Document:

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                                                                    EXHIBIT 10.3

                                 FORM OF WARRANT
          [NOTE: 4 SEPARATE WARRANTS AT 4 EXERCISE PRICES TO BE ISSUED]

This Warrant (this "WARRANT") HAS NOT been Registered UNDER The securities ACT
OF 1933, AS amended (The "ACT"), OR ANY STATE securities LAW. Neither this
warrant NOR any WARRANT Shares issuable upon exercise hereof NOR ANY interest OR
Participation herein or therein may BE SOLD, Assigned, MORTGAGED, Pledged,
hypothecated, ENCUMBERED OR Otherwise Transferred EXCEPT IN Compliance WITH THE
ACT AND Applicable STATE Securities LAWS.

                 SUB SURFACE WASTE MANAGEMENT OF DELAWARE, INC.

                                     WARRANT

                       Original Issue Date: ________, 2004

          This Warrant is issued in connection with and pursuant to that certain
Common Stock Purchase Agreement (the "PURCHASE AGREEMENT") dated as of _______,
2004 [DATE OF PURCHASE AGREEMENT], by and between SUB SURFACE WASTE MANAGEMENT
OF DELAWARE, INC., a Delaware corporation (the "Company") and FUSION CAPITAL
FUND II, LLC (the "Buyer").

         FOR VALUE RECEIVED, the Buyer, the registered holder hereof, or its
permitted assigns (the "Holder"), is entitled to purchase from the Company,
during the period specified in this Warrant, 500,000 fully paid and
non-assessable shares (subject to adjustment as hereinafter provided) of Common
Stock (the "WARRANT SHARES"), of the Company at the purchase price per share
provided in Section 1.2 of this Warrant (the "WARRANT EXERCISE PRICE"), all
subject to the terms and conditions set forth in this Warrant. All terms not
otherwise defined herein shall have the meaning ascribed to them in the Purchase
Agreement.

SECTION 1.        PERIOD FOR EXERCISE AND EXERCISE PRICE.

         1.1 PERIOD FOR EXERCISE. The right to purchase shares of Warrant Shares
represented by this Warrant shall be immediately exercisable, and shall expire
at 5:00 p.m., Chicago local time, _______, 2009 [5 YRS FROM DATE OF PURCHASE
AGREEMENT] (the "EXPIRATION DATE"). From and after the Expiration Date this
Warrant shall be null and void and of no further force or effect whatsoever.

         1.2 WARRANT EXERCISE PRICE. The Warrant Exercise Price per share of
Warrant Shares shall be [$.50] [$1.00] [$1.50] [$2.00] per share (subject to
adjustment as hereinafter provided).

SECTION 2.        EXERCISE OF WARRANT.

         2.1 MANNER OF EXERCISE. The Holder may exercise this Warrant, in whole
or in part, immediately, but not after the Expiration Date, during normal
business hours on any Trading Day by surrendering this Warrant to the Company at
the principal office of the Company, accompanied by a Warrant Exercise Form in
substantially the form annexed hereto duly executed by the Buyer and by payment
of the Warrant Exercise Price for the number of shares of Warrant Shares for
which this Warrant is then exercisable, either (i) in immediately available
funds, (ii) by delivery of an instrument evidencing indebtedness owing by the
Company to the Holder in the appropriate amount, (iii) by authorizing the
Company to retain shares of Common Stock which would otherwise be issuable upon
exercise of this Warrant in accordance with Section 2.4 hereof (provided,
however, that as long as there is no Event of Default, the Holder may not
exercise pursuant to this Section 2.1(iii): (x) until on or after October 15,
2004, or (y) at any time that the Warrant Shares are registered and available
for immediate sale pursuant to a registration statement that has been declared
effective by the staff of the Securities and Exchange Commission and is
effective at such time of sale,) or (iv) in a combination of (i), (ii) or (iii)
above, provided, however, that in no event shall the Holder be entitled to
exercise this Warrant for a number of Warrant Shares in excess of that number of
Warrant Shares which, upon giving effect to such exercise, would cause the
aggregate number of shares of Common Stock beneficially owned by the Holder to
exceed 9.9% of the outstanding shares of the Common Stock following such
exercise. For purposes of the foregoing proviso, the aggregate number of shares
of Common Stock beneficially owned by the Holder shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to
which determination of such proviso is being made, but shall exclude the shares
of Common Stock which would be issuable upon (i) exercise of the remaining,
unexercised Warrants beneficially owned by the Holder and (ii) exercise or
conversion of the unexercised or unconverted portion of any other securities of
the Company beneficially owned by the Holder subject to a limitation on
conversion or exercise analogous to the limitation contained herein. Except as
set forth in the preceding sentence, for purposes of this paragraph, beneficial
ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended. The Holder may waive the foregoing limitation
by written notice to the Company upon not less than 61 days prior written notice
(with such waiver taking effect only upon the expiration of such 61 day notice
period). In the event that prior to the Expiration Date the Closing Sale Price
of the Common Stock is above 200% of the Warrant Exercise Price for twenty (20)
consecutive Trading Days ("Measurement Period"), than the Company may deliver
written notice to the Holder, not later than three (3) days after the last
Trading Day of the Measurement Period, requiring the Holder to exercise the
unexercised portion of this Warrant in full ("Exercise Demand Notice"). An
Exercise Demand Notice shall not be valid unless delivered within such 3 day
period and a new Exercise Demand Notice may not be sent unless the Closing Sale
Price is greater then 200% of the Warrant Exercise Price for twenty (20)
consecutive Trading Days. Upon receipt of the Exercise Demand Notice, the Holder
shall within twenty (20) Trading Days exercise the unexercised portion of this
Warrant in accordance with this Section 2.1. In the event that the Warrant is
not exercised by delivery of the Warrant and Warrant Exercise Form within such
20 Trading Day period, the Warrant shall expire.

