UNITEDSTATES

SECURITIESAND EXCHANGE COMMISSION

Washington,D.C. 20549

 

FORM10-QSB

 

[X]QUARTERLY REPORT UNDER SECTION 13 OR 15(d)

OF THESECURITIES EXCHANGE ACT OF 1934

 

[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR

15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934

 

For thequarterly period ended: September 30, 2003

 

Commissionfile number 000-26309

 

NATUROLHOLDINGS LTD.

(Exactname of registrant as specified in its charter)

 

| **Delaware **  
 **98-0200471**
(State or other      jurisdiction of   
 (I.R.S.      Employer
incorporation or      organization)   
 Identification      Number)

**201 E.      Elizabeth St.**
**Elizabeth      City, NC **  
 **27909**
(Address of      Principal Executive Offices)   
 (Zip Code)
 
**(252)333-1777**
(Registrant'stelephone number, including area code)

 

 

Indicateby check mark whether the registrant (1) filed all reports required to be filedby Section 13 or 15(d) of the Securities Exchange Act of 1934 during the last 12months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90days.

 

Yes X   No ____

 

       The number of shares of Common Stock, $0.001 par value, outstanding on September30, 2003, was 9,074,793 shares, held by approximately 38 shareholders, of which4,006,052 shares have not been issued as of the date of this filing.

 

       Transitional Small Business Disclosure Format (check one):

 

Yes____   No X
 

 

ITEM 1. FINANCIALSTATEMENTS

 
**NaturolHoldings, Ltd.

(ADevelopment Stage Company)

CondensedConsolidated Balance Sheet

 **
September      30, 2003
December      31, 2002
(Unaudited)
(Audited)
Assets
 

 

Current assets:
   Cash
$                 20,278
$                      243
        Inventory
10,750
-
   Note      receivable
10,000
-
        Prepaid asset
3,026
-
           Total current assets
44,054
243
 

Equipment
3,547
-
Accumulated      depreciation
(120)
-
           Total equipment
3,427
-
 

Other      asset-license agreement net of

accumulated      amortization of $424 at 9/30/03
 

74,576
 

-
 

$               122,057
$                      243
Liabilities and      shareholders' equity:
 

 

Current      liabilities:
        Accounts payable
$                 63,694
$                 65,936
        Notes payable
-
114,292
           Total current liabilities
63,694
180,228
 

Shareholders'      equity (deficit):
 

 

Common stock      200,000,000 shares authorized par value $.001, 

5,068,741 shares      issued and outstanding
 

5,069
 

5,069
        Stock bought not issued (4,006,052 shares)
4,006
-
        Paid-in-capital
486,280
72,181
        Deficit accumulated during the developmental stage
(436,992)
(257,235)
           Total shareholders' equity (deficit)
58,363
(179,985)
           Total liabilities and shareholders' equity
$               122,057
$                      243
 

 
**Seenotes to condensed consolidated financial statements**
 

 
**NaturolHoldings, Ltd.

(ADevelopment Stage Company)

CondensedConsolidated Statement of Operations

Unaudited

 **
Nine      Months Ended September 30, 2003
Eight      Months Ended September 30, 2002
Three      Months Ended September 30, 2003
Two      Months Ended September 30, 2002
From      Inception June 18, 2001 to September 30, 2003
Professional fees
$           (77,009)
$             (67,219)
$             (63,009)
$               30,931
$            (234,095)
Administration      fee
(65,600)
-
(65,600)
-
(65,600)
License fee
-
-
-
-
(50,000)
Interest expense
(9,474)
(6,092)
(3,692)
(2,748)
(17,266)
Rent
(11,000)
-
(11,000)
-
(11,000)
Expense of      affiliate
-
(80,477)
-
(20,031)
(3,875)
Office expense
(12,129)
(9,969)
(12,074)
(851)
(35,843)
Travel &      entertainment
(4,545)
(15,395)
(4,545)
5,062
(19,313)
 

 

 

 

 

 

Net income (loss)
$         (179,755)
$           (179,152)
$           (159,920)
$               12,363
$            (436,992)
 

 

 

 

 

 

Net income (loss)      per share 

basic and diluted
 

$               (0.02)
 

$                 (0.01)
 

