Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 4,677,545 $ 5,505,960
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 327,393 254,967
Deferred financing 70,539 0
Total current assets 5,130,477 5,815,927
RESTRICTED CASH 2,000,000 0
FIXED ASSETS, NET 2,645,003 3,044,565
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 27,222 27,222
TOTAL ASSETS 11,478,164 10,563,176
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued liabilities 716,990 478,041
Derivative liability 13,304 23,305
Capital lease obligations, current portion 2,397 2,235
Total current liabilities 732,691 503,581
LONG-TERM LIABILITIES:    
Notes payable 450,000 450,000
Deferred rent 135,404 124,381
Capital lease obligations, net of current portion 1,694 4,091
Total long-term liabilities 587,098 578,472
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, 2012 and 2011 0 0
Common stock, $0.00001 par value; 150,000,000 shares authorized; 46,397,997 and 36,907,824 shares issued and outstanding at December 31, 2012 and 2011, respectively 464 369
Additional paid-in capital 50,435,311 40,961,180
Deficit accumulated during the development stage (40,277,400) (31,480,426)
Total stockholders' equity 10,158,375 9,481,123
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,478,164 $ 10,563,176