----

----

|   | x      | QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |   |
|--------|--------|----------------------------------------------------------------------------------------------|--------|
|   |   |                                                                                         |   |
|   |   | For the quarterly period ended: March 31, 2011                                               |   |
|   |   |                                                                                         |   |
|   | o      | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT                         |   |
|   |   |                                                                                         |   |

| Texas                           | 59-2219994             |
|---------------------------------|------------------------|
| (State or other jurisdiction of | (I.R.S. Employer       |
| incorporation or organization)  | Identification Number) |

| Large accelerated filer o Accelerated filer o |   | Non-accelerated filer oSmaller reporting company x |
|--------------------------------------------------------------|--------|--------------------------------------------------------------|

----

| PART I – FINANCIAL INFORMATION                                                                                       |   |
|----------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                       |   |
| ITEM 1.     Financial Statements                                                                  |   |
|                                                                                                                       |   |
| Condensed Consolidated Balance Sheets as of March 31, 2011 (Unaudited) and December 31, 2010 (Audited)                     | 2      |
|                                                                                                                       |   |
| Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2011 and 2010               | 3      |
|                                                                                                                       |   |
| Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2011 and 2010               | 4      |
|                                                                                                                       |   |
| Notes to Unaudited Condensed Consolidated Financial Statements                                                             | 5      |
|                                                                                                                       |   |
| ITEM 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations | 15     |
|                                                                                                                       |   |
| ITEM 3.    Quantitative and Qualitative Disclosures about Market Risk -- not required                  | 18     |
|                                                                                                                       |   |
| ITEM 4.    Controls and Procedures                                                                     | 18     |
|                                                                                                                       |   |
| PART II. OTHER INFORMATION                                                                                                 |   |
|                                                                                                                       |   |
| ITEM 1.    Legal Proceedings                                                                           | 19     |
|                                                                                                                       |   |
| ITEM 1A  Risk Factors. – not required                                                                      | 19     |
|                                                                                                                       |   |
| ITEM 2.    Unregistered Sales of Equity Securities and Use of Proceeds                                 | 19     |
|                                                                                                                       |   |
| ITEM 3.    Defaults upon Senior Securities                                                             | 20     |
|                                                                                                                       |   |
| ITEM 4.    Removed and reserved                                                                        |   |
|                                                                                                                       |   |
| ITEM 5.    Other Information                                                                           | 20     |
|                                                                                                                       |   |
| ITEM 6.    Exhibits                                                                                    | 20     |
|                                                                                                                       |   |
| Signatures                                                                                                                 | 22     |

