Quarterly Report

0000943440-11-000855.txt : 20111114 0000943440-11-000855.hdr.sgml : 20111111 20111114165610 ACCESSION NUMBER: 0000943440-11-000855 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111114 DATE AS OF CHANGE: 20111114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PURADYN FILTER TECHNOLOGIES INC CENTRAL INDEX KEY: 0001019787 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 141708544 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11991 FILM NUMBER: 111203849 BUSINESS ADDRESS: STREET 1: 2017 HIGH RIDGE ROAD CITY: BOYNTON BEACH STATE: FL ZIP: 33426 BUSINESS PHONE: 5615479499 MAIL ADDRESS: STREET 1: 2017 HIGH RIDGE ROAD CITY: BOYNTON BEACH STATE: FL ZIP: 33426 FORMER COMPANY: FORMER CONFORMED NAME: T F PURIFINER INC DATE OF NAME CHANGE: 19960726 10-Q 1 pfti10q.htm QUARTERLY REPORT Quarterly Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

———————

FORM 10-Q

———————

(Mark One)


þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
	ACT OF 1934
For the quarterly period ended: September 30, 2011
Or

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
	ACT OF 1934
For the transition period from: _____________ to _____________

COMMISSION FILE NUMBER: 001-11991

PURADYN FILTER TECHNOLOGIES INCORPORATED

(Name of registrant as specified in its charter)


DELAWARE	14-1708544
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

2017 HIGH RIDGE ROAD, BOYNTON BEACH, FL 33426

(Address of principal executive offices) (Zip Code)

(561) 547-9499

(Registrant's telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
				þ	Yes	¨	No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
				þ	Yes	¨	No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	¨		Accelerated filer			¨
Non-accelerated filer	¨	(Do not check if a smaller	Smaller reporting company			þ
		reporting company)

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
				¨	Yes	þ	No

Indicated the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. 46,621,055 shares of common stock are issued and outstanding as of November 13, 2011.

TABLE OF CONTENTS

Page No.

PART I – FINANCIAL INFORMATION

Item 1.

Financial Statements

Condensed Consolidated Balance Sheets – As of September 30, 2011 (unaudited) and

December 31, 2010

Condensed Consolidated Statements of Operations – Three Months and

Nine Months Ended September 30, 2011 and 2010 (unaudited)

Condensed Consolidated Statements of Cash Flows – Nine Months Ended

September 30, 2011 and 2010 (unaudited)

Condensed Consolidated Statements of Changes in Stockholders’ Deficit – Nine Months

Ended September 30, 2011 (unaudited)

Notes to Condensed Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Item 4.

Controls and Procedures

PART II – OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.

Default Upon Senior Securities.

Item 4.

(Removed and Reserved.)

OTHER PERTINENT INFORMATION

Our web site is www.puradyn.com. The information which appears on our web site is not part of this report.

When used in this report, the terms "Puradyn," the "Company," "we," "our," and "us" refers to Puradyn Filter Technologies Incorporated, a Delaware corporation, and our subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

our history of losses and uncertainty that we will be able to continue as a going concern,

our ability to generate net sales in an amount to pay our operating expenses,

our need for additional financing and uncertainties related to our ability to obtain these funds,

our ability to repay the outstanding debt of $7.3 million at September 30, 2011 due our Chairman/CEO and a member of our board,

our reliance on sales to a limited number of customers,

our dependence on a limited number of distributors,

our ability to compete,

our ability to protect our intellectual property,

market overhang issues, and

the application of Penny Stock Rules to the trading in our stock.

Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements and readers should carefully review our Annual Report on Form 10-K for the year ended December 31, 2010, including the risks described in Part I. Item 1A. Risk Factors, together with our subsequent filings with the Securities and Exchange Commission in their entirety. Except for our ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. These forward-looking statements speak only as of the date of this report, and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business.

PART I - FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

PURADYN FILTER TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010


	September 30, 2011			December 31, 2010
	(Unaudited)
Assets
Current assets:
Cash	$	184,285		$	49,813
Accounts receivable, net of allowance for uncollectible accounts of $32,859 and $32,654, respectively		160,313			166,367
Inventories, net		818,766			774,818
Prepaid expenses and other current assets		67,572			52,828
Total current assets		1,230,936			1,043,826
Property and equipment, net		109,010			123,506
Other noncurrent assets		40,725			78,625
Deferred financing costs, net		1,258			2,013

Total assets	$	1,381,929		$	1,247,970

Liabilities and stockholders’ deficit
Current liabilities:
Accounts payable	$	239,486		$	217,248
Accrued liabilities		1,420,533			1,262,798
Current portion of capital lease obligation		2,691			1,989
Deferred revenue		—			2,743
Note Payables - stockholders		100,000			—

Total current liabilities	$	1,762,710		$	1,484,778

Capital lease obligation, less current portion		10,784			—

Notes Payable - stockholders		7,226,914			6,361,914

Total Long Term Liabilities		7,237,698			6,361,914

Total Liabilities	$	9,000,408		$	7,846,692

Commitments and contingencies

Stockholders’ deficit:
Preferred stock, $.001 par value:
Authorized shares – 500,000;
None issued and outstanding		—			—
Common stock, $.001 par value:
Authorized shares – 100,000,000
Issued and outstanding – 46,620,694 and 46,070,076, respectively		46,621			46,071
Additional paid-in capital		46,334,341			46,079,970
Notes receivable from stockholders		(756,250	)		(756,250	)
Accumulated deficit		(53,389,461	)		(52,114,411	)
Accumulated other comprehensive income		146,270			145,898

Total stockholders’ deficit	$	(7,618,479	)	$	(6,598,722	)

Total liabilities and stockholders’ deficit	$	1,381,929		$	1,247,970

See accompanying notes to condensed consolidated unaudited financial statements.

PURADYN FILTER TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

(UNAUDITED)


	Three Months Ended September 30						Nine Months Ended September 30
	2011			2010			2011			2010

Net sales	$	554,960		$	1,107,163		$	1,937,775		$	2,542,766

Costs and expenses:
Cost of products sold		488,653			696,857			1,474,971			1,635,010
Salaries and wages		261,392			261,895			804,184			772,307
Selling and administrative		255,887			237,875			805,010			851,974
		1,005,932			1,196,627			3,084,165			3,259,291

Loss from operations		(450,972	)		(89,464	)		(1,146,390	)		(716,525	)

Other income (expense):
Interest income		1			9			2			335
Interest expense		(46,113	)		(42,568	)		(128,662	)		(121,123	)

Total other expense, net		(46,112	)		(42,559	)		(128,660	)		(120,787	)

Loss before income taxes		(497,084	)		(132,023	)		(1,275,050	)		(837,312	)

Income tax expense		—			—			—			—

Net loss	$	(497,084	)	$	(132,023	)	$	(1,275,050	)	$	(837,312	)

Basic and diluted loss per common share	$	(0.01	)	$	(0.003	)	$	(0.03	)	$	(0.02	)

Weighted average common shares outstanding (basic and diluted)		46,576,786			45,533,367			46,511,613			44,465,956

See accompanying notes to condensed consolidated unaudited financial statements.

PURADYN FILTER TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

(UNAUDITED)


	Nine Months Ended September 30,
	2011			2010

Operating activities
Net loss	$	(1,275,050	)	$	(837,312	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		35,838			33,752
Provision for bad debts		205			25
Provision for obsolete and slow moving inventory		(4,420	)		(39,860	)
Amortization of deferred financing costs included in interest expense		755			1,511
Compensation expense on stock-based arrangements with employees, consultants, investors and vendors		154,921			137,619
Changes in operating assets and liabilities:
Accounts receivable		5,848			(311,117	)
Inventories		(39,529	)		(201,563	)
Prepaid expenses and other current assets		23,155			(40,611	)
Accounts payable		22,239			140,083
Accrued liabilities		157,735			135,531
Current portion of capital lease obligation		2,691			—
Deferred revenues		(2,743	)		(34,277	)

Net cash used in operating activities	$	(918,355	)	$	(1,016,219	)

Investing activities
Purchases of property and equipment		(21,340	)		(17,649	)
Net cash used in investing activities	$	(21,340	)	$	(17,649	)

Financing activities
Proceeds from sale of common stock		100,000			445,100
Proceeds from issuance of notes payable to stockholders		965,000			631,500
Proceeds of capital lease		10,784			—
Payment of capital lease obligations		(1,989	)		(2,284	)

Net cash provided by financing activities		1,073,795			1,074,316

Effect of exchange rate changes on cash		372			(467	)

Net increase (decrease) in cash		134,472			39,981

Cash at beginning of period		49,813			140,266

Cash at end of period	$	184,285		$	180,247

Supplemental cash flow information:
Cash paid for interest	$	120,871		$	161,966

Noncash investing and financing activities:
Expense associated with stock issued in private placement	$	—		$	7,000

See accompanying notes to condensed consolidated unaudited financial statements.

PURADYN FILTER TECHNOLOGIES INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011

(UNAUDITED)


					Additional Paid-in Capital		Notes Receivable From Stockholders			Accumulated Deficit			Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Deficit

	Common Stock
	Shares		Amount

Balance at December 31, 2010		46,070, 076	$	46,071	$	46,079,970	$	(756,250	)	$	(52,114,411	)	$	145,898	$	(6,598,722	)
Foreign currency translation adjustment		—		—		—		—			—			372		372

Net loss		—		—		—		—			(1,275,050	)		—		(1,275,050	)
Total comprehensive loss		—		—		—		—			(1,275,050	)		372		(1,274,678	)
Common stock issued for private placement, net of issuance costs		392,184		392		99,608		—			—			—		100,000
Issuance of shares and warrants to vendors		158,434		158		37,842		—			—			—		38,000
Compensation expense associated with unvested option awards		—		—		116,921		—			—			—		116,921

Balance at September 30, 2011		46,620,694	$	46,621	$	46,334,341	$	(756,250	)	$	(53,389,461	)	$	146,270	$	(7,618,479	)

See accompanying notes to condensed consolidated unaudited financial statements.

PURADYN FILTER TECHNOLOGIES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

SEPTEMBER 30, 2011

(UNAUDITED)

Basis of Presentation, Going Concern and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments consisting of a normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the three-month and nine month periods ended September 30, 2011 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2011.

For further information, refer to Puradyn Filter Technologies Incorporated’s (the “Company”) consolidated financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2010. Certain amounts in the 2010 information have been classified to conform to the 2011 presentation. These reclassifications had no impact on the Company’s net loss or cash flows.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Basic and Diluted Loss Per Share

Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 260, Earnings Per Share, requires a dual presentation of basic and diluted earnings per share. However, because of the Company's net losses, the effect of outstanding stock options and warrants would be anti-dilutive and, accordingly, is excluded from the computation of diluted loss per share. The number of such shares excluded from the computation of loss per share totaled 7,585,848 for the three-month and nine-month periods ended September 30, 2011 and 6,354,092 and 6,419,225 respectively for the three-month and nine-month periods ended September 30, 2010.

Stock Compensation

The Company adopted FASB ASC 718, Compensation – Stock Compensation, effective January 1, 2006 using the modified prospective application method of adoption which requires us to record compensation cost related to unvested stock awards as of December 31, 2005, recognizing the amortized grant date fair value in accordance with provisions of FASB ASC 718 on straight line basis over the service periods of each award. We have estimated forfeiture rates based on our historical experience. Stock option compensation expense for the periods ended September 30, 2011 and September 30, 2010 have been recognized as a component of cost of goods sold and general and administrative expenses in the accompanying Consolidated Financial Statements.

Stock options and warrants issued to consultants and other non-employees as compensation for services provided to the Company are accounted for based on the fair value of the services provided or the estimated fair market value of the option or warrant, whichever is more reliably measurable in accordance with FASB ASC 718 and FASB ASC 505 Equity, including related amendments and interpretations. The related expense is recognized over the period the services are provided.

