-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LEioAyJHEVWM0vdfQqDaGeRfSGfTHWD2+o7VPj2l73KSIFUDWGKylfhmGc0skDNS
 KJlHQpPsA+jRJyWbmUoQGg==

<SEC-DOCUMENT>0001010549-09-000813.txt : 20091120
<SEC-HEADER>0001010549-09-000813.hdr.sgml : 20091120
<ACCEPTANCE-DATETIME>20091120170029
ACCESSION NUMBER:		0001010549-09-000813
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20090930
FILED AS OF DATE:		20091120
DATE AS OF CHANGE:		20091120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WOUND MANAGEMENT TECHNOLOGIES, INC.
		CENTRAL INDEX KEY:			0000714256
		STANDARD INDUSTRIAL CLASSIFICATION:	ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
		IRS NUMBER:				592220004
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11808
		FILM NUMBER:		091199276

	BUSINESS ADDRESS:	
		STREET 1:		777 MAIN STREET
		STREET 2:		SUITE 3100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102
		BUSINESS PHONE:		817-820-7080

	MAIL ADDRESS:	
		STREET 1:		777 MAIN STREET
		STREET 2:		SUITE 3100
		CITY:			FORT WORTH
		STATE:			TX
		ZIP:			76102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MB SOFTWARE CORP
		DATE OF NAME CHANGE:	19960805

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INAV TRAVEL CORPORATION
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TWISTEE TREAT CORP
		DATE OF NAME CHANGE:	19910220
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>wmti10q093009.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-SIZE: 10pt; FONT-FAMILY: 'TIMES NEW ROMAN'">
        <p style="FONT-SIZE: 10pt; BORDER-TOP-STYLE: double; BORDER-TOP-COLOR: #000000; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; EEPStyleName: Border Page Scotch Top" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font size="5">U.S. SECURITIES AND EXCHANGE COMMISSION</font><br>
        Washington, D.C. 20549</b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font size="5">FORM 10-Q</font>&nbsp;<br>
         &nbsp;</b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>For the quarterly period ended: September 30, 2009</b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">[ ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>
        Commission File No. <b>0-11808</b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font size="6">WOUND MANAGEMENT TECHNOLOGIES, INC.</font></b></p>

        <p></p>

        <p align="center"></p>

        <p></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td width="50%">
                    <p align="center"><font size="2"><strong>Texas</strong>&nbsp;</font></p>
                </td>

                <td width="50%">
                    <p align="center"><strong><font size="2">59-2220004</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="50%" colspan="1">
                    <p align="center"><font size="2"><em>(State or other jurisdiction of</em> </font></p>
                </td>

                <td width="50%">
                    <p align="center"><font size="2"><em>(I.R.S. Employer</em></font></p>
                </td>
            </tr>

            <tr>
                <td width="50%" colspan="1">
                    <p align="center"><font size="2"><em>incorporation or organization)&nbsp;</em> </font></p>
                </td>

                <td width="50%">
                    <p align="center"><font size="2">Identification Number)</font></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p align="center"><strong><font size="2">777 Main Street</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p align="center"><strong><font size="2">Suite 3100</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p align="center"><strong><font size="2">Fort Worth, Texas 76102</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p align="center"><font size="2"><em>(Address of principal executive offices)</em></font></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p align="center"><strong><font size="2">(817) 820-7080</font></strong></p>
                </td>
            </tr>

            <tr>
                <td width="100%" colspan="2">
                    <p align="center"><font size="2"><u>(Registrant&rsquo;s telephone number, including area code)</u></font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="center">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been subject to such filing requirements for
        the past 90&nbsp;days.&nbsp;Yes&nbsp;<font face="Wingdings">x</font>&nbsp; No <font face="Wingdings">o</font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="center">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 (&sect;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). Yes <font face="Wingdings">o </font>No <font face="Wingdings">o</font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">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 definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act. (check one)</p>

        <p></p>

        <p></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.05in; BORDER-TOP: medium none; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="26%">
                    <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 15px" align="left"><font size="2">Large accelerated filer&nbsp;<font face="Wingdings">o</font></font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.05in; BORDER-TOP: medium none; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="21%">
                    <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 15px" align="left"><font size="2">Accelerated filer&nbsp;<font face="Wingdings">o</font></font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.05in; BORDER-TOP: medium none; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="24%">
                    <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 15px" align="left"><font size="2">Non-accelerated filer&nbsp;<font face="Wingdings">o</font><br>
                    </font></p>
                </td>

                <td style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0.05in; BORDER-TOP: medium none; PADDING-LEFT: 0.05in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="27%">
                    <p style="MARGIN-TOP: 6pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 15px" align="left"><font size="2">Smaller reporting company&nbsp;<font face="Wingdings">x</font></font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">Indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of the Exchange Act).&nbsp;Yes&nbsp;<font face="Wingdings">o</font>&nbsp; No&nbsp;<font face="Wingdings">x</font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">As of November 20, 2009, 32,937,310 shares of the Issuer's $.001 par value common stock were issued and 32,933,221 shares were outstanding.</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>

        <p></p>
        <!-- PAGE BREAK  -->

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p></p>

        <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font size="2">WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARY<br>
        &nbsp;<br>
        Form 10-Q<br>
        &nbsp;<br>
        Quarter Ended&nbsp;September 30, 2009</font></b></p>

        <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"></p>

        <p></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="93%"><font face="Times New Roman" size="2"><strong>PART I &ndash; FINANCIAL INFORMATION</strong></font></td>

                <td align="left" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right" width="1%">
                </td>