----

| WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES                                                                                                                                                                                                                      |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| CONDENSED CONSOLIDATED BALANCE SHEETS                                                                                                                                                                                                                                     |   |   |   |
| MARCH 31, 2011 (UNAUDITED) and DECEMBER 31, 2010 (AUDITED)                                                                                                                                                                                                                |   |
|                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |
| ASSETS                                                                                                                                                                                                                                                                    |   | March 31, 2011 |   |   | December 31, 2010 |   |
|                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |
| CURRENT ASSETS:                                                                                                                                                                                                                                                           |   |   |   |   |   |   |
|    Cash                                                                                                                                                                                                                                                    |   | $ | 1,021,507 |   |   | $ | 50,835 |   |
|    Accounts Receivable, net                                                                                                                                                                                                                                |   |   | 197,698 |   |   |   | 450,142 |   |
|    Inventory, net                                                                                                                                                                                                                                          |   |   | 341,927 |   |   |   | 290,034 |   |
|    Notes Receivable - Related Parties                                                                                                                                                                                                                      |   |   | 669,425 |   |   |   | 13,782 |   |
|    Accrued Interest  - Related Parties                                                                                                                                                                                                           |   |   | 57,964 |   |   |   | 45,299 |   |
| Total Current Assets                                                                                                                                                                                                                                                      |   |   | 2,288,521 |   |   |   | 850,092 |   |
|                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| LONG-TERM ASSETS:                                                                                                                                                                                                                                                         |   |   |   |   |   |   |   |   |
|    Property and Equipment, net                                                                                                                                                                                                                             |   |   | 100,534 |   |   |   | 806 |   |
|    Intangible Assets                                                                                                                                                                                                                                       |   |   | 3,993,406 |   |   |   | 4,110,859 |   |
|    Deferred Loan Costs                                                                                                                                                                                                                                     |   |   | 80,684 |   |   |   | 89,170 |   |
|    Prepaid and Other Assets                                                                                                                                                                                                                                |   |   | 183,995 |   |   |   | 107,150 |   |
|    Note Receivable                                                                                                                                                                                                                                         |   |   | 1,500,000 |   |   |   | 1,500,000 |   |
|    Accrued Interest                                                                                                                                                                                                                                        |   |   | 159,000 |   |   |   | 125,250 |   |
| Total Long Term Assets                                                                                                                                                                                                                                                    |   |   | 6,017,619 |   |   |   | 5,933,235 |   |
|                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| TOTAL ASSETS                                                                                                                                                                                                                                                              |   | $ | 8,306,140 |   |   | $ | 6,783,327 |   |
|                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| CURRENT LIABILITIES:                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
|    Accounts Payable                                                                                                                                                                                                                                        |   | $ | 274,850 |   |   | $ | 321,352 |   |
|    Accrued Royalties                                                                                                                                                                                                                                       |   |   | 69,915 |   |   |   | 428,238 |   |
|    Accrued Liabilities                                                                                                                                                                                                                                     |   |   | 638,289 |   |   |   | 458,218 |   |
|    Accrued Interest - Related Parties                                                                                                                                                                                                                      |   |   | 110,955 |   |   |   | 101,815 |   |
|    Accrued Interest                                                                                                                                                                                                                                        |   |   | 58,535 |   |   |   | 23,945 |   |
|    Notes Payable - Related Parties                                                                                                                                                                                                                         |   |   | 170,136 |   |   |   | 1,818,561 |   |
|    Notes Payable, net of discount                                                                                                                                                                                                                          |   |   | 1,092,689 |   |   |   | 327,060 |   |
|    Stock Subscription Payable                                                                                                                                                                                                                              |   |   | 53,500 |   |   |   | - |   |
| Total Current Liabilities                                                                                                                                                                                                                                                 |   |   | 2,468,869 |   |   |   | 3,479,189 |   |
|                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| LONG-TERM LIABILITIES                                                                                                                                                                                                                                                     |   |   |   |   |   |   |   |   |
|    Debentures, net of discount                                                                                                                                                                                                                             |   |   | 459,915 |   |   |   | 435,346 |   |
| TOTAL LIABILITIES                                                                                                                                                                                                                                                         |   |   | 2,928,784 |   |   |   | 3,914,535 |   |
|                                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
| STOCKHOLDERS' EQUITY                                                                                                                                                                                                                                                      |   |   |   |   |   |   |   |   |
|    Series A Preferred Stock, $10 par value, 5,000,000    shares authorized; 0  issued and outstanding                                                                                                                                       |   |   | - |   |   |   | - |   |
|    Series B Preferred Stock, $10 par value, 75,000    shares authorized; 0  issued and outstanding                                                                                                                                          |   |   | - |   |   |   | - |   |
|    Common Stock: $.001 par value; 100,000,000    shares authorized; 55,456,772 issued and    55,452,683 outstanding as of March 31, 2011 and    41,316,930 issued and 41,312,841 outstanding as    of December 31, 2010 |   |   | 55,457 |   |   |   | 41,317 |   |
|    Additional Paid-in Capital                                                                                                                                                                                                                              |   |   | 31,294,753 |   |   |   | 26,056,408 |   |
|    Stock Subscription Receivable                                                                                                                                                                                                                           |   |   | (292,074 | ) |   |   | (292,074 | ) |
|    Treasury Stock                                                                                                                                                                                                                                          |   |   | (12,039 | ) |   |   | (12,039 | ) |
|    Accumulated Deficit                                                                                                                                                                                                                                     |   |   | (25,668,741 | ) |   |   | (22,924,820 | ) |
| Total Stockholders' Equity                                                                                                                                                                                                                                                |   |   | 5,377,356 |   |   |   | 2,868,792 |   |
| TOTAL LIABILITIES AND STOCKHOLDERS'                                                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| EQUITY                                                                                                                                                                                                                                                                    |   | $ | 8,306,140 |   |   | $ | 6,783,327 |   |