Inventories

Inventories are stated at the lower of cost or market using the first in, first out (FIFO) method. Production costs, consisting of labor and overhead, are applied to ending inventories at a rate based on estimated production capacity and any excess production costs are charged to cost of products sold. Provisions have been made to reduce excess or obsolete inventories to their net realizable value.

PURADYN FILTER TECHNOLOGIES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2011

(UNAUDITED)

Inventories consisted of the following at September 30, 2011 and December 31, 2010:


	September 30, 2011			December 31, 2010
Raw materials	$	910,122		$	864,812
Work In Progress		46,309			11,682
Finished goods		129,004			169,413
Valuation allowance		(266,669	)		(271,089	)
Inventory, net	$	818,766		$	774,818

Deferred Financing Costs

The Company capitalizes financing costs and amortizes them using the straight-line method, which approximates the effective interest method, over the term of the related debt. Amortization of deferred financing costs is included in interest expense and totaled $252 and $503 for the three-months ended September 30, 2011 and September 30, 2010 and $755 and $1,510 for the nine-months ended September 30, 2011 and 2010, respectively. Accumulated amortization of deferred financing costs as of September 30, 2011 and 2010 was $679,892 and $678,634, respectively.

Revenue Recognition

The Company recognizes revenue from product sales to customers, distributors and resellers when products that do not require further services or installation by the Company are shipped, when there are no uncertainties surrounding customer acceptance and when collectability is reasonably assured in accordance with FASB ASC 605, Revenue Recognition, as amended and interpreted. Cash received by the Company prior to shipment is recorded as deferred revenue. Sales are made to customers under terms allowing certain limited rights of return and other limited product and performance warranties for which provision has been made in the accompanying condensed consolidated financial statements.

Amounts billed to customers in sales transactions related to shipping and handling, represent revenues earned for the goods provided and are included in net sales. Costs of shipping and handling are included in cost of products sold.

Product Warranty Costs

As required by FASB ASC 460, Guarantor’s Guarantees, the Company is including the following disclosure applicable to its product warranties.

The Company accrues for warranty costs based on the expected material and labor costs to provide warranty replacement products. The methodology used in determining the liability for warranty cost is based upon historical information and experience. The Company's warranty reserve is calculated as the gross sales multiplied by the historical warranty expense return rate.

The following table shows the changes in the aggregate product warranty liability for the nine months ended September 30, 2011:


Balance as of December 31, 2010	$	38,787
Less: Payments made		(235	)
Add: Provision for current period warranties		(1,360	)
Balance as of September 30, 2011	$	37,192

PURADYN FILTER TECHNOLOGIES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2011

(UNAUDITED)

Comprehensive Income

FASB ASC 220, Comprehensive Income establishes rules for reporting and displaying of comprehensive income and its components. Comprehensive income is the sum of net loss as reported in the consolidated statements of operations and other comprehensive income transactions. Other comprehensive income transactions that currently apply to the Company result from changes in exchange rates used in translating the financial statements of its wholly owned subsidiary, Puradyn Filter Technologies, Ltd. (“Ltd.”). Comprehensive loss as of September 30, 2011 and 2010 is not shown net of taxes because the Company’s deferred tax asset has been fully offset by a valuation allowance.

Comprehensive loss consisted of the following for the three and nine months ended September 30, 2011 and 2010:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010

Net loss	$	(497,084	)	$	(132,023	)	$	(1,275,050	)	$	(837,312	)

Other comprehensive income:
Foreign currency translation adjustment		267			714			372			(467	)

Total other comprehensive income		267			714			372			(467	)
Comprehensive loss	$	(496,817	)	$	(131,309	)	$	(1,274,678	)	$	(837,779	)

New Accounting Standards

In September 2011 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2011-08, Intangibles-Goodwill and Other (Topic 350), permitting entities the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. ASU No. 2011-08 is effective for annual and interim reporting periods beginning after December 15, 2011 and the adoption of ASU 2011-08 is not expected to have a material impact on the Company’s financial position or results of operations.

Going Concern

The Company's financial statements have been prepared on the assumption that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has sustained losses since inception and used net cash in operations of $918,355 and $1,016,219 during the nine months ended September 30, 2011 and 2010, respectively. As a result, the Company has had to rely principally on private equity investments, including the conversion of debt into stock, as well as stockholder loans to fund its activities to date.

These recurring operating losses, liabilities exceeding assets and the reliance on cash inflows from an institutional investor and current stockholder led the Company’s independent registered public accounting firm, Webb & Company, P.A., to include a statement in its audit report relating to the Company’s audited consolidated financial statements for the year ended December 31, 2010 expressing substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of this uncertainty.

PURADYN FILTER TECHNOLOGIES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2011

(UNAUDITED)

The Company has been addressing the liquidity and working capital issues and continues to attempt to raise additional capital with institutional and private investors and current stockholders. Cost reductions were and continue to be implemented by the Company, including acquiring alternative suppliers for raw materials and volume purchase discounts when appropriate. The Company expects to see results from these reductions, as well as other cost reduction plans through 2011.

Common Stock

On July 7, 2011 Puradyn Filter Technologies Incorporated filed a Certificate of Amendment to its Certificate of Incorporation increasing the number of authorized shares of its common stock from 50,000,000 shares to 100,000,000 shares effective as of the close of business on July 26, 2011. The par value of the common stock did not change as a result of this charter amendment.

The Certificate of Amendment was adopted by our Board of Directors on May 23, 2011, and by the holders of a majority of our outstanding common stock by written consent dated July 1, 2011, as described in greater detail in our Definitive Information Statement on Schedule 14C as filed with the Securities and Exchange Commission on July 5, 2011.

On July 1, 2011, by written consent the holders of a majority of our outstanding common stock approved an Amendment, which was adopted by our Board of Directors on May 23, 2011, to the 2010 Stock Option Plan, increasing the number of shares of Common Stock covered by the Plan from 2,000,000 shares to 4,000,000 shares of Common Stock of the Corporation.

On July 27, the Company issued to Monarch Communications, Inc. 14,815 shares of common stock valued at $0.27 per share as partial compensation per the agreement for consultant work as financial public relations firms and media relations counsel.

On August 22, the Company issued to Monarch Communications, Inc. 16,000 shares of common stock valued at $0.25 per share as partial compensation per the agreement for consultant work.

On September 20, the Company issued to Monarch Communications, Inc. 20,000 shares of common stock valued at $0.20 per share as partial compensation per the agreement for consultant work.

Stock Options

During the three-month periods ending September 30, 2011 and 2010, the Company recorded no direct stock-based compensation expense. During the nine-month periods ended September 30, 2011 and 2010, the Company recognized compensation expense of $-0- and $34,438, respectively.

For the three-month and nine-month periods ended September 30, 2011, the Company recorded stock-based compensation expense of $36,912 and $116,853, related to unvested employee stock options. For the three-month and nine-month periods ended September 30, 2010, the Company recorded stock-based compensation expense of $14,493 and $44,764, related to unvested employee stock options.

Stock options and warrants issued to consultants and other non-employees as compensation for services provided to the Company are accounted for based on the fair value of the services provided or the estimated fair market value of the option or warrant, whichever is more reliably measurable in accordance with FASB ASC 505, Equity, and FASB ASC 718, Compensation – Stock Compensation. The related expense is recognized over the period the services are provided.

The Company issued 53,571 common stock purchase warrants in 2007 in connection with a share issuance at that time. Those warrants were incorrectly excluded from the total warrants outstanding in previous filings. These warrants have an exercise price of $1.25 per share of common stock and expire March 14, 2012. The exercise price of the warrants is subject to pro-rata adjustment in the event of stock splits, recapitalizations and similar corporate events. These warrants are included in the opening warrant balance in this schedule. This correction did not have any impact on the operating results of the Company.

PURADYN FILTER TECHNOLOGIES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2011

(UNAUDITED)

A summary of the Company’s stock option plans as of September 30, 2011, and changes during the nine month period then ended is presented below:


	Nine Months Ended September 30, 2011
	Number of Options		Weighted Average Exercise Price
Options outstanding at December 31, 2010		2,161,583	$	.42

Options granted		827,500		.28
Options exercised		—		—
Options expired		15,000		.37
Options cancelled		40,000		.38
Options at September 30, 2011		2,934,083	$	.38
Options exercisable at September 30, 2011		1,386,828	$	.54

A summary of the Company’s stock option plans as of September 30, 2011, and changes during the three month period then ended is presented below:


	Three Months Ended September 30, 2011
	Number of Options		Weighted Average Exercise Price
Options outstanding at June 30, 2011		2,941,583	$	.38

Options granted		7,500		.18
Options expired		15,000		.37
Options cancelled		—		—
Options at September 30, 2011		2,934,083	$	.38
Options exercisable at September 30, 2011		1,386,828	$	.52

Changes in the Company’s unvested options for the nine months ended September 30, 2011 are summarized as follows:


	Nine Months Ended September 30, 2011
	Number of Options		Weighted Average Exercise Price
Non-vested options at December 31, 2010		1,240,795	$	.23

Options granted		827,500		.28
Options vested		481,040		.26
Options cancelled		40,000		.25
Non-vested options at September 30, 2011		1,547,255	$	.25

PURADYN FILTER TECHNOLOGIES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2011

(UNAUDITED)

Changes in the Company’s unvested options for the three months ended September 30, 2011 are summarized as follows:


	Three Months Ended September 30, 2011
	Number of Options		Weighted Average Exercise Price
Non-vested options at June 30, 2011		1,658,042	$	.12

Options granted		7,500		—
Options vested		118,287		.40
Options cancelled		—		—
Non vested options September 30, 2011		1,547,255	$	.25


	Options Outstanding				Options Exercisable
Range of Exercise Price	Number Outstanding	Remaining Average Contractual Life (In Years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$ .14 – $ 1.70	2,886,083	5.50	$	0.35	1,338,828	$	0.46
1.99 – 3.13	48,000	1.33		2.32	48,000		2.32
Totals	2,934,083	4.80	$	0.38	1,386,828	$	0.52

Warrants

At September 30, 2011, 4,651,765 warrants with an average exercise price of $0.97 remain outstanding and were fully vested.

A summary of the Company’s warrant activity as of September 30, 2011 and changes during the nine and three month periods then ended is presented below:


	Nine Months Ended September 30, 2011
	Weighted Average Exercise
	Warrants	Price
Warrants outstanding at December 31, 2010	4,612,546	$	.97
Granted	39,219		.50
Exercised	—		—
Expired	—		—

Warrants outstanding at September 30, 2011	4,651,765	$	.97


	Three Months Ended September 30, 2011
	Weighted Average Exercise
	Warrants	Price
Warrants outstanding at June 30, 2011	4,651,765	$	.97
Granted	—		—
Exercised	—		—
Expired	—		—

Warrants outstanding at September 30, 2011	4,651,765	$	.97

PURADYN FILTER TECHNOLOGIES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2011

(UNAUDITED)


	Warrants Outstanding
Range of Exercise Price	Number Outstanding	Remaining Average Contractual Life (In Years)	Weighted Average Exercise Price
$0.50 – $0.75	1,809,122	3.02	$	0.52
$1.25	2,842,643	1.28		1.25
Totals	4,651,765	2.10	$	0.97

Notes Payable to Stockholder

Beginning on March 28, 2002, the Company executed a binding agreement with one of its stockholders, who is also its CEO and a Board member, to fund up to $6.1 million. The original loan agreements, dated March 28, 2002 and March 14, 2003, were due and payable on December 31, 2003 and December 31, 2004.

