Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 7,146,400 $ 5,505,960
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 138,990 254,967
Total current assets 7,340,390 5,815,927
FIXED ASSETS, NET 2,807,628 3,044,565
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 27,222 27,222
TOTAL ASSETS 11,850,702 10,563,176
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued liabilities 607,872 478,041
Derivative liability 25,530 23,305
Capital lease obligations, current portion 2,315 2,235
Total current liabilities 635,717 503,581
LONG-TERM LIABILITIES:    
Notes payable, net of current portion 450,000 450,000
Deferred rent 130,355 124,381
Capital lease obligations, net of current portion 2,913 4,091
Total long-term liabilities 583,268 578,472
TOTAL LIABILITIES 1,218,985 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 June 30, 2012 and December 31, 2011 0 0
Common stock, $0.00001 par value; 150,000,000 shares authorized; 43,186,000 and 36,907,824 shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively 431 369
Additional paid-in capital 46,699,426 40,961,180
Deficit accumulated during the development stage (36,068,140) (31,480,426)
Total stockholders' equity 10,631,717 9,481,123
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,850,702 $ 10,563,176