| The accompanying notes are an integral part of these consolidated financial statements. |
|-----------------------------------------------------------------------------------------|

----

| WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES      |   |
|-----------------------------------------------------------|--------|
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2011 AND 2010        |   |
|                                                      |   |   |   |   |   |   |
|                                                      |   | THREE MONTHS |   |   | THREE MONTHS |   |
|                                                      |   | ENDED |   |   | ENDED |   |
|                                                      |   | March 31, 2011 |   |   | March 31, 2010 |   |
|                                                      |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |
| REVENUES                                                  |   | $ | 935,412 |   |   | $ | 66,690 |   |
|                                                      |   |   |   |   |   |   |   |   |
| COST OF GOODS SOLD                                        |   |   | 94,418 |   |   |   | 20,397 |   |
|                                                      |   |   |   |   |   |   |   |   |
| GROSS PROFIT                                              |   |   | 840,994 |   |   |   | 46,293 |   |
|                                                      |   |   |   |   |   |   |   |   |
| GENERAL AND ADMINISTRATIVE EXPENSES:                      |   |   |   |   |   |   |   |   |
|                                                      |   |   |   |   |   |   |   |   |
| General and Administrative Expenses                       |   |   | 1,057,943 |   |   |   | 387,843 |   |
| Depreciation / Amortization                               |   |   | 259,110 |   |   |   | 117,940 |   |
| INCOME (LOSS) FROM CONTINUING OPERATIONS:                 |   |   | (476,059 | ) |   |   | (459,490 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| OTHER INCOME (EXPENSES):                                  |   |   |   |   |   |   |   |   |
| Loss on Debt Settlement                                   |   |   | (1,950,882 | ) |   |   | (720,657 | ) |
| Interest Income                                           |   |   | 49,441 |   |   |   | 25,994 |   |
| Interest Expense                                          |   |   | (366,421 | ) |   |   | (90,354 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| LOSS BEFORE INCOME TAXES                                  |   |   | (2,743,921 | ) |   |   | (1,244,507 | ) |
|    Current tax expense                     |   |   | - |   |   |   | - |   |
|    Deferred tax expense                    |   |   | - |   |   |   | - |   |
| NET LOSS                                                  |   | $ | (2,743,921 | ) |   | $ | (1,244,507 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| Basic and diluted loss per share of common stock          |   | $ | (0.06 | ) |   | $ | (0.04 | ) |
|                                                      |   |   |   |   |   |   |   |   |
| Weighted average number of common shares outstanding      |   |   | 46,423,395 |   |   |   | 33,948,681 |   |

