UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                  SCHEDULE 13D
                    Under the Securities Exchange Act of 1934
                               (Amendment No. 7)*


                          Franklin Capital Corporation
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                                (Name of Issuer)


                          Common Stock, $1.00 par value
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                           (Title of Class Securities)


                                    35252P105
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                                 (CUSIP Number)


                        Lynne Silverstein (310) 752-1442
                Ault Glazer & Company Investment Management LLC,
             100 Wilshire Blvd, 15th Floor, Santa Monica, CA 90401
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           (Name, Address and Telephone Number of Person Authorized to
                       Receive Notices and Communications)


                                 August 5, 2004
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             (Date of Event Which Requires Filing of this Statement)


If the filing person has previously filed a statement on Schedule 13G to report
the acquisition that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. |_|

Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Section 240.13d-7 for other
parties to whom copies are to be sent.

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosure provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).


                               Page 1 of 12 pages



CUSIP No.  35252P105               SCHEDULE 13D
           ---------

    1.  Name of Reporting Persons.
        I.R.S. Identification Nos. of above persons (entities only).

        Ault Glazer & Company Investment Management LLC

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    2.  Check the Appropriate Box if a Member of a Group (See Instructions)

        (a) |_|

        (b) |X|
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    3.  SEC Use Only
                     -----------------------------------------------------------
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    4.  Source of Funds (See Instructions) OO
                                           -------------------------------------
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    5.  Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
        2(d) or 2(e)     |_|

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    6.  Citizenship or Place of Organization    Delaware
                                             -----------------------------------
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                 7.  Sole Voting Power    431,084
                                       -----------------------------------------
Number of        ---------------------------------------------------------------
Shares           8.  Shared Voting Power    0
Beneficially                             ---------------------------------------
Owned by Each    ---------------------------------------------------------------
Reporting        9.  Sole Dispositive Power    431,084
Person With:                                ------------------------------------
                 ---------------------------------------------------------------
                 10. Shared Dispositive Power    0
                                              ----------------------------------
--------------------------------------------------------------------------------

    11. Aggregate Amount Beneficially Owned by Each Reporting Person    431,084
                                                                     -----------

    12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
        Instructions)   |_|

    13. Percent of Class Represented by Amount in Row (11)    41.2%
                                                           ---------------------
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    14. Type of Reporting Person (See Instructions)

   IA
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                              Page 2 of 12 Pages



CUSIP No.  35252P105               SCHEDULE 13D
           ---------

    1.  Name of Reporting Persons.
        I.R.S. Identification Nos. of above persons (entities only).

        Milton C. Ault, III

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    2.  Check the Appropriate Box if a Member of a Group (See Instructions)

        (a) |_|

        (b) |X|
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    3.  SEC Use Only
                     -----------------------------------------------------------
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    4.  Source of Funds (See Instructions) OO
                                           -------------------------------------
--------------------------------------------------------------------------------

    5.  Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
        2(d) or 2(e)     |_|

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    6.  Citizenship or Place of Organization    USA
                                             -----------------------------------
--------------------------------------------------------------------------------

                 7.  Sole Voting Power    431,084
                                       -----------------------------------------
Number of        ---------------------------------------------------------------
Shares           8.  Shared Voting Power    0
Beneficially                             ---------------------------------------
Owned by Each    ---------------------------------------------------------------
Reporting        9.  Sole Dispositive Power   431,084
Person With:                                ------------------------------------
                 ---------------------------------------------------------------
                 10. Shared Dispositive Power    0
                                              ----------------------------------
--------------------------------------------------------------------------------

    11. Aggregate Amount Beneficially Owned by Each Reporting Person    431,084
                                                                     -----------

    12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
        Instructions)   |_|

    13. Percent of Class Represented by Amount in Row (11)    41.2%
                                                           ---------------------
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    14. Type of Reporting Person (See Instructions)

   IN/HC
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                              Page 3 of 12 Pages



CUSIP No.  35252P105               SCHEDULE 13D
           ---------

    1.  Name of Reporting Persons.
        I.R.S. Identification Nos. of above persons (entities only).

        Louis Glazer, M.D.