                <td align="left" width="2%"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">ITEM 1 &ndash; FINANCIAL STATEMENTS</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">Condensed Consolidated Balance Sheets as of&nbsp;September 30, 2009 (Unaudited) and</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 31, 2008 (Audited)</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">3</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">Unaudited Condensed Consolidated Statements of Operations for the three and&nbsp;nine months ended</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2009 and 2008</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">4</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">Unaudited Condensed Consolidated Statements of Cash Flows for the&nbsp;nine&nbsp;&nbsp;months ended</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2009 and 2008</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">5</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left"><font size="2">Notes to unaudited condensed consolidated financial statements</font> </td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                    <p align="right"><font size="2">7</font></p>
                </td>

                <td>
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">AND RESULTS OF OPERATIONS</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">9</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">13</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">ITEM 4T. CONTROLS AND PROCEDURES</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">13</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2"><strong>PART II. OTHER INFORMATION</strong></font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">ITEM 1. Legal Proceedings</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">13</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">13</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">ITEM 3. Defaults Upon Senior Securities</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">13</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">ITEM 4. Submission of Matters to a Vote of Security Holders</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">13</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman" size="2">ITEM 5. Other Information</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">13</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">ITEM 6. Exhibits</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">14</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman" size="2">SIGNATURE</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman" size="2">14</font></td>

                <td align="left"><font face="Times New Roman" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">&nbsp;</p>

        <p></p>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">2</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b><font style="FONT-SIZE: 10pt">PART I &ndash; FINANCIAL INFORMATION</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><b><font style="FONT-SIZE: 10pt">ITEM 1 &ndash; FINANCIAL STATEMENTS</font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'ARIAL'" align="center"><font face="Times New Roman, Times, serif"><strong>WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font face="Times New Roman, Times, serif"><strong>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF</strong></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'ARIAL'" align="center"><font face="Times New Roman, Times, serif" size="2"><strong>SEPTEMBER 30, 2009</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font face="Times New Roman, Times, serif"><strong>AND AUDITED FOR THE YEAR ENDED DECEMBER 31, 2008</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"></p>
        <hr>

        <p></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><u><strong>ASSETS</strong></u></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="125">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>September 30, 2009</strong></font></p>
                </td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="125">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>December 31, 2008</strong></font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>CURRENT ASSETS:</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="125">
                </td>

                <td width="38">
                </td>

                <td width="10">
                </td>

                <td width="125">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Cash</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">6,068</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">1,142</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Accounts Receivable, net</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">36,682</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">28,639</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Prepaid Assets</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">7,540</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Inventory, net</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">119,564</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">99,858</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Total Current Assets</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">169,854</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">129,639</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>Property and Equipment, Net</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">4,097</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">10,055</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Intangible Assets - Patent</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">510,310</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Intangible Assets - Marketing Contracts</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">4,187,515</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Deferred Loan Costs</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">50,728</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Other Assets</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">12,020</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">12,020</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>TOTAL ASSETS</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">4,934,524</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">151,714</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong><u>LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)</u></strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="125">
                </td>

                <td width="38">
                </td>

                <td width="10">
                </td>

                <td width="125">
                </td>

                <td>
                </td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>CURRENT LIABILITIES:</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="125">
                </td>

                <td width="38">
                </td>

                <td width="10">
                </td>

                <td width="125">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Accounts Payable</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">195,873</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">93,925</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Dividends/Royalties</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">43,479</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">12,397</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Accrued Liabilities</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">382,024</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">366,649</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Accrued Interest-related parties</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">27,406</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Notes Payable-related parties</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">407,850</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Notes payable</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">550,000</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">Total Current Liabilities</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">1,606,632</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">472,971</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>Long Term Liabilities</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left" width="591">&nbsp;</td>

                <td align="left" width="14">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125">&nbsp;</td>

                <td align="left" width="38">
                </td>

                <td align="right" width="10">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125">&nbsp;</td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>TOTAL LIABILITIES</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">1,606,632</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">472,971</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>STOCKHOLDERS' EQUITY(DEFICIENCY)</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td width="125">
                </td>

                <td width="38">
                </td>

                <td width="10">
                </td>

                <td width="125">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $10 par value, 5,000,000&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares authorized; 0 issued and outstanding.</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left" width="591">&nbsp;</td>

                <td align="left" width="14">
                </td>

                <td align="left">
                </td>

                <td>
                </td>

                <td width="125">
                </td>

                <td width="38">
                </td>

                <td width="10">
                </td>

                <td width="125">
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock: $0.001 par value;&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100,000,000 shares authorized; 32,937,310&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;issued and 32,933,221 outstanding as of&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2009 and 27,237,310 issued&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and 27,233,221 outstanding as of December&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31, 2008</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">32,937</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">27,237</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">19,441,026</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">14,728,196</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock Subscription Receivable</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">(292,074</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">(292,074</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury Stock</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">(12,039</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">(12,039</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">(15,841,958</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">(14,772,577</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity (deficiency)</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">3,327,892</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="125"><font face="Times New Roman, Times, serif" size="2">(321,257</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>TOTAL LIABILITIES AND STOCKHOLDERS'</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="125">&nbsp;</td>

                <td width="38">
                </td>

                <td width="10">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid" width="125">&nbsp;</td>

                <td>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" width="591"><font face="Times New Roman, Times, serif" size="2"><strong>EQUITY (DEFICIENCY)</strong></font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">4,934,524</font></td>

                <td align="left" width="38"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="10"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right" width="125"><font face="Times New Roman, Times, serif" size="2">151,714</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'ARIAL'" align="center"><font style="FONT-SIZE: 10pt"><font face="Times New Roman, Times, serif" size="2">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.</font><strong>&nbsp;&nbsp;</strong> </font></p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">3</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'ARIAL'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 9pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'ARIAL'" align="center"><font style="FONT-SIZE: 10pt"><strong><font face="Arial"><b><font face="Times New Roman, Times, serif" size="2">WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES</font></b></font></strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font style="FONT-SIZE: 10pt"><strong><font face="Arial"><font face="Times New Roman, Times, serif">UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</font></font></strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font style="FONT-SIZE: 10pt"><strong><font face="Arial"><font face="Times New Roman, Times, serif">FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008</font></font></strong></font></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="42%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="11%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Three</strong></font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td width="11%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Three</strong></font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td width="11%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Nine</strong></font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td width="11%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Nine</strong></font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Months</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Months</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Months</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Months</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Ended</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Ended</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Ended</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Ended</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Setember 30,</strong> </font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>September 30,</strong> </font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>September 30,</strong> </font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>September 30,</strong> </font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr>
                <td align="left"><font face="Times New Roman" size="2"><strong>REVENUES:</strong></font></td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td style="BORDER-BOTTOM: black 1px solid">
                    <p align="center"><font face="Times New Roman" size="2"><strong>2009</strong></font></p>
                </td>

