 AAMPRO GROUP INC 20,000 0.01 180.00 PHARSIGHT CORP 200 0.95 190.00 MARX TOYS & ENTMT CORP 64,000 0.00 192.00 INTERNETSTUDIOS COM INC COM PAR $0.0001 1,500 0.13 195.00 SECUREVIEW SYSTEMS INC ISIN #CA81372D1015 3,000 0.07 195.00 FOSTER WHEELER LTD SER B ON SHS 344 0.60 206.40 SOLUTIA INC Dividend Option Cash Capital G 200 1.09 218.00 INTERGRATED PERFORMANCE SYS INC 915 0.24 219.60 DDS TECHNOLOGIES USA INC NEV 297 0.80 237.60 IBASIS INC 100 2.43 243.00 I OMAGIC CORP NEW 67 3.65 244.55 GLOBAL LINKS CORP NEW COM NEW 250,000 0.00 250.00 NATIONS RX INC 5,000 0.05 250.00 KUPPER PARKER COMMUNICATIONS INC 513 0.50 256.50 WILSON BROTHERS USA INC 419 0.65 272.35 ENXNET INC 973 0.28 272.44 QUIET TIGER INC 8,003 0.04 304.11 CONSPIRACY ENTMT HLDGS INC 3,500 0.09 315.00 ON THE GO HEALTHCARE INC COM NEW 154 2.05 315.70 CHINA CABLE & COMMUNICATION INC 1,000 0.32 320.00 TAG OIL LTD COM ISIN 480 0.70 336.00 THIRD MILLENNIUM INDS INC 10,000 0.04 350.00 SAFESCRIPT PHARMACIES INC 51,225 0.01 358.58 POWER 3 MED PRODS INC 500 0.84 420.00 EL CAPITAN PRECIOIUS METALS INC 722 0.62 447.64 US GLOBAL NANOSPACE INC 2,000 0.23 450.00 TRIMEDIA ENTMT GROUP INC 1,000 0.47 470.00 INTL BARRIER TECHNOLOGY INC ISIN 850 0.56 476.00 WALKER FINL CORP 800 0.60 480.00 RIVERSTONE NETWORKS INC 565 1.01 570.65 V ONE CORP COM NEW 10,810 0.06 594.55 DIAL THRU INTL CORP 2,000 0.31 620.00 HOME DIRECTOR INC NEW 3,507 0.18 631.26 REPTRON ELECTRS INC COM NEW 93 6.90 641.70 GULFPORT ENERGY CORP 200 3.30 660.00 PACIFIC WEBWORKS INC 9,374 0.08 703.05 EMBRYO DEVELOPMENT CORP 5,000 0.18 900.00 AMARC RESOURCES LTD COM ISIN #CA0229121094 2,000 0.46 920.00 VIEWCAST.COM INC Dividend Option Cash Capi 2,700 0.36 972.00 AMCAST INDL CORP Dividend Option Cash Capi 68,800 0.02 1,032.00 PATRIOT GOLD CORP 3,400 0.31 1,054.00 INTL MICROCOMPUTER SOFTWARE INC NEW 1,050 1.05 1,102.50 TRIMAINE HLDGS INC 492 2.25 1,107.00 CHINA MOBILITY SOLUTIONS INC 2,567 0.45 1,155.15 ICEWEB INC COM 60,000 0.04 2,100.00 IDI GLOBAL INC 10,500 0.49 5,145.00 CEPTOR CORP 2,000 4.15 8,300.00 NAVTECH INC 7,150 1.25 8,937.50 HEALTH FITNESS CORPORATION Dividend Option 3,500 2.95 10,325.00 EDULINK INC 157,000 unavailable GLIATECH INC Dividend Option Cash Capital 360,600 unavailable KOREA THRUNET CO LTD SHS NEW 52 unavailable MPTV INC COM NEW 1,756,353 unavailable SK RLTY VENTURES INC 50 unavailable WORTHLESS SECURITIES 2,620.84 ABANDON ACC 28.50 JOHNSON MATTHEY SPONSORED ADR ISIN #US4791 (100) 37.94 (3,793.70) NESTLE S A SPONSORED ADR REPSTG REG SH VTG (40) 65.41 (2,616.32) INTEGRAL VISION INC Dividend Option Cash C (700) 2.30 (1,610.00) TECHLITE INC COM * Due from you (2,000) 0.60 (1,200.00) ASIA BROADBAND INC COM * Due from you (1,500) 0.28 (420.00) NATIONAL COAL CORP * Due from you (100) 3.30 (330.00) GLOBETECH VENTURES CORP ISIN #CA37958D1050 (190) 0.40 (76.00) PETROGEN CORP 1 0.45 0.45 RESCON TECHNOLOGY CORP COM PAR 1 1.01 1.01 DIVERSIFIED THERMAL SOLUTIONS 6 0.25 1.50 DATAMETRICS CORP COM NEW 50 0.04 1.75 NETWORK COMPUTING DEVICES Dividend Option 1,500 0.01 12.00 PURCHASEPRO COM INC COM NEW Dividend Optio 200 0.07 13.00 TASTY FRIES INC 250 0.11 27.50 ABCI HLDGS INC 15,000 0.00 30.00 ADVANCE TECHNOLOGIES INC 3,000 0.02 60.00 VOLKSWAGEN A G SPONSORED ADR 9 9.07 81.59 SINGER NV 13 6.30 81.90 BRILLIANT DIGITAL ENTMNT INC Dividend Opti 2,000 0.05 90.00 NP ENERGY CORP COM NO PAR 50,000 0.00 100.00 ACCIDENT PREVENTION PLUS INC COM PAR $0.00 3,000 0.05 150.00 APIVA VENTURES LTD ISIN #CA03760D1050 SEDO 10,000 0.02 150.00 TRANSAKT CORP ISIN #CA8934561033 SEDOL #26 1,000 0.23 230.00 U S MICROBICS INC 10,000 0.03 270.00 SOLAR ENERGY LTD COM NEW 2,000 0.17 340.00 INTERNATIONAL SPORTS & MEDIA GROUP INC 25,000 0.02 475.00 MISSISSIPPI CHEMICAL CORP COM NEW 6,000 0.09 510.00 COMMERZBANK A G SPONSORED ADR 30 20.62 618.60 HEINEKEN N V ADR 19 33.34 633.50 V LOAN FINL SVCS INC ISIN #AGP980381059 90,000 0.01 900.00 ADVANCED TISSUE SCIENCES INC Dividend Opti 14,025 0.10 1,402.50 VISUALMED CLINICAL SOLUTIONS CORP 1,000 1.51 1,510.00 IMMUNE NETWORK LTD COM NEW ISIN #CA4529253 125,000 0.01 1,625.00 MINEBEA LTD SPON ADR Estimated Yield 1.22% 189 8.72 1,648.84 RINCON RES INC 15,000 0.12 1,800.00 DBS GROUP HLDGS LTD SPONS ADR Estimated Yi 83 39.45 3,304.43 HEALTHNET INTL INC 4,500 unavailab unavailable 691,737.50(67,470.49) Long Short Vfinance, Inc. December 31,2005 Trading Securites Appendix A Table 4 Description Shares Price Long Short MEDICAL NUTRITION USA (500) 2.65 0.00 (1,325.00) ADVANTAGE CAP DEV CORP 5,011 0.03 125.28 0.00 AMERICAN RACING CAP IN 20,000 0.01 160.00 0.00 AMERICAN UNITED GOLD C 5,000 0.06 275.00 0.00 AMS HOMECARE INC COM N 5,000 0.06 290.00 0.00 BATTERY TECHNOLOGIES I 45,033 unavailab unavailable 0.00 BDC CAP INC 5,000 0.02 95.00 0.00 BICO INC COM 1,314,000 unavailab unavailable 0.00 