----

| WOUND MANAGEMENT TECHNOLOGIES, INC. AND SUBSIDIARIES                 |   |
|----------------------------------------------------------------------|--------|
| UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS            |   |
| FOR THE THREE MONTHS ENDED MARCH 31, 2011 and 2010                   |   |
|                                                                 |   |   |   |   |   |   |
|                                                                 |   | 2011 |   |   | 2010 |   |
| Cash flows from operating activities:                                |   |   |   |   |   |   |
| Net loss from continuing operations                                  |   | $ | (2,743,921 | ) |   | $ | (1,244,507 | ) |
| Adjustments to reconcile net loss to net cash provided (used) in     |   |   |   |   |   |   |   |   |
| operating activites:                                                 |   |   |   |   |   |   |   |   |
|      Depreciation and amortization          |   |   | 259,110 |   |   |   | 117,940 |   |
|  Amortization of discounts and deferred costs                   |   |   | 194,014 |   |   |   | 13,655 |   |
|  Stock issued for debt related costs                            |   |   | 405,580 |   |   |   | - |   |
|  Stock issued as payment for services                           |   |   | 112,000 |   |   |   | 70,050 |   |
|  Loss on debt settlement                                        |   |   | 1,950,882 |   |   |   | 720,657 |   |
|      Non-cash expenses                      |   |   | 50,347 |   |   |   | 21,019 |   |
| Changes in assets and liabilities:                                   |   |   |   |   |   |   |   |   |
|     (Increase) decrease in accounts receivable   |   |   | 252,444 |   |   |   | (2,435 | ) |
|     (Increase) decrease in inventory             |   |   | (51,893 | ) |   |   | 379 |   |
| (Increase) decrease in accrued interest receivable - related parties |   |   | (15,690 | ) |   |   | (15,820 | ) |
| (Increase) decrease in accrued interest receivable                   |   |   | (33,750 | ) |   |   | (22,125 | ) |
| (Increase) decrease in prepaids and other assets                     |   |   | 107,150 |   |   |   | 27,549 |   |
|     Increase (decrease) in accrued royalties     |   |   | (358,323 | ) |   |   | 2,125 |   |
|     Increase (decrease) in accounts payable      |   |   | (230,498 | ) |   |   | (29,638 | ) |
| Increase (decrease) in accrued liabilities                           |   |   | 180,071 |   |   |   | (746 | ) |
| Increase (decrease) in accrued interest payable - related parties    |   |   | 12,165 |   |   |   | 50,437 |   |
| Increase (decrease) in accrued interest payable                      |   |   | 34,590 |   |   |   | 6,650 |   |
| Net cash flows provided (used) in operating activities               |   |   | 124,278 |   |   |   | (284,810 | ) |
|                                                                 |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                |   |   |   |   |   |   |   |   |
| Cash paid in acquisitions                                            |   |   | - |   |   |   | (100,000 | ) |
| Purchase of notes receivable - related parties                       |   |   | (2,231,658 | ) |   |   | (103,950 | ) |
| Proceeds from notes receivable - related parties                     |   |   | 1,546,120 |   |   |   | 41,413 |   |
| Net cash flows used in investing activities                          |   |   | (685,538 | ) |   |   | (162,537 | ) |
|                                                                 |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                |   |   |   |   |   |   |   |   |
| Net change in overdraft                                              |   |   | - |   |   |   | (4,363 | ) |
| Proceeds from notes payable - related parties                        |   |   | 61,500 |   |   |   | 512,587 |   |
| Payments on notes payable - related parties                          |   |   | (952,268 | ) |   |   | (7,050 | ) |
| Proceeds from notes payable                                          |   |   | 2,060,000 |   |   |   | 102,500 |   |
| Payments on notes payable                                            |   |   | (537,000 | ) |   |   | (153,775 | ) |
| Proceeds from sale of stock                                          |   |   | 868,700 |   |   |   | - |   |
| Proceeds from stock subscriptions payable                            |   |   | 31,000 |   |   |   | - |   |
| Net cash flows provided by financing activities                      |   |   | 1,531,932 |   |   |   | 449,899 |   |
|                                                                 |   |   |   |   |   |   |   |   |
| Increase in cash                                                     |   |   | 970,672 |   |   |   | 2,552 |   |
|                                                                 |   |   |   |   |   |   |   |   |
| Cash and cash equivalents, beginning of period                       |   |   | 50,835 |   |   |   | - |   |
| Cash and cash equivalents, end of period                             |   | $ | 1,021,507 |   |   | $ | 2,552 |   |

