The Company And Basis Of Presentation

9 Months Ended

Sep. 30, 2011

The Company And Basis Of Presentation [Abstract]

The Company And Basis Of Presentation

NOTE A — THE COMPANY AND BASIS OF PRESENTATION

The interim information contained herein with respect to the three and nine month periods ended September 30, 2011 and 2010 and the period from September 25, 1996 (inception) through September 30, 2011 has not been audited but was prepared in conformity with generally accepted accounting principles for interim financial information and instructions for Form 10-Q. Accordingly, the condensed consolidated financial statements do not include all information and footnotes required by generally accepted accounting principles for financial statements. Included are ordinary adjustments which, in the opinion of management, are necessary for a fair presentation of the financial information for the three and nine month periods ended September 30, 2011 and 2010 and since inception. The results are not necessarily indicative of results to be expected for the entire year. Certain amounts in the prior year consolidated financial statements have been reclassified to conform to current year presentation.

Torvec, Inc. was incorporated as a New York State business corporation in September 1996. The company, which has not had any significant revenue-producing operations and is in the development stage, has developed technology for use in automotive and commercial applications. In September 1996, we acquired numerous patents, inventions and know-how contributed by Vernon E. Gleasman, James Y. Gleasman and Keith E. Gleasman.

For the period from September 1996 (inception) through September 30, 2011, we have accumulated a deficit of $58,847,000 and at September 30, 2011 we have stockholders' equity of $6,029,000 and a current ratio of 9.4 to 1.0. We have been dependent upon equity financing and advances from stockholders to meet our obligations and sustain operations. In September 2011, we raised $6,500,000 in gross proceeds through a private placement of a new class of preferred stock. The proceeds from this transaction will be used to support the ongoing development and marketing of our technologies. Our senior management believes that based upon our current cash position and the current outlook for our business operations, we have sufficient cash to continue operations through September 30, 2012.