CALIFORNIA NEWS TECH 200 2.25 450.00 0.00 CALPINE CORPDividend O 300 0.21 62.40 0.00 CAPSOURCE FINL INC 497 0.61 303.17 0.00 CITYVIEW CORP LTD NEW 5,000 0.02 75.00 0.00 CYCOMM INTL INC COM NE 1,152,000 unavailab unavailable 0.00 DELI SOLAR USA INC COM 4 7.25 29.00 0.00 DIXON OIL & GAS INC CO 10,000 0.00 30.00 0.00 DYNAMIC RESOURCES CORP 800 0.87 696.00 0.00 EAST WEST DISTRIBUTION 9 unavailab unavailable 0.00 ENTHEOS TECHNOLOGIES I 500 0.60 300.00 0.00 EVOLVE ONE INC COM NEW 6,024 0.05 283.13 0.00 EZCOMM INC 500 0.10 47.50 0.00 EZ2 COS INC COM 5,000 0.03 125.00 0.00 FOWLER OIL & GAS CORP 552 0.51 281.52 0.00 FREZER INC RSTD COM 750 unavailab unavailable 0.00 FRST VIRTUAL COMMUNICA 8,000 0.02 120.00 0.00 GLOBAL IT HLDGS INC NE 60,000 unavailab unavailable 0.00 GLOBAL LIGHT TELECOMMU 1,000 unavailab unavailable 0.00 GOLF COMMUNITIES OF AM 13,738 unavailab unavailable 0.00 GREAT AMERN FAMILY PAR 2,500 0.45 1,125.00 0.00 GULF COAST OIL & GAS I 5,000 0.03 145.00 0.00 IN TOUCH MEDIA GROUP I 500 0.27 135.00 0.00 INFLOT HLDGS CORP 1,200 0.01 9.60 0.00 INTERNATIONAL STAR INC 5,000 0.05 225.00 0.00 INTL AIRLINE SUPPORT G 4,000 0.02 80.00 0.00 INVICTA GROUP INC CDT 40,342 0.00 40.34 0.00 ITEMUS INC COM ISIN#CA 225,698 unavailab unavailable 0.00 IVISION GROUP LTD 6,500 unavailab unavailable 0.00 IWORLD PROJS & SYS INC 65,000 0.01 325.00 0.00 KRIFTER HLDGS INC COM 25,000 0.04 1,000.00 0.00 L INTL COMPUTERS INC 6 0.65 3.90 0.00 LANDSTAR INC 10,000 0.01 50.00 0.00 LEGEND INTL HLDGS INC 500 2.80 1,400.00 0.00 LONG RD ENTMT INC COM 20,500 0.00 41.00 0.00 MADGE NETWORKS N V SHS 200 unavailab unavailable 0.00 MEG ATHLETICS CORP COM 10,000 0.00 10.00 0.00 METAL RECOVERY TECHNOL 5,000 0.00 20.00 0.00 MICHELEX CORP COM NEW 8,000 0.01 64.00 0.00 MICROART INC COM 140 0.01 1.40 0.00 MILINX MARKETING GROUP 10,000 unavailab unavailable 0.00 MILLENNIUM NATL EVENTS 25,025 0.01 250.25 0.00 MR3 SYSTEMS INC 10,000 0.03 250.00 0.00 OMNIMED INTL INC COM N 29 10.00 290.00 0.00 ONTV INC 16,000 0.02 240.00 0.00 ORBIT BRANDS CORP COM 85,366 0.00 85.37 0.00 ORIOLE SYSTEMS INC. 5,000 0.00 20.00 0.00 PARADIGM OIL & GAS INC 5,000 0.08 390.00 0.00 PATRON SYS INC 5,000 0.05 250.00 0.00 PEAK ENTERTAINMENT HOL 20 0.29 5.80 0.00 RENO GOLD CORP 5,000 0.08 375.00 0.00 REWARD ENTERPRISES INC 5,000 unavailab unavailable 0.00 ROOMLINX INC 5,000 0.01 25.00 0.00 ROYAL PET MEALS INC 10,000 0.00 30.00 0.00 RUDY 45 COM 187 0.25 46.75 0.00 SBS INTERACTIVE CO 5,500 0.04 220.00 0.00 SCIENCE DYNAMICS CORP 1,000 0.07 65.00 0.00 SECURAC CORP COM 500 0.55 275.00 0.00 SILVERADO FINL INC 80 0.10 8.00 0.00 SNAP N SOLD CORP COM 10,000 0.02 160.00 0.00 SPORTSNUTS INC COM NEW 5,000 0.01 25.00 0.00 STRATEGIC MGMT & OPPOR 5,000 0.01 30.00 0.00 TELCO BLUE INC COM NEW 10,000 0.01 110.00 0.00 TERRACE VENTURES INC C 2,000 0.25 500.00 0.00 THEMESCAPES INC 1,000 0.01 5.00 0.00 TIGER TEAM TECHNOLOGIE 10,000 0.01 80.00 0.00 TOTAL MED ELECTIVE CAR 2,000 unavailab unavailable 0.00 TRINITY MED GROUP USA 7,000 unavailab unavailable 0.00 U S WIND FARMING INC 1,000 0.01 10.00 0.00 UNION EQUITY INC COM 125,000 unavailab unavailable 0.00 UNIPHYD CORP 16,500 0.01 132.00 0.00 UNIPRO FINL SVCS INC C 4,618 0.70 3,232.60 0.00 UNIVERSAL ICE BLAST IN 83 0.05 4.15 0.00 WEBSKY INC COM PAR $0. 101 0.04 4.04 0.00 WIRELESS FRONTIER INTE 5,000 0.01 45.00 0.00 WORLD TRANS AUTH INC I 15,000 0.00 15.00 0.00 WORLDS.COM INC 6,000 0.01 30.00 0.00 ACT TELECONFERENCING I 142 0.19 26.98 0.00 ADSOUTH PARTNERS INC C 435 0.32 139.20 0.00 ADVANCED OXYGEN TECH I 10,020 0.01 80.16 0.00 AGENT 155 MEDIA GRP IN 10,000 0.01 50.00 0.00 AGRONIX INC COM 2,000 0.04 80.00 0.00 ALTERNATE ENERGY CORP 990 0.09 90.09 0.00 AMERICAN SPORT DEV GRP 100,500 0.00 301.50 0.00 AMERICANA PUBG INC COM 30,125 0.00 30.13 0.00 AMERSIN LIFE SCIENCES 10,000 0.02 200.00 0.00 ARETE INDS INC COM NEW 20,000 0.00 60.00 0.00 AUGRID CORP COM PAR $. 1,997 0.01 15.98 0.00 AVITAR INC NEWDividend 5,000 0.01 45.00 0.00 BEST HEALTH INC RSTD C 660 unavailab unavailable 0.00 BIMS RENEWABLE ENERGY 5,000 0.00 15.00 0.00 BIO LIFE LABS INC 5,000 0.01 50.00 0.00 BSI2000 INC 1,500 0.03 43.50 0.00 CAMBRIDGE HEART INCDiv (121) 0.74 0.00 (88.94) CARGO CONNECTION LOGIS 280,000 0.00 560.00 0.00 CENTRAL WIRELESS INC 23,683 unavailab unavailable 0.00 CHINA DIRECT TRADING C 5,000 0.02 100.00 0.00 CIROND CORP 5,000 0.01 50.00 0.00 COLLECTIBLE CONCEPTS G 55,223 0.00 55.22 0.00 COMMUNICATION RESH INC 20,000 0.02 440.00 0.00 COMPOSITE TECHNOLOGY C 10 1.22 12.20 0.00 CONECTISYS CORP COM NE 20,000 unavailab unavailable 0.00 CONSOLIDATED ECO SYSTE 30,000 0.00 60.00 0.00 CORRIDOR COMMUNICATION 6,000 unavailab unavailable 0.00 CSI BUSINESS FIN INC N 15,000 0.00 45.00 0.00 CYGNUS INC (DELAWARE) 455 unavailab unavailable 0.00 DCH TECHNOLOGY INCDivi 29,650 0.00 118.60 0.00 DIALOG