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EXHIBIT 10.24

                         WARP TECHNOLOGY HOLDINGS, INC.

                        INCENTIVE STOCK OPTION AGREEMENT

      1. GRANT OF OPTION.

            Warp Technology Holdings, Inc., a Nevada corporation (the
"Company"), hereby grants to ERNEST MYSOGLAND (the "Employee"), an option,
pursuant to the Company's 2002 Stock Plan (the "Plan"), to purchase an aggregate
of 5,022,843 shares of Common Stock, par value $0.00001 per share ("Common
Stock"), of the Company at a price of $0.0675 per share, purchasable as set
forth in and subject to the terms and conditions of this option and the Plan.
This option is intended to qualify as an incentive stock option ("Incentive
Stock Option") within the meaning of Section 422 of the Internal Revenue Code of
1986, as amended (the "Code"). The date of grant of this option is hereinafter
referred to as the "date of grant," and the date ending twelve (12) months
thereafter and each subsequent successive twelve - (12) month period is
hereinafter referred to as the "first anniversary date," "second anniversary
date," "third anniversary date," etc.

      2. EXERCISE OF OPTION AND PROVISIONS FOR TERMINATION.

            (a) Except as otherwise provided herein and subject to the right of
cumulation provided herein, this option may be exercised, prior to the tenth
anniversary date, as to not more than the following number of shares covered by
this option during the respective periods set forth below:

      No shares from and after the date of grant and prior to the First
Milestone Date;

      2,009,137 shares from and after the First Milestone Date;

      803,655 shares from and after the Second Milestone Date;

      1,004,569 shares from and after the Third Milestone Date;

      1,205,482 shares from and after the Fourth Milestone Date; and

      The "First Milestone Date" is the date that the closing sale price of the
Company's Common Stock has been at least $0.18 per share (as adjusted for stock
splits, dividends and the like) for a period of ten consecutive trading days;
(ii) the "Second Milestone Date" is the date that the closing sale price of the
Company's Common Stock has been at least $0.25 per share (as adjusted for stock
splits, dividends and the like) for a period of ten consecutive trading days,
(iii) the "Third Milestone Date" is the date that the closing sale price of the
Company's Common Stock has been at least $0.40 per share (as adjusted for stock
splits, dividends and the like) for a period of ten consecutive trading days,
and (iv) the "Fourth Milestone Date" is the date that the closing sale price of
the Company's Common Stock has been at least $0.50 per share (as adjusted for
stock splits, dividends and the like) for a period of ten consecutive trading
days.

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      Notwithstanding the foregoing, this option shall be exercisable with
respect to all shares, whether or not previously exercisable, on and after the
fifth anniversary date.

      The right of exercise provided herein shall be cumulative so that if the
option is not exercised to the maximum extent permissible during any such period
it shall be exercisable, in whole or in part, with respect to all shares not so
purchased at any time during any subsequent period prior until the expiration or
termination of this option.

      This option may not be exercised at any time after the tenth anniversary
date.

            (b) Subject to the conditions hereof, this option shall be
exercisable by the Employee giving written notice of exercise to the Company,
specifying the number of shares to be purchased and the purchase price to be
paid therefor and accompanied by payment in accordance with Section 3 hereof.
Such exercise shall be effective upon receipt by the Secretary of the Company of
the written notice together with the required payment. The Employee shall be
entitled to purchase less than the number of shares covered hereby, provided
that no partial exercise of this option shall be for less than five (5) whole
shares.

            (c) Subject to (f) below, if the Employee ceases to be employed by
the Company or one of its subsidiaries for any reason, including retirement but
other than death, this option shall immediately terminate; provided, however,
that any portion of this option that was otherwise exercisable on the date of
termination of the Employee's employment may be exercised within the twelve (12)
month period following the date on which the Employee ceased to be so employed,
but in no event after the tenth anniversary date. Any such exercise may be made
only to the extent of the number of shares subject to this option that are
purchasable upon the date of such termination of employment. If the Employee
dies during such twelve (12) month period, this option shall be exercisable by
the Employee's personal representatives, heirs or legatees to the same extent
and during the same period that the Employee could have exercised this option
upon the date of his or her death.

            (d) If the Employee dies while an employee of the Company or any
subsidiary of the Company, this option shall be exercisable, by the Employee's
personal representatives, heirs or legatees, to the same extent that the
Employee could have exercised this option on the date of his or her death. This
option or any unexercised portion hereof shall terminate unless so exercised
prior to the earlier of the expiration of twelve (12) months from the date of
such death or the tenth anniversary date.

