<PAGE>

                                                                    EXHIBIT 10.3

      THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE UPON EXERCISE OF THIS
      WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED, OR ANY STATE SECURITIES LAWS. THIS WARRANT AND THE COMMON STOCK
      ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD, OFFERED FOR SALE,
      PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO THIS WARRANT UNDER SAID ACT AND ANY APPLICABLE STATE
      SECURITIES LAWS OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
      NATURADE, INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

           Right to Purchase up to 1,500,000 Shares of Common Stock of
                                 Naturade, Inc.
                   (subject to adjustment as provided herein)

                          COMMON STOCK PURCHASE WARRANT

No. _________________                                  Issue Date: July 26, 2005

      Naturade, Inc., a Delaware corporation (the "Parent"), hereby certifies
that, for value received, LAURUS MASTER FUND, LTD., or assigns (the "Holder"),
is entitled, subject to the terms set forth below, to purchase from the Parent
(as defined herein) from and after the Issue Date of this Warrant and at any
time or from time to time before 5:00 p.m., New York time, through the close of
business July 26, 2010 (the "Expiration Date"), up to 1,500,000 fully paid and
nonassessable shares of Common Stock (as hereinafter defined), $0.0001 par value
per share, at the applicable Exercise Price per share (as defined below). The
number and character of such shares of Common Stock and the applicable Exercise
Price per share are subject to adjustment as provided herein.

      As used herein the following terms, unless the context otherwise requires,
have the following respective meanings:

            (a) The term "Parent" shall include Naturade, Inc. and any person or
      entity which shall succeed, or assume the obligations of, Naturade, Inc.
      hereunder.

            (b) The term "Common Stock" includes (i) the Parent's Common Stock,
      par value $0.0001 per share; and (ii) any other securities into which or
      for which any of the securities described in the preceding clause (i) may
      be converted or exchanged pursuant to a plan of recapitalization,
      reorganization, merger, sale of assets or otherwise.

            (c) The term "Other Securities" refers to any stock (other than
      Common Stock) and other securities of the Parent or any other person
      (corporate or otherwise) which the holder of the Warrant at any time shall
      be entitled to receive, or shall have received, on the exercise of the
      Warrant, in lieu of or in addition to Common Stock, or

<PAGE>

      which at any time shall be issuable or shall have been issued in exchange
      for or in replacement of Common Stock or Other Securities pursuant to
      Section 4 or otherwise.

            (d) The "Exercise Price" applicable under this Warrant shall be a
      price of $0.80 per share of Common Stock acquired hereunder.

      1. Exercise of Warrant.

            1.1 Number of Shares Issuable upon Exercise. From and after the date
hereof through and including the Expiration Date, the Holder shall be entitled
to receive, upon exercise of this Warrant in whole or in part, by delivery of an
original or fax copy of an exercise notice in the form attached hereto as
Exhibit A (the "Exercise Notice"), shares of Common Stock of the Parent, subject
to adjustment pursuant to Section 4.

            1.2 Fair Market Value. For purposes hereof, the "Fair Market Value"
of a share of Common Stock as of a particular date (the "Determination Date")
shall mean:

            (a) If the Parent's Common Stock is traded on the American Stock
      Exchange or another national exchange or is quoted on the National or
      SmallCap Market of The Nasdaq Stock Market, Inc. ("Nasdaq"), then the
      closing or last sale price, respectively, reported for the last business
      day immediately preceding the Determination Date.

            (b) If the Parent's Common Stock is not traded on the American Stock
      Exchange or another national exchange or on the Nasdaq but is traded on
      the NASD Over The Counter Bulletin Board, then the mean of the average of
      the closing bid and asked prices reported for the last business day
      immediately preceding the Determination Date.

            (c) Except as provided in clause (d) below, if the Parent's Common
      Stock is not publicly traded, then as the Holder and the Parent agree or
      in the absence of agreement by arbitration in accordance with the rules
      then in effect of the American Arbitration Association, before a single
      arbitrator to be chosen from a panel of persons qualified by education and
      training to pass on the matter to be decided.