GROUP INC 15,000 0.01 105.00 0.00 DIGITAL COLOR PRINT IN 175 0.02 3.50 0.00 EKNOWLEDGE GROUP INC C 2,450 0.02 49.00 0.00 ELITE FLIGHT SOLUTIONS 60,000 unavailab unavailable 0.00 ENERGY FINDERS INC 50 0.16 8.00 0.00 ENTRADA NETWORKS INCDi 10,026 0.00 30.08 0.00 EYI INDS INC* Due from (20) 0.03 0.00 (0.50) FAMILY ROOM ENTMT CORP 4,400 0.02 66.00 0.00 FCCC INC 50 1.07 53.50 0.00 FORTUNE NAT RES CORPDi 3,500 0.01 35.00 0.00 GADZOOKS INCDividend O 250 0.01 3.50 0.00 GFY FOODS INC COM PAR 5,001 unavailab unavailable 0.00 GLOBAL RES CORP COM 5,000 0.01 70.00 0.00 GOLDEN EAGLE MINERALS 10,000 0.03 270.00 0.00 GTREX CAP INC 25,000 0.01 225.00 0.00 HEARTLAND INC MD 8 0.32 2.56 0.00 HOP ON INC COM NEW 11,249 0.01 78.74 0.00 ICOA INC COM NEW 5,000 0.03 170.00 0.00 ICOWORKS INC NEW 11,000 0.01 55.00 0.00 INDOCAN RES INC 15,000 0.00 15.00 0.00 INFINICALL CORP 2,500 0.02 55.00 0.00 INFINIUM LABS INC 10,000 0.02 170.00 0.00 INGEN TECHNOLOGIES INC 125 0.09 11.25 0.00 INNOVA HLDGS INC 5,000 0.01 55.00 0.00 INSTACARE CORP N/C FRO 1,000 0.01 8.00 0.00 INTERACTIVE MOTORSPORT 5,000 0.02 110.00 0.00 ITRONICS INC 750 0.05 37.50 0.00 JENANET COM INC 2,500 0.04 100.00 0.00 LASERLOCK TECHNOLOGIES 9,000 0.04 315.00 0.00 LEEP INC N/C FROM 5217 95 0.07 6.18 0.00 LIFELINE BIOTECHNOLOGI 1,939 0.01 9.70 0.00 LIFESTYLE INNOVATION I 12,000 0.01 60.00 0.00 LTWC CORP NO STOCKHOLD 16,323 unavailab unavailable 0.00 LUMENIS LTD SHS ISIN 18 2.22 39.96 0.00 MANHATTAN SCIENTIFIC I 2,500 0.06 142.50 0.00 MARMION INDS CORP COM 5,000 0.00 10.00 0.00 MED GEN INC COM PAR $0 11,000 0.02 165.00 0.00 MERA PHARMACEUTICALS I 1,000 0.02 16.00 0.00 METROPOLITAN MTG & SEC 80,000 unavailab unavailable 0.00 MICRO BIO MEDICAL WAST 66 0.30 19.80 0.00 MICRON ENVIRO SYS INC 20,000 0.01 240.00 0.00 MILITARY RESALE GROUP 1,000 0.01 10.00 0.00 MOONEY AEROSPACE GROUP 9 0.60 5.40 0.00 MYMETICS CORP COM 1,140 0.04 45.60 0.00 NATIONWIDE SAFE T PROP 5,000 0.00 5.00 0.00 NATUREWELL INC 5,000 0.00 10.00 0.00 NEOMEDIA TECH INC 21 0.30 6.38 0.00 NETIMPACT HLDGS INC 6,730 0.00 13.46 0.00 NEW HARVEST CAP CORP 7 1.55 10.85 0.00 NORD OIL INTL INC COM* (8) 0.08 0.00 (0.60) NORTH STAR DIAMONDS IN 10,000 0.01 70.00 0.00 NORTHLAND CRANBERRIES 50 0.20 10.20 0.00 NUTRALOGIX LABORATORIE 300 0.15 45.00 0.00 NUWAVE TECHNOLOGIES IN 17 0.08 1.36 0.00 OMDA OIL & GAS INC COM 19,035 0.00 76.14 0.00 OMEGA VENTURES GROUP I 5,003 0.03 125.08 0.00 OMNI NUTRACEUTICALS IN 2,240 0.00 2.24 0.00 PHOENIX INTEREST INC 20,000 unavailab unavailable 0.00 PICK UPS PLUS INC 600 0.01 7.80 0.00 PLANETLINK COMMUNICATI 20,000 0.00 80.00 0.00 PLASTICON INTL INC COM (52) 0.00 0.00 (0.21) POSEIDIS INC COM NEW 5,000 0.02 115.00 0.00 POWDER RIV BASIN GAS & 1,000 0.23 230.00 0.00 PRACTICEXPERT INC 5,000 0.03 130.00 0.00 PTS INC COM PAR $0.001 10,000 0.00 30.00 0.00 RIM SEMICONDUCTOR CO C 304 0.03 8.21 0.00 ROBOTIC VISION SYSTEMS 51,130 0.00 51.13 0.00 S3 INVT CO INC COM 5,000 0.00 5.00 0.00 SAFE TRAVEL CARE INC 60,000 0.00 240.00 0.00 SCHLOTZSKY'S INCDivide (50) 0.01 0.00 (0.50) SHELRON GROUP INC 5,000 0.06 300.00 0.00 SOY SLIM CORP RSTD COM 660 unavailab unavailable 0.00 SSYMW 30 1.50 0.00 0.00 STRATUS SVCS GROUP INC 15,000 0.02 285.00 0.00 SUPERWIPES INC COM 746,700 unavailab unavailable 0.00 SURFACE TECH INC 40,000 0.00 40.00 0.00 SURGILIGHT INC 14,000 0.01 196.00 0.00 TDS TELEMEDICINE INC 10,000 0.01 80.00 0.00 TECTONIC NETWORK INC 300 0.01 1.80 0.00 TELENETICS CORP COM NE 2,000 0.01 20.00 0.00 TORBAY HLDGS INC 5,000 0.03 125.00 0.00 TVC TELECOM INC 24,135 0.00 24.14 0.00 ULTRADATA SYSTEMS INCD 5,300 0.04 185.50 0.00 UNIVERCELL HLDGS INC 5,000 0.01 55.00 0.00 USA BIOMASS CORPDivide 300 0.02 4.50 0.00 WI FI TV INC COM NEW 77 unavailab unavailable 0.00 WORLD AM INC COM PAR $ 5,000 0.01 50.00 0.00 XRAYMEDIA INC 20,000 0.01 120.00 0.00 SUNLINK HEALTH SYS INC 30 1.50 45.00 0.00 AMAZON BIOTECH INC* Du (1,000) 0.29 0.00 (290.00) BROADCAST INTL INC NEW 300 2.25 675.00 0.00 WYSAK PETROLEUM INC CO (155) unavailab unavailable 0.00 ADVANTAGE BK NJ* Due f (60) 18.00 0.00 (1,080.00) AMERICAN PALLET LEASIN 15,000 0.05 675.00 0.00 ARMSTRONG HLDGS INCDiv 130 1.55 201.50 0.00 BIOSPHERE DEVELOP CORP (24) unavailab unavailable 0.00 BRIGHTSTAR INFORMATION 100 0.02 1.80 0.00 CHAMPION PARTS INC 100 0.72 72.00 0.00 CONOLOG CORP COM PAR $ 10 0.91 9.10 0.00 CYBERKINETICS NEUROTEC 38 1.86 70.68 0.00 E DIGITAL CORP* Due fr (5,610) 0.08 0.00 (426.36) EQUITY 07-21-2005 0.00 EQUITY TECH & RES INC 60 0.03 1.92 0.00 FACTORY 2 U STORES INC 1,780 0.00 3.56 0.00 FONAR CORP 100 0.68 68.00 0.00 GALAXY ENERGY CORP 29 1.14 33.06 0.00 HEMOSOL CORP COM NEW I 50 0.08 3.75 0.00 IDEA SPORTS ENTMT GROU 5,900 0.02 129.80 0.00 ITERIS INC NEW COM 1 2.40 2.40 0.00 LPBP INC CL A VTG ISIN (6) unavailab unavailable 0.00 MOLECULAR IMAGING CORP 10,000 