##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM
10-QSB
 Quarterly Report Under section 13 or 15(d) of the Securities Exchange Act of 1934
 For the Quarterly Period Ended December 31, 2007
 Commission File No. 000-20989
 
 UROPLASTY, INC.
  Minnesota, U.S.A.
    
    41-1719250(State or other jurisdiction of
    
    (I.R.S. Employerincorporation or organization)
    
    Identification No.)
 5420 Feltl Road
Minnetonka, Minnesota, 55343
 (912) 426-6140
   þ o
   Large Accelerated Filer o
    
    Accelerated Filer o
    

    Non-accelerated Filer þ
  o þ




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TABLE OF CONTENTS  PART I. FINANCIAL INFORMATIONITEM 1. FINANCIAL STATEMENTSITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSITEM 3. CONTROLS AND PROCEDURESPART II. OTHER INFORMATIONITEM 6. EXHIBITSSIGNATURESCertificationCertification    Table of Contents  
  
 ITEM 1. FINANCIAL STATEMENTS
   December 31, 2007(unaudited)
    
    
    March 31, 2007AssetsCurrent assets:Cash and cash equivalents
    
    $
    7,858,814
    
    
    $
    3,763,702Short-term investments
    
    
    2,448,447
    
    
    
    3,000,000Accounts receivable, net
    
    
    1,837,827
    
    
    
    1,240,141Income tax receivable
    
    
    
    
    
    
    113,304Inventories
    
    
    832,771
    
    
    
    823,601Other
    
    
    207,364
    
    
    
    272,035Total current assets
    
    
    13,185,223
    
    
    
    9,212,783Property, plant, and equipment, net
    
    
    1,553,000
    
    
    
    1,431,749Intangible assets, net
    
    
    4,426,101
    
    
    
    308,093Deferred tax assets
    
    
    96,399
    
    
    
    93,819Total assets
    
    $
    19,260,723
    
    
    $
    11,046,444
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December 31, 2007
    
    
    March 31, 2007(unaudited)Liabilities and Shareholders EquityCurrent liabilities:Current maturities  long-term debt
    
    $
    82,744
    
    
    $
    78,431Deferred rent  current
    
    
    35,000
    
    
    
    35,000Accounts payable
    
    
    653,982
    
    
    
    544,507Accrued liabilities
    
    
    1,705,592
    
    
    
    1,347,670Total current liabilities
    
    
    2,477,318
    
    
    
    2,005,608Long-term debt  less current maturities
    
    
    405,761
    
    
    
    427,382Deferred rent  less current portion
    
    
    189,329
    
    
    
    214,381Accrued pension liability
    
    
    346,838
    
    
    
    596,026Total liabilities
    
    
    3,419,246
    
    
    
    3,243,397Shareholders equity:Common stock $.01 par value; 40,000,000
shares authorized, 14,916,540 and
11,614,330 shares issued and
outstanding at December 31 and
March 31, 2007, respectively
    
    
    149,165
    
    
    
    116,143Additional paid-in capital
    
    
    34,863,978
    
    
    
    23,996,818Accumulated deficit
    
    
    (19,136,685
    )
    
    
    (16,010,990
    )Accumulated other comprehensive loss
    
    
    (34,981
    )
    
    
    (298,924
    )Total shareholders equity
    
    
    15,841,477
    
    
    
    7,803,047Total liabilities and shareholders equity
    
    $
    19,260,723
    
    
    $
    11,046,444
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Three Months Ended
    
    
    Nine Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Net sales
    
    $
    3,729,314
    
    
    $
    2,158,273
    
    
    $
    9,717,531
    
    
    $
    5,683,253Cost of goods sold
    
    
    789,955
    
    
    
    752,181
    
    
    
    2,053,208
    
    
    
    1,760,553Gross profit
    
    
    2,939,359
    
    
    
    1,406,092
    
    
    
    7,664,323
    
    
    
    3,922,700Operating expensesGeneral and administrative
    
    
    799,193
    
    
    
    707,288
    
    
    
    2,755,000
    
    
    
    2,365,574Research and development
    
    
    460,374
    
    
    
    424,987
    
    
    
    1,393,496
    
    
    
    1,758,350Selling and marketing
    
    
    2,399,227
    
    
    
