Annual report pursuant to section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
ASSETS    
Cash $ 41,123 $ 65,359
Prepaid expenses 102,430 23,313
Total current assets 143,553 88,672
Furniture and equipment, net 25,550 32,086
Deferred financing costs, net 196,166 0
Restricted cash 60,177 60,087
Security deposit 0 3,156
Assets, Total 425,446 184,001
LIABILITIES AND STOCKHOLDERS' DEFICIENCY    
Accounts payable 695,198 317,745
Accrued expenses 10,229 22,533
Accrued interest, including $5,006 to related parties 38,306 0
Liability to placement agent 31,543 0
Convertible Debentures 150,000 0
Total current liabilities 925,276 340,278
Convertible Debentures, including $265,000 to related parties 1,925,000 0
Deferred rent payable 29,083 19,174
Total liabilities 2,879,359 359,452
Commitments (Note 6)    
Stockholders' deficiency:    
Common stock, $0.001 par value; 75,000,000 shares authorized, 27,066,667 and 18,034,483 shares issued and outstanding as of December 31, 2011 and 2010, respectively 27,067 18,035
Additional paid in capital 3,913,700 2,731,081
Deficit accumulated during development stage (6,394,680) (2,924,567)
Total stockholders' deficiency (2,453,913) (175,451)
Liabilities and Equity, Total $ 425,446 $ 184,001