            (e) Notwithstanding any other provision hereof, this option may not
be exercised to the extent such an exercise would violate Section 422(d)(1) of
the Code, which provides that the aggregate fair market value (determined at the
time the option is granted) of the Common Stock with respect to which incentive
stock options are exercisable for the first time by the Employee during any
calendar year (under all of the plans of the Company, its parent, if any, or its
subsidiaries, if any) shall not exceed $100,000.

            (f) If the Employee is terminated by the Company for Cause as
determined under the Employment Agreement, all options shall lapse immediately
at the effective time of such termination.

            (g) For purposes hereof, the time of the termination of the
Employee's employment with the Company shall be determined under the Employment
Agreement, provided, however, that employment shall not terminate for purposes
hereof until the expiration of the period Employee is bound by any non-compete
agreement with the Company, and employment shall not terminate for purposes

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hereof if, and for as long as, Employee serves the Company as a director,
consultant or advisor for any period after which his employment has terminated
under the Employment Agreement until the Company has given written notice that
such services are no longer to be provided. Employee's employment with the
Company shall not be deemed interrupted or terminated by a bona fide leave of
absence (such as sabbatical leave or employment by the Government) duly
approved, military leave or sick leave. This option shall not be affected in the
event the Employee suffers a significant diminution in his duties or any
significant reduction in his overall compensation.

      3. PAYMENT OF PURCHASE PRICE.

            (a) Payment of the purchase price for shares purchased upon exercise
of this option shall be made by (i) delivery to the Company of cash or check
payable to the order of the Company in an amount equal to the purchase price of
such shares, (ii) if the Employee elects and the Company permits, by delivery of
shares of Common Stock of the Company having a fair market value equal in amount
to the purchase price of such shares, or (iii) by advising the Company, at the
time this option is exercised, to withhold from exercise under this option the
appropriate number of shares, the aggregate market value of which on the date of
exercise of this option is equal to the aggregate cash purchase price of the
shares being purchased under this option, and such withholdings shall constitute
full payment for the non-withheld option shares issued upon exercise. The Board
of Directors shall have the authority to determine whether any shares offered by
the Employee in payment of the purchase price are acceptable to the Company, and
the Board's discretion in this regard shall be absolute.

            (b) For the purposes hereof, the "fair market value" of any share of
the Company's Common Stock to be delivered to the Company in exercise of this
option shall be determined by the Board of Directors in good faith after taking
into consideration all factors that it deems appropriate, including, without
limitation, recent sale and offer prices of the Common Stock in private
transactions negotiated at arm's length. If, the Company's Common Stock is
publicly traded, "fair market value" shall be determined as of the last business
day for which the prices or quotes discussed in this sentence are available
prior to the date of repurchase (the "Determination Date") and shall mean (i)
the average (on the Determination Date) of the high and low prices of the Common
Stock on the principal national securities exchange on which the Common Stock is
traded, if such Common Stock is then traded on a national securities exchange;
(ii) the last reported sale price (on the Determination Date) of the Common
Stock on the NASDAQ National Market List, if the Common Stock is not then traded
on a national securities exchange; or (iii) the closing bid price (or average of
bid prices) last quoted (on the Determination Date) by an established quotation
service for over-the-counter securities, if the Common Stock is not reported on
the NASDAQ National Market List.

            (c) If the Employee elects to exercise options by delivery of shares
of Common Stock of the Company, the certificate or certificates representing the
shares of Common Stock of the Company to be delivered shall be duly executed in
blank by the Employee or shall be accompanied by a stock power duly executed in
blank suitable for purposes of transferring such shares to the Company.
Fractional shares of Common Stock of the Company will not be accepted in payment
of the purchase price of shares acquired upon exercise of this option.

      4. DELIVERY OF SHARES.

      The Company shall, upon payment of the purchase price for the number of
shares purchased and paid for, make prompt delivery of such shares to the
Employee, provided that if any law or regulation requires the Company to take

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any action with respect to such shares before the issuance thereof, then the
date of delivery of such shares shall be extended for the period necessary to
complete such action. No shares shall be issued and delivered upon exercise of
any option unless and until, in the opinion of counsel for the Company, any
applicable registration requirements of the Securities Act of 1933, as amended
(the "Act") any applicable listing requirements of any national securities
exchange on which stock of the same class is then listed, and any other
requirements of law or of any regulatory bodies having jurisdiction over such
issuance and delivery, shall have been fully complied with in respect to such
issuance and delivery.