On February 2, 2004, this executive officer, director and stockholder amended the original loan agreements to extend the maturity dates to December 31, 2005 and to waive the funding requirement mandating maturity terms until such time as the Company has raised an additional $7.0 million over the $3.5 million raised in the Company’s private placement offering; or until such time as the Company is operating within sufficient cash flow parameters, as defined, to sustain its operations; or until a disposition of the Company occurs.

In April 2005, the maturity date of the loan agreement was extended to December 31, 2006. As consideration of this extension, this executive officer, director and stockholder was granted an additional 100,000 common stock purchase warrants at an exercise price equal to the closing market price of the Company’s stock on the date of grant. In March of 2006 and in subsequent March’s through 2010, the executive officer, director and stockholder extended the maturity date of the loan agreement annually. On February 24, 2011, the maturity date of the stockholder loan was extended from December 31, 2011 to December 31, 2012.

As of September 30, 2011, the Company had drawn all of the $6.1 million from the available line-of-credit plus an additional $261,914. Additionally, the stockholder has loaned the Company $865,000 directly. Amounts drawn bear interest at a weighted average between two facilities, one is based on a minimum of 2.75% or the prime rate minus one-half percent and the other is based on LIBOR plus 1.40 (a weighted average of 2.58% as of September 30, 2011) payable monthly and become due and payable on December 31, 2012, or upon a change in control of the Company or consummation of any other financing over $7.0 million. Previously, this executive officer, director and stockholder waived this funding requirement.

On May 23, 2011 a stockholder and director of the Company loaned the Company $100,000 which is due and payable on October 1, 2011 and bears an interest rate of 5% per annum. This loan was extended to April 1, 2012.

For the three months ended September 30, 2011 and 2010, the Company recorded $45,263 and $41,154 respectively; and for the nine months ended September 30, 2011 and 2010, the Company recorded $126,453 and $116,833, respectively, of interest expense related to the notes payable to these stockholders, which is included in interest expense in the accompanying condensed consolidated statements of operations.

PURADYN FILTER TECHNOLOGIES INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

SEPTEMBER 30, 2011

(UNAUDITED)

Commitments and Contingencies

On October 20, 2009, we entered into a consulting agreement with Boxwood Associates, Inc., whereby we pay $2,000 monthly for management and strategic development services performed. The contract will remain in effect until terminated by either party providing 30 days’ written notice. Mr. Telesco, a member of our board of directors, is the President of Boxwood Associates, Inc.

On May 19, 2011, we entered into a consulting agreement with Monarch Communications, Inc. for services rendered as public relations firm and media relations consultants for the Company. The term of the agreement is for twelve months. As compensation for their services, Monarch will receive a fee of $6,000 per month, payable as $2,000 cash and $4,000 in shares of common stock. Either party may terminate the agreement with 30 days’ notice. The recipient is an accredited or otherwise sophisticated investor who had such knowledge and experience in business matters and was capable of evaluating the merits and risks of the prospective investment in our securities. The issuance of the shares is exempt from registration under the Securities Act of 1933 in reliance on an exemption provided by Section 4(2) of that act.

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statements Regarding Forward Looking Information

Certain statements in this report contain or may contain forward-looking statements that are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause the Company's actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, the Company's ability to operate as a going concern and to raise sufficient capital to fund its operations, its ability to satisfy its obligations as they become due, acceptance of the Company's products, the Company's dependence on distributors and a few significant customers, risks associated with international operations and international distribution and other factors. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. Readers are cautioned not to place undue reliance on these forward-looking statements and readers should carefully review this report in its entirety. Except for the Company's ongoing obligations to disclose material information under the Federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. These forward-looking statements speak only as of the date of this report and you should not rely on these statements without also considering the risks and uncertainties associated with these statements and our business.

Overview

Sales of the Company’s products, the puraDYN^® bypass oil filtration system (the "Puradyn") and replaceable filter elements will depend principally upon end user demand for such products and acceptance of the Company’s products by original equipment manufacturers (“OEMs”). The oil filtration industry has historically been competitive and, as is typically the case with innovative products, the ultimate level of demand for the Company’s products is subject to a high degree of uncertainty. Developing market acceptance for the Company’s existing and proposed products will require substantial marketing and sales efforts and the expenditure of a significant amount of funds to inform customers of the perceived benefits and cost advantages of its products. As a result of our limited resources, to date we have not had adequate funds available to undertake these necessary marketing efforts. As of May, 2011, we have engaged the services of a public relations/media relations firm in an effort to reach the market with information about our product offerings.

Currently no bypass oil filtration system has captured a substantial share of the estimated recurring $15 billion potential bypass oil filtration market, based upon figures supplied by The Rhein Report, a diesel engine industry consulting, publishing and market research company. We believe we have a unique position in the industry and we are able to capitalize on the growing acceptance of bypass oil filtration given that our product and our Company are positioned as, including, but not limited to:

A competitively priced, value-added product, delivering cost savings, equipment life extension and down time reduction based on an advanced, patented technology;

An alternative solution to the rising costs and national concerns over dependence on foreign oil; and

Providing an operational maintenance solution to end users in conjunction with existing and reasonably foreseeable federal environmental legislation. This includes regulations affecting diesel engines and diesel fuels, mandating cleaner diesel engines which first went into effect January 1, 2007, with additional, more stringent legislation that took effect in 2010, affecting Tier 4 engines.

We focus our sales strategy on direct sales and distribution efforts as well as on the development of a strong international distribution network that will not only sell but also install and support our product. We currently have 103 independent distributors in the U.S. and internationally, and a number of OEM dealers, which sales are controlled through these OEMs.

We continue to focus our sales and marketing efforts to target industries more open to innovative methods to reduce oil maintenance operating costs. These industries are searching for new and progressive ways, including bypass oil filtration, to maintain their equipment.

This strategy includes focus on:

The expansion of existing strategic relationships we have with John Deere, Avis, and others;

Continued development and expansion of our distribution network with distributors who are trained by us and stock inventory in order to establish a sales- and service-oriented nationwide infrastructure;

Continuing to target existing and new industrial/construction equipment fleets and major diesel engine and generator set OEMs;

Creating customer ‘pull-through’, a sustained level of request for our product on the OEM level; and

Converting customer evaluations into sales, both immediate and long term.

While this is a long-term and ongoing commitment, we believe we have achieved growing industry acceptance based on recent accomplishments:

Announcement that Puradyn will supply bypass oil filtration systems to John Deere for Construction and Forestry products

Increased activity in South and Central America, Europe and Asia.

Increased activity in the mining industry for bypass oil filtration.

Increased activity in the oil and gas industry for bypass oil filtration

Extended retrofit programs with domestic and international industrial service companies.

We believe that the renewed interest shown in the technology of bypass oil filtration as an economic alternative to rising oil prices, dependence upon foreign oil, coupled with the added benefits of being environmentally beneficial and a means to conserve oil, has timely and favorably positioned the Company as a manufacturer of a cost efficient “green” product.

The Company’s sales effort not only involves educating the potential customer on the benefits of our product, but also allowing the end-user to test and evaluate the Puradyn system on its fleet equipment. While set for a specific period of time, typically ranging from three to twelve months, evaluations are often influenced by a number of variables including equipment type and applications downtime or servicing, which may extend the evaluation period. Consequently, the sales cycle can be relatively long.

We believe international sales are especially well suited to our product given that much of the equipment is located in remote areas, therefore, due solely to logistics of manpower resources and physically being able to reach the equipment in a timely manner to perform the necessary oil related maintenance. In addition, in certain countries, fuel and emission regulations are not as stringent as in North America, causing engines to operate under more severe conditions. Certain applications representing a higher and more immediate return on investment are prevalent in use outside of North America and end-users consequently are more receptive to the total maintenance package including the use of oil analysis, which the Puradyn system requires to verify oil condition.

Our focus on specific industries, which began in 2009, has shown to pay dividends into 2011, with these certain niche industries representing 61% of 2010 sales, 52% of 2011 sales as compared to 20% in the base period in 2009.

Key to accomplishing our goals will be optimizing our limited resources and obtaining sufficient capital. We will need to remain focused on working with OEMs, continue developing the independent distributors committed to our products and maintain growth within the major accounts using our system. To accomplish these tasks, we will need to obtain capital funding and add appropriate sales and marketing support so that we may serve our distributors and customers. We will evaluate further manpower needs as we grow our OEM account list. The expansion into the OEM area is rewarding in the aspect that it provides a steady flow of material requirements for our manufacturing facility. Additionally, OEM business allows us more stability in retaining trained manufacturing personnel, a stronger supply chain with steady production, economies of scale, and the ability to better utilize our overhead with higher average material turn rates.

We continue to address our liquidity and working capital issues as we continue to seek additional capital from institutional and private investors and current stockholders. Historically, we have faced difficulties in raising adequate capital and we anticipate that those efforts will continue given the current uncertainties facing the capital markets in the U.S. We also continue to implement cost reductions in an effort to improve margins, including securing alternative suppliers for raw materials and manufacturing. While we anticipate these costs reductions would positively impact our results of operations during the balance of 2011 and beyond, the significant decline in our net sales in the three and nine months ended September 30, 2011 has offset any expected positive results. To facilitate improved cost reductions, during the fourth quarter of 2010 we added a buyer whose focus is on better material acquisition costs and more efficient purchasing methods. Although our product costs have increased over the past few years, we have not fully passed on these cost increases. We announced a price increase effective in the third quarter of 2011, to recoup a portion of the increased costs we have previously absorbed.

Going Concern

Our financial statements have been prepared on the basis that we will operate as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. We have incurred net losses each year since inception and have relied on the sale of our stock from time to time and loans from third parties and from related parties to fund our operations. These recurring operating losses, liabilities exceeding assets and the reliance on cash inflows from an institutional investor and current stockholder have led our independent registered public accounting firm Webb & Company P.A. to include a statement in its audit report relating to audited consolidated financial statements for the years ended December 31, 2010 and 2009 expressing substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent upon our ability to obtain the necessary financing to meet our obligations and repay our liabilities when they become due and to generate profitable operations in the future. We plan to continue to provide for our capital requirements through the sale of equity securities, however, we have no firm commitments from any third party to provide this financing and we cannot assure you we will be successful in raising working capital as needed. There are no assurances that we will have sufficient funds to execute our business plan, pay our obligations as they become due, or generate positive operating results.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including those related to product returns, bad debts, inventories, financing operations, warranty obligations and contingencies and litigation. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2010.

Results of Operations for the Three-months Ended September 30, 2011 Compared to the Three-months Ended September 30, 2010.

The following table sets forth the amount of increase or decrease represented by certain items reflected in our condensed consolidated statements of operations in comparing the three-months ended September 30, 2011 to the three-months ended September 30, 2010:


	Three Months Ended September 30,
	2011			2010			Change
Net sales	$	554,960		$	1,107,163		$	(552,203	)
Costs and expenses:
Cost of products sold		488,653			696,853			(208,200	)
Salaries and wages		261,392			261,895			(503	)
Selling and administrative		255,887			237,875			18,012

Total costs and expenses	$	1,005,933		$	1,196,627			(190,694	)

Other (expense) income:
Interest income		1			9			(8	)
Interest expense		(46,113	)		(42,568	)		3,545

Total other expense		(46,112	)		(42,559	)		3,553

Net loss	$	(497,084	)	$	(132,023	)	$	(365,061	)

Net sales decreased 49.9% in the three months ending September 30, 2011 compared to the three months ending September 30, 2010. The decrease in sales was attributable to one international customer who outfitted their engines in 2010 with Puradyn units but only purchased filters in 2011. This resulted in a 90% decrease in sales to that customer.

Sales to four customers accounted for 14%, 14%, 13% and 11% (for a total of 52%) of net sales for the three-months ended September 30, 2011. Sales to one customer accounted for 70% of net sales for the three-months ended September 30, 2010.