$                 (0.02)
 

$                   0.00
 

$                  (0.04)
 

 

 

 

 

 

Weighted average      shares 

outstanding
8,442,650
15,000,003
8,442,650
15,000,003
10,128,628
 

 
**Seenotes to condensed consolidated financial statements**
 

 
**NaturolHoldings, Ltd.

(ADevelopment Stage Company)

CondensedConsolidated Statement of Cash Flows

Unaudited**
 

 

Nine      Months Ended September 30, 2003
 

Eight      Months Ended September 30, 2002
 

From      Inception June 18, 2001 to September 30, 2003
Cash      flows from operating activities:
 

 

 

        Net loss
$           (179,755)
$            (179,152)
$             (436,992)
Adjustments      to reconcile net income to net cash provided by 

operating      activities -
 

 

 

           Depreciation and amortization
544
-
544
           Warrants issued for services
17,500
-
17,500
Changes      in operating assets and liabilities:
        Inventory
(10,750)
-
(10,750)
        Prepaid asset
(3,026)
-
(3,026)
        Accounts payable
(2,242)
12,256
63,694
        Cash used in operating activities
(177,729)
(166,896)
(369,030)
 

 

 

 

Cash      flows from investing activities:
        Advances on notes receivable, net
(10,000)
-
(10,000)
        Purchase of equipment
(3,547)
-
(3,547)
        Purchase of license agreement
(75,000)
-
(75,000)
        Investments in and advances to Naturol Canada Limited
-
76,602
-
        Cash (provided by) used in investing activities
(88,547)
76,602
(88,547)
 

Cash      flows from financing activities:
 

 

 

        Increase (decrease) in note payable
141,311
86,092
229,105
        Proceeds from the sale of common stock
145,000
-
248,750
        Cash provided by financing activities
286,311
86,092
477,855
 

 

 

 

Increase      (decrease) in cash
20,035
(4,202)
20,278
 

 

 

 

Cash      beginning of period
243
4,831
-
Cash      end of period
$               20,278
$                     629
$                 20,278
 

Supplemental      disclosure of cash flow information:
 

 

 

        Cash paid for interest
$                      - -
$                       - -
$                        - -
        Cash paid for income taxes
$                      - -
$                       - -
$                        - -
 

Noncash      financing activities:
 

 

 

        Stock issued for subscription receivable
$                      - -
$                       - -
$                 28,400
        Stock issued and note assumed in reverse merger
-      -
-      -
52,765
        Stock returned to the Company and cancelled
-      -
-      -
9,931
        Reverse stock split
-      -
-      -
60,000
        Stock issued for conversion of note payable
255,605
-      -
255,605** 

Seenotes to condensed consolidated financial statements

 

 

NATUROLHOLDINGS LTD.

(ADevelopment Stage Company)

NOTES TOCONDENSED CONSOLIDATED FINANCIAL STATEMENTS**
 
**Note 1- Basis of Presentation**
       The unaudited condensed consolidated financial statements have been prepared inaccordance with United States generally accepted accounting principles forinterim financial information and with the instructions to Form 10-QSB andreflect all adjustments which, in the opinion of management, are necessary for afair presentation. All such adjustments are of a normal recurring nature. Theresults of operations for the interim period are not necessarily indicative ofthe results to be expected for a full year. Certain amounts in the prior yearstatements have been reclassified to conform to the current year presentations.The statements should be read in conjunction with the financial statements andfootnotes thereto included in the Company's Form 10-KSB for the year endedDecember 31, 2002.

 

       The Company, in fiscal 2002, changed its year-end from January 31 to December31. The Condensed Consolidated Financial Statements for the prior year includesthe results of operations and cash flows for the period ended September 30, 2002,which is from the period February 1 to September 30.

 

       The Company is in the development stage and its activities to date have beenlimited to organizational activities including developing and implementing itsbusiness plan, establishing business strategies and formulating a strategy toraise equity.
** **
       The financial statements include the company and its wholly-owned subsidiaryNaturol Inc. All significant intercompany transactions and balances have beeneliminated.

 

       The Company's wholly owned subsidiary Naturol, Inc. changed its name toIntegrated Environmental Technologies Ltd. on August 27, 2003.