         2.2 WHEN EXERCISE EFFECTIVE. Each exercise of this Warrant shall be
deemed to have been effected on the day on which all requirements of Section 2.1
shall have been met with respect to such exercise. At such time the person in
whose name any certificate for shares of Warrant Shares shall be issuable upon
such exercise shall be deemed for all corporate purposes to have become the
Holder of record of such shares, regardless of the actual delivery of
certificates evidencing such shares.

         2.3 DELIVERY OF STOCK CERTIFICATES. As soon as practicable after each
exercise of this Warrant, and in any event no later than 3 days after such
exercise, the Company at its expense will issue Warrant Shares via credit to the
Buyer's account with DTC for the number of Warrant Shares to which such Buyer is
entitled upon such Buyer's submission of the applicable Warrant Exercise Form
or, if the Transfer Agent is not participating in The DTC Fast Automated
Securities Transfer Program and DWAC system, issue and surrender to the address
as specified in the Warrant Exercise Form, a certificate, registered in the name
of the Buyer or its designee, for the number of shares of Common Stock to which
the Buyer shall be entitled to upon such exercise.

         2.4 CASHLESS EXERCISE. The Holder may, by providing notice thereof to
the Company along with the Warrant Exercise Form, elect to exercise the Warrant
for a number of Warrant Shares determined in accordance with the following
formula:

                  X = Y(A-B)
                           A

                  Where:

                  X = The number of Warrant Shares to be issued to the Holder.
                  Y = The number of Warrant Shares purchasable under this
                      Warrant (at the date of such exercise).
                  A = The fair market value of one share of Common Stock (or
                  other security for which the Warrant is then exercisable at
                  the date of such exercise). B = Exercise Price (as adjusted to
                  the date of such exercise).

For purposes of this Section 2.4, the "fair market value" per share shall be the
closing sale price of the Common Stock for the one Trading Day immediately prior
to the notice of exercise of the Warrant.

         SECTION 3. ADJUSTMENT OF PURCHASE PRICE AND NUMBER OF SHARES. The
Warrant Exercise Price and the kind of securities issuable upon exercise of the
Warrant shall be adjusted from time to time as follows:

         3.1 SUBDIVISION OR COMBINATION OF SHARES (STOCK SPLITS). If the Company
at any time effects a subdivision or combination of the outstanding Common Stock
(through a stock split or otherwise), the number of shares of Warrant Shares
shall be increased, in the case of a subdivision, or the number of shares of
Warrant Shares shall be decreased, in the case of a combination, in the same
proportions as the Common Stock is subdivided or combined, in each case
effective automatically upon, and simultaneously with, the effectiveness of the
subdivision or combination which gives rise to the adjustment.