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    2.  Check the Appropriate Box if a Member of a Group (See Instructions)

        (a) |_|

        (b) |X|
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    3.  SEC Use Only
                     -----------------------------------------------------------
--------------------------------------------------------------------------------

    4.  Source of Funds (See Instructions)    OO
                                           -------------------------------------
--------------------------------------------------------------------------------

    5.  Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
        2(d) or 2(e)     |_|

--------------------------------------------------------------------------------

    6.  Citizenship or Place of Organization    USA
                                             -----------------------------------
--------------------------------------------------------------------------------

                 7.  Sole Voting Power    0
                                       -----------------------------------------
Number of        ---------------------------------------------------------------
Shares           8.  Shared Voting Power    431,084
Beneficially                             ---------------------------------------
Owned by Each    ---------------------------------------------------------------
Reporting        9.  Sole Dispositive Power    0
Person With:                                ------------------------------------
                 ---------------------------------------------------------------
                 10. Shared Dispositive Power    431,084
                                              ----------------------------------
--------------------------------------------------------------------------------

    11. Aggregate Amount Beneficially Owned by Each Reporting Person    431,084
                                                                     -----------

    12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
        Instructions)   |_|

    13. Percent of Class Represented by Amount in Row (11)    41.2%
                                                           ---------------------
--------------------------------------------------------------------------------

    14. Type of Reporting Person (See Instructions)

   IN
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                              Page 4 of 12 Pages



CUSIP No.  35252P105               SCHEDULE 13D
           ---------

    1.  Name of Reporting Persons.
        I.R.S. Identification Nos. of above persons (entities only).

        Melanie Glazer

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    2.  Check the Appropriate Box if a Member of a Group (See Instructions)

        (a) |_|

        (b) |X|
--------------------------------------------------------------------------------

    3.  SEC Use Only
                     -----------------------------------------------------------
--------------------------------------------------------------------------------

    4.  Source of Funds (See Instructions)    OO
                                           -------------------------------------
--------------------------------------------------------------------------------

    5.  Check if Disclosure of Legal Proceeding Is Required Pursuant to Items
        2(d) or 2(e)     |_|

--------------------------------------------------------------------------------

    6.  Citizenship or Place of Organization    USA
                                             -----------------------------------
--------------------------------------------------------------------------------

                 7.  Sole Voting Power    0
                                       -----------------------------------------
Number of        ---------------------------------------------------------------
Shares           8.  Shared Voting Power    431,084
Beneficially                             ---------------------------------------
Owned by Each    ---------------------------------------------------------------
Reporting        9.  Sole Dispositive Power    0
Person With:                                ------------------------------------
                 ---------------------------------------------------------------
                 10. Shared Dispositive Power    431,084
                                              ----------------------------------
--------------------------------------------------------------------------------

    11. Aggregate Amount Beneficially Owned by Each Reporting Person    431,084
                                                                     -----------

    12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
        Instructions)   |_|

    13. Percent of Class Represented by Amount in Row (11)    41.2%
                                                           ---------------------
--------------------------------------------------------------------------------

    14. Type of Reporting Person (See Instructions)

   IN
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                              Page 5 of 12 Pages





        Ault Glazer & Company Investment Management LLC, a Delaware limited
liability company ("Adviser"), Milton C. Ault, III ("Ault"), Louis Glazer and
Melanie Glazer (together, the "Glazers") pursuant to Rule 13d-2 of the
Securities Exchange Act of 1934, as amended, hereby file this Amendment No. 7 to
Schedule 13D (the "Statement") to amend the original Schedule 13D filed with the
Securities and Exchange Commission on May 18, 2004, as amended on May 18, 2004,
May 26, 2004, June 2, 2004, June 23, 2004 and July 23, 2004. Adviser, Ault and
the Glazers are collectively referred to herein as the "Reporting Persons".

Item 1.    Security and Issuer

This Statement relates to the Common Stock, $1.00 par value (the "Common
Stock"), issued by Franklin Capital Corporation ("FCC"), a Delaware corporation.
The principal executive offices of FCC are located at 450 Park Avenue, 29th
Floor, New York, New York 10022.

