Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and cash equivalents $ 1,590,755 $ 673,739
Restricted cash 55,000 555,000
Prepaid expenses and other current assets 303,633 51,042
Deferred issuance costs 159,300  
Total current assets 2,108,688 1,279,781
FIXED ASSETS, NET 3,183,603 3,510,489
EXCESS PURCHASE PRICE OVER NET ASSETS ACQUIRED 1,675,462  
OTHER ASSETS 27,222 11,872
TOTAL ASSETS 6,994,975 4,802,142
CURRENT LIABILITIES:    
Accounts payable and accrued liabilities 441,653 392,881
Accrued interest   305,049
Derivative liability 77,967  
Notes payable, current portion   204,802
Capital lease obligations, current portion 2,197 2,085
Total current liabilities 521,817 904,817
LONG-TERM LIABILITIES:    
Convertible debt   2,720,985
Notes payable, net of current portion 450,000 920,941
Deferred rent 121,394 115,311
Capital lease obligations, net of current portion 4,665 6,326
Total long-term liabilities 576,059 3,763,563
COMMITMENTS AND CONTINGENCIES (Note 11 and 12)    
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and none outstanding as of September 30, 2011 and December 31, 2010    
Common stock, $0.00001 par value; 150,000,000 shares authorized; 26,826,157 and 12,820,102 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively 268 128
Additional paid-in capital 35,411,337 24,178,638
Deficit accumulated during the development stage (29,514,506) (24,045,004)
Total stockholders' equity 5,897,099 133,762
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 6,994,975 $ 4,802,142