Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
Current Assets:    
Cash and cash equivalents $ 5,533,366 $ 5,618,669
Prepaid expenses and other current assets 218,389 167,143
Total Current Assets 5,751,755 5,785,812
Property and equipment, net of accumulated depreciation 13,920 3,010
Total Assets 5,765,675 5,788,822
Current Liabilities:    
Accounts payable and accrued expenses 378,955 897,044
Accounts payable and accrued expenses - related parties 81,185 31,185
Notes payable 157,825 140,000
Derivative liabilities 6,707,255 3,574,958
Total Current Liabilities 7,325,220 4,643,187
Total Liabilities 7,325,220 4,643,187
Commitments and contingencies      
Stockholders' Equity (Deficit):    
Preferred stock, $0.001 par value; 50,000,000 authorized, 0 shares issued and outstanding      
Common stock, $0.001 par value; 200,000,000 shares authorized; 24,565,447 and 21,391,665 shares issued and outstanding, respectively 24,565 21,392
Additional paid-in capital 64,933,145 56,867,706
Deficit accumulated during the development stage (66,517,255) (55,743,463)
Total Stockholders' Equity (Deficit) (1,559,545) 1,145,635
Total Liabilities and Stockholders' Equity (Deficit) $ 5,765,675 $ 5,788,822