Item 2.    Identity and Background

The Reporting Persons are as follows:

Name: Ault Glazer & Company Investment Management LLC
Place of Organization: Delaware
Principal Business: Investment Adviser
Address: 100 Wilshire Blvd., 15th Floor, Santa Monica, CA 90401
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None

Name: Milton C. Ault, III
Address: 100 Wilshire Blvd., 15th Floor, Santa Monica, CA 90401
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Citizenship: United States

Name: Louis Glazer, M.D.
Address: 100 Wilshire Blvd., 15th Floor, Santa Monica, CA 90401
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Citizenship: United States

Name: Melanie Glazer
Address: 100 Wilshire Blvd., 15th Floor, Santa Monica, CA 90401
Criminal Proceedings: None
Applicable Civil, Judicial or Administrative Proceedings: None
Citizenship: United States

Ault is the controlling and managing member of Adviser. Adviser's beneficial
ownership of the Common Stock that is the subject of this Statement is direct as
a result of Adviser's discretionary authority to buy, sell and vote shares of
such Common Stock for its investment advisory clients. Ault's beneficial
ownership of the Common Stock that is the subject of this Statement is indirect
as a result of Ault's control of Adviser.

The Glazers are non-managing members of Adviser. The Glazers are being included
in this Statement due to the fact that, as a result of certain of the
transactions described in Item 4 of this Statement, they may be deemed to be
members, together with Adviser and Ault, of a group that beneficially owns all
of the Common Stock that is the subject of this Statement.

Item 3.    Source and amount of Funds or other Consideration

The aggregate amount of funds used by Adviser to purchase FCC shares of Common
Stock was approximately $2,297,662.89. Such amount was derived from advisory
client accounts.

                               Page 6 of 12 pages




Item 4.    Purpose of Transaction

On June 23, 2004, Adviser and FCC entered into a Letter of Understanding (the
"LOU") intended to confirm the mutual understanding and agreements of FCC and
Adviser with respect to the initial steps of a proposed restructuring and
recapitalization plan for FCC (the "Restructuring Plan") designed to maximize
the value of FCC for the benefit of stockholders. Pursuant to the terms of the
LOU and in connection with the Restructuring Plan, FCC has appointed Ault to
FCC's board of directors and has agreed, in part, to prepare and file such
preliminary and definitive proxy statements, and to take all other actions, as
are required to call a special meeting of its stockholders (the "Stockholders'
Meeting") for the purposes of approving certain actions, which are described in
more detail below, in connection with the Restructuring Plan.

On July 16, 2004, in connection with the Restructuring Plan, certain of
Adviser's investment advisory clients, and Stephen L. Brown, Spencer L. Brown
and Maggie L. Brown, entered into a Stock Purchase Agreement (the "Stock
Purchase Agreement") whereby, on July 20, 2004, Adviser's investment advisory
clients purchased an aggregate of 28,757 shares of FCC Common Stock at a price
of $4.32 per share.

(a) In connection with the LOU, Adviser and the Glazers have entered into
agreements (the "Stockholder's Agreements") with each of the following
stockholders of FCC: Stephen L. Brown, Jonathan A. Marshall, Copley Fund Inc., a
Florida corporation, and Edward Sheldon (each, a "Stockholder"). Pursuant to the
Stockholder's Agreements, each Stockholder agreed to: (i) vote, and to grant an
irrevocable proxy with respect to, all of the shares of FCC capital stock held
by such Stockholder in favor of the matters recommended by the FCC board of
directors at the Stockholders' Meeting; and (ii) sell all of such Stockholder's
shares of Series A Convertible Preferred Stock, par value $1.00, of FCC (the
"Series A Preferred Stock") to the Glazers prior to the Stockholders' Meeting
for a price per share of $100. The Glazers have also agreed, pursuant to the
Stockholder's Agreements, to offer to buy all of the remaining outstanding
shares of Series A Preferred Stock at the same price per share following the
Stockholders' Meeting. Following their purchases of the shares of Series A
Preferred Stock from the Stockholders, the Glazers will own a majority of the
outstanding shares of FCC's Preferred Stock, par value $1.00 per share, (the
"Preferred Stock"), and will be entitled, pursuant to the provisions of FCC's
certificate of incorporation, to elect 2 of the 5 members of FCC's board of
directors. In addition, subject to availability at prices deemed favorable, the
Reporting Persons may acquire additional shares of Common Stock of FCC from time
to time in the open market, in privately negotiated transactions or otherwise.
The Reporting Persons may also dispose of shares of Common Stock of FCC from
time to time in the open market, in privately negotiated transactions or
otherwise.

