Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and cash equivalents $ 3,313,398 $ 673,739
Restricted cash 55,000 555,000
Prepaid expenses and other current assets 53,115 51,042
Deferred issuance costs 57,700  
Total current assets 3,479,213 1,279,781
FIXED ASSETS, NET 3,249,334 3,510,489
EXCESS PURCHASE PRICE OVER NET ASSETS ACQUIRED 1,675,462  
OTHER ASSETS 27,222 11,872
TOTAL ASSETS 8,431,231 4,802,142
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 365,793 392,881
Accrued interest   305,049
Derivative liability 81,540  
Notes payable, current portion   204,802
Capital lease obligations, current portion 2,159 2,085
Total current liabilities 449,492 904,817
LONG-TERM LIABILITIES:    
Convertible debt   2,720,985
Notes payable, net of current portion 450,000 920,941
Deferred rent 118,443 115,311
Capital lease obligations, net of current portion 5,228 6,326
Total long-term liabilities 573,671 3,763,563
COMMITMENTS AND CONTINGENCIES    
STOCKHOLDERS' EQUITY:    
Common stock, $0.00001 par value; 150,000,000 shares authorized; 26,826,157 and 12,820,102 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively 268 128
Additional paid-in capital 35,013,267 24,178,638
Deficit accumulated during the development stage (27,605,467) (24,045,004)
Total stockholders' equity 7,408,068 133,762
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,431,231 $ 4,802,142