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<SEC-DOCUMENT>0000950137-07-007853.txt : 20070522
<SEC-HEADER>0000950137-07-007853.hdr.sgml : 20070522
<ACCEPTANCE-DATETIME>20070522153634
ACCESSION NUMBER:		0000950137-07-007853
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070522
ITEM INFORMATION:		Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20070522
DATE AS OF CHANGE:		20070522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAVE THE WORLD AIR INC
		CENTRAL INDEX KEY:			0001103795
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		IRS NUMBER:				522088326
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29185
		FILM NUMBER:		07871090

	BUSINESS ADDRESS:	
		STREET 1:		5125 LANKERSHIM BOULEVARD
		CITY:			NORTH HOLLYWOOD
		STATE:			CA
		ZIP:			91601
		BUSINESS PHONE:		818-487-8000

	MAIL ADDRESS:	
		STREET 1:		5125 LANKERSHIM BOULEVARD
		CITY:			NORTH HOLLYWOOD
		STATE:			CA
		ZIP:			91601
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>v30577e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 20%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Current Report<BR>
Pursuant to Section&nbsp;13 or 15(d)<BR>
of the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): May&nbsp;22, 2007</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>SAVE THE WORLD AIR, INC.</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt"><B>(Exact name of registrant as specified in charter)</B></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Nevada<BR>
(State or other jurisdiction <BR>
of incorporation)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>0-29185<BR>
(Commission File Number)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>52-2088326<BR>
(IRS Employer<BR>
Identification No.)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>5125 Lankershim Boulevard, North Hollywood, California 91601<BR>
(Address of principal executive offices) (Zip Code)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Registrant&#146;s telephone number, including area code: (818)&nbsp;487-8000</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Not Applicable<BR>
<B>(Former name or former address, if changed since last report)</B></DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.01</B>&nbsp;<B>&#151;</B>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard;
Transfer of Listing</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;22, 2007, the common stock of Save the World Air, Inc. (the &#147;Company&#148;) was delisted and
will not be quoted on the Over-the Counter Bulletin Board (the &#147;OTCBB&#148;) because of the
Company&#146;s failure to file its Annual Report on Form 10-KSB for the year ended December&nbsp;31, 2006
(the &#147;Form 10-KSB&#148;) by the end of the OTCBB delinquency period, which expired at 5:30 pm local time
on May&nbsp;18, 2007. Under the rules and regulations of the Securities and Exchange Commission (the
&#147;SEC&#148;), the Form 10-KSB was due to be filed with the SEC not later than 90 calendar days following
the completion of the fiscal year ended December&nbsp;31, 2006, plus an additional 15 calendar day
extension upon the filing with the SEC of a notification on Form 12b-25 (the &#147;Form 12b-25&#148;) that
the Company would file its Form 10-KSB late. The 30-day OTCBB delinquency period commenced after
such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company believes that its common stock will continue to be quoted over the counter on the
&#147;pink sheets&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company previously reported in the Form 12b-25, filed with the SEC on April&nbsp;3, 2007
preliminary results of operations. Results for the year ended December&nbsp;31, 2006 versus 2005, as
updated to reflect the change in presentation described below, are as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended December&nbsp;31, 2006, we recorded our first revenues and
cost of goods sold of $30,000 and $13,400, respectively, realizing a gross profit of $16,600,
compared to $0 and $0, respectively, for the year ended December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company reported on its Form 12b-5 that it expected to report general and administrative
expenses of $9,810,918 for the fiscal year ended December&nbsp;31, 2006, compared to $2,980,046 for the
fiscal year ended December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since the filing of
its Form 12b-25, the Company has reclassified the presentation of general and administrative
expenses to operating expenses. The difference between the Company&#146;s
prior presentation of general and administrative expenses and its presentation of operating
expenses is comprised completely of the reclassification of the interest expense related to the
issuance of the Company&#146;s convertible notes. The reclassification of presentation of general and
administrative expenses to operating expenses did not result in any difference in the net loss as
reported in the 12b-25 filing and as expected to be reported in the 10K-SB for the year ended December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company now expects to report operating expenses of $7,412,227 for the fiscal year ended
December&nbsp;31, 2006, compared to $2,631,082 for the fiscal year ended December&nbsp;31, 2005, an increase
of $4,781,145. The increase in operating expenses is largely due to the continued cost of the
Company bringing its first product to market and the normal course of business operations. Much of
the increase is also due to non-cash compensation to both employees and to consultants and other
professionals. Specifically,
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">this increase is attributable to increases in fair value of stock options given to employees
($2,253,263); salaries and benefits expenses ($1,076,122); consulting and professional fees
($480,813); non-cash expenses of amortization of deferred compensation, consulting fees,
professional fees and settlement cost ($221,852); corporate expenses ($161,012); non-cash