(b) None.

(c) At the Stockholders' Meeting, the stockholders of FCC will be asked, in
part, to approve the sale by FCC of all of the shares of capital stock of
Excelsior Radio Networks, Inc. beneficially owned by FCC.

(d) Pursuant to the terms of the LOU, the authorized number of directors
constituting FCC's board of directors has been increased from 4 directors to 5
directors, and Ault has been appointed to fill the vacancy created by the
increase in the authorized number of directors. At the Stockholders' Meeting,
the stockholders of FCC will be asked, in part, to: (i) approve the amendment
and restatement of FCC's certificate of incorporation in order to, among other
things, classify the FCC board of directors into 3 separate classes; and (ii)
elect a new slate of directors.

(e) At the Stockholders' Meeting, the stockholders of FCC will be asked, in
part, to approve the amendment and restatement of FCC's certificate of
incorporation in order to, among other things: (i) increase the authorized
number of shares of Common Stock from 5,000,000 shares to 50,000,000 shares; and
(ii) increase the authorized number of shares of Preferred Stock from 5,000,000
shares to 10,000,000 shares. The stockholders of FCC will also be asked, in
part, to approve the issuance by FCC of capital stock of FCC and warrants to
purchase capital stock of FCC upon terms that are (i) approved by a majority of
FCC's board of directors consistent with its fiduciary duties; (ii) consistent
with prevailing market conditions at the time of such issuance; and (iii)
consistent with the plan set forth in the LOU.


                               Page 7 of 12 pages




(f) None.

(g) Pursuant to the terms of the LOU, certain provisions of FCC's bylaws
concerning the indemnification of persons serving as directors and officers of
FCC have been amended by the FCC board of directors. In addition, at the
Stockholders' Meeting, the stockholders of FCC will be asked, in part, to
approve the amendment and restatement of FCC's certificate of incorporation in
order to, among other things: (i) increase the authorized number of shares of
Common Stock from 5,000,000 shares to 50,000,000 shares; (ii) increase the
authorized number of shares of Preferred Stock from 5,000,000 shares to
10,000,000 shares; (iii) provide for the exculpation of director liability to
the fullest extent permitted by law; and (iv) provide for the classification of
FCC's board of directors into three classes.

(h) None.

(i) None.

(j) None.

Although the foregoing represents the range of activities presently contemplated
by the Reporting Persons with respect to FCC and the Common Stock, it should be
noted that the possible activities of the Reporting Persons are subject to
change at any time.

The preceding descriptions of the LOU and the Stockholder's Agreements are
qualified in their entireties by reference to the LOU and the Stockholder's
Agreements, which were previously filed as exhibits to Amendment No. 5 to this
Schedule 13D, filed with the SEC on June 30, 2004, and are hereby incorporated
by reference. The preceding description of the Stock Purchase Agreement is
qualified in its entirety by reference to the Stock Purchase Agreement which was
previously filed as an exhibit to Amendment No. 6 to this Schedule 13D, filed
with the SEC on July 23, 2004.

Except as set forth above, the Reporting Persons have no present plans or
intentions that relate to or that would result in any of the transactions
described in clauses (a) through (j) of Item 4 of Schedule 13D.

Item 5.    Interest in Securities of the Issuer

(a) As of August 5, 2004, the Reporting Persons directly or indirectly
beneficially owned 431,084 shares, or 41.2%, of the Common Stock. The percentage
of Common Stock owned, as reported in this Statement, is based on 1,046,350
shares of Common Stock outstanding as of July 30, 2004, as reported by FCC in
its preliminary proxy statement on Schedule 14A filed with the SEC on July 30,
2004.