         3.2 STOCK DIVIDENDS. If the Company at any time pays a dividend, or
makes any other distribution, to holders of Common Stock payable in shares of
Common Stock, or fixes a record date for the determination of holders of Common
Stock entitled to receive a dividend or other distribution payable in shares of
Common Stock, then the number of shares of Warrant Shares in effect immediately
prior to such action shall be proportionately increased so that the Holder
hereof may receive upon exercise of the Warrant the aggregate number of shares
of Common Stock which he or it would have owned immediately following such
action if the Warrant had been exercised immediately prior to such action. The
adjustment shall become effective immediately as of the date the Company shall
take a record of the holders of its Common Stock for the purpose of receiving
such dividend or distribution (or if no such record is taken, as of the
effectiveness of such dividend or distribution).

         3.3 RECLASSIFICATION, CONSOLIDATION OR MERGER. If at any time, as a
result of:

         (a) a capital reorganization or reclassification (other than a
subdivision, combination or dividend provided for elsewhere in this Section 3),
or

         (b) a merger or consolidation of the Company with another corporation
(whether or not the Company is the surviving corporation),

the Common Stock issuable upon exercise of the Warrants shall be changed into or
exchanged for the same or a different number of shares of any class or classes
of stock of the Company or any other corporation, or other securities
convertible into such shares, then, as a part of such reorganization,
reclassification, merger or consolidation, appropriate adjustments shall be made
in the terms of the Warrants (or of any securities into which the Warrants are
exercised or for which the Warrants are exchanged), so that:

         (y) the Holders of Warrants or of such substitute securities shall
thereafter be entitled to receive, upon exercise of the Warrants or of such
substitute securities, the kind and amount of shares of stock, other securities,
money and property which such Holders would have received at the time of such
capital reorganization, reclassification, merger, or consolidation, if such
Holders had exercised their Warrants immediately prior to such capital
reorganization, reclassification, merger, or consolidation, and

         (z) the Warrants or such substitute securities shall thereafter be
adjusted on terms as nearly equivalent as may be practicable to the adjustments
theretofore provided in this Section 3.3.

No consolidation or merger in which the Company is not the surviving corporation
shall be consummated unless the surviving corporation shall agree, in writing,
to the provisions of this Section 3.3. The provisions of this Section 3.3 shall
similarly apply to successive capital reorganizations, reclassifications,
mergers and consolidations.

         3.4 OTHER ACTION AFFECTING COMMON STOCK. If at any time the Company
takes any action affecting its Common Stock, other than an action described in
any of Sections 3.1 - 3.3 which, in the opinion of the Board of Directors of the
Company (the "BOARD"), would have an adverse effect upon the exercise rights of
the Warrants, the Warrant Exercise Price or the kind of securities issuable upon
exercise of the Warrants, or both, shall be adjusted in such manner and at such
time as the Board may in good faith determine to be equitable in the
circumstances; provided, however, that the purpose of this Section is to prevent
the Company from taking any action which has the effect of diluting the number
of shares of Warrant Shares issuable upon exercise of this Warrant.

         3.5 NOTICE OF ADJUSTMENT EVENTS. Whenever the Company contemplates the
occurrence of an event which would give rise to adjustments under this Section
3, the Company shall mail to each Warrant Holder, at least 20 days prior to the
record date with respect to such event or, if no record date shall be
established, at least 20 days prior to such event, a notice specifying (i) the
nature of the contemplated event, and (ii) the date on which any such record is
to be taken for the purpose of such event, and (iii) the date on which such
event is expected to become effective, and (iv) the time, if any is to be fixed,
when the holders of record of Common Stock (or other securities) shall be
entitled to exchange their shares of Common Stock (or other securities) for
securities or other property deliverable in connection with such event.

         3.6 NOTICE OF ADJUSTMENTS. Whenever the kind or number of securities
issuable upon exercise of the Warrants, or both, shall be adjusted pursuant to
Section 3, the Company shall deliver a certificate signed by its Chief Executive
Officer and by its Chief Financial Officer, setting forth, in reasonable detail,
the event requiring the adjustment, the amount of the adjustment, the method by
which such adjustment was calculated (including a description of the basis on
which the Board made any determination hereunder), and the Warrant Exercise
Price and the kind of securities issuable upon exercise of the Warrants after
giving effect to such adjustment, and shall cause copies of such certificate to
be mailed (by first class mail postage prepaid) to each Warrant Holder promptly
after each adjustment.