                <td align="left"><strong>&nbsp;</strong> </td>

                <td align="right"><strong>&nbsp;</strong> </td>

                <td style="BORDER-BOTTOM: black 1px solid">
                    <p align="center"><font face="Times New Roman" size="2"><strong>2008</strong></font></p>
                </td>

                <td align="left"><strong>&nbsp;</strong> </td>

                <td align="right"><strong>&nbsp;</strong> </td>

                <td style="BORDER-BOTTOM: black 1px solid">
                    <p align="center"><font face="Times New Roman" size="2"><strong>2009</strong></font></p>
                </td>

                <td align="left"><strong>&nbsp;</strong> </td>

                <td align="right"><strong>&nbsp;</strong> </td>

                <td style="BORDER-BOTTOM: black 1px solid">
                    <p align="center"><font face="Times New Roman" size="2"><strong>2008</strong></font></p>
                </td>

                <td align="left">
                </td>
            </tr>

            <tr>
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Total Revenue</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">102,926</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">77,084</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">229,644</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">215,484</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Cost of Revenue</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">98,122</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">48,831</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">511,875</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">268,357</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Gross Profit (Loss)</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">4,804</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">28,253</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(282,231</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(52,873</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>GENERAL AND ADMINISTRATIVE EXPENSES:</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">General and Administrative Expenses</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">239,680</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">386,888</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">648,310</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">876,179</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Depreciation</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,986</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,084</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">5,958</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">3,252</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>INCOME (LOSS) FROM CONTINUING OPERATIONS:</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(236,862</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(359,719</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(936,499</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(932,304</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>OTHER INCOME (EXPENSES):</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Interest Income</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">5,100</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">21,648</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">6,194</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">61,664</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Interest Expense</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(27,082</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(3,418</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(139,075</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(57,588</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>LOSS BEFORE INCOME TAXES</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(258,844</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(341,489</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(1,069,380</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(928,228</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Current tax expense</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Deferred tax expense</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>NET LOSS</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">(258,844</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">(341,489</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">(1,069,380</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">(928,228</font></td>

                <td valign="top" align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Basic and diluted loss per share of common stock:</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(0.01</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(0.01</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(0.04</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(0.04</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Weighted average number of common shares outstanding</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">27,454,049</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">25,081,366</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">27,773,940</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">20,639,398</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>

        <p align="center">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.<strong>&nbsp;</strong> &nbsp;</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">4</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'ARIAL'" align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'ARIAL'" align="center"><font face="Times New Roman, Times, serif"><strong>WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font face="Times New Roman, Times, serif"><strong>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font face="Times New Roman, Times, serif"><strong>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008</strong></font></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="61%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="15%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Nine Months</strong></font></p>
                </td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td width="15%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Nine Months</strong></font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Ended</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Ended</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>September 30, 2009</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>September 30, 2008</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong><u>Cash flows from operating activities</u></strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net loss from continuing operations</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(1,069,380</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(928,228</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operating activities&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">5,958</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">3,252</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Non-cash expenses</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">68,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Deferred costs - amortization</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">101,563</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Stock paid for services</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">224,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">Changes in assets and liabilities:&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;(Increase) decrease in acquired subsididary cash</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">300</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;(Increase) decrease in accounts receivable</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(8,043</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(2,033</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;(Increase) decrease in inventory</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(19,706</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">45,859</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;(Increase) decrease in prepaid expense</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(7,540</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;(Increase) decrease in dividends and royalties</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">31,082</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(4,076</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) in accounts payable and accrued liabilities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">101,947</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(38</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;(Increase) decrease in accrued payroll tax and penalties</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">15,375</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Increase (decrease) accrued interest</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">27,406</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net cash flows used in operating activities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(753,038</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(661,264</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong><u>Cash flows from investing activities</u></strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Purchase of intangible assets</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(47,595</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Reduction of Line of Credit</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">(748,800</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net cash flows used in investing activities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(47,595</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(748,800</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong><u>Cash flows from financing activities</u></strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Proceeds from notes payable related parties</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">1,093,025</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">449,570</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Payments on notes payable related parties</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(735,175</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(33,900</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Proceeds from unrelated party notes payable</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">612,709</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">700,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Payments on notes payable</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">(165,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Proceeds from sale of stock</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">300,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Net cash flows provided by financing activities</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">805,559</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,415,670</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Increase (decrease) in cash</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">4,926</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">5,606</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Cash and cash equivalents, beginning of period</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">1,142</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" align="right"><font face="Times New Roman, Times, serif" size="2">781</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>Cash and cash equivalents, end of period</strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">6,068</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td style="BORDER-BOTTOM: black 2.25pt double" align="right"><font face="Times New Roman, Times, serif" size="2">6,387</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ccdbe3">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong><u>Cash paid during the period for:</u></strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Interest</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">7,500</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;Income taxes</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">5</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p align="center">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; FONT-FAMILY: 'ARIAL'" align="center"><font face="Times New Roman, Times, serif"><strong>WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font face="Times New Roman, Times, serif"><strong>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><font face="Times New Roman, Times, serif"><strong>FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2009 AND 2008</strong></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center"><strong>(continued)</strong></p>