0.01 70.00 0.00 MONARCH SERVICES INC 70 0.81 56.70 0.00 NORSAT INTL INC ISIN#C 1,500 0.84 1,260.00 0.00 PACIFICHEALTH LABORATO 500 0.30 150.00 0.00 PARAFIN CORP COM 2 0.06 0.12 0.00 PETROL OIL & GAS INC* (15) 1.76 0.00 (26.40) POWER2SHIP INC 90 0.08 6.75 0.00 SAHARA EXPL CORP RESTR (9) unavailab unavailable 0.00 SKINVISIBLE INC 3,020 0.18 543.60 0.00 SMSACTIVE TECHNOLOGIES 5,000 0.01 40.00 0.00 SPANTEL COMMUNICATIONS 10,000 0.02 150.00 0.00 SPATIALIGHT INCDividen (16) 3.47 0.00 (55.52) SPECTRUM PHARMACEUTICA 9 4.23 38.07 0.00 SPECTRX INCDividend Op (20) 0.25 0.00 (5.00) STORAGE ALLIANCE INC 38,000 0.01 228.00 0.00 SUREBEAM CORP CL ADivi 5,000 0.00 10.00 0.00 TELEGLOBE INTL HLDGS L 45 4.41 198.45 0.00 TRANSWORLD OIL & GAS L 5,000 0.01 55.00 0.00 U S PLASTIC LUMBER COR 5,000 0.01 40.00 0.00 UWINK INC 3,500 0.27 945.00 0.00 VALENTIS INC COM NEW 3 2.14 6.42 0.00 VASOMEDICAL INCDividen 2,197 0.26 571.22 0.00 VENCOR INTL INC NEW 5,000 0.01 30.00 0.00 VERTICALNET INC COM NE 27 0.58 15.66 0.00 VITRIA TECHNOLOGY INC 21 2.66 55.86 0.00 WHX CORP COM NEW NO ST ( 8) unavailab unavailable 0.00 WINDSORTECH INC 19 1.73 32.87 0.00 BINGO COM LTD ISIN #AI 100 0.61 61.00 0.00 CAMPBELL RESOURCES INC 300 0.12 36.90 0.00 CREATIVE GAMING INC 83 0.01 0.42 0.00 CYIOS CORP COM 20 0.28 5.60 0.00 DIAMANT ART CORP COM I 6 0.01 0.03 0.00 DIAMOND POWERSPORTS IN 600 0.15 87.00 0.00 Dividend Option CashCa 0.00 EMPYREAN HLDGS INC 1,283 0.01 7.70 0.00 GEOPHYSICAL PROSPECTIN 5,000 0.03 125.00 0.00 INTERNATIONAL PHARMACY 5,000 0.00 15.00 0.00 JACOBSON RESONANCE ENT 5,000 unavailab unavailable 0.00 LAS VEGAS FROM HOME.CO 4 0.32 1.28 0.00 NETCO INVTS INC TEX CO 5,000 0.00 5.00 0.00 PURE CAP INC ISIN #CA7 1,762 0.02 28.19 0.00 SCIAX DEFENSE USA 666 unavailab unavailable 0.00 TRIANT TECH INC ISIN 5,000 0.56 2,820.00 0.00 ADVANCED OPTICS ELECTR 350 unavailab unavailable 0.00 A21 INC 57 0.34 19.38 0.00 AMERICAN ENERGY GRP LT (400) 1.90 0.00 (760.00) AMITELO COMMUNICATIONS 25,000 unavailab unavailable 0.00 ANSCOTT INDS INC 4,432 0.04 177.28 0.00 ARIEL WAY INC N/C FROM 3 0.04 0.12 0.00 AVP INC COM NEW 155 1.70 263.50 0.00 BERLINER COMMUNICATION 13 0.40 5.20 0.00 BLASTGARD INTL INC 2,500 0.62 1,550.00 0.00 CARIBBEAN DEVS INC COM 10,000 unavailab unavailable 0.00 CHINA BIOPHARMACEUTICA 300 1.30 390.00 0.00 CHINA ENTMT GRP INC CO 178 0.03 5.34 0.00 DIRECTVIEW INC 40,000 0.00 120.00 0.00 DIVERSIFIED CORPORATE 5,000 0.07 325.00 0.00 DRAGON CAP GROUP COM 5,000 0.03 135.00 0.00 DRAGON INTL GROUP CORP 3,300 0.08 270.60 0.00 EAUTOCLAIMS INC COM 1,420 0.30 418.90 0.00 ELEPHANT TALK COMMUNIC 10,000 0.05 500.00 0.00 ELINE ENTERTAINMENT GR 11,000 0.32 3,520.00 0.00 ENCLAVES GROUP INC COM (10) 0.18 0.00 (1.80) ENVIRO VORAXIAL TECH I 500 0.57 285.00 0.00 EUROTECH LTDDividend O 33,678 0.01 336.78 0.00 FLEXIINTERNATIONAL SOF 500 0.27 135.00 0.00 GENIO GROUP INC 2,000 0.01 22.00 0.00 HEARTSTAT TECHNOLOGY I 20 0.05 1.00 0.00 HOMELAND SEC GROUP INT 30,000 0.01 180.00 0.00 KENILWORTH SYS CORP 5,000 0.04 190.00 0.00 KSW INDS INC COM 5 0.00 0.01 0.00 MACROCHEM CORP DEL 500 0.03 15.00 0.00 MAGNITUDE INFORMATION 5,000 0.08 385.00 0.00 MEDICAL SVCS INTL INC 49,500 0.00 49.50 0.00 MICROLEAGUE MULTIMEDIA 7,600 unavailab unavailable 0.00 MOBILE REACH INTL INC 271 0.70 189.70 0.00 MONEY CTRS AMER INC CO 625 0.37 231.25 0.00 ORDERPRO LOGISTICS INC 260 0.01 2.08 0.00 ORSUS XELENT TECHNOLOG 10 2.01 20.10 0.00 PALIGENT INC 5,081 0.03 152.43 0.00 PAOLO NEV ENTERPRISES 5,000 0.05 250.00 0.00 PRODUCE SAFETY & SEC I (5,000) 0.01 0.00 (30.00) PROJECT GROUP INC 25,000 0.00 25.00 0.00 PROVO INTL INC COM NEW 14,973 0.01 74.87 0.00 RAVEN MOON ENTMNT WTS 8,500 unavailab unavailable 0.00 RAVEN MOON ENTMT INC C 35,000 0.00 35.00 0.00 RTG VENTURES INC 5,000 0.00 10.00 0.00 SAFEGUARD SEC HLDGS IN (288) 1.70 0.00 (489.60) SAGENT TECHNOLOGY INCD 2,452 0.02 49.04 0.00 SECURECARE TECHNOLOGIE 150 0.20 30.00 0.00 SECURITY FIRST INTL HL (45) 1.95 0.00 (87.75) SPATIALIZER AUDIO LABO 6,500 0.04 260.00 0.00 SUNWIN INTL NEUTRACEUT (100) 0.23 0.00 (23.00) SYSTEMS EVOLUTION INC 10,000 0.01 110.00 0.00 TECHLABS INC COM PAR $ 6,500 0.36 2,340.00 0.00 THE FEINSTEIN REPORT I 9,532 unavailab unavailable 0.00 TRI S SEC CORP 10 4.40 44.00 0.00 TRUE HEALTH INC COM PA 27 0.60 16.20 0.00 UC HUB GROUP INC 5,000 0.04 200.00 0.00 UCN INC 350 1.77 619.50 0.00 UNIVERSAL MEDIA HLDGS (5,000) 0.00 0.00 (10.00) VIRTUALSCOPICS INC COM (4,500) 7.30 0.00 (32,850.00) VISION GLOBAL SOLUTION 5,000 0.28 1,400.00 0.00 WASTECH INC OKLA 87 0.05 4.35 0.00 WENR CORP NEW 7 0.01 0.08 0.00 2KSOUNDS CORP COM 53,000 unavailab 0.00 0.00 ABLE LABORATORIES INC 379 0.15 54.96 0.00 ACTIVEWORLDS CORP FORM 5,000 unavailab 0.00 0.00 ADS MEDIA GROUP INC 60 0.03 1.50 0.00 ADVANCED PLANT PHARMAC 25,000 0.00 25.00 0.00 ADVANTAGE CAP DEV CORP 