Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash and cash equivalents $ 3,787,576 $ 5,505,960
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 183,300 254,967
Total current assets 4,025,876 5,815,927
FIXED ASSETS, NET 2,919,943 3,044,565
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 27,222 27,222
TOTAL ASSETS 8,648,503 10,563,176
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 471,629 478,041
Derivative liability 32,397 23,305
Capital lease obligations, current portion 2,275 2,235
Total current liabilities 506,301 503,581
LONG-TERM LIABILITIES:    
Notes payable, net of current portion 450,000 450,000
Deferred rent 127,368 124,381
Capital lease obligations, net of current portion 3,507 4,091
Total long-term liabilities 580,875 578,472
TOTAL LIABILITIES 1,087,176 1,082,053
COMMITMENTS AND CONTINGENCIES (Note 8)      
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of March 31, 2012 and December 31, 2011      
Common stock, $0.00001 par value; 150,000,000 shares authorized; 36,962,264 and 36,907,824 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively 369 369
Additional paid-in capital 41,398,287 40,961,180
Deficit accumulated during the development stage (33,837,329) (31,480,426)
Total stockholders' equity 7,561,327 9,481,123
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,648,503 $ 10,563,176