        <p align="center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="61%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="15%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Nine Months</strong></font></p>
                </td>

                <td align="left" width="3%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td width="15%">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Nine Months</strong></font></p>
                </td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Ended</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td>
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>Ended</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>September 30, 2009</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2"><strong>&nbsp;</strong> </font></td>

                <td style="BORDER-BOTTOM: black 1px solid">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2"><strong>September 30, 2008</strong></font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td colspan="3">&nbsp;</td>

                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2"><strong><u>Non-cash investing and financing activities:</u></strong></font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>

                <td>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left" colspan="9"><font face="Times New Roman, Times, serif" size="2">For the nine months ended September 30, 2009 and 2008&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock issued for cash-less exercise of warrants</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">700</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock contributed to obtain note payable</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">68,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Deferred financing costs</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">152,291</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock issued for Intangible assets - Resorbable</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">462,715</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock issued for Intangible assets - BioPharma</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">4,187,515</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock issued for services</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">224,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock issued for a subscription receivable</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">292,074</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Common stock issued for debt conversion</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">213,000</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Series A preferred stock issued for debt conversion</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">1,495,664</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom" bgcolor="#ffffff">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp; Series A preferred stock converted to common stock</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">--</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p align="center">The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.<strong>&nbsp;</strong> &nbsp;</p>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">6</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>WOUND MANAGEMENT TE</b><b>CHNOLOGIES, INC. AND SUBSIDIARIES</b><br>
        <b>SEPTEMBER 30, 2009<br>
        NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>
        <hr>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">NOTE 1- BASIS OF PRESENTATION</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q. They do not include all information and notes required by accounting principles generally accepted in
        the United States of America for complete financial statements.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for all periods presented have been made. Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of
        assets, liabilities, revenue and expenses. Actual results may differ from these estimates. The results of operations for the period ended September 30, 2009 are not necessarily indicative of the operating results that may be expected for the entire year ending December 31, 2009. These financial statements should be read in conjunction with the Management's Discussion and Analysis and with the Company's financial statements and accompanying notes thereto as of and for the year ended
        December 31, 2008, filed with the Company's Annual Report on Form 10-K.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">NOTE 2- GOING CONCERN</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">The financial statements have been prepared on a going concern basis, which contemplates realization of assets and liquidation of liabilities in the ordinary course of business. The Company has continuously incurred losses from operations and has a significant accumulated deficit. The appropriateness of using the going concern basis is dependent
        upon the Company's ability to obtain additional financing or equity capital and, ultimately, to achieve profitable operations. These conditions raise substantial doubt about its ability to continue as a going concern.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">It is the Company's belief that it will continue to incur losses for at least the next twelve months, and as a result will require additional funds from debt or equity investments to meet such needs. To meet these objectives, management's plans are to (i) raise capital by obtaining financing from debt financing and/or equity financing through
        private placement efforts, (ii) issue common stock for services rendered in lieu of cash payments and (iii) obtain loans from shareholders as necessary. Without realization of additional capital or significant revenues from operations, it would be unlikely for the Company to continue as a going concern. The Company anticipates that its shareholders will contribute sufficient funds to satisfy the cash needs of the Company for the next twelve months. However, there can be no assurances to
        that effect, as the Company has minimal revenues and the Company's need for capital may change dramatically if it is successful in expanding its current business or acquiring a new business. If the Company cannot obtain needed funds, it may be forced to curtail or cease its activities.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Management believes that actions presently taken to revise the Company's operating and financial requirements provide the opportunity for the Company to continue as a going concern. The Company's future ability to achieve these objectives cannot be determined at this time. The accompanying financial statements do not include any adjustments that
        might result from the outcome of this uncertainty.</p>
        <!-- PAGE BREAK  -->

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">7</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" noshade size="2">
        </div>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>WOUND MANAGEMENT T</b><b>ECHNOLOGIES, INC. AND SUBSIDIARIES</b><br>
        <b>SEPTEMBER 30, 2009<br>
        NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"></p>
        <hr>

        <p></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">NOTE 3 &ndash; RELATED PARTY NOTE PAYABLE</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Funds are advanced from various related parties including the Company&rsquo;s President and CEO/CFO. Other shareholders fund the Company as necessary to meet working capital requirements and expenses. The advances outstanding are made pursuant to a note agreement that bears interest at 10% per annum payable quarterly with no maturity date.
        Accrued interest due to related parties on the note as of September 30, 2009 was approximately $27,406. The following is a summary of amounts due to related parties as of September 30, 2009:</p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="655" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="127">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>Related party</b></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="168">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>Nature of relationship</b></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="258">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>Terms of the agreement</b></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="102">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>Amounts due to related parties</b></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">&nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="168">&nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="258">&nbsp;</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="102">&nbsp;</td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="2">H.E.B., LLC, a Nevada Limited Liability Company</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="168">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="2">Scott Haire, is a one-percent<br>
                    Member, but the managing member of H.E.B., LLC</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="258">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="2">Series of funds advanced under two separate, unsecured lines of credit totaling $1 million dated November 26, 2003 and November 4, 2004, both at 10% per annum; no maturity date, interest payable quarterly; unused lines available at September 30, 2009 total $592,150.</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="102">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2">$ 407,850</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127"><font size="2">&nbsp;</font></td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="168"><font size="2">&nbsp;</font></td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="258"><font size="2">&nbsp;</font></td>

                <td style="PADDING-RIGHT: 0.07in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 2pt double" valign="top" width="102">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2">$ 407,850</font></p>
                </td>
            </tr>
        </table>