10 0.03 0.25 0.00 ALLIXON CORP 15,000 0.00 30.00 0.00 ALPHA SPACECOM INC COM 475 0.07 33.73 0.00 ALR TECH INC 59 0.08 4.72 0.00 AMELOT HLDGS INC N/C F 10,609 0.00 42.44 0.00 AMERICAN COMM SOLUTION 8,411 0.01 117.75 0.00 AMERICAN PETE GROUP IN 50 0.12 6.00 0.00 API ELECTRONICS GRP CO 47 4.70 220.90 0.00 ARC WIRELESS SOLUTIO N 1,000 0.10 100.00 0.00 AUSTIN MED TECH INC CO 10,000 0.00 40.00 0.00 BEVSYSTEMS INTL INC NE 113,750 unavailab unavailable 0.00 BMC INDS INC MINNDivid 69,405 0.00 69.41 0.00 BROADBAND WIRELESS INT 100 unavailab unavailable 0.00 CALEDONIA MINING CORPD 3,000 0.10 285.00 0.00 CELERITY SYS INC COM N 40,000 0.00 80.00 0.00 COASTAL HLDGS INC COM 5,029 unavailab unavailable 0.00 COASTAL HOLDINGS INC R 1,000 unavailab unavailable 0.00 COLORADO OIL AND GAS I 20 unavailab unavailable 0.00 CRITICAL PATH INC COM 87 0.27 23.49 0.00 CT HOLDINGS INCDividen 17,500 0.01 87.50 0.00 DALRADA FINL CORP 12,401 0.00 49.60 0.00 DANGELO BRANDS INC COM 25 0.75 18.75 0.00 DEEP FIELD TECHNOLOGIE 10 0.04 0.38 0.00 DIABETEX INTL CORP 16,497 0.00 16.50 0.00 DIGILAVA INC 6,000 0.01 48.00 0.00 DNAPRINT GENOMICS INC 865 0.02 18.17 0.00 DREAM MARKETING INC RE 7 unavailab unavailable 0.00 E MED FUTURE INC 1,000 0.05 47.00 0.00 EARTH SEARCH SCIENCES 50 0.11 5.25 0.00 ELEPHANT TALK (RESTRIC 5 unavailab unavailable 0.00 EMERGING ENTERPRISES S (4,900) unavailab unavailable 0.00 ENDEVCO INC TX 3,399 0.04 118.97 0.00 ENDOVASC INC NEV 5,000 0.02 105.00 0.00 EPIC FINANCIAL CORP 5,000 0.02 75.00 0.00 EVOLVE SOFTWARE INC NE 2,030 unavailab unavailable 0.00 FEMONE INC 5,000 0.01 60.00 0.00 FINANCIAL ACCESS SOLUT 167 0.03 4.34 0.00 FINELINE HOLDINGS INC 358 0.03 10.74 0.00 FIRSTWAVVE TECHNOLOGIE 100 1.75 175.00 0.00 FORTEL INC CALIFDivide 256,435 unavailab unavailable 0.00 FRIENDLY ENERGY CORP 10,000 0.05 500.00 0.00 GENELABS TECHNOLOGIES (2) 1.85 0.00 (3.70) GLOBAL CONCEPTS LTD CO 15,000 0.00 15.00 0.00 GLOBETRAC INC 2,500 0.01 30.00 0.00 GO ONLINE NETWORKS COR 32,211 0.00 32.21 0.00 GOLDEN PHOENIX MINERAL 5,250 0.16 840.00 0.00 GOLDSPRING INC 5,000 0.02 110.00 0.00 GRAPHON CORP 300 0.19 57.00 0.00 GROEN BROS AVIATION IN 1,000 0.22 220.00 0.00 HARVEY WESTBURY CORP 65 0.17 10.73 0.00 HEARTSOFT INC 32,788 unavailab unavailable 0.00 HOUSE OF BRUSSELS CHOC 19 0.39 7.41 0.00 ILIVE INC COM NEW 3,627 unavailab unavailable 0.00 IMMUNE RESPONSE CORP 1,400 0.08 117.60 0.00 INSEQ CORP N/C FROM 45 10,000 0.00 20.00 0.00 INTEGRATED SOFTWARE DE 5,299 unavailab unavailable 0.00 INTELLIGENT SEC NETWOR 1 0.13 0.13 0.00 INTERSPACE ENTERPRISES 104,642 unavailab unavailable 0.00 IVOICE INC 275,500 unavailab unavailable 0.00 IVOICE TECHNOLOGY INC 10 0.01 0.11 0.00 JORDYN TAYLOR PPTYS IN 10,000 0.03 270.00 0.00 LAS VEGAS RESORTS CORP 3 6.00 18.00 0.00 LION CAP HLDGS INC 15,000 0.01 75.00 0.00 M PWR ENTMT INC 30 0.05 1.47 0.00 MAGNUM D OR RES INC 67 0.02 1.54 0.00 MALERS INC 10,000 0.00 10.00 0.00 MAXIMUM DYNAMICS INC* (3,800) 0.00 0.00 (3.80) MCLEODUSA INC FORMERLY 31,091 0.01 342.00 0.00 MERGENCE CORP 250 0.00 1.00 0.00 MICROMEM TECHNOLOGIES 200 0.66 132.00 0.00 MOTIVNATION INC COM NE (108) 0.30 0.00 (32.40) NANNACO INC COM PAR 0. 129 0.02 3.10 0.00 NEXPRISE INC NEW COM N 13 0.38 4.94 0.00 NEXT INC 30 0.80 24.00 0.00 NORTHPOINT COMMUNICATI 335 0.00 0.34 0.00 NUENERGY GROUP INC 10,795 0.00 43.18 0.00 PRESCIENT APPLIED INTE 932 0.12 111.84 0.00 PRIMEHOLDINGS.COM INC 550 unavailab unavailable 0.00 PROTON LABORATORIES IN 25 0.34 8.50 0.00 R TEC HLDG INC 5,000 0.01 40.00 0.00 REALITY WIRELESS NETWO 1 0.00 unavailable 0.00 RESTRICTED ADVANCED SO 40 unavailab unavailable 0.00 RMD ENTMT GROUP 5,000 0.00 15.00 0.00 ROANOKE TECHNOLOGY COR 168,472 unavailab unavailable 0.00 SCORES HLDG INC COM NE 79,156 0.01 712.40 0.00 SENTEX SENSING TECHNOL 5,138 0.01 51.38 0.00 SKYBRIDGE WIRELESS INC 978 0.00 0.98 0.00 SMALL TOWN RADIO INC N 6,991 0.01 55.93 0.00 SOLPOWER CORP 28 0.10 2.80 0.00 SOUTHERN COSMETICS INC (10,000) 0.08 0.00 (750.00) SPEECHSWITCH INC CL A 10 0.02 0.23 0.00 STRAT PETE LTD COM NEW 1 0.10 0.10 0.00 TENFOLD CORP 750 0.21 157.50 0.00 TERAFORCE TECHNOLOGY C 780 unavailab 0.00 0.00 THE CLASSICA GROUP INC 35,790 0.00 35.79 0.00 TRAVLANG INC 10,000 unavailab 0.00 0.00 TRIANGLE MULTI-MEDIA I 25,915 unavailab 0.00 0.00 TRIMFAST GROUP INC COM 5,000 0.01 35.00 0.00 TROPICAL BEVERAGE INC 5,000 0.01 30.00 0.00 U S MEDSYS CORP 500 0.15 73.50 0.00 U S WIRELESS DATA INC 57 1.65 94.05 0.00 UNGAVA MINERALS CORP I 3,500 0.08 280.00 0.00 UNICO INC COM 12,000 0.01 60.00 0.00 UNITED SPECIALTIES INC 75,170 0.00 225.51 0.00 UNIVERSAL AUTOMOTIVE I 85,255 0.00 85.26 0.00 UNIVERSAL EXPRESS INC 12,102 0.00 12.10 0.00 US WIRELESS DATA INC C 7,500 unavailab 0.00 0.00 USA TECHNOLOGIES INC* (3,000) 0.11 0.00 (333.00) VERIDIUM CORP 15,000 0.02 300.00 0.00 VIE FINL GROUP