    1,301,575
    
    
    
    6,006,598
    
    
    
    3,837,858Amortization of intangibles
    
    
    209,862
    
    
    
    25,210
    
    
    
    632,865
    
    
    
    78,3233,868,656
    
    
    
    2,459,060
    
    
    
    10,787,959
    
    
    
    8,040,105Operating loss
    
    
    (929,297
    )
    
    
    (1,052,968
    )
    
    
    (3,123,636
    )
    
    
    (4,117,405
    )Other income (expense)Interest income
    
    
    74,928
    
    
    
    15,776
    
    
    
    216,550
    
    
    
    53,592Interest expense
    
    
    (6,497
    )
    
    
    (8,671
    )
    
    
    (27,141
    )
    
    
    (25,136
    )Warrant benefit
    
    
    
    
    
    
    522,995
    
    
    
    
    
    
    
    150,315Foreign currency exchange gain (loss)
    
    
    (37,632
    )
    
    
    4,413
    
    
    
    (53,538
    )
    
    
    34,376Other, net
    
    
    2,134
    
    
    
    
    
    
    
    4,014
    
    
    
    3,58532,933
    
    
    
    534,513
    
    
    
    139,885
    
    
    
    216,732Loss before income taxes
    
    
    (896,364
    )
    
    
    (518,455
    )
    
    
    (2,983,751
    )
    
    
    (3,900,673
    )Income tax expense
    
    
    4,004
    
    
    
    44,802
    
    
    
    141,944
    
    
    
    62,713Net loss
    
    $
    (900,368
    )
    
    $
    (563,257
    )
    
    $
    (3,125,695
    )
    
    $
    (3,963,386
    )Basic and diluted loss per common share
    
    $
    (0.06
    )
    
    $
    (0.07
    )
    
    $
    (0.23
    )
    
    $
    (0.51
    )Weighted average common shares
outstanding:Basic and diluted
    
    
    14,119,583
    
    
    
    8,555,586
    
    
    
    13,482,928
    
    
    
    7,766,463
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AccumulatedAdditional
    
    
    
    
    
    
    Other
    
    
    TotalCommon Stock
    
    
    Paid-in
    
    
    Accumulated
    
    
    Comprehensive
    
    
    ShareholdersShares
    
    
    Amount
    
    
    Capital
    
    
    Deficit
    
    
    Loss
    
    
    EquityBalance (deficit)
at March 31, 2007
    
    
    11,614,330
    
    
    $
    116,143
    
    
    $
    23,996,818
    
    
    $
    (16,010,990
    )
    
    $
    (298,924
    )
    
    $
    7,803,047Issuance of common
stock in connection
with the purchase
of intellectual
property
    
    
    1,417,144
    
    
    
    14,171
    
    
    
    4,644,690
    
    
    
    
    
    
    
    
    
    
    
    4,658,861Proceeds from
secondary offering,
net of issuance
costs of $526,465
    
    
    1,466,400
    
    
    
    14,664
    
    
    
    4,591,271
    
    
    
    
    
    
    
    
    
    
    
    4,605.935Registration costs
private placement
    
    
    
    
    
    
    
    
    
    
    (17,000
    )
    
    
    
    
    
    
    
    
    
    
    (17,000
    )Proceeds from
exercise of
warrants
    
    
    50,000
    
    
    
    500
    
    
    
    149,500
    
    
    
    
    
    
    
    
    
    
    
    150,000Proceeds from
exercise of stock
options
    
    
    368,666
    
    
    
    3,687
    
    
    
    631,611
    
    
    
    
    
    
    
    
    
    
    
    635,298Share-based
consulting and
compensation
expense
    
    
    
    
    
    
    
    
    
    
    867,088
    
    
    
    
    
    
    
    
    
    
    
    867,088Comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (3,125,695
    )
    
    
    263,943
    
    
    
    (2,861,752
    )Balance(deficit) at
December 31, 2007
    
    
    14,916,540
    
    
    $
    149,165
    
    
    $
    34,863,978
    
    
    $
    (19,136,685
    )
    
    $
    (34,981
    )
    
    $
    15,841,477
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Nine Months EndedDecember 31,2007
    