            (d) If the Determination Date is the date of a liquidation,
      dissolution or winding up, or any event deemed to be a liquidation,
      dissolution or winding up pursuant to the Parent's charter, then all
      amounts to be payable per share to holders of the Common Stock pursuant to
      the charter in the event of such liquidation, dissolution or winding up,
      plus all other amounts to be payable per share in respect of the Common
      Stock in liquidation under the charter, assuming for the purposes of this
      clause (d) that all of the shares of Common Stock then issuable upon
      exercise of the Warrant are outstanding at the Determination Date.

            1.3 Parent Acknowledgment. The Parent will, at the time of the
exercise of this Warrant, upon the request of the holder hereof acknowledge in
writing its continuing obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the provisions of this Warrant. If the holder shall fail to

                                        2

<PAGE>

make any such request, such failure shall not affect the continuing obligation
of the Parent to afford to such holder any such rights.

            1.4 Trustee for Warrant Holders. In the event that a bank or trust
company shall have been appointed as trustee for the holders of this Warrant
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in
its own name for the account of the Parent or such successor person as may be
entitled thereto, all amounts otherwise payable to the Parent or such successor,
as the case may be, on exercise of this Warrant pursuant to this Section 1.

      2. Procedure for Exercise.

            2.1 Delivery of Stock Certificates, Etc., on Exercise. The Parent
agrees that the shares of Common Stock purchased upon exercise of this Warrant
shall be deemed to be issued to the Holder as the record owner of such shares as
of the close of business on the date on which this Warrant shall have been
surrendered and payment made for such shares in accordance herewith. As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within three (3) business days thereafter, the Parent at its expense
(including the payment by it of any applicable issue taxes) will cause to be
issued in the name of and delivered to the Holder, or as such Holder (upon
payment by such Holder of any applicable transfer taxes) may direct in
compliance with applicable securities laws, a certificate or certificates for
the number of duly and validly issued, fully paid and nonassessable shares of
Common Stock (or Other Securities) to which such Holder shall be entitled on
such exercise, plus, in lieu of any fractional share to which such holder would
otherwise be entitled, cash equal to such fraction multiplied by the then Fair
Market Value of one full share, together with any other stock or other
securities and property (including cash, where applicable) to which such Holder
is entitled upon such exercise pursuant to Section 1 or otherwise.

            2.2 Exercise.

            (a) Payment may be made either (i) in cash or by certified or
      official bank check payable to the order of the Parent equal to the
      applicable aggregate Exercise Price, (ii) by delivery of this Warrant, or
      shares of Common Stock and/or Common Stock receivable upon exercise of
      this Warrant in accordance with the formula set forth in subsection (b)
      below, or (iii) by a combination of any of the foregoing methods, for the
      number of Common Shares specified in such Exercise Notice (as such
      exercise number shall be adjusted to reflect any adjustment in the total
      number of shares of Common Stock issuable to the Holder per the terms of
      this Warrant) and the Holder shall thereupon be entitled to receive the
      number of duly authorized, validly issued, fully-paid and non-assessable
      shares of Common Stock (or Other Securities) determined as provided
      herein.

            (b) Notwithstanding any provisions herein to the contrary,
      commencing twelve (12) months after the date hereof, if the Fair Market
      Value of one share of Common Stock is greater than the Exercise Price (at
      the date of calculation as set forth below), in lieu of exercising this
      Warrant for cash, the Holder may elect to receive shares equal to the
      value (as determined below) of this Warrant (or the portion thereof being
      exercised) by surrender of this Warrant at the principal office of the
      Parent together with

                                        3

<PAGE>

      the properly endorsed Exercise Notice in which event the Parent shall
      issue to the Holder a number of shares of Common Stock computed using the
      following formula:

      X= Y(A-B)/A

      WhereX = the number of shares of Common Stock to be issued to the Holder

      Y =   the number of shares of Common Stock purchasable under this Warrant
            or, if only a portion of this Warrant is being exercised, the
            portion of this Warrant being exercised (at the date of such
            calculation)

      A =   the Fair Market Value of one share of the Parent's Common Stock (at
            the date of such calculation)

      B =   the Exercise Price per share (as adjusted to the date of such
            calculation)

      3. Effect of Reorganization, Etc.; Adjustment of Exercise Price.

            3.1 Reorganization, Consolidation, Merger, Etc. In case at any time
or from time to time, the Parent shall (a) effect a reorganization, (b)
consolidate with or merge into any other person, or (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or arrangement contemplating the dissolution of the Parent, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Parent whereby the Holder, on the
exercise hereof as provided in Section 1 at any time after the consummation of
such reorganization, consolidation or merger or the effective date of such
dissolution, as the case may be, shall receive, in lieu of the Common Stock (or
Other Securities) issuable on such exercise prior to such consummation or such
effective date, the stock and other securities and property (including cash) to
which such Holder would have been entitled upon such consummation or in
connection with such dissolution, as the case may be, if such Holder had so
exercised this Warrant, immediately prior thereto, all subject to further
adjustment thereafter as provided in Section 4.

