Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2013
Dec. 31, 2012
ASSETS    
Cash and cash equivalents $ 5,110,493 $ 4,677,545
Restricted cash 55,000 55,000
Prepaid expenses and other current assets 329,352 327,393
Deferred financing costs 0 70,539
Total current assets 5,494,845 5,130,477
RESTRICTED CASH 0 2,000,000
FIXED ASSETS, NET 2,449,786 2,645,003
GOODWILL 1,675,462 1,675,462
OTHER ASSETS 27,222 27,222
TOTAL ASSETS 9,647,315 11,478,164
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued liabilities 1,157,313 716,990
Derivative liability 3,469,548 13,304
Capital lease obligations, current portion 2,309 2,397
Total current liabilities 4,629,170 732,691
LONG-TERM LIABILITIES:    
Notes payable 450,000 450,000
Deferred rent 141,854 135,404
Capital lease obligations, net of current portion 0 1,694
Total long-term liabilities 591,854 587,098
TOTAL LIABILITIES 5,221,024 1,319,789
COMMITMENTS AND CONTINGENCIES (Note 7 and Note 9)      
STOCKHOLDERS' EQUITY:    
Preferred stock, $0.00001 par value; 7,000 shares authorized; none issued and outstanding as of September 30, 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 September 30, 2013 and December 31, 2012, respectively 574 464
Additional paid-in capital 51,536,776 50,435,311
Deficit accumulated during the development stage (47,111,059) (40,277,400)
Total stockholders’ equity 4,426,291 10,158,375
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,647,315 $ 11,478,164