    
    2006Cash flows from operating activities:Net loss
    
    $
    (3,125,695
    )
    
    $
    (3,963,386
    )Adjustments to reconcile net loss to net cash used in operating activities:Depreciation and amortization
    
    
    796,748
    
    
    
    223,048Gain on disposal of equipment
    
    
    (2,769
    )
    
    
    (3,576
    )Warrant benefit
    
    
    
    
    
    
    (150,315
    )Stock-based consulting expense
    
    
    37,942
    
    
    
    48,043Stock-based compensation expense
    
    
    829,146
    
    
    
    587,904Deferred income taxes
    
    
    7,113
    
    
    
    (64,694
    )Deferred rent
    
    
    (26,250
    )
    
    
    (23,333
    )Changes in operating assets and liabilities:Accounts receivable
    
    
    (534,542
    )
    
    
    (365,812
    )Inventories
    
    
    64,390
    
    
    
    (149,247
    )Other current assets and income tax receivable
    
    
    191,921
    
    
    
    288,974Accounts payable
    
    
    94,198
    
    
    
    91,619Accrued liabilities and income tax payable
    
    
    312,158
    
    
    
    (24,069
    )Accrued pension liability, net
    
    
    (247,388
    )
    
    
    214,909Net cash used in operating activities
    
    
    (1,603,028
    )
    
    
    (3,289,935
    )Cash flows from investing activities:Proceeds from sale of short-term investments
    
    
    4,200,000
    
    
    
    1,137,647Purchase of short-term investments
    
    
    (3,648,447
    )
    
    
    Purchases of property, plant and equipment
    
    
    (210,875
    )
    
    
    (150,578
    )Proceeds from sale of equipment
    
    
    4,811
    
    
    
    4,294Payments for intangible assets
    
    
    (92,013
    )
    
    
    Net cash provided by investing activities
    
    
    253,476
    
    
    
    991,363Cash flows from financing activities:Proceeds from financing obligations
    
    
    178,374
    
    
    
    210,999Repayment of debt obligations
    
    
    (239,872
    )
    
    
    (158,820
    )Net proceeds from issuance of common stock, warrants and option exercise
    
    
    5,374,233
    
    
    
    6,393,795Net cash provided by financing activities
    
    
    5,312,735
    
    
    
    6,445,974Effect of exchange rates on cash and cash equivalents
    
    
    131,929
    
    
    
    3,663Net increase in cash and cash equivalents
    
    
    4,095,112
    
    
    
    4,151,065Cash and cash equivalents at beginning of period
    
    
    3,763,702
    
    
    
    1,563,433Cash and cash equivalents at end of period
    
    $
    7,858,814
    
    
    $
    5,714,498Supplemental disclosure of cash flow information:Cash paid during the period for interest
    
    $
    25,204
    
    
    $
    22,011Cash paid during the period for income taxes
    
    
    87,900
    
    
    
    93,935Supplemental disclosure of non-cash financing and investing activities:Employee retirement savings plan contribution issued in common shares
    
    
    
    
    
    
    44,385Property, plant and equipment additions funded by lessor allowance and
classified as deferred rent
    
    
    
    
    
    
    280,000Purchase of intellectual property funded by issuance of stock
    
    
    4,658,861
    
    
    
    
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1. Basis of Presentation
    2. Nature of Business, Sales of Common Stock and Corporate Liquidity
 Overview
 ® ®
 Strategy
  
    
    educate physicians about the benefits of our Urgent PC neurostimulation system;
    
    build patient awareness of office-based solutions;
    
    focus on office-based solutions for physicians;
    
    increase market coverage in the United States and internationally; and
    
    develop, license or acquire new products.
 
