Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and cash equivalents $ 5,505,960 $ 673,739
Restricted cash 55,000 555,000
Prepaid expenses and other current assets 254,967 51,042
Total current assets 5,815,927 1,279,781
FIXED ASSETS, NET 3,044,565 3,510,489
GOODWILL 1,675,462  
OTHER ASSETS 27,222 11,872
TOTAL ASSETS 10,563,176 4,802,142
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 478,041 392,881
Accrued interest   305,049
Derivative liability 23,305  
Notes payable, current portion   204,802
Capital lease obligations, current portion 2,235 2,085
Total current liabilities 503,581 904,817
LONG-TERM LIABILITIES:    
Convertible debt   2,720,985
Notes payable, net of current portion 450,000 920,941
Deferred rent 124,381 115,311
Capital lease obligations, net of current portion 4,091 6,326
Total long-term liabilities 578,472 3,763,563
COMMITMENTS AND CONTINGENCIES (Notes 13 and 14)      
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of December 31, 2011 and 2010      
Common stock, $0.00001 par value; 150,000,000 shares authorized; 36,907,824 and 12,820,102 shares issued and outstanding at December 31, 2011 and 2010, respectively 369 128
Additional paid-in capital 40,961,180 24,178,638
Deficit accumulated during the development stage (31,480,426) (24,045,004)
Total stockholders' equity 9,481,123 133,762
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,563,176 $ 4,802,142