----

----

| a)   | A long term asset has been recorded for the $1,500,000 Senior Secured Convertible Promissory Note Receivable issued by Private Access, Inc. (the “Private Access Note”). |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| b)   | A liability was incurred for the note payable obligation of $1,000,000, which included accrued interest incurred by VHGI in conjunction with the Private Access Note transaction. Subsequent to the purchase date, the Company negotiated payment of this debt with stock. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Related party                                         | Nature of relationship                                                                 | Terms of the agreement                                                                                                                                                                                           |   | Principal amount |                       |
|-------------------------------------------------------|----------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|----------------------------|
|                                                  |                                                                                   |                                                                                                                                                                                                             |   |             |                       |
| H.E.B., LLC, a Nevada limited liability company  | Scott Haire is the managing member of HEB.                                             | Unsecured $800,000 line of credit due on demand with interest rate of 10% per annum.   Accrued interest at March 31, 2011 is $45,958. Line available as of March 31, 2011 is $788,563.            |   | $                | 11,437                     |   |
|                                                  |                                                                                   |                                                                                                                                                                                                             |   |             |                       |   |
| VHGI Holdings, Inc.                         | Scott Haire is an director and officer of WMT and VHGI                                 | Unsecured note with interest accrued at rate of 10% per annum and is due on demand. Accrued interest at March 31, 2011 has been recorded as a reduction of interest owed to VHGI by WMT, as mentioned in Note 5. |   |             |     176,700 |   |
|                                                  |                                                                                   |                                                                                                                                                                                                             |   |             |                       |   |
| Commercial Holding AG, LLC                       | Commercial Holding AG, LLC has provided previous lines of credit to affiliates of VHGI | Unsecured note with interest accrued at rate of 10% per annum and is due on demand. Accrued interest at March 31, 2011 is $1,497.                                                                                |   |             | 53,358                     |   |
|                                                  |                                                                                   |                                                                                                                                                                                                             |   |             |                       |   |
| MAH Holding, LLC                                 | MAH Holding, LLC has provided previous lines of credit to affiliates of VHGI.          | Unsecured note at 10% interest per annum and is due on demand.  Accrued interest at March 31, 2011 is $10,509.                                                                                         |   |             | 427,930                    |   |
|                                                  |                                                                                   |                                                                                                                                                                                                             |   |             |                       |
| TOTAL                                                 |                                                                                   |                                                                                                                                                                                                             |   | $ 669,425   |                       |

----

| Related party                                   | Nature of relationship                                                                 | Terms of the agreement                                                                                                                                                                                                                                 |   | Principal amount |    |
|-------------------------------------------------|----------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|---------|
|                                            |                                                                                   |                                                                                                                                                                                                                                                   |   |             |    |
| H.E.B., LLC, a Nevada limited liability company | Scott Haire is the managing member of H.E.B., LLC                                      | Series of funds advanced under two separate, unsecured lines of credit totaling $1 million both at 10% per annum; no maturity date; unused lines available at March 31, 2011 total $998,864.  Accrued interest at March 31, 2011 is $37,219. |   | $                | 1,136   |   |
|                                            |                                                                                   |                                                                                                                                                                                                                                                   |   |             |    |   |
| Commercial  Holding AG, LLC           | Commercial Holding AG, LLC has provided previous lines of credit to affiliates of VHGI | Unsecured notes with interest accrued at rates of 8% and 10% per annum until paid in full with no maturity date. Accrued interest at March 31, 2011 is $39,565.                                                                                        |   |             | 100,000 |   |
|                                            |                                                                                   |                                                                                                                                                                                                                                                   |   |             |    |   |
| MLH, LLC                                   | MLH, LLC has provided previous lines of credit to affiliates of VHGI.                  | Unsecured note with interest accrued at rate of 10% per annum with no maturity date.  Accrued interest at March 31, 2011 is $3,100.                                                                                                          |   |             | 69,000  |   |
|                                            |                                                                                   |                                                                                                                                                                                                                                                   |   |             |    |   |
| TOTAL                                           |                                                                                   |                                                                                                                                                                                                                                                   |   | $                | 170,136 |   |

| Related party | Number of shares | Amount of debt                   | Loss on conversion  |
|---------------|------------------|----------------------------------|--------------------------|
|          |             |                             |                     |
| H.E.B., LLC   | 4,169,213        |     $778,108 |  $1,389,882         |