INC COM 21 0.03 0.63 0.00 WAVE WIRELESS CORP COM 3 0.13 0.39 0.00 WORLDWIDE HOLDINGS COR 45,000 0.00 0.45 0.00 ZAP COM NEW 4 0.26 1.04 0.00 ZKID NETWORK COMPANY R 225 unavailab 0.00 0.00 ZOOLINK CORP 400 0.00 1.20 0.00 Worthless Securities 3,914.34 0.00 MAPLE GROVE MINN HEALT 75,000 95.13 71,343.75 0.00 LAKOTA OHIO LOC SCH DI 40,000 98.74 39,497.20 0.00 MONTANA FAC FIN AUTH H 200,000 95.43 190,866.00 0.00 MONTANA FAC FIN AUTH H 150,000 94.24 141,366.00 0.00 APPLIED DEVICES CORP N 100 unavailab unavailable 0.00 AVALON DIGITAL MARKETI ( 2) * unavailab unavailable 0.00 BOTTOMLINE HOME LN INC 10 unavailab unavailable 0.00 GENERAL DEVICES INC CO 30 1.10 33.00 0.00 INFOTECH MGMT INC 2,000 unavailab unavailable 0.00 INTL CONSUMER BRANDS I 200 unavailab unavailable 0.00 MANHATTAN BAGEL INC NO 400 unavailab unavailable 0.00 NEXIA HLDGS INC COM NE 2 unavailab unavailable 0.00 QINTEX ENTMT INC 3,000 unavailab unavailable 0.00 QUANTUM DIAGNOSTICS LT 15,500 unavailab unavailable 0.00 QUIKTRAK 20 C FPO .5 A 1 unavailab unavailable 0.00 QUIKTRAK NETWORKS PLC 3 0.04 0.11 0.00 SCIENTIFIC BIOMED APPL 50,000 unavailab unavailable 0.00 SPORTSTOWN INC NO STKH 4,900 unavailab unavailable 0.00 SUBSTANCE ABUSE TECH I 300 unavailab unavailable 0.00 WESTERN LAND & RESOU R 80 unavailab unavailable 0.00 WORLDWIDE HOLDINGS COR 1 0.00 unavailable 0.00 Global Securities 5,687.08 0.00 ADVAXIS INC 3,000 0.21 627.00 0.00 BIG CITY RADIO INC CL 1,000 unavailab unavailable 0.00 CELERITEK INCDividend 2,000 0.15 290.00 0.00 SAFETEK INTL INC COM P 100 0.15 15.00 0.00 TROY GROUP INCDividend 481 2.90 1,394.90 0.00 AMERICAN MED TECHNOLOG 3,000 0.17 495.00 0.00 ASP VENTURES CORP COM 5,000 0.01 50.00 0.00 ATSI COMMUNICATIONS IN 40 0.21 8.40 0.00 BRILLIANT DIGITAL ENTM 10,000 0.01 90.00 0.00 CASH 4 HOMES 247 10,000 unavailab unavailable 0.00 CASTLEGUARD ENERGY INC 25,000 0.02 475.00 0.00 COMDISCO HLDG CO INC C (1) 0.32 0.00 (0.32) COOLSAVINGS INC 125 0.80 99.38 0.00 COUNTY LINES RES INC 2,600 0.25 650.00 0.00 CROSS ATLANTIC LIFE & 5,000 0.01 45.00 0.00 DATAMETRICS CORP COM N 15,000 0.02 300.00 0.00 DATASCENSION INC COM N 100 0.24 24.00 0.00 DIATOM CORP N/C FROM 3 (2,040) 0.16 0.00 (326.40) DIVERSIFIED THERMAL SO 6 0.24 1.44 0.00 EKWAN X INC 500,000 0.00 500.00 0.00 EPOCH HLDG CORP 55 6.00 330.00 0.00 EPOD INTL INC 700 0.83 581.00 0.00 EVOLVING GOLD CORP ISI 7,500 0.25 1,875.00 0.00 FALCON RIDGE DEV INC 50,000 0.01 250.00 0.00 FEDERAL RESOURCES CORP 325 0.01 1.63 0.00 GARDENBURGER INC Divid 15,000 0.01 75.00 0.00 GLOBAL BUS INFO DIRECT 5,000 0.00 5.00 0.00 GOLIATH RES INC 10,000 0.10 1,000.00 0.00 HEALTHNET INTL INC 4,500 unavailab unavailable 0.00 INTERNATIONAL FOOD PRO 6,000 0.04 210.00 0.00 LAMPERD LESS LETHAL IN 105 0.40 42.00 0.00 LKA INTL INC 620 0.40 248.00 0.00 MEGAMANIA INTERACTIVE 10,000 0.01 120.00 0.00 MEIER WORLDWIDE INTERM 15,000 0.02 225.00 0.00 MISSISSIPPI CHEMICAL C 6,000 unavailab unavailable 0.00 NETWORK COMPUTING DEVI 25,000 unavailab unavailable 0.00 NEW YORK REGIONAL RAIL 5,000 0.02 120.00 0.00 NON INVASIVE MONITORIN 300 0.29 87.00 0.00 NP ENERGY CORP COM NO 200,000 0.00 200.00 0.00 PAN AMER RELATIONS RST 250 unavailab unavailable 0.00 PANGEA PETROLEUM CORP 10,000 0.01 90.00 0.00 PLAINTREE SYS INC ISIN 32,500 0.01 325.00 0.00 PLATINUM SUPER YACHTS 6,000 0.02 108.00 0.00 POWERHOUSE TECHNOLOGIE 600 0.66 396.00 0.00 PRO TECH COMM INC 5,000 0.01 40.00 0.00 PURCHASE PT MEDIA CORP 20,000 0.02 300.00 0.00 SAFE TECHS INTL INC 303,900 0.00 303.90 0.00 SATELINX INTL INC COM 15,000 0.03 465.00 0.00 SENTICORE INC COM NEW 45,000 0.00 135.00 0.00 SHARP HLDG CORP 50,000 0.01 250.00 0.00 TASTY FRIES INC COM PA 10,000 0.01 60.00 0.00 TOWER AUTOMOTIVE INC D 3,200 0.07 208.00 0.00 TRANSPORTATION SAFETY 3,000 0.01 30.00 0.00 TURINCO INC COM NEW 500 1.75 875.00 0.00 U S MICROBICS INC 5,000 0.02 90.00 0.00 WYSAK PETE INC 20,000 0.02 300.00 0.00 SUCCESS asstd 5,279.73 0.00 AAMPRO GROUP INC 26,000 0.01 130.00 0.00 ACTIVECORE TECHNOLOGIE (600) 0.07 0.00 (42.00) AMERICAN CARESOURCE HO 50 5.47 273.50 0.00 AMERICAN WAY BUSINESS 10,000 0.00 40.00 0.00 AUTOTRADECENTER INC CO 54 1.75 94.50 0.00 BANYAN CORP ORE COM NO 10,000 0.01 50.00 0.00 BLUE DIAMOND VENTURE I 5,000 0.03 150.00 0.00 BROADBAND INC 5,000 0.00 15.00 0.00 BRONX VENTURES INC ISI (1) 2.15 0.00 (2.15) CENTREX INC COM NEW 135 0.07 9.45 0.00 CENTURY TECHNOLOGIES I 167 unavailab unavailable 0.00 CHINA CABLE & COMMUNIC 1,000 0.01 12.00 0.00 CHINA HEALTH HLDG INC (1,394) 0.13 0.00 (181.22) CHINA PHARMACEUTICALS 1 0.03 0.03 0.00 CHINA PPTYS DEVS INC C (150) 0.50 0.00 (75.00) COMMUNICATIONS SYS INC 62,000 0.02 992.00 0.00 CONTL INVESTMENTS CORP 10,000 0.02 200.00 0.00 CORONADO INDUSTRIES IN 5,000 0.01 45.00 0.00 CORP COM PAR $0.01 Opt (496) 0.95 0.00 (468.72) CYBERHAND TECHNOLOGIES 5,000 