            3.2 Dissolution. In the event of any dissolution of the Parent
following the transfer of all or substantially all of its properties or assets,
the Parent, concurrently with any distributions made to holders of its Common
Stock, shall at its expense deliver or cause to be delivered to the Holder the
stock and other securities and property (including cash, where applicable)
receivable by the Holder pursuant to Section 3.1, or, if the Holder shall so
instruct the Parent, to a bank or trust company specified by the Holder and
having its principal office in New York, NY as trustee for the Holder.

            3.3 Continuation of Terms. Upon any reorganization, consolidation,
merger or transfer (and any dissolution following any transfer) referred to in
this Section 3, this Warrant shall continue in full force and effect and the
terms hereof shall be applicable to the shares of stock and other securities and
property receivable on the exercise of this Warrant after the consummation of
such reorganization, consolidation or merger or the effective date of
dissolution following any such transfer, as the case may be, and shall be
binding upon the issuer

                                        4

<PAGE>

of any such stock or other securities, including, in the case of any such
transfer, the person acquiring all or substantially all of the properties or
assets of the Parent, whether or not such person shall have expressly assumed
the terms of this Warrant as provided in Section 4. In the event this Warrant
does not continue in full force and effect after the consummation of the
transactions described in this Section 3, then the Parent's securities and
property (including cash, where applicable) receivable by the Holder will be
delivered to the Holder or the Trustee as contemplated by Section 3.2.

      4. Extraordinary Events Regarding Common Stock. In the event that the
Parent shall (a) issue additional shares of the Common Stock as a dividend or
other distribution on outstanding Common Stock or any preferred stock issued by
the Parent, (b) subdivide its outstanding shares of Common Stock, (c) combine
its outstanding shares of the Common Stock into a smaller number of shares of
the Common Stock, then, in each such event, the Exercise Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the
then Exercise Price by a fraction, the numerator of which shall be the number of
shares of Common Stock outstanding immediately prior to such event and the
denominator of which shall be the number of shares of Common Stock outstanding
immediately after such event, and the product so obtained shall thereafter be
the Exercise Price then in effect. The Exercise Price, as so adjusted, shall be
readjusted in the same manner upon the happening of any successive event or
events described herein in this Section 4. The number of shares of Common Stock
that the holder shall thereafter, on the exercise hereof as provided in Section
1, be entitled to receive shall be adjusted to a number determined by
multiplying the number of shares of Common Stock that would otherwise (but for
the provisions of this Section 4) be issuable on such exercise by a fraction of
which (a) the numerator is the Exercise Price that would otherwise (but for the
provisions of this Section 4) be in effect, and (b) the denominator is the
Exercise Price in effect on the date of such exercise (taking into account the
provisions of this Section 4).

      5. Certificate as to Adjustments. In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of this Warrant, the Parent at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of this Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Parent for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Exercise Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant. The Parent will forthwith
mail a copy of each such certificate to the holder and any Warrant agent of the
Parent (appointed pursuant to Section 11 hereof).

      6. Reservation of Stock, Etc., Issuable on Exercise of Warrant. The Parent
will at all times reserve and keep available, solely for issuance and delivery
on the exercise of this Warrant, shares of Common Stock (or Other Securities)
from time to time issuable on the exercise of this Warrant.