 
**Note 2- Going Concern**
       The accompanying condensed financial statements have been prepared assuming thatthe Company will continue as a going concern. The ability of the Company tocontinue as a going concern is dependent upon management to attain profitableoperations based on the development of products that can be sold. Managementintends to use borrowings and security sales to mitigate the affects of its cashposition, however, no assurance can be given that debt or equity financing, ifand when required, will be available. The financial statements do not includeany adjustments relating to the recoverability and classification of recordedassets and classification of liabilities that might be necessary should theCompany be unable to continue in existence.

 
**Note 3- Note Payable**
       The notes payable were demand notes due to corporations owned by a shareholderof the Company with an interest rate of 10%. Interest has been accrued and addedto the note balance. On August 27, 2003 the Company entered into anequity-for-debt exchange agreement with the corporation that held the notes,whereas the parties agreed to exchange 2,556,052 shares of the Company's commonstock for the Company note payable of $255,605.14. The shares have not beenissued as of September 30, 2003 and an amount equal to the par value of $2,556has been recorded in shareholders' equity in the account titled stock bought notissued.

 

 
**NATUROLHOLDINGS LTD.

(ADevelopment Stage Company)

NOTES TOCONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

Note 4- Common stock and warrants

       On July 22, 2002 the Company's Board of Directors approved a reverse stock spliton a 1 for 5 basis. The financial statements have been retroactively adjustedfor this reverse split.

 

       On August 28, 2003 the Company sold 250,000 shares of its common stock to anindividual accredited investor for a purchase price of $25,000.

 

       On September 4, 2003 the Company sold 250,000 shares of its common stock to anindividual accredited investor for a purchase price of $25,000.

 

       On September 22, 2003 the Company sold 850,000 shares of its common stock to anindividual accredited investor for a purchase price of $85,000. A notereceivable of $10,000 is owed for this purchase.

 

       On September 24, 2003 the Company sold 100,000 shares of its common stock to anindividual accredited investor for a purchase price of $10,000.

 

       No stock has been issued for the purchases in August and September 2003 and anamount equal to the par value of $1,450 has been reported in shareholders'equity titled stock purchased not issued.

 

       On August 27, 2003, the Company granted a warrant to purchase 500,000 shares ofits common stock at $.10 per share to Stoecklein Law Group for partial paymentof professional services valued based on the fair market value as determined bythe Black-Scholes model at $17,500.

 
**Note5-License agreement**
       On September 4, 2003, the Company's wholly-owned subsidiary entered into alicense agreement with Electro-Chemical Technologies, Ltd. (licensor) andLaboratory of Electrotechnology Ltd (supplier) whereby the company has anexclusive, royalty-bearing license under the patents and the technicalinformation to purchase, manufacture/assemble (with the exceptions offlow-through electrolytic modules FEM), market, lease, sell, distribute andservice Licensed Products throughout the territory for use in licensedapplications, provided, however, that license/supplier shall retain theexclusive right to manufacture/assemble FEM's and to supply FEM's to licensee.The license period goes through the date of the last expiration of the patent ofthe technology (5/2018). A fee of $75,000 was paid for the agreement and the feeis amortized over the period of September 2003 through May 2018. There will be aroyalty of 8% of the net sales price due on any sales made by the Company. Theamortization for the period ended September 30, 2003 was $424.
** 

 

Item 2.Plan of Operation**
 

       This report contains forward-looking statements. Actual results and events coulddiffer materially from those projected, anticipated, or implicit, in theforward-looking statements as a result of the risk factors set forth below andelsewhere in this report.

 

       With the exception of historical matters, the matters discussed herein areforward-looking statements that involve risks and uncertainties. Forward-lookingstatements include, but are not limited to, statements concerning our ability toimplement our business strategy. Our actual results could differ materially fromthe results discussed in such forward-looking statements. The followingdiscussion of our financial condition and results of operations should be readin conjunction with our financial statements and the related notes theretoappearing elsewhere herein.