         SECTION 4. RESERVATION OF STOCK, ETC. The Company covenants and agrees
that it will at all times have authorized, reserve and keep available, solely
for issuance and delivery upon the exercise of this Warrant, the number of
shares of Warrant Shares from time to time issuable upon the exercise of this
Warrant. The Company further covenants and agrees that this Warrant is, and any
Warrants issued in substitution for or replacement of this Warrant and all
Warrant Shares, will upon issuance be duly authorized and validly issued and, in
the case of Warrant Shares, upon issuance will be fully paid and non-assessable
and free from all preemptive rights of any stockholder, and from all taxes,
liens and charges with respect to the issue thereof (other than transfer taxes)
and, if the Common Stock of the Company is then listed on any national
securities exchanges (as defined in the Exchange Act of 1934, as amended (the
"EXCHANGE ACT")) or quoted on NASDAQ, shall be, subject to the restrictions set
forth in Section 5, duly listed or quoted thereon, as the case may be. In the
event that the number of authorized but unissued shares of such Common Stock
shall not be sufficient to effect the exercise of this entire Warrant into
Warrant Shares, then in addition to such other remedies as shall be available to
the Holder of this Warrant, the Company shall promptly take such corporate
action as may be necessary to increase its authorized but unissued shares of
such Common Stock to such number of shares as shall be sufficient for such
purpose.

SECTION 5.        OWNERSHIP, TRANSFER AND SUBSTITUTION OF WARRANTS.

         5.1 OWNERSHIP OF WARRANTS. The Company may treat the person in whose
name any Warrant is registered on the register kept at the principal office of
the Company as the owner and Holder thereof for all purposes, notwithstanding
any notice to the contrary, but in all events recognizing any transfers made in
accordance with the terms of this Warrant.

         5.2      TRANSFER AND EXCHANGE OF WARRANTS.  Upon the surrender of any
Warrant, properly endorsed, for registration of transfer or for exchange at the
principal office of the Company, the Company at its expense will execute and
deliver to the Holder thereof, upon the order of such Holder, a new Warrant or
Warrants of like tenor, in the name of such Holder or as such Holder may direct,
for such number of shares with respect to each such Warrant, the aggregate
number of shares in any event not to exceed the number of shares for which the
Warrant so surrendered had not been exercised.

         5.3 REGISTRATION RIGHTS. THE HOLDER OF THIS WARRANT IS ENTITLED TO
CERTAIN REGISTRATION RIGHTS WITH RESPECT TO THE WARRANT SHARES ISSUABLE UPON
EXERCISE THEREOF. SAID REGISTRATION RIGHTS ARE SET FORTH IN A REGISTRATION
RIGHTS AGREEMENT BY AND BETWEEN THE BUYER AND THE COMPANY. if the registration
statement contemplated in the registration rights agreement is not effective at
the time of any issuance and the shares are not exempt from registration under
Rule 144, the Warrant Shares shall be issued in certificated form and shall bear
the following restrictive legend:

         THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE
         SECURITIES LAWS. THE SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT AND
         MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE
         ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER
         THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
         LAWS, OR AN OPINION OF HOLDER'S COUNSEL, IN A CUSTOMARY FORM, THAT
         REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR APPLICABLE STATE
         SECURITIES LAWS OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SAID ACT.

         5.4 EXEMPTION FROM REGISTRATION. If an opinion of Buyer's counsel
provides that registration is not required for the proposed exercise or transfer
of this Warrant or the proposed transfer of the Warrant Shares and that the
proposed exercise or transfer in the absence of registration would require the
Company to take any action including executing and filing forms or other
documents with the Securities and Exchange Commission (the "SEC") or any state
securities agency, or delivering to the Holder any form or document in order to
establish the right of the Holder to effectuate the proposed exercise or
transfer, the Company agrees promptly, at its expense, to take any such action;
and provided, further, that the Company will reimburse the Holder in full for
any expenses (including but not limited to the fees and disbursements of such
counsel, but excluding brokers' commissions) incurred by the Holder or owner of
Warrant Shares on his, her or its behalf in connection with such exercise or
transfer of the Warrant or transfer of Warrant Shares.
SECTION 6. NO RIGHTS OR LIABILITIES AS SHAREHOLDER. Nothing contained in this
Warrant shall be construed as conferring upon the Holder hereof any rights as a
shareholder of the Company or as imposing any liabilities on such holder to
purchase any securities or as a shareholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company.