0.05 250.00 0.00 CYBERTEL CAP CORP COM (4) 0.03 0.00 (0.10) CYOP SYS INTL INC COM 5,000 0.02 80.00 0.00 DEFENSE TECHNOLOGY SYS 5,000 0.02 115.00 0.00 DETEX SEC SYS INC COM (1) 5.00 0.00 (5.00) DIRECT RESPONSE FINL S (22,000) 0.01 0.00 (154.00) DRAGON GOLD RES INC 5,000 0.05 270.00 0.00 E SIM LTD 31 0.13 4.03 0.00 EACO CORP 160 1.57 251.20 0.00 EDULINK INC 600 unavailab unavailable 0.00 ENTMT GROUP INC 2,000 0.08 150.00 0.00 ERF WIRELESS INC COM 450 3.00 1,350.00 0.00 ETELCHARGE.COM INC 10,000 0.06 580.00 0.00 EXPLORATIONS GROUP INC 11,575 0.02 185.20 0.00 FALCON PRODS INC NO ST 10,000 0.00 20.00 0.00 FILTERS INC 300 0.44 132.00 0.00 FINL CORP 300 0.13 39.00 0.00 FIRSTPLUS FINANCIAL GR 3,000 0.19 570.00 0.00 FORCE PROTN INC COM NE 1,534 0.78 1,196.52 0.00 FORLINK SOFTWARE CRP I 1,000 0.08 75.00 0.00 FTS GROUP INC 2,000 0.03 60.00 0.00 GAMING INC 3 0.45 1.35 0.00 GENELINK INC 500 0.09 45.00 0.00 GIANT MOTORSPORTS INC 500 0.69 345.00 0.00 GLIATECH INC Dividend 360,600 unavailab unavailable 0.00 GLOBAL DIVERSIFIED IND 5,000 0.08 375.00 0.00 GLOBALNET CORP 1,302,000 unavailab unavailable 0.00 GLOBALSCAPE INC 203 1.11 225.33 0.00 GOLDTECH MNG CORP NEV 5,000 0.11 550.00 0.00 GRANT LIFE SCIENCES IN 10,000 0.02 210.00 0.00 GREEN MTN CAP INC COM 330,025 unavailab unavailable 0.00 GREENSHIFT CORP 1,096 0.10 111.79 0.00 GREENWIND PWR CORP USA (100) 1.10 0.00 (110.00) GULFPORT ENERGY CORP * (70) 12.05 0.00 (843.50) GWIN INC * Due from yo (4,500) 0.04 0.00 (189.00) H QUOTIENT INC 511 0.17 86.87 0.00 HABER INC 5,000 0.11 550.00 0.00 HARD TO TREAT DISEASES (600) 0.01 0.00 (3.00) HEMPTOWN CLOTHING INC (100) 0.35 0.00 (35.00) HLDGS INC COM NEW 10,000 unavailab unavailable 0.00 HLDGS INC Due from you (8) unavailab unavailable 0.00 HORIZON OFFSHORE INC D (200) 0.66 0.00 (132.00) HUFFY CORP NO STOCK HL 10,000 unavailab unavailable 0.00 IBIZ TECHNOLOGY CORP C 100 unavailab unavailable 0.00 IDENTA CORP * Due from (5,000) 0.01 0.00 (60.00) IDI GLOBAL INC 100 0.14 13.70 0.00 IMAGIN MOLECULAR CORP 6,000 0.04 240.00 0.00 ION NETWORKS INC 50 0.17 8.50 0.00 INC COLO COM 4,149 unavailab unavailable 0.00 INCENTRA SOLUTIONS INC 400 1.40 560.00 0.00 INFORMATION ARCHITECTS 185 0.04 6.48 0.00 INFORMATION RES INC LI (100) 0.32 0.00 (32.00) INNOVATION HLDGS COM P 1 0.21 0.21 0.00 INTERACTIVE BRAND DEV (1,000) 0.08 0.00 (80.00) INTERPLAY ENTERTAINMEN 100 0.01 0.80 0.00 ITEX CORP COM PAR FORM 240 0.60 144.00 0.00 JACKSON RIVS CO COM PA 5,000 0.00 15.00 0.00 JUPITER GLOBAL HLDGS C 50,000 0.00 50.00 0.00 KEY GOLD CORP 500 0.15 75.00 0.00 KNOCKOUT HLDGS INC 7,000 0.12 840.00 0.00 KOREA THRUNET CO LTD S 26 unavailab unavailable 0.00 LEVCOR INTL INC 858 0.75 643.50 0.00 LIFELINE THERAPEUTIC I 1,000 1.95 1,950.00 0.00 LORAL SPACE & COMMUNCA 11,895 0.01 95.16 0.00 MARX TOYS & ENTMT CORP 10,000 unavailab unavailable 0.00 MAUI GEN STORE INC 13,900 0.12 1,668.00 0.00 MEDIAMAX TECHNOLOGY CO 5,000 0.02 75.00 0.00 MPTV INC COM NEW * Due (8,500) unavailab unavailable 0.00 MT ULTIMATE HEALTHCARE 26,350 0.00 52.70 0.00 MYMEDICALCD LTD COM NE 30,000 0.00 30.00 0.00 NANOSIGNAL CORP INC 1,881,000 unavailab unavailable 0.00 NCT GROUP INC Dividend 5,200 0.00 20.80 0.00 NOCOPI TECHNOLOGIES IN 200 0.09 18.00 0.00 NOFIRE TECH INC 5,000 0.07 350.00 0.00 NOTIFY TECHNOLOGY CORP 2,000 0.03 60.00 0.00 OCTUS INC COM PAR $0.0 56 0.15 8.40 0.00 ONE CORP COM NEW 500 0.00 0.50 0.00 ONE PUNCH PRODUCTIONS (1) 2.40 0.00 (2.40) ORGANETIX INC 10,330 0.01 103.30 0.00 PARADIGM MEDICAL INDUS 5,000 0.00 20.00 0.00 PATIENT INFOSYSTEMS IN 600 1.05 630.00 0.00 PATRIOT GOLD CORP 700 0.24 168.00 0.00 PEABODYS COFFEE INC NE 60,932 0.00 60.93 0.00 PERMA-FIX ENVIRONMENTA 100 1.67 167.00 0.00 PIEDMONT MNG CO (10,000) 0.10 0.00 (950.00) PLATFORMS WIRELESS INT 850 0.01 4.25 0.00 POWER 3 MED PRODS INC 3,027 0.13 393.51 0.00 POWERCOLD CORP 1,900 0.70 1,330.00 0.00 PRIMEHOLDINGS.COM INC 2,000,000 unavailab unavailable 0.00 PUBLIC CO MGMT CORP CO 2,000 0.51 1,020.00 0.00 PURE H2O BIO-TECH INC 15,000 0.00 30.00 0.00 QUALITY RESTAURANT VEN 355,000 0.00 355.00 0.00 QUEST PRODUCTS CORP * (10,000) 0.00 0.00 (40.00) RADIX MARINE INC 20,000 0.00 40.00 0.00 RIVERSTONE NETWORKS IN 1,627 0.57 927.39 0.00 SAVI MEDIA GROUP INC C 5,000 0.01 55.00 0.00 SILVER SCREEN STUDIOS 37,020 0.00 74.04 0.00 SILVERADO GOLD MINES L (300) 0.05 0.00 (15.60) SK RLTY VENTURES INC 50 unavailab unavailable 0.00 STARINVEST GROUP INC C 5,000 0.04 215.00 0.00 THIRD MILLENNIUM INDS 10,000 0.00 20.00 0.00 TRANS ENERGY INC COM P 334 0.80 267.20 0.00 WORLD TELECOM INC RSTD 500 unavailab unavailable 0.00 ABN AMRO BK N V LONDON 5,000 94.60 4,730.00 0.00 FEDERAL HOME LN MTG CO 25,000 93.68 23,420.75 0.00 GENERAL MTRS ACCEP COR 10,000 80.83 8,083.30 0.00 GENERAL MTRS ACCEP CPS 10,000 85.00 8,499.70 0.00 596,016.38 (42,421.49)
