Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current Assets:    
Cash and cash equivalents $ 5,650,328 $ 5,618,669
Prepaid expenses and other current assets 84,270 167,143
Total Current Assets 5,734,598 5,785,812
Property and equipment, net of accumulated depreciation    3,010
Total Assets 5,734,598 5,788,822
Current Liabilities:    
Accounts payable and accrued expenses 793,630 897,044
Accounts payable and accrued expenses - related party 31,185 31,185
Notes payable 36,950 140,000
Derivative liabilities 2,957,977 3,574,958
Total Current Liabilities 3,819,742 4,643,187
Total Liabilities 3,819,742 4,643,187
Commitments and contingencies      
Stockholders' Equity:    
Preferred stock, $0.01 par value; 10,000,000 authorized; none issued and outstanding      
Common stock, $0.01 par value; 100,000,000 shares authorized; 23,584,424 and 21,391,665 shares issued and outstanding, respectively 235,844 213,916
Additional paid in-capital 60,895,513 56,675,182
Deficit accumulated during the development stage (59,216,501) (55,743,463)
Total Stockholders' Equity 1,914,856 1,145,635
Total Liabilities and Stockholders' Equity $ 5,734,598 $ 5,788,822