        <p></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">NOTE 4 &ndash; CURRENT NOTES PAYABLE</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">In July 2009, the Company executed a discounted note to an unrelated party with a face amount of $615,000 and a funded amount of $550,000. The note including interest at 18% per annum is due in January 2010. Deferred loan costs amounted to $79,766 and are being amortized over the term of the loan with an unamortized balance of $50,728 at September
        30, 2009. Prepaid interest amounted to $7,540 at September 30, 2009.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">In February the Company issued a discounted note to an unrelated party with a face amount of $215,000 and a funded amount of $200,000. The principal and accrued interest, at 18% per annum, was due on May 22, 2009. Deferred loan costs amounted to $35,600 and were amortized over the term of the loan. The amortized discount of&nbsp; $415,000 was
        expensed over the term of the loan. The interest expense amounted to $9,000 at June 30, 2009. The principal amount of the note was paid in full at June 30, 2009.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left">On February 24, 2009 a shareholder of the company contributed 20,000 shares of Company stock owned or controlled by the shareholder, to a lender to facilitate obtaining a loan for the Company. The $68,000 value of the stock has been recorded as a capital contribution and was amortized as interest expense over the term of the loan.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">On September 17, 2009 BioPharma entered into a $100,000 Promissory Note to an unrelated party, Commercial Holding AG, LLC. The Promissory Note is unsecured and accrues interest at a rate of 8% per annum until paid in full. The Promissory Note remained unfunded until October 2009 when $100,000 of the proceeds was received. The balance at
        September 30, 2009 was $-0-.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">8</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><a name="OLE_LINK2">NOTE 5- INVESTMENT ACQUISITIONS</a></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">On September 17, 2009, the Company entered into an Agreement and Plan of Merger (the &ldquo;Merger Agreement&rdquo;), whereby BioPharma Management Technologies, Inc. (&ldquo;BioPharma&rdquo;) became a wholly-owned subsidiary of the Company. Pursuant to the terms of the Merger Agreement, 4,500,000 shares of the Company&rsquo;s restricted common
        stock were issued in exchange for all the oustanding common stock of BioPharma. The acquisition has been recorded at a value of $4,187,515 or approximately $.93 per common share issued. BioPharma had total assets of less than $1,000 but held a 50% interest in a marketing joint venture. The financial statements of BioPharma have been consolidated with the Company since the date of acquisition resulting in an intangible asset of $4,187,515 representing the marketing rights and contacts of
        the joint venture.<br>
        Prior to the Merger Agreement, BioPharma entered into a joint venture agreement with A&amp;Z Pharmaceutical, LLC to form Pharma Technology International, LLC (&ldquo;Pharma Tech&rdquo;) and BioPharma owns 50% of Pharma Tech, which has had no operations to date.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">On September 29, 2009, the Company entered into an Asset Purchase Agreement (the &ldquo;Agreement&rdquo;), whereby the Company acquired a patent from Resorbable Orthopedic Products, LLC (&ldquo;Resorbable&rdquo;) in exchange for 500,000 shares of the Company&rsquo;s common stock and the assumption of a legal fee payable in the amount of $47,595
        which is related to the patent. The patent was recorded at $462,715, or approximately $.93 per share plus $47,595 for the assumed liability.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">NOTE 6- COMMITMENTS AND CONTINGENCIES</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">Lawsuit &ndash; The Company has been named as a defendant in a lawsuit. The Company and its attorneys have reviewed the matter and believe the lawsuit is baseless and would have little or no impact on the Company. The Company intends to vigorously defend itself in this matter.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">NOTE 7- STOCKHOLDERS EQUITY<br>
        &nbsp;<br>
        On March 24, 2009, outstanding warrants to purchase shares of our common stock at an exercise price of $.001 per share were exercised, through a cashless exercise in the warrant, resulting in the issuance of 700,000 shares of common stock. The price of our common stock on March 24, 2009, which was used to calculate the number of warrants exercised was $3.00.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">NOTE 8- SUBSEQUENT EVENTS</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">On November 2, 2009 the Company entered into a Letter of Intent to purchase all health care related assets (MOS, Secure eHealth and Veriscrip) from VirtualHealth Technologies, Inc. in exchange for $1,000,000 in cash and debt, 4,000,000 shares of stock and a royalty agreement for continued revenues to the Company. Final consummation of the
        acquisition is not guaranteed and is subject to the completion of a definitive acquisition agreement.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">The Company has evaluated subsequent events from the Balance Sheet date through November 20, 2009.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">ITEM 1A: RISK FACTORS&nbsp;</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">As a smaller reporting company, we are not required to provide this information.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">ITEM 2: MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">9</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Introduction <br>
        &nbsp; </font></b></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Management&rsquo;s discussion and analysis of results of operations and financial condition is provided as a supplement to the accompanying consolidated financial statements and footnotes to help provide an understanding of our financial condition, changes in financial condition and results of
        operations.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="left"><b>Caution Concerning Forward-Looking Statements/Risk Factors</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The following discussion should be read in conjunction with the financial statements and the notes thereto and the other financial information appearing elsewhere in this document. In addition to historical information, the following discussion and other parts of this document contain certain
        forward-looking information. When used in this discussion, the words &ldquo;believes,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;expects,&rdquo; and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected due to a number of factors beyond our control. We do not undertake to publicly update or revise any of our forward-looking
        statements even if experience or future changes show that the indicated results or events will not be realized. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. You are also urged to carefully review and consider our discussions regarding the various factors that affect our business, included in this section and elsewhere in this report.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Factors That Could Affect Future Results</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We face an inherent risk of exposure to product liability claims in the event that the use of our products results in injury. Such claims may include, among others, that our products contain contaminants or include inadequate instructions as to use or inadequate warnings concerning side effects and
        interactions with other substances. We do not anticipate obtaining contractual indemnification from parties supplying raw materials or marketing our products. In any event, any such indemnification if obtained would be limited by our terms and, as a practical matter, to the creditworthiness of the indemnifying party. In the event that we do not have adequate insurance or contractual indemnification, product liabilities relating to defective products could have a material adverse effect
        on our operations and financial condition.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Because of our dependence upon consumer perceptions, adverse publicity associated with illness or other adverse effects resulting from the use of our products or any similar products distributed by other companies could have a material adverse effect on our operations. Such adverse publicity could arise
        even if the adverse effects associated with such products resulted from consumers' failure to consume such products as directed. In addition, we may not be able to counter the effects of negative publicity concerning the efficacy of our products. Any such occurrence could have a negative effect on our operations.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Other key factors that affect our operating results are as follows:</p>