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Our Products
   Sales and Marketing
  Sales of Common Stock and Corporate Liquidity
    3. Short-term Investments
  4. Inventories
  December 31, 2007
    
    
    March 31, 2007Raw materials
    
    $
    273,263
    
    
    $
    254,988Work-in-process
    
    
    15,298
    
    
    
    20,773Finished goods
    
    
    544,210
    
    
    
    547,840$
    832,771
    
    
    $
    823,601
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5. Intangible Assets
   December 31, 2007Estimated
    
    
    GrossUseful Lives
    
    
    Carrying
    
    
    Accumulated(Years)
    
    
    Amount
    
    
    Amortization
    
    
    Net valueLicensed technology
    
    
    5
    
    
    $
    26,290
    
    
    $
    26,290
    
    
    $
    Patents and inventions
    
    
    6
    
    
    
    5,463,774
    
    
    
    1,037,673
    
    
    
    4,426,101Totals
    
    
    
    
    
    $
    5,490,064
    
    
    $
    1,063,963
    
    
    $
    4,426,101
 March 31, 2007Licensed technology
    
    
    5
    
    
    $
    26,290
    
    
    $
    26,290
    
    
    $
    Patents and inventions
    
    
    6
    
    
    
    712,900
    
    
    
    404,807
    
    
    
    308,093Totals
    
    
    
    
    
    $
    739,190
    
    
    $
    431,097
    
    
    $
    308,093
  Remainder of fiscal 2008
    
    $
    211,5642009
    
    
    846,1522010
    
    
    843,8692011
    
    
    840,8992012
    
    
    840,500Thereafter
    
    
    843,117$
    4,426,101
 6. Deferred Rent and Leasehold Improvements
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7. Comprehensive Loss
  Three Months Ended
    
    
    Nine Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Net loss
    
    $
    (900,368
    )
    
    $
    (563,257
    )
    
    $
    (3,125,695
    )
    
    $
    (3,963,386
    )Items of other
comprehensive income
(loss):Translation adjustment
    
    
    97,349
    
    
    
    77,297
    
    
    
    276,378
    
    
    
    155,394Pension related
    
    
    (771
    )
    
    
    (8,792
    )
    
    
    (12,435
    )
    
    
    (20,611
    )Comprehensive loss
    
    $
    (803,790
    )
    
    $
    (494,752
    )
    
    $
    (2,861,752
    )
    
    $
    (3,828,603
    )
 8. Net Loss per Common Share
  Number of
    
    Range of ExerciseOptions/Warrants
    
    PricesFor the nine months ended:December 31, 2007
    
    
    4,147,528
    
    
    $1.82 to $5.30December 31, 2006
    
    
    4,953,679
    
    
    $1.10 to $5.30
 9. Warrants
     10. Share-based Compensation
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Nine Months Ended
    
    
    Nine Months EndedDecember 31, 2007
    
    
    December 31, 2006Expected life in years
    
    
    4.08
    
    
    
    7.40Risk-free interest rate
    
    
    4.57
    %
    
    
    4.96
    %Expected volatility
    
    
    91.88
    %
    
    
    100.26
    %Expected dividend yield
    
    
    0
    
    
    
    0Weighted-average fair value
    
    $
    2.84
    
    
    $
    1.95
    Weighted Avg.Weighted
    
    
    Remaining
    
    
    AggregateNumber of
    
    
    Avg. Exercise
    
    
    Contractual
    
    
    IntrinsicShares
    
    
    Price
    
    
    Life (Years)
    
    
    ValueOptions outstanding at beginning of period
    
    
    2,169,866
    
    
    $
    3.62Options granted
    
    
    312,500
    
    
    
    4.23Options exercised
    
    
    (368,666
    )
    
    
    1.72Options surrendered
    
    
    (83,100
    )
    
    
    4.66Options outstanding at end of period
    
    
    2,030,600
    
    
    $
    4.01
    
    
    
    5.11
    
    
    $
    1,349,450Exercisable at end of period
    
    
    1,571,596
    
    
    $
    4.25
    
    
    
    5.04
    
    
    $
    852,732
 11. Savings and Retirement Plans
   Page 11




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Three Months Ended
    
    
    Nine Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Gross service cost
    
    $
    22,841
    
    
    $
    51,882
    
    
    $
    65,768
    
    
    $
    153,727Interest cost
    
    
    23,837
    
    
    
    31,355
    
    
    
    69,232
    
    
    
    92,710Expected return on assets
    
    
    (17,560
    )
    
    
    (18,017
    )
    
    
    (51,029
    )
    
    
    (53,224
    )Amortization
    
    
    1,646
    
    
    
    10,737
    
    
    
    4,856
    
    
    