 
**Overview

 **
       Naturol Holdings Ltd., ("NHL") formerly Coronado Explorations Ltd., aDelaware corporation, was incorporated on February 2, 1999. On January 17, 2002,NHL completed a reverse triangular merger between Coronado Subsidiary Corp.("CSC"), a Nevada corporation and a wholly-owned subsidiary of NHL,and Naturol Inc. ("Naturol"), a Nevada corporation, whereby NHL issued50,000,009 shares (pre 5 to 1 reverse split) of its common stock in exchange for100% of Naturol's outstanding common stock. Pursuant to the terms of the merger,Naturol merged with CSC wherein CSC ceased to exist and Naturol became awholly-owned subsidiary of NHL. NHL is a development stage company, has norevenues to date and has raised capital for initial development through theissuance of its securities.

 

       Prior to the Merger, NHL was engaged in the exploration of mineral propertiesand subsequently became a shell corporation. All business of NHL was beingconducted through its wholly owned subsidiary, Naturol. Naturol owned theexclusive North American License for extraction technologies, Naturol ExtractionTechnology, to be developed for use in the pharmaceutical, nutraceutical,flavors, and fragrances industries.

 

       On August 27, 2003, NHL, as the sole shareholder of Naturol, Inc., authorizedthe amendment to Naturol Inc.'s Articles of Incorporation to change its name toIntegrated Environmental Technologies Ltd., ("IET").

 

       On August 27, 2003, Bradley Grieco, our then sole officer and director,appointed William Prince as the new director of the Company, which subsequentlyelected himself as the sole officer of the Company.

 

       Our business strategy has changed as the result of our recent execution of aLicense Agreement with Electro-Chemical Technologies, Ltd., and a letteragreement with SPDG Naturol Ltd., each agreement is further described below.

 
**Plan ofOperation**
 

       We intend to move into the production phase of operations for our twotechnologies, (1) Ecasol water purification and (2) Naturol botanical oilextraction, through our wholly-owned subsidiary, Integrated EnvironmentalTechnologies Ltd. ("IET"), which will be the operating companyintended to advance the technologies into the production phase. This is intendedto be accomplished through two divisions of IET, the Ecasol Division and theNaturol Division.

 

 
*EcasolDivision

 *
       Under our license agreement with Electro-Chemical Technologies, Ltd., enteredinto on September 4, 2003, we intend to have production specifications completeby the end of 2003 and anticipate commencing production of small volume waterpurification units by the end of the first quarter of 2004. IET intends tomarket and distribute the small volume water purification units to therecreational vehicle and camping industry and to home supply outlets for in-homemodels.

 

       Research and development will continue over the next twelve months for theEcasol Division to identify and design Ecasol solution delivery systems foradditional applications. Demonstration projects have been identified and arebeing evaluated for the next twelve months. These projects facilitate wastewatertreatment for residential package plants and agriculture wastewater systems. IETis nearing completion of one wastewater demonstration project with the U.S. ArmyCorps of Engineers and the Missouri Department of Natural Resources. IET plansto incorporate the research data obtained from the Missouri project with theplanned demonstration projects into the custom design of future deliverysystems. Additional research projects are being contemplated for disinfectionsolutions for the food industry and biohazard applications.

 
*NaturolDivision*
 

       The Naturol Division of IET plans to initiate production of essential oils frombotanicals using the Naturol oil extraction process over the next twelve months.The Naturol Division intends to utilize a 150 L demonstration unit for bothresearch and production. The essential oils extracted are to be marketed tonutraceutical, pharmaceutical, and food additive suppliers.

 

       Through a letter agreement with SPDG Naturol Ltd., entered into on October 14,2003, whereas we commit to enter into a joint venture, IET anticipates to havingthe research, demonstration and production facilities operational within sixmonths of the date of this filing. SPDG owns the Exclusive Rights for extractiontechnology for the use in industries such as: soybean oil for both humanconsumables and for industrial applications, flaxseed oil for industrial uses,veronia for industrial epoxy, aloe, rose and jasmine for cosmeceutical use.

 

       Research and development for the extracted oils and the Naturol system isanticipated to be ongoing throughout the next twelve months. IET intends toincorporate the research findings relative to new crop products into an evolvingmarketing plan working with university agricultural research programs in areaswhere the agricultural economy is in transition from tobacco to new, what isbelieved to be, financially productive replacement crops. The 150 L extractionplant equipment is designed in modules of 50 L each to allow for the dedicationof one module to research, development, and demonstration, while allowing thetwo other modules to be utilized for production. This equipment has beenordered, and delivery is expected by the end of the first quarter of 2004.