        <p align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="2">
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Overall customer demand and acceptance for our various products.</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Volume of products ordered and the prices at which we sell our products.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td valign="top" align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td width="579">
                    <p align="justify"><font face="Times New Roman, Times, serif" size="2">Our ability to manage our cost structure for capital expenditures and operating expenses such as salaries and benefits, freight and royalties.</font></p>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Our ability to match operating costs to shifting volume levels.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Increases in the cost of raw materials and other supplies.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">The impact of competitive products.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Limitations on future financing.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Increases in the cost of borrowings and unavailability of debt or equity capital.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Our inability to gain and/or hold market share.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Exposure to and expense of resolving and defending product liability claims and other litigation.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Managing and maintaining growth.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">The success of product development and new product introductions into the marketplace.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">The departure of key members of management.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Our ability to efficiently manufacture our products.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="35"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="9"><font face="Times New Roman, Times, serif" size="2">&bull;</font></td>

                <td align="left" width="10"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="14"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="579"><font face="Times New Roman, Times, serif" size="2">Unexpected customer bankruptcy.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-TRANSFORM: uppercase; TEXT-INDENT: 0px; FONT-FAMILY: 'TIMES NEW ROMAN BOLD'; FONT-VARIANT: small-caps" align="left"><b><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">Overview and plan of operation </font></b></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Wound Management Technologies, Inc. distributes collagen-based wound care products that are FDA cleared as medical devices and used in the management of acute and chronic wounds. Our products are distributed to healthcare providers such as wound care centers, long-term care facilities, home health
        agencies, DME providers, and physicians in the medical domestic and international markets, as well as government and first-aid wound care markets. The Company holds certain exclusive world-wide distribution rights to a patented collagen-based wound care product formula and processes for a molecular form of collagen that is used in our primary products, CellerateRx&reg; powder and gel. Until now, most collagen has been presented to the body in an intact, native form which requires time
        for the body to break down. CellerateRx&rsquo;s patented</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">10</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">collagen fragments are a fraction of the size of the native collagen molecules and particles found in other products, delivering the benefits of collagen to the body immediately and thereby helping to &ldquo;jump start&rdquo; collagen&rsquo;s role in wound bed processes. We believe that CellerateRx provides for unprecedented performance, range
        of use, cost savings, and patient friendliness. CellerateRx is indicated for acute and chronic wounds which include but are not limited to pressure ulcers (stages I-IV), traumatic wounds, diabetic ulcers, surgical wounds, venous stasis ulcers, ulcers due to arterial insufficiency, superficial wounds, and 1<sup>st</sup> and 2<sup>nd</sup> degree burns. Its ease of application can increase patient compliance and provide minimal lifestyle interruption.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Our CellerateRx products are currently marketed to and being used by wound care providers of all types. These products are also approved for reimbursement under Medicare Part B. The professional medical market and certain international markets will be the primary focus of our marketing and sales efforts
        for the immediate future. We believe that these products are unique in composition, applicability, clinical performance, and demonstrate the ability to reduce costs associated with standard wound management.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Company is established to market, develop, manufacture, and distribute medical devices, prescription, and over-the-counter (OTC) products. Focused on the rapid successful expansion and increased profitability of the current product lines, as well as the development and acquisition of additional
        products, the Company is currently positioned to immediately impact the greater than $2.5 billion domestic US wound care market.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Company is headquartered in Fort Worth, TX and is managed by the founding partners and veteran healthcare executives with over 50 years combined experience working as an executive team within the healthcare industry. The Company, a specialty medical device company, represents the realization of the
        founders to more effectively impact the healthcare market with niche products positioned in health plans, wholesalers, distributors, and retail markets that benefit patients across the U.S. and around the world.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Manufacturing of our products is conducted by Applied Nutritionals. CellerateRx is a trademark of Applied Nutritionals, LLC. Warehousing, shipping, and physical inventory management is outsourced to Pac-Source, LLC Manufacturing of Rochester, NY.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Our sales and marketing activities to date have been limited and have resulted in a nominal revenue stream. We have been focused on obtaining additional evidence based data that is necessary in today&rsquo;s health care market and have had data published in peer reviewed journals and abstracts at
        several of the major wound care conferences. Celleraterx has been included in presentations at several key would care conferences in 2009, and through these activities, we have secured product evaluations with a number of key accounts. These accounts are regional and national healthcare provider organizations that represent strong recurring revenue opportunities for the Company. We are currently in negotiations with several key sales individuals to market CellerateRX and believe that
        this will significantly increase sales opportunities. In addition we have finalized an agreement to distribute CellerateRX in the Middle East and are in discussions with other international parties as well.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">We currently intend to secure capital resources for expansion of staff, inventories, marketing efforts, and research and development; however we may be unsuccessful in our efforts to secure such capital. If we are successful in raising capital, we anticipate hiring a number of management, marketing, and
        clinical staffs to secure additional accounts, market to the broader US wound care market, support customers in specific geographies, broaden our clinical/educational programs, and evaluate retail and international market opportunities.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Results of Operations</b></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><i>Three and nine months ended September 30, 2009 and 2008</i></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR"></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Revenues. The Company generated revenues of $102,926 and $77,084, for the three months ended September 30, 2009 and 2008, respectively, or an increase of approximately 34% from the same period in 2008. The Company generated revenues of $229,644 and $215,484 for the nine months ended September 30, 2009
        and 2008, respectively, or an increase of approximately 6% from the same period in 2008.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">11</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Cost of revenues and gross margin. Costs of revenues for the three months ended September 30, 2009 were $98,123 and were $48,831 for the three months ended September 30, 2008. Costs of revenues for the nine months ended September 30, 2009 were $511,875 and for the nine months ended September 30, 2008,
        cost of revenues were $268,357. Our gross loss for September 30, 2009 was $282,231 and was $52,873 for the nine months ended September 30, 2008.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Selling, general and administrative expenses ("SGA") were $239,680 and $386,888 for the three months ended September 30, 2009 and 2008, respectively. SGA were $648,310 and $876,179 for the nine months ended September 30, 2009 and 2008, respectively. SGA consists primarily of wages, enhanced product
        promotions, facility-related expenses, and outside professional services such as legal and professional fees incurred in connection with our SEC reporting requirements. We expect selling, general and administrative expenses to increase as we continue to expand our marketing efforts and the number of products we offer.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>LIQUIDITY AND CAPITAL RESOURCES</b></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Company currently has limited resources to maintain its current operations, secure more inventories, and meet its contractual obligations. Additional capital must be raised through equity or debt offerings. If we are unable to obtain additional capital, we will be unable to operate our business.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">Without realization of additional capital or significant revenues from operations, it would be unlikely for the Company to continue as a going concern. The consolidated financial statements have been prepared on a going concern basis, which contemplates realization of assets and liquidation of
        liabilities in the ordinary course of business. The Company has continuously incurred losses from operations and has a significant accumulated deficit. The appropriateness of using the going concern basis is dependent upon the Company's ability to obtain additional financing or equity capital and, ultimately, to achieve profitable operations. These conditions raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments
        that might result from the outcome of this uncertainty and should not be regarded as typical for normal operating periods.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">It is the Company's belief that it will continue to incur nominal losses for at least the next twelve months, and as a result will require additional funds from debt or equity investments to meet such needs. The Company anticipates that its officers and shareholders will contribute sufficient funds to
        satisfy the cash needs of the Company for the next twelve months. However, there can be no assurances to that effect, as the Company has insignificant revenues and the Company's need for capital may change dramatically if it is successful in acquiring a new business. If the Company cannot obtain needed funds, it may be forced to curtail or cease its activities. Our future funding requirements will depend on numerous factors, some of which are beyond the Company's control. These factors
        include our ability to operate profitably, recruit and train management and personnel, and to compete with other, better-capitalized and more established competitors. To meet these objectives, management's plans are to (i) raise capital by obtaining financing through private placement efforts; (ii) issue common stock for services rendered in lieu of cash payments and (iii) obtain loans from officers and shareholders as necessary.</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Company does not anticipate incurring significant research and development costs, the purchase of any major equipment, or any significant changes in the number of its employees over the next twelve months.</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify"><b>Federal Payroll Taxes</b></p>