----

----

----

|                                                           |   | March 31, 2011 |            |   | December 31, 2010 |   |
|----------------------------------------------------------------|--------|----------------|-----------------|--------|-------------------|--------|
|                                                           |   |           |            |   |              |   |   |   |
| Patent                                                         |   | $              | 510,310         |   |              | $      | 510,310 |   |
|                                                           |   |           |            |   |              |   |   |   |
| Accumulated amortization                                       |   |           | (76,548         | )      |              |   | (63,790 | ) |
|                                                           |   |           |            |   |              |   |   |   |
| Patent, net of accumulated amortization                        |   | $              | 433,762         |   |              | $      | 446,520 |   |
|                                                           |   |           |            |   |              |   |   |   |
| Marketing contacts                                             |   | $              | 4,187,815       |   |              | $      | 4,187,815 |   |
|                                                           |   |           |            |   |              |   |   |   |
| Accumulated amortization                                       |   |           | (628,171        | )      |              |   | (523,476 | ) |
|                                                           |   |           |            |   |              |   |   |   |
| Marketing contacts,  net of accumulated amortization |   | $              | 3,559,644       |   |              | $      | 3,664,339 |   |
|                                                           |   |           |            |   |              |   |   |   |
| Total intangibles, net of accumulated amortization        |   | $              |  3,993,406 |   |              | $      |  4,110,859 |   |

----

----

|                               |   | For the Year Ended December 31, 2010 |      |
|------------------------------------|--------|--------------------------------------|-----------|
|                               |   |                                 |      |   | Weighted |   |
|                               |   |                                 |      |   | Average |   |
|                               |   | Shares                               |      |   | Exercise Price |   |
| Outstanding at beginning of period |   |                                 | 1,299,769 |   |   | $ | 1.54 |   |
| Granted                            |   |                                 | 1,930,600 |   |   |   | 0.75 |   |
| Exercised                          |   |                                 | -         |   |   |   | - |   |
| Forfeited                          |   |                                 | -         |   |   |   | - |   |
| Expired                            |   |                                 | -         |   |   |   | - |   |
| Outstanding at end of period       |   |                                 | 3,230,369 |   |   | $ | 1.07 |   |

|                               |   | For the Three Months EndedMarch 31, 2011 |      |
|------------------------------------|--------|-----------------------------------------------|-----------|
|                               |   |                                          |      |   | Weighted |   |
|                               |   |                                          |      |   | Average |   |
|                               |   | Shares                                        |      |   | Exercise Price |   |
| Outstanding at beginning of period |   |                                          | 3,230,369 |   |   | $ | 1.07 |   |
| Granted                            |   |                                          | 3,473,300 |   |   |   | .75 |   |
| Exercised                          |   |                                          | -         |   |   |   | - |   |
| Forfeited                          |   |                                          | -         |   |   |   | - |   |
| Expired                            |   |                                          | -         |   |   |   | - |   |
| Outstanding at end of period       |   |                                          | 6,703,669 |   |   | $ | .90 |   |