Although, as noted above, net sales for the three months ending September 30, 2011 declined compared to the same period in 2010, when sales to the one customer who comprised 70% of net sales for the three months ending September 30, 2010 are removed, we experienced an increase in sales. Excluding that one customer, net sales increased 44% from $330,500 for the three months ending September 30, 2010 to $475,830 for the three months ending September 30, 2011. Although there was a price increase on September 15, 2011, the impact of that increase was minor as the majority of our customers did not incur increased prices until October, 2011. Approximately $8,300 of our net sales revenue for the three months ending September 30, 2011, was from the price increase.

We anticipate that net sales in the fourth quarter of 2011 will remain at third quarter 2011 levels.

Cost of Products Sold

Gross profit, as a percentage of sales, decreased from 37.1% in the three months ending September 30, 2010 to 11.9% in the three months ending September 30, 2011. The increase in cost of goods sold, which generates a lower gross profit, is primarily attributable to the fixed manufacturing overhead costs that aren’t absorbed under lower sales volumes. Other increases in cost of products sold included higher costs of raw materials (particularly steel and cotton), rework charges and increased wages and benefit costs. Although we instituted a price increase effective September 15, 2011, which we anticipate will improve our gross profit margins in the future, the impact of the price increase will not be materially reflected in our gross margin until 2012.

Salaries and Wages

Salaries and wages, as a percentage of sales, were 47.1% for the three months ending September 30, 2011 and 23.7% for the three months ending September 30, 2010. The increase in salaries and wages as a percentage of sales was due primarily to the decrease in sales for the three months ending September 30, 2011 compared to the

same period in 2010. Salaries and wages decreased 0.2% for the three months ended September 30, 2011 from the comparable period in 2010. The decrease in salaries and wages for this time period resulted primarily from the termination of a sales person which was offset by increased health and benefit costs.

Management does not anticipate any changes to our salaries and wages at our current sales volume.

Selling and Administrative Expenses

Selling and administrative expenses increased by 7.6% for the three months ended September 30, 2011 from the comparable period in 2010. The increase in expenses resulted from the increase in health insurance costs, conversion of a contract engineer to an employee in 2011, higher spending on promotion and marketing and increased patent costs described later in this section.

Although the current period experienced an increase in selling and administrative expenses for the three months ended September 30, 2011 as compared to the same period ended September 30, 2010, the Company expects to see overall decreases in selling and administrative costs through 2012 as cost cutting programs are executed on a continuing basis and one time patent costs are not anticipated to repeat in the short term.

The following table lists the major categories of expenses included in Selling and Administrative expenses:


	Three Months Ended September 30,
	2011			2010		Change
Employee Benefits	$	57,064		$	48,324	$	8,740
Travel & Marketing		41,845			47,668		(5,823	)
Depreciation & Amortization		9,441			8,553		888
Professional Fees		65,534			52,667		12,867
Investor Relations		322			13,535		(13,213	)
Occupancy Expense		28,651			28,817		(166	)
Patent Expense		27,740			23,322		4,418
Stock Compensation		1,535			1,628		(93	)
Bad Debts		(16	)		—		(16	)
Other Expenses		23,772			13,360		10,412

Total	$	255,887		$	237,875	$	18,014

Employee Benefit costs increased as a result of higher health insurance premiums.

Travel & Marketing expenses include the costs of providing evaluation units to potential customers. During 2010, we changed our policy requiring potential customers to purchase or place a deposit on test units. As a result of this change in policy, in 2010 we expensed units that were sent out for promotional and test purposes that we believe will not be returned. We did not have this cost in 2011. Additionally, during 2010 we incurred higher travel expenses in sending engineers to assist with installation issues, sales personnel travel to trade shows and international travel by sales and management to reach targeted niche industry customers.

Professional fees increased during the three months ending September 30, 2011 compared to 2010 primarily due to additional financial consulting fees in implementing XBRL reporting and accounting services.

We terminated the month to month agreement with our investor relations firm in March, 2011. Accordingly, we did not incur any investor relations expense during the three months ending September 30, 2011.

Interest Expense

Interest expense increased by 8% for the three months ended September 30, 2011 from the comparable period in 2010 as a result of additional borrowings on the stockholder notes payable. The Company pays interest on the notes payable to two members of our board, one of which is also an executive officer. One loan calls for interest to be paid at maturity, the other loan interest is paid monthly. The interest rates on one of the loans is at 5% and the other loans are at prime rate less one-half percent, which was 2.58% as of September 30, 2011 as opposed to 2.60% as of September 30, 2010.

Results of Operations for the Nine-months Ended September 30, 2011 Compared to the Nine-months Ended September 30, 2010

The following table sets forth the amount of increase or decrease represented by certain items reflected in our condensed consolidated statements of operations in comparing the nine-months ended September 30, 2011 to the nine-months ended September 30, 2010:


	Nine Months Ended September 30,
	2011			2010			Change
Net sales	$	1,937,775		$	2,542,766		$	(604,991	)

Costs and expenses:
Cost of products sold		1,474,971			1,635,010			(160,039	)
Salaries and wages		804,184			772,307			31,877
Selling and administrative		805,010			851,974			(46,964	)

Total costs and expenses		3,084,165			3,259,291			(175,126	)

Other (expense) income:
Interest income		2			335			(333	)
Interest expense		(128,662	)		(121,123	)		7,539

Total other expense		(128,660	)		(120,787	)		7,873

Net loss	$	(1,275,050	)	$	(837,312	)	$	(437,738	)

Net Sales

Net sales decreased 23.8% in the nine months ending September 30, 2011 compared to the nine months ending September 30, 2010. The majority of our sales decrease resulted from a major customer’s purchases of units in 2010 which did not occur in 2011. Sales of the Puradyn units depend on customer trial periods to identify savings and return on investment for potential customers. Filter sales are a function of units already deployed. Based on current trial units and established units, we anticipate that future sales will remain at levels consistent with the first three quarters of this year.

Sales to four customers individually accounted for 17%, 14%, 11% and 10% (for a total of 52%) for the nine months ending September 30, 2011, while sales to two customers individually accounted for 43% and 13% (for a total 56%) of net sales for the nine months ending September 30, 2010.

Cost of Products Sold

Gross profit, as a percentage of sales, decreased from 35.7% in the nine months ending September 30, 2010 to 23.9% in the nine months ending September 30, 2011. Although sales decreased 23.8% as noted above, cost of products sold increased as a percentage of sales. As set forth above, the increase in cost of goods sold, which generates a lower gross profit, is primarily attributable to the fixed manufacturing overhead costs that are not absorbed under lower production volumes. Other increases in cost of products sold during the nine months ending September 30, 2011 included rework charges and increased wages and benefit costs. Additionally, an adjustment to inventory reserves in the first quarter of 2010 reduced cost of sales; there was no adjustment recorded in 2011.

Salaries and Wages

Salaries and wages increased 4.1% for the nine months ended September 30, 2011 from the comparable period in 2010. The increase in salaries and wages for this time period resulted primarily from higher benefit costs. Salaries and wages, as a percentage of sales, were 41.5% for the nine months ending September 30, 2011 and 30.4% for the nine months ending September 30, 2010. Management anticipates minimal hiring if the OEM and niche industry targets increase sales. Otherwise, management does not anticipate any changes to our salaries and wages at our current sales volume.

Selling and Administrative Expenses

The following table lists the major categories of expenses included in Selling and Administrative expenses:


	Nine Months Ended September 30,
	2011		2010		Change
Employee Benefits	$	177,667	$	135,570	$	42,097
Travel & Marketing		118,351		191,081		(72,730	)
Depreciation & Amortization		27,806		26,188		1,618
Engineering		3,211		32,995		(29,784	)
Professional Fees		180,127		207,088		(26,961	)
Investor Relations		18,335		46,730		(28,395	)
Occupancy Expense		82,452		80,888		1,564
Patent Expense		138,244		58,591		79,653
Stock Compensation		4,820		37,767		(32,947	)
Bad Debts		148		25		123
Other Expenses		53,849		35,051		18,798

Total	$	805,010	$	851,974	$	(46,964)

In February 2011 we issued stock options to employees, which accounts for the majority of the increased employee benefits costs for the nine months ending September 30, 2011 compared to the same period in 2010. Increased medical insurance premiums also contributed to the increase in employee benefits for the nine months ending September 30, 2011 compared to the nine months ending September 30, 2010.

Travel & Marketing decreased 38% for the nine months ending September 30, 2011 compared to the nine months ending September 30, 2010. As previously mentioned, the write off of promotional units in 2010 increased our marketing expenses during the nine months ending September 30, 2010 compared to the nine months ending September 30, 2011.

Engineering expenses decreased substantially as a contract engineer was converted to an employee in the first quarter of 2011. The expense of this former contractor is currently included in Salaries and Wages and a reduction in contract engineering expense resulted from this change. Additionally, we reduced travel and trade show attendance during 2011 compared to the same period in 2010.

Professional fees decreased 13% for the nine months ending September 30, 2011 compared to the nine months ending September 30, 2010. We incurred higher professional fees in 2010 as a result of legal expenses associated with former employees. We also incurred additional accounting fees in 2010 relating to our United Kingdom subsidiary which was closed in 2009. During 2010 we incurred additional expenses as a result of higher utilization of outsourced services, such as accounting and finance support.

Our investor relations expense decreased as a result of the cancellation of our contract with Emerging Markets. We are currently evaluating our investor relations program to identify what areas provide the most benefit to our shareholders. We anticipate that our expenses for investor relations will remain at or below 2010 levels for the remainder of the current year.

Patent expense for the nine months ending September 30, 2011 compared to the nine months ending September 30, 2010 was substantially higher as a result of several new patent applications and submission of certain existing patents for international recognition. We anticipate that these costs will remain consistent with 2010 levels for the balance of the year.

In February, 2010 we paid a consultant for services with stock options. During 2011 we did not have this expense, and accordingly, there was a reduction in stock compensation during the nine months ending September 30, 2011 compared to the nine months ending September 30, 2010. In May 2011 we entered into an agreement with Monarch Communications, Inc., to pay a portion of our public relations firm fees in stock. This amount has been reported as a marketing expense. Amounts reported as stock compensation for 2011 represent the value of options issued to Directors pursuant to our 2000 Non-Employee Directors Stock Option Plan. We do not anticipate issuing stock for services other than for those marketing services and Director compensation through the end of the current year.

Interest Expense

Interest expense increased 6.2% as a result of increased borrowing on the stockholder notes payable.

Liquidity and Capital Resources

Liquidity is the ability of a company to generate adequate amounts of cash to meet its obligations. As of September 30, 2011, the Company had cash and cash equivalents of $184,285, as compared to $49,813 at December 31, 2010. At September 30, 2011, we had negative working capital of ($531,774) and our current ratio (current assets to current liabilities) was 0.70 to 1. At December 31, 2010 we had negative working capital of ($440,952) and our current ratio was 0.70 to 1. The increase in our working capital deficit is primarily attributable to an increase in accrued liabilities which was partially offset by proceeds received on notes payable to stockholders.

We have incurred net losses each year since inception and at September 30, 2011 we had an accumulated deficit of $53,389,461. Our net sales are not sufficient to fund our operating expenses. Historically, we have relied on the sale of our stock from time to time and loans from third parties and from related parties to fund our operations. During the nine months ended September 30, 2011 we raised $100,000 from the sale of common stock. In addition, during the nine months ended September 30, 2011 we have borrowed $965,000 from our stockholders. At September 30, 2011, we owed one stockholder approximately $7.2 million for funds he has advanced to us from time to time for working capital under a line of credit facility and direct loans. In addition, a Director has advanced $100,000 due April 1, 2012 which bears interest at 5% per annum. Interest expense on both loans totaled $128,662 for the nine months ended September 30, 2011.