                                        5

<PAGE>

      7. Assignment; Exchange of Warrant. Subject to compliance with applicable
securities laws, this Warrant, and the rights evidenced hereby, may be
transferred by any registered holder hereof (a "Transferor") in whole or in
part. On the surrender for exchange of this Warrant, with the Transferor's
endorsement in the form of Exhibit B attached hereto (the "Transferor
Endorsement Form") and together with evidence reasonably satisfactory to the
Parent demonstrating compliance with applicable securities laws, which shall
include, without limitation, a legal opinion from the Transferor's counsel (at
the Parent's expense) that such transfer is exempt from the registration
requirements of applicable securities laws, the Parent at its expense (but with
payment by the Transferor of any applicable transfer taxes) will issue and
deliver to or on the order of the Transferor thereof a new Warrant of like
tenor, in the name of the Transferor and/or the transferee(s) specified in such
Transferor Endorsement Form (each a "Transferee"), calling in the aggregate on
the face or faces thereof for the number of shares of Common Stock called for on
the face or faces of the Warrant so surrendered by the Transferor.

      8. Replacement of Warrant. On receipt of evidence reasonably satisfactory
to the Parent of the loss, theft, destruction or mutilation of this Warrant and,
in the case of any such loss, theft or destruction of this Warrant, on delivery
of an indemnity agreement or security reasonably satisfactory in form and amount
to the Parent or, in the case of any such mutilation, on surrender and
cancellation of this Warrant, the Parent at its expense will execute and
deliver, in lieu thereof, a new Warrant of like tenor.

      9. Registration Rights. The Holder has been granted certain registration
rights by the Parent. These registration rights are set forth in a Registration
Rights Agreement entered into by the Parent and Holder dated as of the date
hereof, as the same may be amended, modified and/or supplemented from time to
time.

      10. Maximum Exercise. Notwithstanding anything contained herein to the
contrary, the Holder shall not be entitled to exercise this Warrant in
connection with that number of shares of Common Stock which would exceed the
difference between (i) 4.99% of the issued and outstanding shares of Common
Stock and (ii) the number of shares of Common Stock beneficially owned by the
Holder. For purposes of the immediately preceding sentence, beneficial ownership
shall be determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended, and Regulation 13d-3 thereunder. The limitation
described in the first sentence of this Section 10 shall automatically become
null and void following notice to the Parent upon the occurrence and during the
continuance of an Event of Default (as defined in the Security Agreement dated
as of the date hereof among the Holder, the Parent and various subsidiaries of
the Parent, as amended, modified, restated and/or supplemented from time to
time, the "Security Agreement"), or upon 75 days prior notice to the Parent,
except that at no time shall the number of shares of Common Stock beneficially
owned by the Holder exceed 19.99% of the outstanding shares of Common Stock.
Notwithstanding anything contained herein to the contrary, the provisions of
this Section 10 are irrevocable and may not be waived by the Holder or the
Parent.

      11. Warrant Agent. The Parent may, by written notice to the each Holder of
the Warrant, appoint an agent for the purpose of issuing Common Stock (or Other
Securities) on the exercise of this Warrant pursuant to Section 1, exchanging
this Warrant pursuant to Section 7, and replacing this Warrant pursuant to
Section 8, or any of the foregoing, and thereafter any such

                                        6

<PAGE>

issuance, exchange or replacement, as the case may be, shall be made at such
office by such agent.

      12. Transfer on the Parent's Books. Until this Warrant is transferred on
the books of the Parent, the Parent may treat the registered holder hereof as
the absolute owner hereof for all purposes, notwithstanding any notice to the
contrary.

      13. Notices, Etc. All notices and other communications from the Parent to
the Holder shall be mailed by first class registered or certified mail, postage
prepaid, at such address as may have been furnished to the Parent in writing by
such Holder or, until any such Holder furnishes to the Parent an address, then
to, and at the address of, the last Holder who has so furnished an address to
the Parent.