SECTION 7. RULE 144 SALES. At the request of any Holder who proposes to sell
securities in compliance with Rule 144 of the SEC, the Company will (i)
forthwith furnish to such Holder a written statement of compliance with the
filing requirements of the SEC as set forth in Rule 144, as such rules may be
amended from time to time and (ii) make available to the public and such Holder
such information as will enable the Holder to make sales pursuant to Rule 144.

SECTION 8.        MISCELLANEOUS.

         8.1 AMENDMENT AND WAIVER. This Warrant may be amended with, and only
with, the written consent of the Company and the Holder. Any waiver of any term,
covenant, agreement or condition contained in this Warrant shall not be deemed a
waiver of any other term, covenant, agreement or condition, and any waiver of
any default in any such term, covenant, agreement or condition shall not be
deemed a waiver of any later default thereof or of any default of any other
term, covenant, agreement or condition.

         8.2 REPRESENTATIONS AND WARRANTIES TO SURVIVE CLOSING. All
representations, warranties and covenants contained herein shall survive the
execution and delivery of this Warrant and the issuance of any Warrant Shares
upon the exercise hereof.

         8.3 SEVERABILITY. In the event that any court or any governmental
authority or agency declares all or any part of any Section of this Warrant to
be unlawful or invalid, such unlawfulness or invalidity shall not serve to
invalidate any other Section of this Warrant, and in the event that only a
portion of any Section is so declared to be unlawful or invalid, such
unlawfulness or invalidity shall not serve to invalidate the balance of such
Section.

         8.4 BINDING EFFECT; NO THIRD PARTY BENEFICIARIES. All provisions of
this Warrant shall be binding upon and inure to the benefit of the parties and
their respective heirs, legatees, executors, administrators, legal
representatives, successors, and permitted transferees and assigns. No person
other than the holder of this Warrant and the Company shall have any legal or
equitable right, remedy or claim under or in respect of, this Warrant.

         8.5 NOTICES. Any notices, consents, waivers or other communications
required or permitted to be given under the terms of this Warrant must be in
writing and will be deemed to have been delivered: (i) upon receipt, when
delivered personally; (ii) upon receipt, when sent by facsimile (provided
confirmation of transmission is mechanically or electronically generated and
kept on file by the sending party); or (iii) one Trading Day after deposit with
a nationally recognized overnight delivery service, in each case properly
addressed to the party to receive the same. The addresses and facsimile numbers
for such communications shall be:

         If to the Company:
                  Sub Surface Waste Management of Delaware, Inc.
                  6451 El Camino Real, Suite C
                  Carlsbad, CA 92009
                  Telephone:        760-918-1860
                  Facsimile:        760-918-1855
                  Attention:        Chief Executive Officer

         With a copy to:
                  RICHARDSON & PATEL, LLP
                  10900 WILSHIRE BLVD. STE 500
                  LOS ANGLES, CA  90024
                  Telephone:        (310) 208-1182
                  Facsimile:        (310) 208-1154
                  Attention:        NIMISH PATEL (npatel@richardsonpatel.com)

         If to the Buyer:
                  Fusion Capital Fund II, LLC
                  222 Merchandise Mart Plaza, Suite 9-112
                  Chicago, IL 60654
                  Telephone:        312-644-6644
                  Facsimile:        312-644-6244
                  Attention:        Steven G. Martin

         If to the Transfer Agent:
                  FIDELITY TRANSFER COMPANY
                  1800 S. WEST TEMPLE, SUITE 301
                  SALT LAKE CITY, UT 84115
                  Telephone:        (801) 484-7222
                  Facsimile:        (801) 466-4122
                  Attention:        KEVIN KOPANUIK

or at such other address and/or facsimile number and/or to the attention of such
other person as the recipient party has specified by written notice given to
each other party three (3) Trading Days prior to the effectiveness of such
change. Written confirmation of receipt (A) given by the recipient of such
notice, consent, waiver or other communication, (B) mechanically or
electronically generated by the sender's facsimile machine containing the time,
date, and recipient facsimile number or (C) provided by a nationally recognized
overnight delivery service, shall be rebuttable evidence of personal service,
receipt by facsimile or receipt from a nationally recognized overnight delivery
service in accordance with clause (i), (ii) or (iii) above, respectively.