We do not currently have any commitments for capital expenditures. Our current cash position is insufficient to cover our current operating needs. While we anticipate cash inflows from 2011 sales activity, additional cash will still be needed to support operations, meet our working capital needs and satisfy our obligations as they become due. While we are actively seeking additional equity investments, we have no firm commitments from any third parties and there are no assurances we will be successful in attracting additional capital. In addition, as set forth above, we owe one of our stockholders approximately $7.2 million which is due on December 31, 2012 or (i) at such time as we have raised an additional $7 million over the $3.5 million raised in prior offerings, or (ii) at such time as we are operating within sufficient cash flow parameters to sustain operations, or (iii) until a disposition of our company, such as an acquisition or merger, occurs. We do not have sufficient funds to pay this loan when it becomes due and there are no assurances the note holder will extend the due date.

We have implemented measures to preserve our ability to operate, including organizational changes, a reduction and/or deferral of salaries, reduction in personnel and renegotiating creditor and collection arrangements. If we are not successful in raising additional capital in the near future, it is possible we will be required to accelerate our contingent plans to more aggressively reduce spending, including drastic reductions in our work force, severe cutbacks in our production facilities and elimination of overhead costs that do not contribute to our level of sales activity. If budgeted sales levels are not achieved and/or significant unanticipated expenditures occur, or if we are not able to raise additional investment capital, we may have to modify our business plan, reduce or discontinue some of our operations or seek a buyer for part of our assets to continue as a going concern through 2012. There can be no assurance that we will be able to raise additional capital or that sales will increase to the level required to generate profitable operations to provide positive cash flow from operations. In that event, it is possible that stockholders could lose their entire investment in our company. These factors raise substantial doubt about our ability to continue as a going concern.

Operating activities

For the nine month period ended September 30, 2011 net cash used in operating activities was $918,355, which primarily resulted from the net loss of $1,275,050. The negative effect of the net loss on working capital is offset by an increase in accrued liabilities of $157,735 and an increase in shareholder notes payable in the amount of $100,000.

Investing activities

For the nine months ending September 30, 2011, $21,341 cash was used in investing activities for the purchase of property and equipment.

Financing activities

Net cash provided by financing activities was $1,073,795 for the nine months ending September 30, 2011, composed of $100,000 of net proceeds received from stock issued for cash and $965,000 in notes payable under the line of credit from our stockholder as described above and net capital lease activity of $8,795.

Critical Accounting Policy

General

The preparation of financial statements requires management to utilize estimates and make judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that management believes to be reasonable under the circumstances. The estimates are evaluated by management on an ongoing basis, and the results of these evaluations form a basis for making decisions about the carrying value of assets and liabilities that are not readily apparent from other sources. Although actual results may differ from these estimates under different assumptions or conditions, management believes that the estimates used in the preparation of our financial statements are reasonable. The critical accounting policies affecting our financial reporting are summarized in Note 1 to the consolidated financial statements included elsewhere.

Impact of Inflation and Foreign Currency Translation

Inflation has not had a significant impact on the Company's operations. However, any significant decrease in the price for oil or labor, environmental compliance costs, and engine replacement costs could adversely impact the Company's end users cost/benefit analysis as to the use of the Company's products. While we no longer have operations in Great Britain, we maintain a small amount of cash on deposit in a bank account related to Ltd.’s previous operations and we continue to collect outstanding accounts receivable. These activities resulted in a minor foreign currency translation adjustment during the nine month period ending September 30, 2011. The impact of fluctuations in foreign currency has not been significant during the nine month period ended September 30, 2010. The exchange rate, the Great British pound to the U.S. dollar fluctuated from 1.59 on December 31, 2010 to 1.56 on September 30, 2011.

Off Balance Sheet Financing

None. The Company has not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties, nor has it entered into any derivative contracts that are indexed to our shares and classified as stockholder’s equity or that are not reflected in our consolidated financial statements. Furthermore, the Company does not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing or hedging services with us.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable for a smaller reporting company.

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, which includes our CEO and our Vice President who serves as our principal financial officer, have conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-14(c) promulgated under the Securities and Exchange Act of 1934, as amended) as of a date (the "Evaluation Date") as of the end of the period covered by this report. Our management does not expect that our disclosure controls and procedures will prevent all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be

faulty, and that breakdowns can occur because of simple error or mistake. The design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Based on their evaluation as of the end of the period covered by this report, our CEO and our Vice President who also serves as our principal financial officer have concluded that our disclosure controls and procedures were effective such that the information relating to our company, required to be disclosed in our Securities and Exchange Commission reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and our Vice President who serves as our principal financial officer, to allow timely decisions regarding required disclosure as a result of material weaknesses in our internal controls over financial reporting.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting identified in connection with the evaluation that occurred during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. – OTHER INFORMATION

ITEM 1

LEGAL PROCEEDINGS.

None.

ITEM 1A.

RISK FACTORS.

Risk factors describing the major risks to our business can be found under Item 1A, “Risk Factors”, in our Annual Report on Form 10-K for the year ended December 31, 2010. There has been no material change in our risk factors from those previously discussed in the Annual Report on Form 10-K.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.

DEFAULT UPON SENIOR SECURITIES.

None

ITEM 4.

(REMOVED AND RESERVED.)

ITEM 5.

OTHER INFORMATION

None

ITEM 6.

EXHIBITS


31.1		Rule 13a-14(a)/15d-14(a) certification of Chief Executive Officer
31.2		Rule 13a-14(a)/15d-14(a) certificate of principal financial officer
32.1		Section 1350 certification of Chief Executive Officer
32.2		Section 1350 certification of principal financial officer
101.INS		XBRL Instance Document
101.SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		XBRL Taxonomy Extension Label Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

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

Date: November 14, 2011


	PURADYN FILTER TECHNOLOGIES INCORPORATED


	By:	/s/ Joseph V. Vittoria
		Joseph V. Vittoria, Chairman and Chief Executive Officer

Date: November 14, 2011


	By:	/s/ Alan J. Sandler
		Alan J. Sandler, Secretary to the Board, Vice President and principal financial officer

EX-31.1 2 pfti_ex31z1.htm CERTIFICATION xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

EXHIBIT 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Joseph V. Vittoria, certify that:

I have reviewed this quarterly report on Form 10-Q for the nine months ended September 30, 2011 of Puradyn Filter Technologies Incorporated (the "Company");

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) an 15d-15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent function):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2011


	By:	/s/ Joseph V. Vittoria
		Joseph V. Vittoria
		Chairman and Chief Executive Officer, principal executive officer

EX-31.2 3 pfti_ex31z2.htm CERTIFICATION EXHIBIT 31

EXHIBIT 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alan J. Sandler, certify that:

I have reviewed this quarterly report on Form 10-Q for the nine months ended September 30, 2011 of Puradyn Filter Technologies Incorporated (the "Company");

(c)

(d)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 14, 2011


	By:	/s/ Alan J. Sandler
		Alan J. Sandler, Secretary to the Board,
		Vice President and principal financial officer

EX-32.1 4 pfti_ex32z1.htm CERTIFICATION xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

EXHIBIT 32.1

SECTION 1350 CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Joseph V. Vittoria, Chief Executive Officer of Puradyn Filter Technologies Incorporated (“the Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

The Quarterly Report on Form 10-Q of the Company for the nine months ended September 30, 2011 (the “Report”) fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 14, 2011


	By:	/s/ Joseph V Vittoria
	Name:	Joseph V. Vittoria
	Title:	Chairman and Chief Executive Officer,
		principal executive officer

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 pfti_ex32z2.htm CERTIFICATION EXHIBIT 32

EXHIBIT 32.2

SECTION 1350 CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Alan J. Sandler, Secretary to the Board, Vice President and principal financial officer of Puradyn Filter Technologies Incorporated (“the Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that:

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

November 14, 2011


	By:	/s/ Alan J. Sandler
	Name:	Alan J. Sandler
	Title:	Secretary to the Board, Vice President
		and principal financial officer