 

       We will face considerable risk in each of our business plan steps, such asdifficulty of hiring competent personnel within our budget and a shortfall offunding due to our inability to raise capital in the equity securities market.If no funding is received during the next twelve months, we will be forced torely on existing cash in the bank and funds received from borrowings or stocksales.

 

 

       Seven additional employees are anticipated over the next twelve months, threefor the Naturol Division and four for the Ecasol Division.

 

       Cash on hand is adequate for the next ninety days. Over the next twelve monthsadditional operating cash will be needed. We intend to raise the additionalfunds through debt and/or equity sales.

 

       We have no operating history, no significant current operations, minimum cash onhand, and no profit. Because of these factors, our auditors have issued an auditopinion for Naturol which includes a statement describing our going concernstatus. This means there is substantial doubt about our ability to continue as agoing concern. While we believe we have made good faith estimates of our abilityto secure additional capital in the future to reach our goals, there is noguarantee that we will receive sufficient funding to implement any futurebusiness plan steps.

 

       Our future operating results will depend on many factors, including our abilityto raise adequate working capital, demand for our products, the level ofcompetition and our ability to deliver products while maintaining quality andcontrolling costs.

 

       Our financial report reflects the fact that we have no current source of income.Further, that without realization of additional capital, it would be unlikelyfor the Company to continue as a going concern.

 
**Liquidityand Capital Resources**
 

       A critical component of our operating plan impacting our continued existence isthe ability to obtain additional capital through additional equity and/or debtfinancing. We do not anticipate enough positive internal operating cash flowuntil such time as we can generate substantial revenues, which may take the nextfew years to fully realize. In the event we cannot obtain the necessary capitalto pursue our strategic plan, we may have to cease or significantly curtail ouroperations. This would materially impact our ability to continue operations.

 

       Since inception, we have financed cash flow requirements through debt financingand issuance of common stock for cash and services. As we expand operationalactivities, we may continue to experience net negative cash flows fromoperations, pending receipt of revenues, and will be required to obtainadditional financing to fund operations through common stock offerings and bankborrowings to the extent necessary to provide working capital.

 

       Over the next twelve months we believe that existing capital and anticipatedfunds from operations will not be sufficient to sustain operations and plannedexpansion. Consequently, we will be required to seek additional capital in thefuture to fund growth and expansion through additional equity or debt financingor credit facilities. Such financing may not be available, and if available itmay take either the form of debt or equity. In either case, the financing couldhave a negative impact on our financial condition and our Stockholders.

 

       We anticipate incurring operating losses over the next twelve months. Our lackof operating history makes predictions of future operating results difficult toascertain. Our prospects must be considered in light of the risks, expenses anddifficulties 

 

 

frequentlyencountered by companies in their early stage of development, particularlycompanies in rapidly evolving markets. Such risks include, but are not limitedto, an evolving and unpredictable business model and the management of growth.To address these risks we must, among other things, implement and successfullyexecute our business strategy, continue to develop and upgrade technology andproducts, respond to competitive developments, and attract, retain and motivatequalified personnel. There can be no assurance that we will be successful inaddressing such risks, and the failure to do so can have a material adverseeffect on our business prospects, financial condition and results of operations.

 
***Going Concern*
 **
       The Company's financial statements are prepared using the generally acceptedaccounting principles applicable to a going concern, which contemplates therealization of assets and liquidation of liabilities in the normal course ofbusiness. The ability of the Company to continue as a going concern is dependentupon the ability in its endeavors to seek additional sources of capital, and inattaining future profitable operations. Management is currently initiating theirbusiness plan and in the process of raising additional capital. The accompanyingfinancial statements do not include any adjustments that might be necessaryshould the company be unable to continue as a going concern.
** 

Item 3.Controls and Procedures**-  William    Prince, our sole officer and director, evaluated the effectiveness of the    design and operation of our disclosure controls and procedures, as such term    is defined under Rule 13a-14(c) promulgated under the Securities Exchange    Act of 1934, as amended, within 90 days prior to the filing date of this    report. Based on his evaluation, Mr. Prince concluded that our disclosure    controls and procedures are effective.There    have been no significant changes (including corrective actions with regard    to significant deficiencies or material weaknesses) in our internal controls    or in other factors that could significantly affect these controls    subsequent to the date of the evaluation referenced in paragraph (a) above.**PART II--OTHERINFORMATION