         8.6 TAXES, COSTS AND EXPENSES. The Company covenants and agrees that it
will pay when due and payable any and all federal, state and local taxes (other
than income taxes) and any other costs and expenses which may be payable in
respect of the preparation, issuance, delivery, exercise, surrender or transfer
of this Warrant pursuant to the terms of this Warrant or the issuance of any
shares of Warrant Shares as a result thereof. If any suit or action is
instituted or attorneys employed to enforce this Warrant or any part thereof,
the Company promises and agrees to pay all costs and expenses associated
therewith, including reasonable attorneys' fees and court costs.

         8.7 GOVERNING LAW; JURISDICTION; JURY TRIAL. The corporate laws of the
State of Delaware shall govern all issues concerning the relative rights of the
Company and its shareholders. All other questions concerning the construction,
validity, enforcement and interpretation of this Warrant shall be governed by
the internal laws of the State of Illinois, without giving effect to any choice
of law or conflict of law provision or rule (whether of the State of Illinois or
any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of Illinois. Each party hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in
the City of Chicago, for the adjudication of any dispute hereunder or under the
other Transaction Documents or in connection herewith or therewith, or with any
transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim
that it is not personally subject to the jurisdiction of any such court, that
such suit, action or proceeding is brought in an inconvenient forum or that the
venue of such suit, action or proceeding is improper. Each party hereby
irrevocably waives personal service of process and consents to process being
served in any such suit, action or proceeding by mailing a copy thereof to such
party at the address for such notices to it under this Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY
WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT
OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

         8.8 LOSS OF WARRANT. Upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this
Warrant, and (in the case of loss, theft or destruction) of indemnification in
form and substance acceptable to the Company in its reasonable discretion, and
upon surrender and cancellation of this Warrant, if mutilated, the Company shall
execute and deliver a new Warrant of like tenor and date.

         8.9 ENTIRE AGREEMENT. This Warrant, the Purchase Agreement and the
Registration Rights Agreement of even date herewith represent the entire
agreement and understanding between the parties concerning the subject matter
hereof and supercede all prior and contemporaneous agreements, understandings,
representations and warranties with respect thereto.

         8.10 HEADINGS. The headings used herein are used for convenience only
and are not to be considered in construing or interpreting this Warrant.

                                  COMPANY:

                                  SUB SURFACE WASTE MANAGEMENT OF DELAWARE, INC.

                                  BY:
                                  NAME:BRUCE BEATTIE
                                  TITLE: CHIEF EXECUTIVE OFFICER

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                              WARRANT EXERCISE FORM

                                                       Date:______________, 200_

SUB SURFACE WASTE MANAGEMENT OF DELAWARE, INC.
_____________
_____________
Attention:  ________________

Ladies and Gentlemen: The undersigned, being the registered holder of your
Warrant for the purchase of _______________ Warrant Shares issued ____________,
2004 accompanying this letter, hereby irrevocably exercises such Warrant for
____________ shares of Warrant Shares (as defined in said Warrant), and herewith
makes payment therefor [via "cash-less exercise"] in accordance with the
Warrant, and requests that such shares of Warrant Shares be issued in the name
of, and delivered to FUSION CAPITAL FUND II, LLC, at the address shown below the
signature line hereof.

If said number of shares shall not be all the shares issuable upon exercise of
the attached Warrant, a new Warrant is to be issued in the name of the
undersigned for the balance remaining of such shares less any fraction of a
share paid in cash.

FUSION CAPITAL FUND II, LLC
BY: FUSION CAPITAL PARTNERS, LLC

By:_________________________
Name:
Title:
Fusion Capital Fund II, LLC
222 Merchandise Mart Plaza, Suite 9-112
Chicago, IL 60654EXHIBIT 10.49

                            FIRST AMENDMENT OF LEASE

     AMENDMENT made and entered as of the ______ day of ______________, 2003, by
and between TOWER PLACE, L.P., a Georgia limited  partnership,  having an office
at 3348 Peachtree Road,  N.E.,  Atlanta,  Georgia  ("Landlord") and RMS TITANIC,
INC., a Florida  corporation,  having an office at 3340  Peachtree  Road,  N.E.,
Atlanta, Georgia ("Tenant").

                                     RECITAL

     Landlord and Tenant  entered into a lease  agreement  dated as of March 27,
     2000 (the "Lease"),  covering certain premises (the "Premises")  originally
     located on the 12th floor of the Tower (the  "Building")  at 3340 Peachtree
     Road, N.E.,  Atlanta,  Georgia,  which Premises are more fully described in
     the Lease.

     Landlord and Tenant desire to amend the Lease to provide for the relocation
     of Tenant to larger premises and to extend the term.