    31,772Net periodic retirement cost
    
    $
    30,764
    
    
    $
    75,957
    
    
    $
    88,827
    
    
    $
    224,985
  NineMonths EndedDecember 31,2007
    
    2006Discount rate
    
    
    4.90-5.30
    %
    
    
    4.25-5.50
    %Expected return on assets
    
    
    4.90-5.00
    %
    
    
    4.00-5.00
    %Expected rate of increase in future
compensation:General
    
    
    3
    %
    
    
    3
    %Individual
    
    
    0%-3
    %
    
    
    0%-3
    %
  12. Foreign Currency Translation
   13. Income Tax Expense
  Page 12




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
     14. Geographic Information
 .
  Page 13




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United
    
    The
    
    UnitedStates
    
    Netherlands
    
    Kingdom
    
    Eliminations *
    
    ConsolidatedFiscal 2008Sales, three months
ended December 31,
2007
    
    $
    2,636,412
    
    
    $
    1,351,179
    
    
    $
    697,757
    
    
    $
    (956,034
    )
    
    $
    3,729,314Income tax expense,
three months ended
December 31, 2007
    
    
    1,000
    
    
    
    3,004
    
    
    
    
    
    
    
    
    
    
    
    4,004Net income (loss),
three months ended
December 31, 2007
    
    
    (755,496
    )
    
    
    4,001
    
    
    
    (80,637
    )
    
    
    (68,236
    )
    
    
    (900,368
    )Long-lived assets
At December 31, 2007
    
    
    5,185,339
    
    
    
    788,816
    
    
    
    4,947
    
    
    
    
    
    
    
    5,979,101Fiscal 2007Sales, three months
ended December 31,
2006
    
    $
    737,391
    
    
    $
    1,586,040
    
    
    $
    531,876
    
    
    $
    (697,034
    )
    
    $
    2,158,273Income tax expense,
three months ended
December 31, 2006
    
    
    
    
    
    
    44,802
    
    
    
    
    
    
    
    
    
    
    
    44,802Net income (loss),
three months ended
December 31, 2006
    
    
    (796,316
    )
    
    
    145,649
    
    
    
    128,873
    
    
    
    (41,463
    )
    
    
    (563,257
    )Long-lived assets
At December 31, 2006
    
    
    1,007,348
    
    
    
    749,890
    
    
    
    5,242
    
    
    
    
    
    
    
    1,762,480
  United
    
    The
    
    UnitedStates
    
    Netherlands
    
    Kingdom
    
    Eliminations *
    
    ConsolidatedFiscal 2008Sales, nine months ended
December 31, 2007
    
    $
    5,840,807
    
    
    $
    4,569,333
    
    
    $
    1,861,670
    
    
    $
    (2,554,279
    )
    
    $
    9,717,531Income tax expense,
nine months ended
December 31, 2007
    
    
    1,300
    
    
    
    140,644
    
    
    
    
    
    
    
    
    
    
    
    141,944Net income (loss), nine
months ended December
31, 2007
    
    
    (3,241,509
    )
    
    
    389,828
    
    
    
    (233,776
    )
    
    
    (40,238
    )
    
    
    (3,125,695
    )Fiscal 2007Sales, nine months ended
December 31, 2006
    
    $
    1,743,424
    
    
    $
    4,001,621
    
    
    $
    1,484,583
    
    
    $
    (1,546,375
    )
    
    $
    5,683,253Income tax expense,
nine months ended
December 31, 2006
    
    
    
    
    
    
    62,713
    
    
    
    
    
    
    
    
    
    
    
    62,713Net income (loss), nine
months ended December
31, 2006
    
    
    (4,151,691
    )
    
    
    254,859
    
    
    
    29,530
    
    
    
    (96,084
    )
    
    
    (3,963,386
    )
 
 *
    
    The information in the column entitled Eliminations represents intercompany transactions. Page 14




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15. Recently Issued Accounting Standards
   Page 15




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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
  Forward-looking Statements
     Overview
     Page 16




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Critical Accounting Policies
  Revenue Recognition
 Accounts Receivable
 Inventories
 Foreign Currency Translation/Transactions
 Impairment of Long-Lived Assets
 Page 17




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Share-Based Compensation. Share-Based Payment,
  Defined Benefit Pension Plans.
 Income Taxes.
   Results of Operations
 Three months ended December 31, 2007 compared to three months ended December 31, 2006
    Page 18