 

Item 1. LegalProceedings**
 

       None
** 

Item 2. Changes inSecurities**
 

       On August 27, 2003, we granted a warrant to purchase 500,000 shares of ourcommon stock at $0.10 per share to Stoecklein Law Group for partial payment ofprofessional services valued at $17,500.We believe thatthe issuance and sale of the shares was exempt from the registration andprospectus delivery requirements of the Securities Act of 1933 by virtue ofSection 4(2).

 

 

       On August 27, 2003, we issued 2,556,052 shares of common stock to 3GC Ltd., aNevada corporation, pursuant to an Equity-for-Debt Exchange Agreement, whereaswe agreed to exchange $255,605.14 of current notes we hold payable to 3GC for2,556,052 shares of our common stock. We believe that the issuance and sale ofthe shares was exempt from the registration and prospectus delivery requirementsof the Securities Act of 1933 by virtue of Section 4(2).

 

       On August 28, 2003, we sold 250,000 shares of common stock to an individualaccredited investor for a total purchase price of $25,000, all of which was paidin cash. We believe that the issuance and sale of the shares was exempt from theregistration and prospectus delivery requirements of the Securities Act of 1933by virtue of Section 4(2) and Regulation D. The shares were issued directly byus and did not involve a public offering or general solicitation. The recipientof the shares was afforded an opportunity for effective access to files andrecords of the company that contained the relevant information needed to makehis investment decision, including the financial statements and 34 Act reports.We reasonably believe that the recipient, immediately prior to issuing theshares, had such knowledge and experience in the financial and business mattersthat he was capable of evaluating the merits and risks of his investment. Therecipient had the opportunity to speak with our management on several occasionsprior to his investment decision. There was no commission paid on the issuanceand sale of the shares.

 

       On September 4, 2003, we sold 250,000 shares of common stock to an individualaccredited investor for a total purchase price of $25,000, all of which was paidin cash. We believe that the issuance and sale of the shares was exempt from theregistration and prospectus delivery requirements of the Securities Act of 1933by virtue of Section 4(2) and Regulation D. The shares were issued directly byus and did not involve a public offering or general solicitation. The recipientof the shares was afforded an opportunity for effective access to files andrecords of the company that contained the relevant information needed to makehis investment decision, including the financial statements and 34 Act reports.We reasonably believe that the recipient, immediately prior to issuing theshares, had such knowledge and experience in the financial and business mattersthat he was capable of evaluating the merits and risks of his investment. Therecipient had the opportunity to speak with our management on several occasionsprior to his investment decision. There was no commission paid on the issuanceand sale of the shares.
 

       On September 22, 2003, we sold 850,000 shares of common stock to an individualaccredited investor for a total purchase price of $85,000, $75,000 of which waspaid in cash and a note receivable of $10,000 is owed for this purchase. Webelieve that the issuance and sale of the shares was exempt from theregistration and prospectus delivery requirements of the Securities Act of 1933by virtue of Section 4(2) and Regulation D. The shares were issued directly byus and did not involve a public offering or general solicitation. The recipientof the shares was afforded an opportunity for effective access to files andrecords of the company that contained the relevant information needed to makehis investment decision, including the financial statements and 34 Act reports.We reasonably believe that the recipient, immediately prior to issuing theshares, had such knowledge and experience in the financial and business mattersthat he was capable of evaluating the merits and risks of his investment. Therecipient had the opportunity to speak with our management on several occasionsprior to his investment decision. There was no commission paid on the issuanceand sale of the shares.