     For and in  consideration  of the sum of ten dollars  ($10.00)  and for the
     mutual promises contained herein, the parties agree as follows:

                                       1.
         The Lease is hereby amended so that effective as of the October 1, 2003
(the "Substitution Date"), the Premises shall, for all purposes under the Lease,
be deemed to be that space located in Suite 2250, on the 22nd floor of the
Building, containing an agreed area of 4,706 rentable square feet (the
"Substitute Premises"), as more fully described on Exhibit "A" which is attached
hereto and incorporated herein by reference, so that the Premises shall consist
solely of the Substitute Premises.

                                       2.
         Tenant shall occupy the Substitute Premises upon all of the terms,
covenants, conditions and provisions of the Lease, as amended by this Amendment.

                                       3.
         Tenant agrees to accept the Substitute Premises "AS IS" on the
Substitution Date and Landlord shall have no obligation to furnish, render or
supply any work, labor, services, materials, furniture, fixtures, equipment,
decorations or other items to make the Substitute Premises ready or suitable for

<PAGE>

Tenant's occupancy. Notwithstanding the foregoing, Landlord shall, at Landlord's
expense, steam clean the existing carpet in the Substitute Premises, cap the
existing doorway in order to demise the Substitute Premises in accordance with
Exhibit "A", and paint the surrounding wall to match.

                                       4.
         Tenant agrees to vacate and surrender the current space occupied by
Tenant on the 12th floor of the Building by the Substitution Date, as if the
Lease, relating to such space was terminated. Thereafter, all references to the
Premises shall mean the Substitute Premises.

                                       5.
         The Lease is further amended so that the Expiration Date [as defined in
Section 1.1(m) of the Lease] shall be extended to March 31, 2009. 6.
         The Lease is further amended so that as of the Substitution Date, Base
Rental [as defined in Section 1.1(g) of the Lease] shall become $110,591.00 per
annum, payable in equal monthly installments of $9,215.92. Base Rental shall be
subject to adjustment on each anniversary of the Substitution Date, which shall
be fixed at 2.5% above the annual Base Rental in effect immediately prior to
each such annual adjustment.

                                       7.
         Tenant shall have the right to utilize, at no additional cost to
Tenant, the Substitute Premise from September 14 through September 30, 2003.

                                       8.

     Landlord agrees to waive and forgive the first six (6) monthly installments
of Base Rental following the Substitution Date.

                                       9.
         Effective as of the Substitution Date, the Lease is further amended so
that the Base Year [as defined in Section 1.1(j) of the Lease] shall be changed
from "2000" to "2003".

                                       10.
         Effective as of the Substitution Date, the Lease is further amended so
that Tenant's Share [as defined in Section 1.1(k) of the Lease] shall be changed
from "0.45%" to "0.77%".

<PAGE>

                                       11.
         Special  Stipulation  No. 3 of this Lease is hereby  amended by
changing "10%" to "5%" relating to Tenant's  Share of increases in  controllable
Operating Expenses.

                                       12.
         Tenant represents to Landlord that Tenant has utilized the services of
NAI Brannen Goddard to represent its interests in the procurement of this First
Amendment. Landlord represents to Tenant that Landlord has utilized the services
of CB Richard Ellis to represent its interests in the procurement of this First
Amendment. Landlord agrees to compensate both of the aforementioned brokers in
accordance with a separate commission agreement. Landlord and Tenant each
indemnify the other from the claims of any other agents or brokers in connection
with this transaction.

                                       13.
         Except as modified by this Amendment, the Lease shall remain in full
force and effect in accordance with its terms.

         IN WITNESS WHEREOF, the parties have caused this Second Amendment of
Lease to be executed as of the day and year first above written.

                                              LANDLORD:

                                              TOWER PLACE, L.P.,
                                              a Georgia limited partnership
                                              By: Regent Peachtree Holdings, LLC
                                              a general partner

Attest:                              By:
       -------------------------        ----------------------------------------
           Terry L. Woolard                David B. Allman
           Secretary                       President

                                     TENANT:

                                     RMS TITANIC, INC.
                                     a Florida corporation

Attest:                              By:
        ------------------------        ----------------------------------------
Name:                                Name:
      --------------------------        ----------------------------------------
Its:                                 Its:
     ---------------------------        ----------------------------------------

         [CORPORATE SEAL]

tower1/rmstitanic/firstamendment

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