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
 Nine months ended December 31, 2007 compared to nine months ended December 31, 2006
         Page 20




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Three Months Ended
    
    
    Nine Months EndedDecember 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2007
    
    
    2006Gross ProfitGAAP gross profit
    
    $
    2,939,359
    
    
    $
    1,406,092
    
    
    $
    7,664,323
    
    
    $
    3,922,700% of sales
    
    
    79
    %
    
    
    65
    %
    
    
    79
    %
    
    
    69
    %SFAS 123 (R) stock option charges
    
    
    9,008
    
    
    
    
    
    
    
    18,695
    
    
    
    1,361Depreciation expenses
    
    
    13,277
    
    
    
    12,330
    
    
    
    41,882
    
    
    
    36,358Non-GAAP gross profit
    
    
    2,961,644
    
    
    
    1,418,422
    
    
    
    7,724,900
    
    
    
    3,960,419Operating ExpensesGAAP operating expenses
    
    
    3,868,656
    
    
    $
    2,459,060
    
    
    $
    10,787,959
    
    
    $
    8,040,105SFAS 123 (R) stock option charges
    
    
    187,438
    
    
    
    158,770
    
    
    
    848,394
    
    
    
    634,585Depreciation expenses
    
    
    43,842
    
    
    
    37,015
    
    
    
    122,001
    
    
    
    108,367Amortization expenses
    
    
    209,862
    
    
    
    25,210
    
    
    
    632,865
    
    
    
    78,323Non-GAAP operating expenses
    
    
    3,427,514
    
    
    
    2,238,065
    
    
    
    9,184,699
    
    
    
    7,218,830Operating LossGAAP operating loss
    
    
    (929,297
    )
    
    
    (1,052,968
    )
    
    
    (3,123,636
    )
    
    
    (4,117,405
    )SFAS 123 (R) stock option charges
    
    
    196,446
    
    
    
    158,770
    
    
    
    867,089
    
    
    
    635,946Depreciation expenses
    
    
    57,119
    
    
    
    49,345
    
    
    
    163,883
    
    
    
    144,725Amortization expenses
    
    
    209,862
    
    
    
    25,210
    
    
    
    632,865
    
    
    
    78,323Non-GAAP operating loss
    
    $
    (465,870
    )
    
    $
    (819,643
    )
    
    $
    (1,459,799
    )
    
    $
    (3,258,411
    )
 Liquidity and Capital Resources
 Cash Flows
   Sources of Liquidity
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
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Payments Due by PeriodRemainder
    
    
    Fiscal
    
    
    Fiscal
    
    
    Fiscalof Fiscal
    
    
    2009 and
    
    
    2011 and
    
    
    2013 andTotal
    
    
    2008
    
    
    2010
    
    
    2012
    
    
    thereafterMinimum royalty payments
    
    $
    153,000
    
    
    $
    13,500
    
    
    $
    108,000
    
    
    $
    31,500
    
    
    $
    Purchase order commitments
    
    
    433,058
    
    
    
    253,723
    
    
    
    179,335
    
    
    
    
    
    
    
    Notes payable, including interest
    
    
    594,449
    
    
    
    27,182
    
    
    
    171,839
    
    
    
    113,251
    
    
    
    282,177Operating lease commitments
    
    
    968,694
    
    
    
    51,473
    
    
    
    336,048
    
    
    
    284,557
    
    
    
    296,616Total contractual obligations
    
    $
    2,149,201
    
    
    $
    345,878
    
    
    $
    795,222
    
    
    $
    429,308
    
    
    $
    578,793
 
 ITEM 3. CONTROLS AND PROCEDURES.
 Evaluation of Disclosure Controls Procedures.
 Internal Control Matters
  Page 24




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PART II. OTHER INFORMATION
  
 ITEM 6. EXHIBITS.
    Page 25




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SIGNATURES
  UROPLASTY, INC.Date:  February 11, 2008
    By:
    /s/ DAVID B. KAYSENDavid B. KaysenPresident and Chief Executive OfficerDate:  February 11, 2008
    By:
    /s/ MAHEDI A. JIWANIMahedi A. JiwaniChief Financial Officer Page 26