Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2013
Dec. 31, 2012
ASSETS    
Cash and cash equivalents $ 7,862,479 $ 4,677,545
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 191,844 327,393
Deferred financing 0 70,539
Total current assets 8,109,323 5,130,477
RESTRICTED CASH 1,878,260 2,000,000
FIXED ASSETS, NET 2,621,593 2,645,003
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 27,222 27,222
TOTAL ASSETS 14,311,860 11,478,164
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued liabilities 862,989 716,990
Derivative liability 5,727,261 13,304
Capital lease obligations, current portion 2,439 2,397
Total current liabilities 6,592,689 732,691
LONG-TERM LIABILITIES:    
Notes payable 450,000 450,000
Deferred rent 137,599 135,404
Capital lease obligations, net of current portion 1,068 1,694
Total long-term liabilities 588,667 587,098
TOTAL LIABILITIES 7,181,356 1,319,789
CONTINGENCIES (Note 7)      
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of March 31, 2013 and December 31, 2012 0 0
Common stock, $0.00001 par value; 150,000,000 shares authorized; 57,397,997 and 46,397,997 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively 574 464
Additional paid-in capital 50,861,209 50,435,311
Deficit accumulated during the development stage (43,731,279) (40,277,400)
Total stockholders' equity 7,130,504 10,158,375
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 14,311,860 $ 11,478,164