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1.	Basis of Presentation, Going Concern and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments consisting of a normal and recurring nature considered necessary for a fair presentation have been included. Operating results for the three-month and nine month periods ended September 30, 2011 may not necessarily be indicative of the results that may be expected for the year ending December 31, 2011. Certain amounts in the 2010 information have been classified to conform to the 2011 presentation. These reclassifications had no impact on the Companys net loss or cash flows. For further information, refer to Puradyn Filter Technologies Incorporateds (the Company) consolidated financial statements and footnotes thereto included in the Form 10-K for the year ended December 31, 2010. Use of Estimates The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Basic and Diluted Loss Per Share Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 260, Earnings Per Share, requires a dual presentation of basic and diluted earnings per share. However, because of the Company's net losses, the effect of outstanding stock options and warrants would be anti-dilutive and, accordingly, is excluded from the computation of diluted loss per share. The number of such shares excluded from the computation of loss per share totaled 7,585,848 for the three-month and nine-month periods ended September 30, 2011 and 6,354,092 and 6,419,225 respectively for the three-month and nine-month periods ended September 30, 2010. Stock Compensation The Company adopted FASB ASC 718, Compensation Stock Compensation, effective January 1, 2006 using the modified prospective application method of adoption which requires us to record compensation cost related to unvested stock awards as of December 31, 2005, recognizing the amortized grant date fair value in accordance with provisions of FASB ASC 718 on straight line basis over the service periods of each award. We have estimated forfeiture rates based on our historical experience. Stock option compensation expense for the periods ended September 30, 2011 and September 30, 2010 have been recognized as a component of cost of goods sold and general and administrative expenses in the accompanying Consolidated Financial Statements. Stock options and warrants issued to consultants and other non-employees as compensation for services provided to the Company are accounted for based on the fair value of the services provided or the estimated fair market value of the option or warrant, whichever is more reliably measurable in accordance with FASB ASC 718 and FASB ASC 505 Equity, including related amendments and interpretations. The related expense is recognized over the period the services are provided. Inventories Inventories are stated at the lower of cost or market using the first in, first out (FIFO) method. Production costs, consisting of labor and overhead, are applied to ending inventories at a rate based on estimated production capacity and any excess production costs are charged to cost of products sold. Provisions have been made to reduce excess or obsolete inventories to their net realizable value. Inventories consisted of the following at September 30, 2011 and December 31, 2010: <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-size: 8pt; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid"> September 30, 2011</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid"> December 31, 2010</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td nowrap="nowrap" style="width: 63%">Raw materials</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td nowrap="nowrap" style="width: 14%; border-top: windowtext 1pt solid; text-align: right">910,122</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td nowrap="nowrap" style="width: 14%; border-top: windowtext 1pt solid; text-align: right">864,812</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap">Work In Progress</td> <td> </td> <td> </td> <td nowrap="nowrap" style="text-align: right">46,309</td> <td> </td> <td> </td> <td nowrap="nowrap" style="text-align: right">11,682</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td nowrap="nowrap">Finished goods</td> <td> </td> <td> </td> <td nowrap="nowrap" style="text-align: right">129,004</td> <td> </td> <td> </td> <td nowrap="nowrap" style="text-align: right">169,413</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap">Valuation allowance</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; text-align: right">(266,669</td> <td style="border-bottom: white 1pt solid">)</td> <td style="border-bottom: windowtext 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; text-align: right">(271,089</td> <td style="border-bottom: white 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td nowrap="nowrap">Inventory, net</td> <td style="font-weight: bold"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; text-align: right">818,766</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; text-align: right">774,818</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table> Deferred Financing Costs The Company capitalizes financing costs and amortizes them using the straight-line method, which approximates the effective interest method, over the term of the related debt. Amortization of deferred financing costs is included in interest expense and totaled $252 and $503 for the three-months ended September 30, 2011 and September 30, 2010 and $755 and $1,510 for the nine-months ended September 30, 2011 and 2010, respectively. Accumulated amortization of deferred financing costs as of September 30, 2011 and 2010 was $679,892 and $678,634, respectively. Revenue Recognition The Company recognizes revenue from product sales to customers, distributors and resellers when products that do not require further services or installation by the Company are shipped, when there are no uncertainties surrounding customer acceptance and when collectability is reasonably assured in accordance with FASB ASC 605, Revenue Recognition, as amended and interpreted. Cash received by the Company prior to shipment is recorded as deferred revenue. Sales are made to customers under terms allowing certain limited rights of return and other limited product and performance warranties for which provision has been made in the accompanying condensed consolidated financial statements. Amounts billed to customers in sales transactions related to shipping and handling, represent revenues earned for the goods provided and are included in net sales. Costs of shipping and handling are included in cost of products sold. Product Warranty Costs As required by FASB ASC 460, Guarantors Guarantees, the Company is including the following disclosure applicable to its product warranties. The Company accrues for warranty costs based on the expected material and labor costs to provide warranty replacement products. The methodology used in determining the liability for warranty cost is based upon historical information and experience. The Company's warranty reserve is calculated as the gross sales multiplied by the historical warranty expense return rate. The following table shows the changes in the aggregate product warranty liability for the nine months ended September 30, 2011: <table align="center" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td nowrap="nowrap" style="width: 75%; font-weight: bold">Balance as of December 31, 2010</td> <td style="width: 4%"> </td> <td style="width: 1%">$</td> <td nowrap="nowrap" style="width: 19%; text-align: right">38,787</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-indent: 0.65pc">Less: Payments made</td> <td> </td> <td> </td> <td nowrap="nowrap" style="text-align: right">(235</td> <td>)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td nowrap="nowrap" style="text-indent: 0.65pc">Add:  Provision for current period warranties</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td nowrap="nowrap" style="border-bottom: windowtext 1pt solid; text-align: right">(1,360</td> <td style="border-bottom: white 1pt solid">)</td></tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold">Balance as of September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td nowrap="nowrap" style="border-bottom: windowtext 2.25pt double; text-align: right">37,192</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table>   Comprehensive Income FASB ASC 220, Comprehensive Income establishes rules for reporting and displaying of comprehensive income and its components. Comprehensive income is the sum of net loss as reported in the consolidated statements of operations and other comprehensive income transactions. Other comprehensive income transactions that currently apply to the Company result from changes in exchange rates used in translating the financial statements of its wholly owned subsidiary, Puradyn Filter Technologies, Ltd. (Ltd.). Comprehensive loss as of September 30, 2011 and 2010 is not shown net of taxes because the Companys deferred tax asset has been fully offset by a valuation allowance. Comprehensive loss consisted of the following for the three and nine months ended September 30, 2011 and 2010: <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="5" style="border-bottom: windowtext 1pt solid"> Three Months Ended September 30,</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="5" style="border-bottom: windowtext 1pt solid"> Nine Months Ended September 30,</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2011</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2010</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2011</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">2010</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 39%; font-weight: bold"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; border-top: windowtext 1pt solid; text-align: right"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; border-top: windowtext 1pt solid; text-align: right"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; border-top: windowtext 1pt solid; text-align: right"> </td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 11%; border-top: windowtext 1pt solid; text-align: right"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="font-weight: bold">Net loss</td> <td> </td> <td>$</td> <td style="text-align: right">(497,084</td> <td>)</td> <td>$</td> <td style="text-align: right">(132,023</td> <td>)</td> <td>$</td> <td style="text-align: right">(1,275,050</td> <td>)</td> <td>$</td> <td style="text-align: right">(837,312</td> <td>)</td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"> </td> <td> </td> <td style="border-top: windowtext 1pt solid"> </td> <td style="border-top: windowtext 1pt solid; text-align: right"> </td> <td> </td> <td style="border-top: windowtext 1pt solid"> </td> <td style="border-top: windowtext 1pt solid; text-align: right"> </td> <td> </td> <td style="border-top: windowtext 1pt solid"> </td> <td style="border-top: windowtext 1pt solid; text-align: right"> </td> <td> </td> <td style="border-top: windowtext 1pt solid"> </td> <td style="border-top: windowtext 1pt solid; text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td>Other comprehensive income:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1.5pc; text-indent: -0.5pc">Foreign currency translation adjustment</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">267</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">714</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">372</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">(467</td> <td style="border-bottom: white 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td>Total other comprehensive income</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">267</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">714</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">372</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">(467</td> <td style="border-bottom: white 1pt solid">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.5pc; text-indent: -0.5pc">Comprehensive loss</td> <td> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">(496,817</td> <td style="border-bottom: white 2.25pt double">)</td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">(131,309</td> <td style="border-bottom: white 2.25pt double">)</td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">(1,274,678</td> <td style="border-bottom: white 2.25pt double">)</td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">(837,779</td> <td style="border-bottom: white 2.25pt double">)</td></tr> </table> New Accounting Standards In September 2011 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-08, Intangibles-Goodwill and Other (Topic 350), permitting entities the option to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. ASU No. 2011-08 is effective for annual and interim reporting periods beginning after December 15, 2011 and the adoption of ASU 2011-08 is not expected to have a material impact on the Companys financial position or results of operations.

2.	Going Concern The Company's financial statements have been prepared on the assumption that it will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company has sustained losses since inception and used net cash in operations of $918,355 and $1,016,219 during the nine months ended September 30, 2011 and 2010, respectively. As a result, the Company has had to rely principally on private equity investments, including the conversion of debt into stock, as well as stockholder loans to fund its activities to date. These recurring operating losses, liabilities exceeding assets and the reliance on cash inflows from an institutional investor and current stockholder led the Companys independent registered public accounting firm, Webb & Company, P.A., to include a statement in its audit report relating to the Companys audited consolidated financial statements for the year ended December 31, 2010 expressing substantial doubt as to the Companys ability to continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of this uncertainty. The Company has been addressing the liquidity and working capital issues and continues to attempt to raise additional capital with institutional and private investors and current stockholders. Cost reductions were and continue to be implemented by the Company, including acquiring alternative suppliers for raw materials and volume purchase discounts when appropriate. The Company expects to see results from these reductions, as well as other cost reduction plans through 2011.

3.	Common Stock On July 7, 2011 Puradyn Filter Technologies Incorporated filed a Certificate of Amendment to its Certificate of Incorporation increasing the number of authorized shares of its common stock from 50,000,000 shares to 100,000,000 shares effective as of the close of business on July 26, 2011. The par value of the common stock did not change as a result of this charter amendment. The Certificate of Amendment was adopted by our Board of Directors on May 23, 2011, and by the holders of a majority of our outstanding common stock by written consent dated July 1, 2011, as described in greater detail in our Definitive Information Statement on Schedule 14C as filed with the Securities and Exchange Commission on July 5, 2011. On July 1, 2011, by written consent the holders of a majority of our outstanding common stock approved an Amendment, which was adopted by our Board of Directors on May 23, 2011, to the 2010 Stock Option Plan, increasing the number of shares of Common Stock covered by the Plan from 2,000,000 shares to 4,000,000 shares of Common Stock of the Corporation. On July 27, the Company issued to Monarch Communications, Inc. 14,815 shares of common stock valued at $0.27 per share as partial compensation per the agreement for consultant work as financial public relations firms and media relations counsel. On August 22, the Company issued to Monarch Communications, Inc. 16,000 shares of common stock valued at $0.25 per share as partial compensation per the agreement for consultant work. On September 20, the Company issued to Monarch Communications, Inc. 20,000 shares of common stock valued at $0.20 per share as partial compensation per the agreement for consultant work.

4.	Stock Options During the three-month periods ending September 30, 2011 and 2010, the Company recorded no direct stock-based compensation expense. During the nine-month periods ended September 30, 2011 and 2010, the Company recognized compensation expense of $-0- and $34,438, respectively. For the three-month and nine-month periods ended September 30, 2011, the Company recorded stock-based compensation expense of $36,912 and $116,853, related to unvested employee stock options. For the three-month and nine-month periods ended September 30, 2010, the Company recorded stock-based compensation expense of $14,493 and $44,764, related to unvested employee stock options. Stock options and warrants issued to consultants and other non-employees as compensation for services provided to the Company are accounted for based on the fair value of the services provided or the estimated fair market value of the option or warrant, whichever is more reliably measurable in accordance with FASB ASC 505, Equity, and FASB ASC 718, Compensation Stock Compensation. The related expense is recognized over the period the services are provided. The Company issued 53,571 common stock purchase warrants in 2007 in connection with a share issuance at that time. Those warrants were incorrectly excluded from the total warrants outstanding in previous filings. These warrants have an exercise price of $1.25 per share of common stock and expire March 14, 2012. The exercise price of the warrants is subject to pro-rata adjustment in the event of stock splits, recapitalizations and similar corporate events. These warrants are included in the opening warrant balance in this schedule. This correction did not have any impact on the operating results of the Company. A summary of the Companys stock option plans as of September 30, 2011, and changes during the nine month period then ended is presented below: <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center; text-indent: 15.55pt"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="5" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Nine Months Ended September 30, 2011</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center; text-indent: 15.55pt"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid"> Number of Options</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Weighted Average Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 63%">Options outstanding at December 31, 2010</td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; border-top: windowtext 1pt solid; text-align: right">2,161,583</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; border-top: windowtext 1pt solid; text-align: right">.42</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options granted</td> <td> </td> <td> </td> <td style="text-align: right">827,500</td> <td> </td> <td> </td> <td style="text-align: right">.28</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options exercised</td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options expired</td> <td> </td> <td> </td> <td style="text-align: right">15,000</td> <td> </td> <td> </td> <td style="text-align: right">.37</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options cancelled</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">40,000</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">.38</td> <td style="border-bottom: white 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options at September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">2,934,083</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid">$</td> <td style="border-bottom: windowtext 1pt solid; text-align: right">.38</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options exercisable at September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">1,386,828</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">.54</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table> A summary of the Companys stock option plans as of September 30, 2011, and changes during the three month period then ended is presented below: <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center; text-indent: 15.55pt"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="5" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended September 30, 2011</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center; text-indent: 15.55pt"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid"> Number of Options</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Weighted Average Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 63%">Options outstanding at June 30, 2011</td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; border-top: windowtext 1pt solid; text-align: right">2,941,583</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; border-top: windowtext 1pt solid; text-align: right">.38</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options granted</td> <td> </td> <td> </td> <td style="text-align: right">7,500</td> <td> </td> <td> </td> <td style="text-align: right">.18</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options expired</td> <td> </td> <td> </td> <td style="text-align: right">15,000</td> <td> </td> <td> </td> <td style="text-align: right">.37</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options cancelled</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right"></td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right"></td> <td style="border-bottom: white 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options at September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">2,934,083</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid">$</td> <td style="border-bottom: windowtext 1pt solid; text-align: right">.38</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options exercisable at September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">1,386,828</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">.52</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table> Changes in the Companys unvested options for the nine months ended September 30, 2011 are summarized as follows: <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center; text-indent: 15.55pt"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="5" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Nine Months Ended September 30, 2011</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center; text-indent: 15.55pt"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid"> Number of Options</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Weighted Average Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 63%">Non-vested options at December 31, 2010</td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; border-top: windowtext 1pt solid; text-align: right">1,240,795</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; border-top: windowtext 1pt solid; text-align: right">.23</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options granted</td> <td> </td> <td> </td> <td style="text-align: right">827,500</td> <td> </td> <td> </td> <td style="text-align: right">.28</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options vested</td> <td> </td> <td> </td> <td style="text-align: right">481,040</td> <td> </td> <td> </td> <td style="text-align: right">.26</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options cancelled</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">40,000</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">.25</td> <td style="border-bottom: white 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td>Non-vested options at September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">1,547,255</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">.25</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table> Changes in the Companys unvested options for the three months ended September 30, 2011 are summarized as follows: <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center; text-indent: 15.55pt"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="5" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Three Months Ended September 30, 2011</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center; text-indent: 15.55pt"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-bottom: windowtext 1pt solid"> Number of Options</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Weighted Average Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 63%">Non-vested options at June 30, 2011</td> <td style="width: 3%"> </td> <td style="width: 1%"> </td> <td style="width: 13%; border-top: windowtext 1pt solid; text-align: right">1,658,042</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; border-top: windowtext 1pt solid; text-align: right">.12</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options granted</td> <td> </td> <td> </td> <td style="text-align: right">7,500</td> <td> </td> <td> </td> <td style="text-align: right"></td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options vested</td> <td> </td> <td> </td> <td style="text-align: right">118,287</td> <td> </td> <td> </td> <td style="text-align: right">.40</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Options cancelled</td> <td> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right"></td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right"></td> <td style="border-bottom: white 1pt solid"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 0.7pt; text-indent: -0.7pt">Non vested options September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">1,547,255</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">.25</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="6" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Options Outstanding</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="4" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Options Exercisable</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: windowtext 1pt solid"> Range of Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="border-bottom: windowtext 1pt solid"> Number Outstanding</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Remaining Average Contractual Life (In Years)</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Weighted Average Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="border-bottom: windowtext 1pt solid"> Number Exercisable</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Weighted Average Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 16%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none">$   .14 $ 1.70</td> <td style="width: 3%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="width: 1%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="width: 13%; text-align: right">2,886,083</td> <td style="width: 3%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="width: 13%; text-align: right">5.50</td> <td style="width: 3%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="width: 1%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none">$</td> <td style="width: 13%; border-top: windowtext 1pt solid; text-align: right">0.35</td> <td style="width: 3%"> </td> <td style="width: 13%; text-align: right">1,338,828</td> <td style="width: 3%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="width: 1%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none">$</td> <td style="width: 13%; border-top: windowtext 1pt solid; text-align: right">0.46</td> <td style="width: 1%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td></tr> <tr style="vertical-align: bottom"> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none">   1.99    3.13</td> <td> </td> <td> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">48,000</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">1.33</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">2.32</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">48,000</td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">2.32</td> <td style="border-bottom: white 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 2.5pc; tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-indent: -0.5pc">Totals</td> <td> </td> <td> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">2,934,083</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">4.80</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">0.38</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">1,386,828</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">0.52</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table>

