Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 3,807,967 $ 2,418,384
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 212,343 294,687
Total current assets 4,075,310 2,768,071
FIXED ASSETS, NET 2,277,408 2,360,534
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 11,872 11,872
TOTAL ASSETS 8,040,052 6,815,939
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 992,347 1,162,098
Derivative liability 3,414,308 3,359,363
Capital lease obligations, current portion 1,068 1,694
Total current liabilities 4,407,723 4,523,155
LONG-TERM LIABILITIES:    
Convertible debt 3,765,028 0
Notes payable 450,000 450,000
Deferred rent 144,614 143,234
Total long-term liabilities 4,359,642 593,234
TOTAL LIABILITIES 8,767,365 5,116,389
COMMITMENTS AND CONTINGENCIES (Note 8)      
STOCKHOLDERS' EQUITY (DEFICIT):    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of March 31, 2014 and December 31, 2013 0 0
Common stock, $0.00001 par value; 150,000,000 shares authorized; 57,397,997 shares issued and outstanding at March 31, 2014 and December 31, 2013. 574 574
Additional paid-in capital 53,275,094 52,758,544
Deficit accumulated during the development stage (54,002,981) (51,059,568)
Total stockholders' equity (deficit) (727,313) 1,699,550
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 8,040,052 $ 6,815,939