        (1)     Adviser owned 431,084 shares (41.2%)

        (2)     Ault owned 431,084 shares (41.2%)

        (3)     Louis Glazer owned 431,084 shares (41.2%)

        (4)     Melanie Glazer owned 431,084 shares (41.2%)

(b) The responses of the Reporting Persons to Items 7 through 11 of the portions
of the cover page of this Schedule 13D which relate to beneficial ownership of
shares of the Common Stock are incorporated herein by reference.


                               Page 8 of 12 pages




(c) Below is a list of transactions in FCC Common Stock since July 23, 2004, the
Reporting Person's most recent filing on Schedule 13D.


--------------------------------------------------------------------------------
          Party           Date    Amount Bought   Price    Where & How Effected
                                     (Sold)     per Share
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04       1,500      $4.9836       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9869       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9869       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04       2,000      $4.9832       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9869       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9869       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9869       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04       1,000      $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04       1,000      $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04       1,000      $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04       1,000      $4.9844       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04       1,000      $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/2/04        500       $4.9819       Open Market
--------------------------------------------------------------------------------
         Adviser         8/3/04       1,100      $7.8409       Open Market
--------------------------------------------------------------------------------
         Adviser         8/3/04      25,000      $9.0064       Open Market
--------------------------------------------------------------------------------
         Adviser         8/4/04        200       $7.9400       Open Market
--------------------------------------------------------------------------------
         Adviser         8/5/04       2,200      $8.9755       Open Market
--------------------------------------------------------------------------------

(d) Not Applicable.

(e) Not Applicable.

Item 6.    Contracts, Arrangements, Understandings or Relationships with Respect
           to Securities of the Issuer

Stock Purchase Agreement

See Item 4 of this Statement for a description of the Stock Purchase Agreement.

Stockholder's Agreements

See Item 4 of this Statement for a description of the Stockholder's Agreements.

Letter of Understanding

See Item 4 of this Statement for a description of the LOU.


                               Page 9 of 12 pages




Item 7.    Material to Be Filed as Exhibits

Exhibit A:  Joint Filing Agreement Pursuant to Rule 13d-1


                               Page 10 of 12 pages




                                    SIGNATURE

        After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Statement is true, complete and
correct.

Date:  August 6, 2004

                                 /s/ Milton C. Ault, III
                                 -----------------------------------------------
                                  Milton C. Ault, III, Managing Member




                                 Milton C. Ault, III

                                 /s/ Milton C. Ault, III
                                 -----------------------------------------------



                                 Louis Glazer, M.D.

                                 /s/ Louis Glazer, M.D.
                                 -----------------------------------------------




                                 Melanie Glazer

                                 /s/ Melanie Glazer
                                 -----------------------------------------------



                               Page 11 of 12 pages




                                    EXHIBIT A
                                    ---------

                  Joint Filing Agreement Pursuant to Rule 13d-1
                  ---------------------------------------------

This agreement is made pursuant to Rule 13d-1(k)(1) under the Securities and
Exchange Act of 1934 (the "Act") by and among the parties listed below, each
referred to herein as a "Joint Filer". The Joint Filers agree that a statement
of beneficial ownership as required by Sections 13(g) or 13(d) of the Act and
the Rules thereunder may be filed on each of their behalf on Schedule 13G or
Schedule 13D, as appropriate, and that said joint filing may thereafter be
amended by further joint filings. The Joint Filers state that they each satisfy
the requirements for making a joint filing under Rule 13d-1.

Dated:  August 6, 2004

                                 Ault Glazer & Company Investment
                                 Management LLC

                                 /s/ Milton C. Ault, III
                                 -----------------------------------------------
                                  Milton C. Ault, III, Managing Member




                                 Milton C. Ault, III

                                 /s/ Milton C. Ault, III
                                 -----------------------------------------------



                                 Louis Glazer, M.D.

                                 /s/ Louis Glazer, M.D.
                                 -----------------------------------------------




                                 Melanie Glazer

                                 /s/ Melanie Glazer
                                 -----------------------------------------------



                               Page 12 of 12 pages