----

|            |       |   | As of March 31, 2011 Warrants Outstanding |   |      | As of March 31, 2011 Warrants Exercisable |   |
|-----------------|------------|--------|------------------------------------------------|--------|-----------|------------------------------------------------|--------|
|            |       |   |                                           |   |      | Weighted-                                      |   |   |   |   |   |   |   |   |   |   |
|            |       |   |                                           |   |      | Average                                        |   |   | Weighted- |   |   |   |   |   | Weighted- |   |
| Range of        |       |   | Number                                         |   |      | Remaining                                      |   |   | Average |   |   | Number |   |   | Average |   |
| Exercise Prices |       |   | Outstanding                                    |   |      | Contract Life                                  |   |   | Exercise Price |   |   | Exercisable |   |   | Exercise Price |   |
|            |       |   |                                           |   |      |                                           |   |   |   |   |   |   |   |   |   |   |
| $               | 0.001      |   |                                           |   | 299,769   |                                           |   |   | 2.6 |   |   | $ | 0.001 |   |   |   | 299,769 |   |   | $ | 0.001 |   |
|            | 0.25       |   |                                           |   | 200,000   |                                           |   |   | 4.6 |   |   |   | 0.25 |   |   |   | 200,000 |   |   |   | 0.25 |   |
|            | 0.50       |   |                                           |   | 2,314,450 |                                           |   |   | 3.0 |   |   |   | 0.50 |   |   |   | 2,314,450 |   |   |   | 0.50 |   |
|            | 0.75       |   |                                           |   | 200,000   |                                           |   |   | 4.6 |   |   |   | 0.75 |   |   |   | 200,000 |   |   |   | 0.75 |   |
|            | 1.00       |   |                                           |   | 2,689,450 |                                           |   |   | 2.9 |   |   |   | 1.00 |   |   |   | 2,689,450 |   |   |   | 1.00 |   |
|            | 2.00       |   |                                           |   | 1,000,000 |                                           |   |   | 1.8 |   |   |   | 2.00 |   |   |   | 1,000,000 |   |   |   | 2.00 |   |
| $               | 0.001-2.00 |   |                                           |   | 6,703,669 |                                           |   |   | 2.8 |   |   | $ | 0.90 |   |   |   | 6,703,669 |   |   | $ | 0.90 |   |

| ·   | Issued 4,169,213 shares of common stock valued at $2,167,991 for payment of debt to a related party in the amount of $778,108, resulting in a loss on settlement in the amount of $1,389,882. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Issued 1,100,000 shares of common stock valued at $836,000 for payment of debt to unrelated parties in the amount of $275,000, resulting in a loss on settlement in the amount of $561,000. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Issued 4,300,000 shares of common stock upon execution of debt instruments with a conversion feature at inception, based on fixed dollar conversion terms, which resulted in a $47,000 reduction of the initial $1,660,000 debt amount (see Note 5 “Notes Payable”). |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Issued 200,000 shares of common stock for services rendered in the amount of $112,000. |
|--------------------|----------------------------------------------------------------------------------------|

| ·   | Issued 3,473,300 shares of common stock for subscription agreements purchased in the amount of $868,700. |
|--------------------|----------------------------------------------------------------------------------------------------------|

| ·   | Issued 733,043 shares of common stock for debt related costs in the amount of $405,580. |
|--------------------|-----------------------------------------------------------------------------------------|

| ·   | Issued 164,286 shares of common stock in consideration for website production services in the amount of $100,214.  This amount has been capitalized and recorded as an addition to property and equipment as of March 31, 2011. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Recorded paid-in capital in the amount of $715,000 for the value of the beneficial conversion feature associated with the issuance of convertible promissory notes. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  ● | In addition to the $100,000 initial cash payment, a note receivable (and the related debt) was purchased by issuing a $400,000 promissory note.  The assets and liabilities purchased were as follows: |
|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Senior secured promissory note receivable |   | $ | 1,500,000  |   |
|--------|-------------------------------------------|--------|---|------------|--------|
|   | Related party note payable                |   | $ | (1,000,000 | )      |

|   ● | Issued 1,715,850 shares of common stock valued at $1,492,790 for payment of debt to related parties in the amount of $772,133, resulting in a loss on settlement in the amount of $720,657. |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   ● | Issued 95,000 shares of common stock for services rendered valued at $70,050. |
|---------------------|-------------------------------------------------------------------------------|

|         |   | 2011   |   |   | 2010   |   |
|--------------|--------|--------|--------|--------|--------|--------|
|         |   |   |   |   |   |   |
| Interest     |   | $      | 24,585 |   |   | $      | - |   |
|         |   |   |   |   |   |   |   |   |
| Income taxes |   | $      | -      |   |   | $      | - |   |

