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Financials

v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2013
Dec. 31, 2012
Current Assets:    
Cash and cash equivalents $ 630,860 $ 1,304,088
Prepaid expenses & other 40,176 77,310
Total Current Assets 671,036 1,381,398
Property and equipment, net 173,293 176,889
Intangible assets, net 53,770 55,247
Total Assets 898,099 1,613,534
Current Liabilities:    
Accounts payable 194,994 137,779
Accrued expenses 85,274 97,728
Total Current Liabilities 280,268 235,507
Stockholders' Equity:    
Preferred stock Series A; $0.001 par value, 3,500,000 designated 2,126,574 shares issued and outstanding at March 31, 2013 and at December 31, 2012, respectively (preference in liquidation of $1,809,114 at March 31, 2013) 2,127 2,127
Common stock - Class A - $0.001 par value, 200,000,000 shares authorized, 24,360,013 and 24,330,013 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively 24,361 24,331
Additional paid-in capital 18,514,046 18,242,109
Deficit accumulated in the development stage (17,922,703) (16,890,540)
Total Stockholders' Equity 617,831 1,378,027
Total Liabilities and Stockholders' Equity $ 898,099 $ 1,613,534
v2.4.0.6
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 118 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Operating Expenses:      
General and administrative $ 767,599 $ 641,919 $ 11,677,976
Research and development 291,199 295,295 6,358,262
Total Operating Expenses 1,058,798 937,214 18,036,238
Loss from Operations (1,058,798) (937,214) (18,036,238)
Other Income (Expense):      
Interest income 167 187 5,263
Other income 70,525    70,525
Gain on debt restructuing       1,358,127
Loss on disposition of fixed assets       (72,695)
Gain on settlement of accounts payable    124,000 258,031
Interest expense       (316,326)
Total Other Income (Expense), net 70,692 124,187 1,302,925
Loss Before Provision for Income Taxes (988,106) (813,027) (16,733,313)
Provision for Income Taxes         
Net Loss (988,106) (813,027) (16,733,313)
Preferred Stock Dividend (44,057) (40,313) (1,189,390)
Net Loss Attributable to Common Stockholders $ (1,032,163) $ (853,340) $ (17,922,703)
Net loss per common share - Basic and Diluted $ (0.04) $ (0.04) $ (1.82)
Weighted Average Shares Used in per Share Calculation - Basic and Diluted 24,345,461 22,336,894 9,833,159
v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended 118 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (988,106) $ (813,027) $ (16,733,313)
Adjustments to reconcile net loss to net cash used by operating activities      
Depreciation and amortization 6,102 7,551 262,090
Non-cash fair value of common stock issued for consulting 25,150    159,138
Share-based compensation related to employee stock options 134,525 100,023 2,819,472
Amortization of debt discount       19,292
Non-cash fair value of stock options issued to non-employees for consulting 112,292 110,500 1,487,044
Non-cash fair value of warrants issued to non-employees       134,420
Expenses paid by issuance of preferred stock/ common stock       247,650
Loss on fixed asset dispositions       72,695
Gain on debt and accounts payable settlement    (124,000) (1,616,158)
Loss on early extinguishment of debt       61,419
(Increase) decrease in:      
Accounts receivable       50,000
Prepaid expenses and other 37,134 18,128 (40,176)
Increase (decrease) in:      
Accounts payable 57,215 (113,622) 707,244
Accrued expenses (56,511) (32,774) 536,999
Net Cash Used by Operating Activities (672,199) (847,221) (11,832,184)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Cash paid for intangible assets       (161,609)
Net cash received in acquisition       69
Cash paid for purchase of property and equipment (1,029) (31,282) (414,001)
Net Cash Used by Investing Activities (1,029) (31,282) (575,541)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of notes - stockholder       1,400,000
Proceeds from issuance of short-term convertible notes       608,165
Advances from stockholders       679,500
Proceeds from sale of common stock, net       8,430,920
Proceeds from sale of preferred stock, net       1,920,000
Net Cash Provided by Financing Activities       13,038,585
Net Increase (Decrease) in Cash and Cash Equivalents (673,228) (878,503) 630,860
Cash and Cash Equivalents, Beginning of Period 1,304,088 3,265,141   
Cash and Cash Equivalents, End of Period 630,860 2,386,638 630,860
Supplemental Cash Flow Disclosures:      
Interest expense paid in cash        
Income tax paid        
Supplemental Non-Cash Disclosure:      
Conversion of preferred stock to common stock       288
Notes payable - stockholder - settled in common stock       2,135,000
Accrued interest - stockholder - settled in common stock       188,569
Preferred Stock Dividend (44,057) (40,313) (1,189,390)
Advances from stockholders settled in common stock       679,500
Accounts payable settled in common stock       471,472
Accounts payable settled in common stock options       30,500
Accrued expenses settled in common stock options       3,000
Decrease in accounts payable related to fixed asset disposition       133,314
Decrease in accounts payable related to settlement       1,616,158
Decrease in accrued expenses related to settlement       3,000
Increase in accounts receivable related to common stock issuance       50,000
Warrants issued with convertible notes payable       $ 7,474