      5. NON-TRANSFERABILITY OF OPTION.

      This option may not be transferred or assigned in any manner by the
holder, except by will or trust upon the Employee's death or by operation of law
under the laws of descent and distribution, or pursuant to a "qualified domestic
relation order" as defined in the rules of the Securities and Exchange
Commission. The same restriction on transfer or assignment shall apply to heirs,
devises, beneficiaries or other persons acquiring this option or an interest
herein under such an instrument or by operation of law. Further, this option
shall not be pledged, hypothecated or otherwise encumbered, by operation of law
or otherwise, nor shall it be subject to execution, attachment or similar
process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise
dispose of this option or of such rights contrary to the provisions hereof, or
upon the levy of any attachment or similar process upon this option or such
rights, this option and such rights shall become null and void.

      6. TRANSFER OF SHARES

      Shares of Common Stock issued upon exercise of this option which have not
been registered under the Act shall be transferable by a holder thereof only
upon compliance with the conditions in this Section. Before making any transfer
of such shares, the holder of shares shall give written notice to the Company of
the holder's intention to make the transfer, describing the manner and
circumstances of the transfer. If in the opinion of the Company's counsel, or of
other counsel acceptable to the Company, the proposed transfer may be effected
without registration under the Act, the Company shall so notify the holder and
the holder shall be entitled to transfer such shares as described in the
holder's notice to the Company. If such counsel opines that the transfer may not
be made without registration under the Act, then the Company shall so notify the
holder, in which event the holder shall not be entitled to transfer the shares
until (i) the Company notifies the holder that it is permissible to proceed with
the transfer, or (ii) registration of the shares under the Act has become
effective. The Company may issue "stop transfer" instructions to its transfer
agent with respect to any or all of the shares of Common Stock issuable upon
exercise of this option as it deems necessary to prevent any violation of the
Act.

      7. NO SPECIAL EMPLOYMENT RIGHTS.

      Nothing contained in the Plan or this Agreement shall be construed or
deemed by any person under any circumstances to bind the Company or any of its
subsidiaries to continue the employment of the Employee for the period within
which this option may be exercised.

      8. RIGHTS AS A STOCKHOLDER.

      The Employee shall have no rights as a stockholder with respect to any
shares that may be purchased by exercise of this option unless and until a
certificate or certificates representing such shares are duly issued and

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delivered to the Employee. Except as otherwise expressly provided in the Plan,
no adjustment shall be made for dividends or other rights for which the record
date is prior to the date such stock certificate is issued.

      9. RECAPITALIZATION.

      In the event that dividends are payable in shares of Common Stock or in
the event there are splits, sub-divisions or combinations of shares of Common
Stock subsequent to the date of grant, the number of shares subject to this
option shall be increased or decreased proportionately, as the case may be, and
the number of shares deliverable upon the exercise thereafter of this option
shall be increased or decreased proportionately, as the case may be, without
change in the aggregate purchase price.

      10. CHANGES IN THE COMPANY'S CAPITAL STRUCTURE. The existence of this
Option shall not limit or affect in any way the right or power of the Company or
its shareholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in the Company's capital structure or its
business, or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or prior preference stock ahead of or affecting the shares
for which this option is exercisable or the rights thereof, or the dissolution
or liquidation of the Company, or any sale or transfer of all or any part of its
assets or business, or any other corporate act or proceeding, whether of a
similar character or otherwise. However,

      (a) If, prior to the Company's delivery of all the shares subject to this
option, the Company shall effect a subdivision (split) or combination (reverse
split) of shares or other capital readjustment, the payment of a common stock
dividend, or other increase or reduction of a number of shares of common stock
outstanding, without receiving compensation therefor in money, services or
property, then (i) in the event of an increase in the number of such shares
outstanding, the purchase price shall be proportionately reduced and the number
of option shares then still purchasable shall be proportionately increased; and
(ii) in the event of a reduction in the number of such shares outstanding, the
purchase price payable per share shall be proportionately increased and the
number of option shares then still purchasable shall be proportionately reduced.

      (b) Except as hereinbefore expressly provided, the issue by the Company of
shares of stock of any class, or securities convertible into shares of stock of
any class, for cash or property, or for labor or service either upon direct
sales or upon the exercise of rights or warrants to subscribe therefor, or upon
conversion of shares or obligations of the Company convertible into such shares
or other securities, shall not affect, and no adjustment by reason thereof shall
be made with respect to, the purchase price or the number of option shares
subject to this option.

      11. WITHHOLDING TAXES.

      Whenever shares are to be issued upon exercise of this option, the Company
shall have the right to require the Employee to remit to the Company an amount
sufficient to satisfy any federal, state and local withholding tax requirements
prior to the delivery of any certificate or certificates for such shares.