 

 

       On September 24, 2003, we sold 100,000 shares of common stock to an individualaccredited investor for a total purchase price of $10,000, all of which was paidin cash. We believe that the issuance and sale of the shares was exempt from theregistration and prospectus delivery requirements of the Securities Act of 1933by virtue of Section 4(2) and Regulation D. The shares were issued directly byus and did not involve a public offering or general solicitation. The recipientof the shares was afforded an opportunity for effective access to files andrecords of the company that contained the relevant information needed to makehis investment decision, including the financial statements and 34 Act reports.We reasonably believe that the recipient, immediately prior to issuing theshares, had such knowledge and experience in the financial and business mattersthat he was capable of evaluating the merits and risks of his investment. Therecipient had the opportunity to speak with our management on several occasionsprior to his investment decision. There was no commission paid on the issuanceand sale of the shares.
 
**Item 3. Defaults by theCompany upon its Senior Securities**
 

       None
** 

Item 4. Submission ofMatters to a Vote of Security Holders**
 

       None
** 

Item 5. OtherInformation

 **
Lease forExecutive/Guest Space

 

       Naturol, Inc. (now known as Integrated Environmental Technologies Ltd./ ourwholly-owned subsidiary) executeda five month lease for Executive/Guest Space located in Elizabeth City, NorthCarolina. The Company agreed to pay rent of $1,550 every month beginning on July24, 2003. The lease terminates on November 24, 2003. The lease is attachedhereto as an Exhibit.

 

ConsultingAgreements

 

*       James R. Ladd:*On July 15, 2003, Naturol, Inc. (now known as IntegratedEnvironmental Technologies Ltd./ our wholly-owned subsidiary) entered into a Consulting Agreement with JamesR. Ladd, whereas Mr. Ladd agreed to identify possible markets for the Company'sproducts and services, to make initial contacts with potential users of theCompany's products and services, and to advise the Company on potentialstrategies for marketing its products and services. Mr. Ladd has expertise inthe areas of environmental remediation, waste treatment and corporatedevelopment. The term of the agreement was for a period of 60 days. We agreed topay Mr. Ladd $5,200 for services rendered pursuant to the agreement and the saidamount shall be paid within 30 days of invoice by the Consultant. We also agreedto pay Mr. Ladd up to $500 for travel and expenses incurred in the performanceof the Agreement. A copy of the Agreement is attached hereto as an Exhibit.

 

*       William E. Prince:*On August 27, 2003, we entered into a ConsultingAgreement with William E. Prince, whereas Mr. Prince agreed to continue theestablishment of a corporate operation in North Carolina and provide allservices necessary as President and Chief Executive Officer. Mr. Prince hasexpertise in the areas of environmental remediation, waste treatment andcorporate development. The term of the agreement will expire on December 31,2003, at which time Mr. Prince will 

 

 

formalizea payroll contract agreement with Naturol Holdings Ltd. through our wholly-ownedsubsidiary Integrated Environmental Technologies Ltd. We will pay Mr. Prince$5,000 monthly for services rendered pursuant to the Agreement and the saidamount shall be payable within 30 days of invoice by the Consultant, at thebeginning of each month. We will also pay for travel and expenses incurred inthe performance of the Agreement. A copy of the Consulting Agreement is attachedhereto as an Exhibit.

 

Contractfor Services with Matrix Technology Alliance, Inc.

 

       On August 27, 2003, our wholly-owned subsidiary Integrated EnvironmentalTechnologies Ltd. entered into a contractual agreement with Matrix TechnologyAlliance, Inc. ("Matrix"), whereas Matrix will provide managerial,secretarial, bookkeeping and other clerical support services, including officespace for the Company. For September 1, 2003 through December 31, 2003, we shallpay Matrix $97,000 and for January 1, 2004 through December 31, 2004, we shallpay Matrix $300,000. Matrix will bill monthly at the beginning of each month. Itis also proposed that, upon mutual agreement, Matrix shall provide all servicescontained in the Agreement for three subsequent years, with a ten percent (10%)increase in the annual contract amount for each year; hence:
-  January    1, 2004 through December 31, 2004 $330,000January    1, 2005 through December 31, 2005 $363,000January    1, 2006 through December 31, 2006 $399,300
       The contractual agreement is attached hereto as an Exhibit.

 

Equity-for-DebtExchange Agreement

 

       On August 27, 2003, we entered into an Equity-for-Debt Exchange Agreement with3GC Ltd., a Nevada corporation, whereas we agreed to exchange $255,605.14 ofcurrent notes we hold payable to 3GC for 2,556,052 shares of our common stock.The Equity-for-Debt Exchange Agreement is attached hereto as an Exhibit.

