Quarterly report pursuant to sections 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 $ 423,739 $ 1,785,390
Prepaid expenses and other 67,691 224,659
Total current assets 491,430 2,010,049
Furniture and equipment, net 42,756 46,894
Restricted cash 60,289 60,267
Total assets 594,475 2,117,210
LIABILITIES AND STOCKHOLDERS' (DEFICIENCY) EQUITY    
Accounts payable, including $26,757 and $6,809 to related parties as of March 31, 2013 and December 31, 2012, respectively 870,096 825,837
Accrued expenses 346,692 309,800
Accrued interest, related party 0 3,155
Total current liabilities 1,216,788 1,138,792
Deferred rent payable 17,424 19,710
Total liabilities 1,234,212 1,158,502
Stockholders' (deficiency) equity:    
Preferred stock, $0.001 par value; 5,000,000 authorized; none issued or outstanding 0 0
Common stock, $0.001 par value; 150,000,000 authorized; 2,159,130 shares issued and outstanding as of March 31, 2013 and December 31, 2012 2,159 2,159
Additional paid in capital 17,203,587 16,800,829
Deficit accumulated during development stage (17,845,483) (15,844,280)
Total stockholders' (deficiency) equity (639,737) 958,708
Total liabilities and stockholders' (deficiency) equity $ 594,475 $ 2,117,210