Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Current Assets:    
Cash and cash equivalents $ 3,990,063 $ 5,618,669
Prepaid expenses and other current assets 53,000 167,143
Total Current Assets 4,043,063 5,785,812
Property and equipment, net of accumulated depreciation 6,918 3,010
Total Assets 4,049,981 5,788,822
Current Liabilities:    
Accounts payable and accrued expenses 312,001 897,044
Accounts payable and accrued expenses - related party 375,686 31,185
Note payable    140,000
Derivative liabilities 2,757,966 3,574,958
Total Current Liabilities 3,445,653 4,643,187
Total Liabilities 3,445,653 4,643,187
Commitments and contingencies      
Stockholders' Equity:    
Preferred stock, $0.001 par value; 10,000,000 authorized 0 shares issued and outstanding      
Common stock, $0.001 par value; 100,000,000 shares authorized; 23,656,582 and 21,391,665 shares issued and outstanding, respectively 236,565 213,916
Additional paid in capital 61,005,177 56,675,182
Deficit accumulated during the development stage (60,637,414) (55,743,463)
Total Stockholders' Equity 604,328 1,145,635
Total Liabilities and Stockholders' Equity $ 4,049,981 $ 5,788,822