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Prophy Research Corporation reports
Balance sheet 2003

6-4-04 draft Balance Sheet  2003 (current back to 2000)
Prophy Research Corporation
Year end (Dec 31) 2003
(in dollars except number of shares)
Main Main Main
Now changes changes changes Begin
year end during year end during year end during year end
2003 2003 2002 2002 2001 2001 2000
Current assests
Cash 1,027 -25 1,052 0 1,052 -25 1,077
Other 0 0 0 0
Long term assets
Real assets 0 0 0 0
Patent aps* 288,270 19,820 268,450 16,920 251,530 16,520 235,010
Total assets 289,297 269,502 252,582 236,087
Liabilities 0   0   0   0
Net assets 289,297   269,502   252,582   236,087
Goodwill stock 288,270 19,820 268,450 16,920 251,530 16,520 235,010
Paid in capital stock 61,876 1,942 59,934 109 59,825 689 59,136
Total stock 350,146 328,384 311,355 294,146
Retained earnings (loss) -60,849 -1,967 -58,882 -109 -58,773 -714 -58,059
Stockholders' equity 289,297   269,502   252,582   236,087
Number of shares 31,130.36 2,176.20 28,954.16 1702.90 27,251.26 1,720.90 25530.36
Equity/share 9.29 9.31 9.27 9.25
Cash assets/share 0.03 0.04 0.04 0.04
Main Main Main
Now changes changes changes Begin
year end during year end during year end during year end
2003 2003 2002 2002 2001 2001 2000
*Values assigned to patent rights**:  (These values are strictly fig newtons of my imagination.)
OptiDoseŽ 244,770 19,820 224,950 16,420 208,530 15,520 193,010
OsteoPat 43,500 0 43,500 500 43,000 1,000 42,000
Other 0 0 0 0 0 0 0
Total pat aps 288,270 19,820 268,450 16,920 251,530 16,520 235,010
**Prophy ownership of patent rights: All USA intellectual property (patents, trademarks, etc.) that I mention in our reports is 100% owned
by the company. Earlier I gave our guys in Switzerland 50% of our Swiss patent. Heinz & Julia have done virtually everything that has been done
in Switzerland to date.
I still need to actually transfer title of our USA OptiDose rights, but we own them. (I'd forgotten til I did this balance sheet, I'll get on it.)

Added note 12-15-04 - USA title transferred:  I formally assigned rights to our two applications Dec 2004. I sent copies to directors. It costs $40 each ap to record at the patent office, and I will take that step when the good claims are allowed.

On to the next page (earlier balance sheet)