Nanoscience Tech, Inc - Condensed Statements of Operations...

Nanoscience Tech, Inc - Recent Material Event

Item 1.	Financial Statements

	Condensed Balance Sheets - December 31, 2007 (Unaudited) and September 30, 2007

	Condensed Statements of Operations (Unaudited) - three months ended December 31, 2007 and 2006 and the period from inception on September 14, 1987 through December 31, 2007

	Condensed Statements of Cash Flows (Unaudited) - three months ended December 31, 2007 and 2006 and the period from inception on September 14, 1987 through December 31, 2007

	Notes to Condensed Financial Statements

Item 2.	Management's Discussion and Analysis and Results of Operations

Item 3A(T).	Controls and Procedures

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.	Defaults Upon Senior Securities

Item 4.	Submission of Matters to a Vote of Securities Holders

Item 5.	Other Information

Item 6.	Exhibits and Reports on Form 8-K

	Signatures

	DECEMBER 31,			SEPTEMBER 30,
	2007			2007
	(unaudited)
Current assets
Cash	$	--		$	--
Prepaid Expenses		4,000			--

Total current assets		4,000			--

Total Assets	$	4,000		$	--

LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities
Accounts payable and accrued liabilities	$	782,714		$	777,874
Accrued interest		299,912			262,123
Notes payable - related parties		24,250			22,750
Convertible debentures - current portion		15,250			--
Total current liabilities		1,122,126			1,062,747

Warrant liability					3,137
Convertible debentures, net		1,302,547			1,148,231
Total Liabilities		2,425,547			2,214,115

Stockholders' deficit
Common stock; $0.001 par value; authorized 100,000,000 shares, 19,176,755 shares issued and 12,005,755 outstanding as at December 31, 2007		12,006			11,887
Additional paid-in capital		2,926,242			2,916,234
Deficit accumulated during the development stage		(5,359,795	)		(5,142,236	)
Total stockholders' deficit		(2,421,547	)		(2,214,115	)

Total liabilities and stockholders' deficit	$	4,000		$	--

							From Inception of the
							Development Stage on
	For the Three Months Ended						September 14, 1987
	December 31,			December 31,			Through December 31,


REVENUES	$	--		$	--		$	--

OPERATING EXPENSES
General and administrative		15,989			9,278			2,234,184
Research and development		--			--			1,293,038
Licensing fees		--			--			96,248
TOTAL OPERATING EXPENSES		15,989			9,278			3,623,470

LOSS FROM OPERATIONS		(15,989	)		(9,278	)		(3,623,470	)

OTHER INCOME (EXPENSES)
Other income		2,263			29,195			88,642
Interest expense		(203,832	)		(186,571	)		(1,824,963	)
TOTAL OTHER INCOME (EXPENSES)		(201,569	)		(157,376	)		(1,736,321	)

NET LOSS	$	(217,558	)	$	(166,654	)	$	(5,359,791	)

BASIC AND DILUTED LOSS PER COMMON SHARE	$	(0.02	)	$	(0.02	)

BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING		12,005,755			11,101,946