        <p></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">The Company is delinquent in the payment of its payroll tax liabilities with the Internal Revenue Service. As of September 30, 2009, unpaid payroll taxes total approximately $203,000. The Company has estimated the related penalties and interest at approximately $179,000 computed through September 30,
        2009, which are included in current liabilities at September 30, 2009. The Company expects to pay these delinquent payroll tax liabilities as soon as possible. The final amount due will be subject to the statutes of limitations related to such liabilities and to negotiations with the Internal Revenue Service.</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">12</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p align="justify">ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">As a smaller reporting company, we are not required to provide this information.</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">ITEM 4T. CONTROLS AND PROCEDURES</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-TRANSFORM: uppercase; TEXT-INDENT: 0px; FONT-FAMILY: 'TIMES NEW ROMAN BOLD'; FONT-VARIANT: small-caps" align="left"><b>Controls and Procedures</b></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">As of the end of the period covered by this report, the Company conducted an evaluation, under the supervision and with the participation of the principal executive officer, who is also the principal financial officer, of the Company&rsquo;s disclosure controls and procedures (as defined in
        Rules&nbsp;13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;)). Based on this evaluation, the principal executive officer/principal financial officer concluded that the Company&rsquo;s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified
        in Securities and Exchange Commission rules and forms.</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 11pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-TRANSFORM: uppercase; TEXT-INDENT: 0px; FONT-FAMILY: 'TIMES NEW ROMAN BOLD'; FONT-VARIANT: small-caps" align="justify"><b>Changes in Internal Control Over Financial Reporting</b></p>

        <p style="FONT-SIZE: 10pt; TEXT-INDENT: 0.5in; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR First Line Ind .5 Inch" align="justify">During the third quarter of 2009, there was no change in the Company&rsquo;s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial reporting.</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><b>PART II - OTHER INFORMATION</b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">ITEM 1. Legal Proceedings </font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'COURIER NEW'" align="left"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">None.</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds </font></p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">On September 17, 2009, the Company entered into an Agreement and Plan of Merger (the &ldquo;Merger Agreement&rdquo;), whereby BioPharma Management Technologies, Inc. (&ldquo;BioPharma&rdquo;) became a wholly-owned subsidiary of the Company. Pursuant to the terms of the Merger Agreement, 4,500,000 shares of the Company&rsquo;s common stock were
        issued in exchange for BioPharma, the value of which was determined to be $4,187,515.</p>

        <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; EEPStyleName: Para Just 10pt TNR" align="justify">On September 29, 2009, the Company entered into an Asset Purchase Agreement (the &ldquo;Agreement&rdquo;), whereby the Company acquired the assets and liabilities of Resorbable Orthopedic Products, LLC (&ldquo;Resorbable&rdquo;) in exchange for 500,000 shares of the Company&rsquo;s common stock, the net value of which was determined to be
        $462,715.</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">ITEM 3. Defaults Upon Senior Securities</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'COURIER NEW'" align="left"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">None <br>
        &nbsp; </font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">ITEM 4. Submission of Matters to a Vote of Security Holders</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'COURIER NEW'" align="left"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">None<br>
        &nbsp; </font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">ITEM 5. Other Information</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'COURIER NEW'" align="left"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">None</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'COURIER NEW'" align="left">&nbsp;</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">13</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; FONT-FAMILY: 'COURIER NEW'" align="left">&nbsp;</p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font style="FONT-FAMILY: 'TIMES NEW ROMAN'">ITEM 6. Exhibits</font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right" width="1%"><font face="Times New Roman, Times, serif" size="2">(a)</font></td>