      14. Miscellaneous. This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS. ANY ACTION BROUGHT CONCERNING THE TRANSACTIONS CONTEMPLATED BY THIS
WARRANT SHALL BE BROUGHT ONLY IN STATE COURTS OF NEW YORK OR IN THE FEDERAL
COURTS LOCATED IN THE STATE OF NEW YORK; PROVIDED, HOWEVER, THAT THE HOLDER MAY
CHOOSE TO WAIVE THIS PROVISION AND BRING AN ACTION OUTSIDE THE STATE OF NEW
YORK. The individuals executing this Warrant on behalf of the Parent agree to
submit to the jurisdiction of such courts and waive trial by jury. The
prevailing party shall be entitled to recover from the other party its
reasonable attorneys' fees and costs. In the event that any provision of this
Warrant is invalid or unenforceable under any applicable statute or rule of law,
then such provision shall be deemed inoperative to the extent that it may
conflict therewith and shall be deemed modified to conform with such statute or
rule of law. Any such provision which may prove invalid or unenforceable under
any law shall not affect the validity or enforceability of any other provision
of this Warrant. The headings in this Warrant are for purposes of reference
only, and shall not limit or otherwise affect any of the terms hereof. The
invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision hereof. The Parent
acknowledges that legal counsel participated in the preparation of this Warrant
and, therefore, stipulates that the rule of construction that ambiguities are to
be resolved against the drafting party shall not be applied in the
interpretation of this Warrant to favor any party against the other party.

                   [BALANCE OF PAGE INTENTIONALLY LEFT BLANK;
                             SIGNATURE PAGE FOLLOWS]

                                        7

<PAGE>

      IN WITNESS WHEREOF, the Parent has executed this Warrant as of the date
first written above.

                                              NATURADE, INC.

WITNESS:

                                              By: /s/ Stephen M. Kasprisin
                                                  ------------------------
                                              Name: Stephen M. Kasprisin
/s/ Kim Kennedy                               Title:   CFO
---------------

                                        8

<PAGE>

                                                                    EXHIBIT 10.3

                                    EXHIBIT A

                              FORM OF SUBSCRIPTION
                   (To Be Signed Only On Exercise Of Warrant)

TO: Naturade, Inc.
    ______________
    ______________

      Attention: Chief Financial Officer

      The undersigned, pursuant to the provisions set forth in the attached
Warrant (No.____), hereby irrevocably elects to purchase (check applicable box):

________ ________ shares of the common stock covered by such warrant; or

________ the maximum number of shares of common stock covered by such warrant
         pursuant to the cashless exercise procedure set forth in Section 2.

      The undersigned herewith makes payment of the full Exercise Price for such
shares at the price per share provided for in such Warrant, which is
$___________. Such payment takes the form of (check applicable box or boxes):

________ $__________ in lawful money of the United States; and/or

________ the cancellation of such portion of the attached Warrant as is
         exercisable for a total of _______ shares of Common Stock (using a Fair
         Market Value of $_______ per share for purposes of this calculation);
         and/or

________ the cancellation of such number of shares of Common Stock as is
         necessary, in accordance with the formula set forth in Section 2.2, to
         exercise this Warrant with respect to the maximum number of shares of
         Common Stock purchasable pursuant to the cashless exercise procedure
         set forth in Section 2.

      The undersigned requests that the certificates for such shares be issued
in the name of, and delivered to ______________________________________________
whose address is
___________________________________________________________________________.

      The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act") or pursuant to an exemption from
registration under the Securities Act.

Dated:_______________________                 __________________________________
                                              (Signature must conform to name of
                                              holder as specified on the face of
                                              the Warrant)
                                              Address:__________________________
                                                      __________________________

                                        9

<PAGE>

                                                                    EXHIBIT 10.3

                                   EXHIBIT B

                         FORM OF TRANSFEROR ENDORSEMENT
                   (To Be Signed Only On Transfer Of Warrant)

      For value received, the undersigned hereby sells, assigns, and transfers
unto the person(s) named below under the heading "Transferees" the right
represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of Naturade, Inc. into which the within Warrant relates
specified under the headings "Percentage Transferred" and "Number Transferred,"
respectively, opposite the name(s) of such person(s) and appoints each such
person Attorney to transfer its respective right on the books of Prolong
International Corporation with full power of substitution in the premises.

<TABLE>
<CAPTION>
                                         Percentage               Number
Transferees           Address            Transferred            Transferred
-----------           -------            -----------            -----------
<S>                   <C>                <C>                    <C>
</TABLE>

Dated:_________________

                                       _________________________________________
                                      (Signature must conform to name of holder
                                       as specified on the face of the Warrant)
                                       Address:_________________________________
                                       _________________________________________

                                       SIGNED IN THE PRESENCE OF:

                                       _________________________________________
                                                        (Name)

ACCEPTED AND AGREED:
[TRANSFEREE]
________________________
             (Name)

                                       10