 

New Executive Office

 

       On August 27, 2003, we authorized the change of address for the principal placeof business of the corporation to 201 E. Elizabeth Street, Elizabeth City, NC27909. Our new telephone number is (252) 333-1777 and fax number is (252)333-1377.

 

LicenseAgreement and Supply Agreement

 

       On September 4, 2003, our wholly-owned subsidiary Integrated EnvironmentalTechnologies Ltd. ("IET" and "Licensee") entered into alicense agreement with Electro-Chemical Technologies Ltd., a Nevada corporation("Licensor"), and Laboratory of Electrotechnology Ltd., a Russianlimited liability company ("Supplier"), whereas the Licensor grantedto Licensee an exclusive, royalty-bearing license under the patents and thetechnical information to purchase, manufacture/assemble (with the exceptions offlow-through electrolytic modules FEM), market, lease, sell, distribute andservice Licensed Products throughout the Territory for use in the LicensedApplications; provided, however, that Licensor/Supplier shall retain theexclusive right to manufacture/assemble FEMs and to supply such FEMs toLicensee. The 

 

 

Licenseeshall pay to Licensor a license fee of $75,000, payable in cash within 10 daysof the date of execution. The license fee has been paid. The Licensee shall alsopay to Licensor royalties with respect to the rental, lease, sale, supply,and/or service of Licensed products as follows: 8% of the Net Sales Price ofeach Licensed product sold by Licensee and/or its sublicensees, commencing onthe Execution Date of the Agreement. The term of the license granted and theobligation to pay royalties shall terminate at the end of the term last toexpire of the Patents and any other Patent(s) issuing from the Patents (May2018).

 

       Pursuant to the License Agreement, the above companies also entered into aSupply Agreement, whereas the Supplier agrees to manufacture Licensed Productsin quantities and quality sufficient to supply all of Integrated EnvironmentalTechnologies Ltd. ("IET") requirements for Licensed Products and tosell such Licensed Products to IET, through the Licensor on an exclusive basisfor use in the Licensed Applications in the US.

 

       A copy of the License Agreement and Supply Agreement are attached hereto asExhibits.

 

LetterAgreement between SPDG Naturol Ltd. and Integrated Environmental TechnologiesLtd.

 

       On October 14, 2003, IET entered into a letter agreement with SPDG Naturol Ltd,whereas the parties committed to enter into a Joint Venture agreement to developa production capability for the SPDG Naturol Technology in North America.

 

       As part of the agreement SPDG will provide:
-  Product    and ProcessEquipmentTrainingExpertise
       The agreement is based on a product-by-product basis, for each product anagreement letter will be signed and issued by SPDG.

 

       The compensation package due to SPDG for the provision of the technologytransfer, will be negotiated on a product-by-product basis, and will also besubject to the issuance of a signed letter of authority. A copy of the letteragreement is attached hereto as an Exhibit.

 
**Item 6. Exhibits andReports of Form 8-K

 **
(a)    Exhibits
 

10.1      
Lease      for Executive/Guest Space
10.2      
Consulting      Agreement with James R. Ladd, dated 7/15/03
10.3      
Contract      for Services with Matrix Technology Alliance, Inc., dated 8/27/03
10.4      
Consulting      Agreement with William E. Prince, dated 8/27/03
10.5      
License      Agreement among Integrated Environmental Technologies Ltd.,      Electro-Chemical Technologies Ltd. and   Laboratory of      Electrotechnology Ltd.
10.6      
Supply      Agreement
10.7      
Letter      Agreement between SPDG Naturol Ltd and Integrated Environmental      Technologies Ltd.
10.8      
Equity-for-Debt      Exchange Agreement with 3GC Ltd.
31      
Certification      pursuant to Section 302 of the Sarbanes-Oxley Act
32      
Certification      pursuant to Section 906 of the Sarbanes-Oxley Act
 

 

(b)    Form 8-K
 

       Form 8-K filed on September 15, 2003.

 

 

SIGNATURES

 

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

 

NATUROL HOLDINGS LTD.

(Registrant)

 

 

By:
William E. Prince,President

Date: November 19, 2003
** **** |
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