Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets (Unaudited)

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Consolidated Balance Sheets (Unaudited) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current Assets:    
Cash and cash equivalents $ 5,877,781 $ 5,533,366
Prepaid expenses and other current assets 667,911 218,389
Total Current Assets 6,545,692 5,751,755
Property and equipment, net of accumulated depreciation 14,214 13,920
Total Assets 6,559,906 5,765,675
Current Liabilities:    
Accounts payable and accrued expenses 615,272 378,955
Accounts payable and accrued expenses - related party 189,537 81,185
Notes payable 94,481 157,825
Derivative liabilities 19,128,761 6,707,255
Total Current Liabilities 20,028,051 7,325,220
Commitments and contingencies      
Stockholders' Deficit:    
Preferred stock, $0.01 par value; 50,000,000 authorized 0 issued and outstanding      
Common stock, $0.01 par value; 200,000,000 shares authorized; 25,562,346 and 24,565,447 shares issued and outstanding, respectively 25,562 24,565
Additional paid-in capital 69,723,045 64,933,145
Deficit accumulated during the development stage (83,216,752) (66,517,255)
Total Stockholders' Deficit (13,468,145) (1,559,545)
Total Liabilities and Stockholders' Deficit $ 6,559,906 $ 5,765,675