                <td align="left" width="2%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="94%"><font face="Times New Roman, Times, serif" size="2">Exhibits</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">31</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr bgcolor="#ffffff">
                <td align="right">
                </td>

                <td align="right">
                </td>

                <td align="left">
                </td>

                <td align="left">&nbsp;</td>

                <td align="left">
                </td>

                <td align="left">
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#ccdbe3">
                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">32</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">Certification pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b>SIGNATURES</b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">Pursuant to the requirements of the Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="bottom">
                <td align="left" width="29%">
                </td>

                <td align="left" width="1%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" width="4%"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2"><strong>WOUND MANAGEMENT TECHNOLOGIES, INC.</strong>&nbsp;&nbsp;</font></td>
            </tr>

            <tr>
                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr>
                <td colspan="3">
                </td>

                <td colspan="3">
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Date: November 20, 2009</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td style="BORDER-BOTTOM: black 1px solid" width="153">
                    <p align="center"><font face="Times New Roman, Times, serif" size="2">/s/ Scott A. Haire</font></p>
                </td>

                <td align="left" width="433"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2">Scott A. Haire, Chairman of the Board,&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2">Chief Executive Officer and President&nbsp;&nbsp;</font></td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>

                <td align="left" colspan="3"><font face="Times New Roman, Times, serif" size="2">(and Principal Financial Officer)&nbsp;&nbsp;</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

        <div title="PAGENUM" style="MARGIN-TOP: 12pt" align="center">
            <a name="PAGENUM"><font face="Times New Roman" size="2">14</font></a>
        </div>

        <div title="EE+ Page Break" style="FONT-SIZE: 1pt; PAGE-BREAK-AFTER: always; WIDTH: 100%; HEIGHT: 1px">
            <hr width="100%" color="#000000" size="2">
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</b> &nbsp;&nbsp;<br>
        &nbsp;<br>
        </p>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31
<SEQUENCE>2
<FILENAME>wound10qex31093009.htm
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left"><font size="2">Exhibit 31</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><b><font size="2">CERTIFICATIONS</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font size="2">I, Scott A. Haire, certify that:&nbsp;</font></p>

        <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Quarterly Report on Form 10-Q of Wound Management Technologies, Inc. for the period ended September 30, 2009;</font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this quarterly 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;<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 quarterly report;<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officers 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) and 15d-15(f)) for the registrant and have:<br>
        &nbsp;</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Evaluated the effectiveness of the registrant&rsquo;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<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
        and<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&rsquo;s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of registrant&rsquo;s board of directors (or persons performing the equivalent function):<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial information; and<br>
        &nbsp;<br>
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting.<br>
        </font>&nbsp;&nbsp;&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td width="100%"><font size="2">Date: November 20, 2009</font></td>
            </tr>

            <tr>
                <td width="100%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td width="100%"><font size="2">/<u>S/&nbsp;&nbsp;&nbsp;&nbsp;Scott A. Haire</u></font></td>
            </tr>

            <tr>
                <td width="100%"><font size="2">Scott A. Haire,</font></td>
            </tr>

            <tr>
                <td width="100%"><font size="2">Chairman of the Board, Chief Executive Officer and Principal Financial Officer</font></td>
            </tr>
        </table>
        <br>
        <br>
    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>3
<FILENAME>wound10qex32093009.htm
<TEXT>
<html>
    <head>
        <title></title>
        <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
        <!-- Control Number:                                                                  -->
        <!-- Rev Number:                                                                      -->
        <!-- Client Name:                                                                     -->
        <!-- Project Name:                                                                    -->
        <!-- Firm Name:                                                                       -->
    </head>

    <body text="#000000" vlink="#800000" link="#0000ff" bgcolor="#ffffff">
        <p style="MARGIN-BOTTOM: 18pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center"><font size="2">EXHIBIT 32<br>
        CERTIFICATION PURSUANT TO<br>
        18 U.S.C. SECTION 1350,<br>
        AS ADOPTED PURSUANT TO<br>
        SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font></p>

        <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font size="2">In connection with the Quarterly Report of Wound Management Technologies, Inc. on Form 10-Q for the period ending&nbsp;September 30, 2009 as filed with the Securities and Exchange Commission on the date hereof, I, Scott A. Haire, Chief Executive Officer and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. &sect; 1350, as adopted pursuant to &sect;906 of the Sarbanes-Oxley Act of 2002,
        that:&nbsp;</font></p>

        <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
            <p style="MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font size="2">The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</font></p>
        </blockquote>

        <p></p>

        <blockquote dir="ltr" style="MARGIN-RIGHT: 0px">
            <p style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify"><font size="2">The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</font></p>
        </blockquote>

        <p dir="ltr" align="justify"></p>

        <p></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td width="100%"><font size="2">Date: November 20, 2009</font></td>
            </tr>

            <tr>
                <td width="100%"><font size="2">&nbsp;</font></td>
            </tr>

            <tr>
                <td width="100%"><font size="2">/<u>S/&nbsp;&nbsp;&nbsp;&nbsp;Scott A. Haire</u></font></td>
            </tr>

            <tr>
                <td width="100%"><font size="2">Scott A. Haire,</font></td>
            </tr>

            <tr>
                <td width="100%"><font size="2">Chairman of the Board, Chief Executive Officer and Principal Financial Officer</font></td>
            </tr>
        </table>
        <br>
        <br>
    </body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