5.	Warrants At September 30, 2011, 4,651,765 warrants with an average exercise price of $0.97 remain outstanding and were fully vested. A summary of the Companys warrant activity as of September 30, 2011 and changes during the nine and three month periods then ended is presented below: <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="4" style="border-bottom: windowtext 1pt solid"> Nine Months Ended September 30, 2011</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="4" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Weighted Average Exercise</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Warrants</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 68%">Warrants outstanding at December 31, 2010</td> <td style="width: 3%"> </td> <td style="width: 12%; text-align: right">4,612,546</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; border-top: windowtext 1pt solid; text-align: right">.97</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1.5pc; tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-indent: -0.5pc">Granted</td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right">39,219</td> <td style="text-autospace: none; font-weight: normal"> </td> <td style="text-autospace: none; font-weight: normal"> </td> <td style="text-autospace: none; font-weight: normal; text-align: right">.50</td> <td style="text-autospace: none; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 1.5pc; text-indent: -0.5pc">Exercised</td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right"></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"></td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1.5pc; text-indent: -0.5pc">Expired</td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="border-bottom: windowtext 1pt solid; tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right"></td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right"></td> <td style="border-bottom: white 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="font-size: 6pt"> </td> <td style="font-size: 6pt"> </td> <td style="font-size: 6pt; text-align: right"> </td> <td style="font-size: 6pt"> </td> <td style="font-size: 6pt"> </td> <td style="font-size: 6pt; text-align: right"> </td> <td style="font-size: 6pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Warrants outstanding at September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">4,651,765</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">.97</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="4" style="border-bottom: windowtext 1pt solid"> Three Months Ended September 30, 2011</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="4" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Weighted Average Exercise</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Warrants</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 68%">Warrants outstanding at June 30, 2011</td> <td style="width: 3%"> </td> <td style="width: 12%; text-align: right">4,651,765</td> <td style="width: 3%"> </td> <td style="width: 1%">$</td> <td style="width: 12%; border-top: windowtext 1pt solid; text-align: right">.97</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1.5pc; tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-indent: -0.5pc">Granted</td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right"></td> <td style="text-autospace: none; font-weight: normal"> </td> <td style="text-autospace: none; font-weight: normal"> </td> <td style="text-autospace: none; font-weight: normal; text-align: right"></td> <td style="text-autospace: none; font-weight: normal"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="padding-left: 1.5pc; text-indent: -0.5pc">Exercised</td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right"></td> <td style="font-weight: bold"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: right"></td> <td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 1.5pc; text-indent: -0.5pc">Expired</td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="border-bottom: windowtext 1pt solid; tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right"></td> <td style="border-bottom: white 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid"> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right"></td> <td style="border-bottom: white 1pt solid"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="font-size: 6pt"> </td> <td style="font-size: 6pt"> </td> <td style="font-size: 6pt; text-align: right"> </td> <td style="font-size: 6pt"> </td> <td style="font-size: 6pt"> </td> <td style="font-size: 6pt; text-align: right"> </td> <td style="font-size: 6pt"> </td></tr> <tr style="vertical-align: bottom"> <td>Warrants outstanding at September 30, 2011</td> <td> </td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">4,651,765</td> <td style="border-bottom: white 2.25pt double"> </td> <td style="border-bottom: windowtext 2.25pt double">$</td> <td style="border-bottom: windowtext 2.25pt double; text-align: right">.97</td> <td style="border-bottom: white 2.25pt double"> </td></tr> </table>   <table align="center" cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="6" style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Warrants Outstanding</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Range of Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="border-bottom: windowtext 1pt solid"> Number Outstanding</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Remaining Average Contractual Life (In Years)</td> <td style="border-top: windowtext 1pt solid; font-size: 8pt; font-weight: bold; text-align: center"> </td> <td colspan="2" style="border-top: windowtext 1pt solid; border-bottom: windowtext 1pt solid"> Weighted Average Exercise Price</td> <td style="font-size: 8pt; font-weight: bold; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCFFCC"> <td style="width: 48%; padding-left: 2pc; tab-stops: center 18.0pc right 36.0pc; text-autospace: none">$0.50 $0.75</td> <td style="width: 3%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="width: 13%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right">1,809,122</td> <td style="width: 3%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="width: 13%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right">3.02</td> <td style="width: 3%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="width: 1%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none">$</td> <td style="width: 15%; border-top: windowtext 1pt solid; tab-stops: center 18.0pc right 36.0pc; text-autospace: none; text-align: right">0.52</td> <td style="width: 1%; tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 2pc; tab-stops: center 18.0pc right 36.0pc; text-autospace: none">$1.25</td> <td> </td> <td style="border-bottom: windowtext 1pt solid; text-align: right">2,842,643</td> <td style="tab-stops: center 18.0pc right 36.0pc; text-autospace: none"> </td> <td style="tab-stops: center 18.0pc right 36.0pc; 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6.	Notes Payable to Stockholder Beginning on March 28, 2002, the Company executed a binding agreement with one of its stockholders, who is also its CEO and a Board member, to fund up to $6.1 million. The original loan agreements, dated March 28, 2002 and March 14, 2003, were due and payable on December 31, 2003 and December 31, 2004. On February 2, 2004, this executive officer, director and stockholder amended the original loan agreements to extend the maturity dates to December 31, 2005 and to waive the funding requirement mandating maturity terms until such time as the Company has raised an additional $7.0 million over the $3.5 million raised in the Companys private placement offering; or until such time as the Company is operating within sufficient cash flow parameters, as defined, to sustain its operations; or until a disposition of the Company occurs. In April 2005, the maturity date of the loan agreement was extended to December 31, 2006. As consideration of this extension, this executive officer, director and stockholder was granted an additional 100,000 common stock purchase warrants at an exercise price equal to the closing market price of the Companys stock on the date of grant. In March of 2006 and in subsequent Marchs through 2010, the executive officer, director and stockholder extended the maturity date of the loan agreement annually. On February 24, 2011, the maturity date of the stockholder loan was extended from December 31, 2011 to December 31, 2012. As of September 30, 2011, the Company had drawn all of the $6.1 million from the available line-of-credit plus an additional $261,914. Additionally, the stockholder has loaned the Company $865,000 directly. Amounts drawn bear interest at a weighted average between two facilities, one is based on a minimum of 2.75% or the prime rate minus one-half percent and the other is based on LIBOR plus 1.40 (a weighted average of 2.58% as of September 30, 2011) payable monthly and become due and payable on December 31, 2012, or upon a change in control of the Company or consummation of any other financing over $7.0 million. Previously, this executive officer, director and stockholder waived this funding requirement. On May 23, 2011 a stockholder and director of the Company loaned the Company $100,000 which is due and payable on October 1, 2011 and bears an interest rate of 5% per annum. This loan was extended to April 1, 2012. For the three months ended September 30, 2011 and 2010, the Company recorded $45,263 and $41,154 respectively; and for the nine months ended September 30, 2011 and 2010, the Company recorded $126,453 and $116,833, respectively, of interest expense related to the notes payable to these stockholders, which is included in interest expense in the accompanying condensed consolidated statements of operations.

7.	Commitments and Contingencies On October 20, 2009, we entered into a consulting agreement with Boxwood Associates, Inc., whereby we pay $2,000 monthly for management and strategic development services performed. The contract will remain in effect until terminated by either party providing 30 days written notice. Mr. Telesco, a member of our board of directors, is the President of Boxwood Associates, Inc. On May 19, 2011, we entered into a consulting agreement with Monarch Communications, Inc. for services rendered as public relations firm and media relations consultants for the Company. The term of the agreement is for twelve months. As compensation for their services, Monarch will receive a fee of $6,000 per month, payable as $2,000 cash and $4,000 in shares of common stock. Either party may terminate the agreement with 30 days notice. The recipient is an accredited or otherwise sophisticated investor who had such knowledge and experience in business matters and was capable of evaluating the merits and risks of the prospective investment in our securities. The issuance of the shares is exempt from registration under the Securities Act of 1933 in reliance on an exemption provided by Section 4(2) of that act.

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2011	Dec. 31, 2010
Statement of Financial Position [Abstract]
Allowance for uncollectible accounts of accounts receivable	$ 32,859	$ 32,654
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, authorized	500,000	500,000
Preferred stock, issued
Preferred stock, outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	46,620,694	46,070,076
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Income Statement [Abstract]
Net sales	$ 554,960	$ 1,107,163	$ 1,937,775	$ 2,542,766
Costs and expenses:
Cost of products sold	488,653	696,857	1,474,971	1,635,010
Salaries and wages	261,392	261,895	804,184	772,307
Selling and administrative	255,887	237,875	805,010	851,974
Total Operating Costs	1,005,932	1,196,627	3,084,165	3,259,291
Loss from operations	(450,972)	(89,464)	(1,146,390)	(716,525)
Other income (expense):
Interest income	1	9	2	335
Interest expense	(46,113)	(42,568)	(128,662)	(121,123)
Total other expense, net	(46,112)	(42,559)	(128,660)	(120,787)
Loss before income taxes	(497,084)	(132,023)	(1,275,050)	(837,312)
Income tax expense
Net loss	$ (497,084)	$ (132,023)	$ (1,275,050)	$ (837,312)
Basic and diluted loss per common share	$ (0.01)	$ (0.003)	$ (0.03)	$ (0.02)
Weighted average common shares outstanding (basic and diluted)	46,576,786	45,533,367	46,511,613	44,465,956

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Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2011	Nov. 13, 2011
Document And Entity Information
Entity Registrant Name	PURADYN FILTER TECHNOLOGIES INC
Entity Central Index Key	0001019787
Document Type	10-Q
Document Period End Date	Sep. 30, 2011
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		46,621,055
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2011

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Commitments and Contingencies
9 Months Ended
Sep. 30, 2011
Notes to Financial Statements
Commitments and Contingencies
7. Commitments and Contingencies

On October 20, 2009, we entered into a consulting agreement with Boxwood Associates, Inc., whereby we pay $2,000 monthly for management and strategic development services performed. The contract will remain in effect until terminated by either party providing 30 days’ written notice. Mr. Telesco, a member of our board of directors, is the President of Boxwood Associates, Inc.