depreciation ($135,112); travel ($126,675); office and other expenses ($111,384); rent and utilities
($109,919); and exhibit and trade shows ($104,993).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development expenses were $401,827 for the fiscal year ended December&nbsp;31, 2006,
compared to $1,150,361 for the fiscal year ended December&nbsp;31, 2005, a decrease of $748,534. Our
research and development expenses include contracts with RAND, consultant&#146;s fees, capital
expenditures, cost of services and supplies. The decrease in research and development expenses is
primarily attributable to a decrease in contracts with RAND Corporation ($785,000) and R&#038;D
consulting fees ($64,270). These decreases were offset by increases in travel expenses ($68,686)
and testing tools and supplies ($32,050).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income was $15,422 for the fiscal year ended December&nbsp;31, 2006 compared to $0 for the
fiscal year ended December&nbsp;31, 2005. The increase is the result of excess cash from fund raising
that was invested in a money market accounts. Interest expense was $2,398,691 for the fiscal year
ended December&nbsp;31, 2006 compared to $348,964 for the fiscal year ended December&nbsp;31, 2005 an
increase of $2,049,727. The increase is due to a non-cash increase of $1,965,894 from amortization
of debt discount on convertible notes and payments of $83,833 on convertible notes. The settlement
of litigation and debt was $0 for the fiscal year ended December&nbsp;31, 2006 compared to $1,017,208
for the fiscal year ended December&nbsp;31, 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We had a net loss of $10,181,523, or $.28 per share, for the year ended December&nbsp;31, 2006, as
compared to a net loss of $3,115,186, or $.08 per share for the fiscal year ended December&nbsp;31,
2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result primarily of limited financial and personnel resources, the Company has been
unable to complete its financial statements and the Form 10-KSB. It is in the process of doing so,
and currently believes that it will be able to file the Form 10-KSB during the week of May&nbsp;21,
2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company intends to request a market maker to file a Form&nbsp;211 with the National Association
of Securities Dealers, Inc. (the &#147;NASD&#148;) as soon as reasonably possible in order to seek to have
its common stock quoted again on the OTCBB. The Company cannot estimate when, or if, approval by
the NASD may be received for such re-quotation on the OTCBB.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For information concerning additional financial information, please see Item&nbsp;8.01, &#147;Other
Information&#148;.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8.01</B>&nbsp;<B>&#151;</B>&nbsp;<B>Other Information</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;22, 2007, the common
stock of Save the World Air, Inc. (the &#147;Company&#148;) was delisted and
will not be quoted on the Over-the Counter Bulletin Board (the &#147;OTCBB&#148;) because of the
Company&#146;s failure to file its Annual Report on Form 10-KSB for the year ended December&nbsp;31, 2006
(the &#147;Form 10-KSB&#148;) by the end of the OTCBB delinquency period, which expired at 5:30 pm local time
on May&nbsp;18, 2007. Under the rules and regulations of the SEC, the Form 10-KSB was due to be filed
with the SEC not later than 90 calendar days following the completion of the fiscal year ended
December&nbsp;31, 2006, plus an additional 15 calendar day extension upon the filing with the SEC of the
Form 12b-25 that the Company would file its Form 10-KSB late. The 30-day OTCBB delinquency period
commenced after such time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, the Company does not expect to be able to file its Quarterly Report on Form
10-QSB for the quarter ended March&nbsp;31, 2007 (the &#147;Form 10-QSB&#148;) in a timely manner. Under the
rules and regulations of the SEC, the Form 10-QSB was due to be filed with the SEC not later than
45 calendar days following the completion of the quarter ended March&nbsp;31, 2007. The Company did not
file a Form 12b-25 with respect to the Form 10-QSB, because it would not have been able to file the
Form 10-QSB within the five calendar day extension period applicable to quarterly reports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result primarily of limited financial and personnel resources, the Company has been
unable to complete its financial statements and the Form 10-QSB. It soon expects to be able to do
so, and currently believes that it may be able to file the Form 10-QSB during the week of May&nbsp;28 or
June&nbsp;4, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company &#145;s preliminary revenue and net loss for the quarter ended March&nbsp;31, 2007 follow,
These preliminary results have not been reviewed by the audit firm.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the quarter ended March&nbsp;31, 2007, the Company expects to report revenue of approximately
$22,000 compared to no revenue for the quarter ended March&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company expects to report a net loss of approximately $2.0&nbsp;million, or $0.05 per share,
for the quarter ended March&nbsp;31, 2007, as compared to a net loss of approximately $3.0&nbsp;million or
$0.10 per share for the quarter ended March&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
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    <TD width="35%">&nbsp;</TD>
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</TR>
<TR>
    <TD valign="top" align="left">Date: May 22, 2007&nbsp;</TD>
    <TD colspan="3" align="left">SAVE THE WORLD AIR, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Bruce H. McKinnon
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Bruce H. McKinnon&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Executive Officer and President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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