----

| Ø   | We created a channel map and identified major areas of new opportunities from retail sales, since our products do not require a prescription.  We have gained customers in all of these areas, which include: |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | hospitals |
|--------------------|-----------|

| ·   | health systems |
|--------------------|----------------|

| ·   | pharmacies |
|--------------------|------------|

| ·   | podiatrists |
|--------------------|-------------|

| ·   | surgeons |
|--------------------|----------|

| ·   | home health care |
|--------------------|------------------|

| ·   | wound care centers |
|--------------------|--------------------|

| Ø   | We hired a Sr. VP of Sales & Marketing and hired a small direct sales team (5 people) to grow customer awareness and sales. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| Ø   | As disclosed in our Form 8-K filing on April 14, 2011, we announced a strategic channel partner, Juventas, LLC (“Juventas”), who purchased the exclusive right to sell the CellerateRX powder products in North America.  Juventas is an affiliate of Biomet Texas, Ltd. and is the largest Biomet distributor. This multi-year agreement has escalating target sales, with 2012’s minimum sales of CellerateRX® powder set at $9 million, in order for Juventas to retain such exclusive rights.  We received an ‘upfront’ non-refundable payment of $500,000 from Juventas for this exclusive right to distribute CellerateRX powder. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | By December 2010, we had ten VA hospitals using CellerateRX and in December 2010 we engaged Government Marketing and Procurement to assist us with procuring more VA hospitals and getting on their GSA schedule. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   | In 2010, we signed a distribution agreement with MED3TV to market CellerateRX 28g gel via TV spots.  In March 2011, the TV spot campaigns began to air and our sales have increased.  In addition to sales, these programs are increasing the awareness of the unique capabilities of CellerateRX among patients and providers. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Ø   |  After two plus years of work, in 2010, CellerateRX received government approvals and reimbursement codes for sales in South Africa and sales are steadily building.  Other distribution began in The Bahamas and Central America. The CE mark for European distribution is closer to completion and our Italian distribution partner is poised to begin marketing.  Contract negotiations are underway in many other countries as well. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Ø   | PharmaTech International, our joint venture for sales in the Middle East, has been working diligently in the region to gain necessary government and health system approvals.   In April 2011, we announced a new order for Lebanon, and we are expecting more to follow both in Lebanon and throughout the region. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|   | Exhibit No. |
|--------|-------------|

|   | 2.1 | Agreement and Plan of Merger, dated as of September 17, 2009, by and among BioPharma Management Technologies, Inc., a Texas corporation, Wound Management Technologies, Inc., a Texas corporation, BIO Acquisition, Inc., and the undersigned shareholders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1 | Articles of Incorporation (Incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1 filed April 11, 2008) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Articles of Amendment to Articles of Incorporation (Incorporated by reference to Exhibit A to the Company’s Information Statement filed with the Commission on May 13, 2008) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | Bylaws  (Incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1 filed April 11, 2008) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1 | Distribution Agreement, dated March 8, 2011, between Wound Care Innovations, LLC and Juventas, LLC (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed April 14, 2011) |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 31.1* | Certification of Principal Executive Officer and Principal Financial Officer in accordance with 18 U.S.C. Section 1350, as adopted by Section 302 of the Sarbanes-Oxley Act of 2002* |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 32.1* | Certification of Principal Executive Officer and Principal Financial Officer in accordance with 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002* |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | *  Filed herewith |
|--------|-----------------------------|

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|                     | WOUND MANAGEMENT TECHNOLOGIES, INC.                     |   |
|--------------------------|---------------------------------------------------------|--------|
|                     |                                                    |   |   |
| Date: May 16, 2011  |   /s/ Scott A. Haire                          |   |
|                     | Scott A.  Haire, Chairman of the Board,  |   |
|                     | Chief Executive Officer and Principal Financial Officer |   |
|                     |                                                    |   |   |

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