On May 19, 2011, we entered into a consulting agreement with Monarch Communications, Inc. for services rendered as public relations firm and media relations consultants for the Company. The term of the agreement is for twelve months. As compensation for their services, Monarch will receive a fee of $6,000 per month, payable as $2,000 cash and $4,000 in shares of common stock. Either party may terminate the agreement with 30 days’ notice. The recipient is an accredited or otherwise sophisticated investor who had such knowledge and experience in business matters and was capable of evaluating the merits and risks of the prospective investment in our securities. The issuance of the shares is exempt from registration under the Securities Act of 1933 in reliance on an exemption provided by Section 4(2) of that act.

- Definition

The entire disclosure for commitments and contingencies.

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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (USD $)	Common Stock	Additional Paid-In Capital	Notes Receivable From Stockholders	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Beginning Balance, amount at Dec. 31, 2010	$ 46,071	$ 46,079,970	$ (756,250)	$ (52,114,441)	$ 145,898	$ (6,598,722)
Beginning Balance, shares at Dec. 31, 2010	46,070,076
Foreign currency translation adjustment					372	372
Net loss				(1,275,050)		(1,275,050)
Total comprehensive loss				1,275,050	372	(1,274,678)
Common stock issued for private placement, net of issuance costs, shares	392,184
Common stock issued for private placement, net of issuance costs, amount	392	99,608				100,000
Issuance of shares and warrants to vendors, shares	158,434
Issuance of shares and warrants to vendors, amount	158	37,842				38,000
Compensation expense associated with unvested option awards		116,921				116,921
Ending Balance, amount at Sep. 30, 2011	$ 46,621	$ 46,334,341	$ (756,250)	$ (53,389,461)	$ 146,270	$ (7,618,479)
Ending Balance, shares at Sep. 30, 2011	46,620,694

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Common Stock

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Common Stock

3. Common Stock

On August 22, the Company issued to Monarch Communications, Inc. 16,000 shares of common stock valued at $0.25 per share as partial compensation per the agreement for consultant work.

On September 20, the Company issued to Monarch Communications, Inc. 20,000 shares of common stock valued at $0.20 per share as partial compensation per the agreement for consultant work.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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Stock Options

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Stock Options

4. Stock Options

Stock options and warrants issued to consultants and other non-employees as compensation for services provided to the Company are accounted for based on the fair value of the services provided or the estimated fair market value of the option or warrant, whichever is more reliably measurable in accordance with FASB ASC 505, Equity, and FASB ASC 718, Compensation – Stock Compensation. The related expense is recognized over the period the services are provided.

A summary of the Company’s stock option plans as of September 30, 2011, and changes during the nine month period then ended is presented below:

	Nine Months Ended September 30, 2011
	Number of Options		Weighted Average Exercise Price
Options outstanding at December 31, 2010		2,161,583	$	.42

Options granted		827,500		.28
Options exercised		—		—
Options expired		15,000		.37
Options cancelled		40,000		.38
Options at September 30, 2011		2,934,083	$	.38
Options exercisable at September 30, 2011		1,386,828	$	.54

A summary of the Company’s stock option plans as of September 30, 2011, and changes during the three month period then ended is presented below:

	Three Months Ended September 30, 2011
	Number of Options		Weighted Average Exercise Price
Options outstanding at June 30, 2011		2,941,583	$	.38

Options granted		7,500		.18
Options expired		15,000		.37
Options cancelled		—		—
Options at September 30, 2011		2,934,083	$	.38
Options exercisable at September 30, 2011		1,386,828	$	.52

Changes in the Company’s unvested options for the nine months ended September 30, 2011 are summarized as follows:

	Nine Months Ended September 30, 2011
	Number of Options		Weighted Average Exercise Price
Non-vested options at December 31, 2010		1,240,795	$	.23

Options granted		827,500		.28
Options vested		481,040		.26
Options cancelled		40,000		.25
Non-vested options at September 30, 2011		1,547,255	$	.25

Changes in the Company’s unvested options for the three months ended September 30, 2011 are summarized as follows:

	Three Months Ended September 30, 2011
	Number of Options		Weighted Average Exercise Price
Non-vested options at June 30, 2011		1,658,042	$	.12

Options granted		7,500		—
Options vested		118,287		.40
Options cancelled		—		—
Non vested options September 30, 2011		1,547,255	$	.25

	Options Outstanding				Options Exercisable
Range of Exercise Price	Number Outstanding	Remaining Average Contractual Life (In Years)	Weighted Average Exercise Price		Number Exercisable	Weighted Average Exercise Price
$ .14 – $ 1.70	2,886,083	5.50	$	0.35	1,338,828	$	0.46
1.99 – 3.13	48,000	1.33		2.32	48,000		2.32
Totals	2,934,083	4.80	$	0.38	1,386,828	$	0.52

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Warrants

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Warrants

5. Warrants

At September 30, 2011, 4,651,765 warrants with an average exercise price of $0.97 remain outstanding and were fully vested.

A summary of the Company’s warrant activity as of September 30, 2011 and changes during the nine and three month periods then ended is presented below:

	Nine Months Ended September 30, 2011
	Weighted Average Exercise
	Warrants	Price
Warrants outstanding at December 31, 2010	4,612,546	$	.97
Granted	39,219		.50
Exercised	—		—
Expired	—		—

Warrants outstanding at September 30, 2011	4,651,765	$	.97

	Three Months Ended September 30, 2011
	Weighted Average Exercise
	Warrants	Price
Warrants outstanding at June 30, 2011	4,651,765	$	.97
Granted	—		—
Exercised	—		—
Expired	—		—

Warrants outstanding at September 30, 2011	4,651,765	$	.97

	Warrants Outstanding
Range of Exercise Price	Number Outstanding	Remaining Average Contractual Life (In Years)	Weighted Average Exercise Price
$0.50 – $0.75	1,809,122	3.02	$	0.52
$1.25	2,842,643	1.28		1.25
Totals	4,651,765	2.10	$	0.97

XML 25 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2011	Sep. 30, 2010
Operating activities
Net loss	$ (1,275,050)	$ (837,312)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	35,838	33,752
Provision for bad debts	205	25
Provision for obsolete and slow moving inventory	(4,420)	(39,860)
Amortization of deferred financing costs included in interest expense	755	1,511
Compensation expense on stock-based arrangements with employees, consultants, investors and vendors	154,921	137,619
Changes in operating assets and liabilities:
Accounts receivable	5,848	(311,117)
Inventories	(39,529)	(201,563)
Prepaid expenses and other current assets	23,155	(40,611)
Accounts payable	22,239	140,083
Accrued liabilities	157,735	135,531
Current portion of capital lease obligation	2,691
Deferred revenues	(2,743)	(34,277)
Net cash used in operating activities	(918,355)	(1,016,219)
Investing activities
Purchases of property and equipment	(21,340)	(17,649)
Net cash used in investing activities	(21,340)	(17,649)
Financing activities
Proceeds from sale of common stock	100,000	445,100
Proceeds from issuance of notes payable to stockholders	965,000	631,500
Proceeds of capital lease	10,784
Payment of capital lease obligations	(1,989)	(2,284)
Net cash provided by financing activities	1,073,795	1,074,316
Effect of exchange rate changes on cash	372	(467)
Net increase (decrease) in cash	134,472	39,981
Cash at beginning of period	49,813	140,266
Cash at end of period	184,285	180,247
Supplemental cash flow information:
Cash paid for interest	120,871	161,966
Noncash investing and financing activities:
Expense associated with stock issued in private placement		$ 7,000

XML 26 R7.htm IDEA: XBRL DOCUMENT

Basis Presentation, Going Concern, Significant Accntg Policies

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Basis Presentation, Going Concern, Significant Accntg Policies

1. Basis of Presentation, Going Concern and Summary of Significant Accounting Policies

Basis of Presentation

Use of Estimates

Basic and Diluted Loss Per Share

Stock Compensation

Inventories

Inventories consisted of the following at September 30, 2011 and December 31, 2010:

	September 30, 2011			December 31, 2010
Raw materials	$	910,122		$	864,812
Work In Progress		46,309			11,682
Finished goods		129,004			169,413
Valuation allowance		(266,669	)		(271,089	)
Inventory, net	$	818,766		$	774,818

Deferred Financing Costs

Revenue Recognition

Product Warranty Costs

As required by FASB ASC 460, Guarantor’s Guarantees, the Company is including the following disclosure applicable to its product warranties.

The following table shows the changes in the aggregate product warranty liability for the nine months ended September 30, 2011:

Balance as of December 31, 2010	$	38,787
Less: Payments made		(235	)
Add: Provision for current period warranties		(1,360	)
Balance as of September 30, 2011	$	37,192

Comprehensive Income

Comprehensive loss consisted of the following for the three and nine months ended September 30, 2011 and 2010:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011			2010

Net loss	$	(497,084	)	$	(132,023	)	$	(1,275,050	)	$	(837,312	)

Other comprehensive income:
Foreign currency translation adjustment		267			714			372			(467	)

Total other comprehensive income		267			714			372			(467	)
Comprehensive loss	$	(496,817	)	$	(131,309	)	$	(1,274,678	)	$	(837,779	)

New Accounting Standards

XML 27 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2011	Dec. 31, 2010
Assets:
Cash	$ 184,285	$ 49,813
Accounts receivable, net of allowance for uncollectible accounts of $32,859 and $32,654, respectively	160,313	166,367
Inventories, net	818,766	774,818
Prepaid expenses and other current assets	67,572	52,828
Total current assets	1,230,936	1,043,826
Property and equipment, net	109,010	123,506
Other noncurrent assets	40,725	78,625
Deferred financing costs, net	1,258	2,013
Total assets	1,381,929	1,247,970
Liabilities and stockholders' deficit
Accounts payable	239,486	217,248
Accrued liabilities	1,420,533	1,262,798
Current portion of capital lease obligation	2,691	1,989
Deferred revenue		2,743
Notes Payable - stockholders	100,000
Total current liabilities	1,762,710	1,484,778
Capital lease obligation, less current portion	10,784
Notes Payable - stockholders	7,226,914	6,361,914
Total Long Term Liabilities	7,237,698	6,361,914
Total Liabilities	9,000,408	7,846,692
Commitments and contingencies
Stockholders' deficit:
Preferred stock, $.001 par value: Authorized shares - 500,000; None issued and outstanding
Common stock, $.001 par value: Authorized shares - 100,000,000 Issued and outstanding - 46,620,694 and 46,070,076, respectively	46,621	46,071
Additional paid-in capital	46,334,341	46,079,970
Notes receivable from stockholders	(756,250)	(756,250)
Accumulated deficit	(53,389,461)	(52,114,411)
Accumulated other comprehensive income	146,270	145,898
Total stockholders' deficit	(7,618,479)	(6,598,722)
Total liabilities and stockholders' deficit	$ 1,381,929	$ 1,247,970

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