      12. QUALIFICATION UNDER SECTION 422.

      It is understood and intended that the option granted hereunder shall
qualify as an "incentive stock option" as defined in Section 422 of the Code.
Accordingly, the Employee understands that in order to obtain the benefits of

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an incentive stock option under Section 421 of the Code, no sale or other
disposition may be made of any shares acquired upon exercise of the option
within the one (1) year period beginning on the day after the day of the
transfer of such shares to him or her, nor within the two (2) year period
beginning on the day after the grant of the option. If the Employee intends to
dispose or does dispose (whether by sale, exchange, gift, transfer or otherwise)
of any such shares within said periods, he or she will notify the Company within
thirty (30) days after such disposition.

      13. INVESTMENT REPRESENTATION, ETC.

            (a) The Employee represents that any shares purchased upon exercise
of this option shall be acquired by the Employee for his or her own account for
investment and not with a view to, or for sale in connection with, any
distribution of such shares, nor with any present intention of distributing or
selling such shares. The Employee further represents that he or she has made
detailed inquiry concerning the Company, that the officers of the Company have
made available to the Employee any and all written information that the Employee
has requested, that the officers of the Company have answered to the Employee's
satisfaction all inquiries made by the Employee and that the Employee has such
knowledge and experience in financial and business matters that the Employee is
capable of evaluating the merits and risks of an investment in the Company and
able to bear the economic risk of that investment. By making payment upon
exercise of this option, the Employee shall be deemed to have reaffirmed, as of
the date of such payment, the representations made in this Section 14.

            (b) Employee agrees, for himself or herself and his or her heirs and
legal representatives that he or she will enter into any "lock-up" or similar
agreements requested by the Company in connection with any public offering of
shares of the Company's stock.

            (c) All stock certificates representing shares of Common Stock
issued to the Employee upon exercise of this option shall, unless and until
removed as provided below, have affixed thereto a legend substantially in the
following form:

            "The shares of stock represented by this certificate (i) are subject
      to the restrictions on transfer contained in an Incentive Stock Option
      Agreement dated ______________, 20__, between the Company and the holder
      of this certificate (a copy of which is available without charge from the
      Company), and (ii) have not been registered under the Securities Act of
      1933 and may not be transferred, sold or otherwise disposed of in the
      absence of an effective registration statement with respect to the shares
      evidenced by this certificate, filed and made effective under the
      Securities Act of 1933, or an opinion of counsel satisfactory to the
      Company to the effect that registration under such Act is not required."

The Company shall issue a new certificate which does not contain such legend if
(i) the shares represented by such certificate are sold pursuant to a
registration statement (including a current prospectus) which has become
effective under the Act, or (ii) the staff of the Securities and Exchange
Commission shall have issued a "no action" letter, reasonably satisfactory to
the Company's counsel, to the effect that such shares may be freely sold and
thereafter traded publicly without registration under the Act, or (iii) the
Company's counsel, or other counsel acceptable to the Company, shall have
rendered an opinion satisfactory to the Company to the effect that such shares
may be freely sold and thereafter publicly traded without registration under the
Act. The Company may, but shall in no event be obligated to register any

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securities covered hereby pursuant to the Act. The Company shall not be
obligated to take any other affirmative action in order to cause the exercise of
this option or the issuance of any shares of Common Stock to comply with any law
or regulation of any governmental authority.

      14. MISCELLANEOUS.

            (a) Except as provided herein, this Agreement may not be amended or
otherwise modified unless evidenced in writing and signed by the Company and the
Employee.

            (b) All notices under this Agreement shall be mailed or delivered by
hand to the parties at their respective addresses set forth beneath their names
below or at such other address as may be designated in writing by either of the
parties to one another.

            (c) This Agreement shall be governed by and construed in accordance
with the laws of the State of Connecticut, provided, however, that the Revised
Statutes of the State of Nevada shall govern the meaning and enforceability of
terms regarding the Common Stock and rights thereunder.

Date of Grant: AUGUST 4, 2004

WARP TECHNOLOGY HOLDINGS, INC.

By: /s/ Gus Bottazzi

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Name: Gus Bottazzi
Title: President

                              EMPLOYEE'S ACCEPTANCE

      The undersigned hereby accepts the foregoing option and agrees to the
terms and conditions thereof.

      EMPLOYEE

      /s/ Ernest C. Mysogland
      ------------------------                 Date: August 4, 2004
      Ernest Mysogland