VFinance, Inc. Appendix A Table 5 December 31, 2004 WARRANTS
Description CUSIP Quantity Exp Exercise Price on Black Value at Value at Unrealized Price 12/31/04 Scholes 12/31/04 12/31/04 Gain (Loss) A21 INC ATWO.OB 55,000 8/1/2007 1.25 0.13 A21 INC ATWO.OB 30,000 12/1/2007 1.50 0.13 A21 INC ATWO.OB 30,000 1/31/2008 1.75 0.13 ALPIEN AIR EXPRESS INC ALPE.OB 23,875 1/26/2008 1.02 0.48 AUTO DATA NETWORK INC ADNWE.OB 5,700 3/10/2009 1.90 2.06 0.48 2,736.00 2,109.00 627.00 BERDY MEDICAL SYSTEMS INC 97,280 3/1/2007 BRIGHTCUBE INC BRCU.PK 48,000 2/19/2007 0.09 - BRIGHTCUBE INC BRCU.PK 63,600 3/21/2007 0.09 - AIMSI TECH (CARMINA) AIMT.OB 325 5/13/2006 636.00 - COM GUARD COM INC CGUD.OB 87,500 11/05/2007 0.50 0.06 E CHX INC 16,147 12/31/2008 2.00 EAGLE SUPPLY GROUP INC EEGL 19,665 5/31/2007 3.50 - FREESTAR TECHNOLOGIES FSRT.OB 210,000 3/20/2005 0.22 HBOA COM INC 500,625 3/09/2005 1.50 - IGAMES ENTMT INC IGME.OB 96,000 3/18/2008 1.00 - JUNIPER GROUP INC JUNI.OB 29,750 4/18/2006 0.31 0.27 - - 1,190.00 (1,190.00) LOCATEPLUS HOLDINGS CORP 20,000 5/23/2008 0.19 0.08 - MOBILE REACH INTL INC MBRI.OB 298,709 3/31/2006 0.32 0.05 NATIONAL MGMT CONSULTING CORP 93,750 12/15/2005 0.50 NATIONAL MGMT CONSULTING INC 182,875 7/23/2005 1.50 NETWOLVES CORP WOLV 1,310 10/9/2006 1.00 1.01 0.18 235.8 - 235.80 NEW DRAGON ASIA CORP 1,500 3/28/2005 15.00 15.00 15.00 - NEW WORLD BRANDS INC NWBD.OB 30,000 1/16/2007 0.54 0.29 PRIMARY BUSINESS SYS INC PYBS.OB 50,000 4/16/2006 0.01 PROFESSIONAL TRANSPORTATION GROUP TRUC.PK 50,000 2/3/2005 - - QUANTECH LTD QTCHQ.PK 90,000 1/31/2007 0.01 - RAMP CORP RCO 5,188 3/5/2009 48.00 3.47 RASER TECHNOLOGIES RSTG.OB 11,940 3/11/2004 3.05 - - 19,939.80 (14,447.40) RASER TECHNOLOGIES RSTG.OB 54,672 9/30/2009 8.55 8.55 1.16 63,419.52 - 63,419.52 SAFLINK CORP SFLK 19,000 10/1/2007 2.60 2.78 0.61 11,590.00 - 11,590.00 SENSE HLDGS INC SEHO.OB 246,305 2/28/2007 0.17 SENSE HLDGS INC SEHO.OB 12,200 9/11/2008 0.50 0.17 SENSE HLDGS INC SEHO.OB 12,200 10/25/2007 0.50 0.17 TELKONET INC TKO 16,625 5/20/2006 2.97 5.56 2.9 48,212.50 5,985.00 42,227.50 THE FINX GROUP INC FXGP.OB 2,887,500 0.04 VALIDIAN CORP VLDI.OB 422,295 12/31/2006 0.50 0.48 - - 29,560.65 (29,560.65) VERTEX INTERACTIVE INC VETX.OB 82,500 7/10/2006 2.16 0.09 VIALINK CO DEL SER C-P VLNK.OB 35,000 3/26/2007 0.15 0.04 VIRTGAME CORP VGTI.OB 12,000 3/19/2005 0.25 0.40 0.19 2,280.00 3,000.00 (720.00) YOURHOMEDIRECT COM INC 21,000 3/19/2007 4.00 - YOURHOMEDIRECT COM INC 21,000 3/19/2007 2.25 - TOTAL VALUE 128,488.82
VFinance, Inc. Appendix A Table 6 December 31, 2005 WARRANTS
Description CUSIP Quantity Exp Exercise Mkt Price Black Scholls Black Scholls Unrealized Price @ 12.31.05 @ 12.31.05 Mkt Value Gain (Loss) A21 INC ATWO.OB 55,000 8/1/2007 1.25 0.34 - - - A21 INC ATWO.OB 30,000 12/1/2007 1.50 0.34 - - - A21 INC ATWO.OB 30,000 1/31/2008 1.75 0.34 - - - ALPIEN AIR EXPRESS INC ALPE.OB 23,875 1/26/2008 1.02 - - - - AUTO DATA NETWORK INC ADNW.pk 5,700 3/10/2009 1.90 0.91 - - - BERDY MEDICAL SYSTEMS INC 97,280 3/1/2007 UNKNOWN - - - BRIGHTCUBE INC BRCU.PK 48,000 2/19/2007 0.09 - - - - BRIGHTCUBE INC BRCU.PK 63,600 3/21/2007 0.09 - - - - BULLION RIVER GOLD BLRV.OB 30,487 12/16/2007 1.000 0.45 - - (609.74) AIMSI TECH (CARMINA) AIMT.OB 325 5/13/2006 636.00 0.0001 - - - COM GUARD COM INC CGUD.OB 87,500 11/5/2007 0.50 0.035 - - - E CHX INC 16,147 12/31/2008 2.00 - - - EAGLE SUPPLY GROUP INC EEGL 19,665 5/31/2007 3.50 - - - Money Center AM MCAM.OB 96,000 3/18/2008 1.00 0.37 - - - (Old= IGAMES ENTMT INC) IMEDIA IMNL.OB 23,875 1/1/2007 1.75 0.24 - - - JUNIPER GROUP INC JUNI.OB 29,750 4/18/2006 0.31 0.03 - - - LOCATEPLUS HOLDINGS CORP 400 5/23/2008 9.63 3.05 - - - MAVERICK OIL & GAS MVOG.OB 15,500 1/28/2008 1.20 0.81 - - - MOBILE REACH INTL INC MOBR.OB 3,734 3/31/2006 0.32 0.80 - - - NETWOLVES CORP WOLV 1,310 10/9/2006 1.00 0.270 - - - NEW WORLD BRANDS INC NWBD.OB 30,000 1/16/2007 0.54 0.25 - - - PRIMARY BUSINESS SYS INC PYBS.OB 6,250 4/16/2006 UNKNOWN - - - - QUANTECH LTD QTCHQ.PK 90,000 1/31/2007 0.01 0.0001 - - - RAMP CORP RCOCQ 5,188 3/5/2009 48.00 0.005 - - - SAFLINK CORP SFLK 19,000 10/1/2007 2.60 0.79 - - - SENSE HLDGS INC SEHO.OB 246,305 2/28/2007 0.50 0.26 - - - SENSE HLDGS INC SEHO.OB 12,200 9/11/2008 0.50 0.26 - - - SENSE HLDGS INC SEHO.OB 12,200 10/25/2007 0.50 0.26 - - - TELKONET INC TKO 16,625 5/20/2006 2.97 4.15 1.23 20,448.75 6,317.50 THE FINX GROUP INC SCTCE 11,550 1/15/2007 0.04 0.03 - - - VALIDIAN CORP VLDI.OB 422,295 12/31/2006 0.50 0.21 - - - VERTGAME CORP VGTI.OB 4,857 12/31/2008 0.70 - - - VERTEX INTERACTIVE INC VETX.OB 82,500 7/10/2006 2.16 - - - - VIALINK CO DEL SER C-P VLNK.OB 35,000 3/26/2007 0.15 - - - YOURHOMEDIRECT COM INC 21,000 3/19/2007 4.00 - - - YOURHOMEDIRECT COM INC 21,000 3/19/2007 2.25 - - - TOTAL VALUE 20,448.75 5,707.76