Annual report pursuant to section 13 and 15(d)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY)

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIENCY) (USD $)
Common Stock [Member]
Additional Paid-in Capital [Member]
Deficit Accumulated During Development Stage [Member]
Total
Balance at May. 31, 2007 $ 0 $ 0 $ 0 $ 0
Shares issued for services 66 9,684 0 9,750
Shares issued for services (in shares) 65,446      
Shares issued to founders for intellectual property 589 87,161 0 87,750
Shares issued to founders for intellectual property (in shares) 589,014      
Compensation related to restricted share awards 0 24,187 0 24,187
Net loss 0 0 (537,001) (537,001)
Balance at Dec. 31, 2007 655 121,032 (537,001) (415,314)
Balance (in shares) at Dec. 31, 2007 654,460      
Compensation related to restricted share awards 0 72,563 0 72,563
Net loss 0 0 (202,262) (202,262)
Balance at Dec. 31, 2008 655 193,595 (739,263) (545,013)
Balance (in shares) at Dec. 31, 2008 654,460      
Vesting and issuance of restricted shares to directors, employees and consultants 31 4,649 0 4,680
Vesting and issuance of restricted shares to directors, employees and consultants (in shares) 31,414      
Conversion of senior convertible notes into capital stock in June 2009 ($0.03 per share) 7,200 192,800 0 200,000
Conversion of senior convertible notes into capital stock in June 2009 ($0.03 per share) (in shares) 7,200,000      
Capital contribution in June 2009 0 23,725 0 23,725
Net loss 0 0 (220,834) (220,834)
Balance at Dec. 31, 2009 7,886 414,769 (960,097) (537,442)
Balance (in shares) at Dec. 31, 2009 7,885,875      
Vesting and issuance of restricted shares to directors, employees and consultants 588 139,294 0 139,882
Vesting and issuance of restricted shares to directors, employees and consultants (in shares) 587,705      
Shares issued to founders for intellectual property 1,309 294,191 0 295,500
Shares issued to founders for intellectual property (in shares) 1,308,921      
Conversion of demand notes into capital stock in July 2010 ($0.23 per share) 2,095 477,905 0 480,000
Conversion of demand notes into capital stock in July 2010 ($0.23 per share) (in shares) 2,094,547      
Conversion of accrued interest on demand notes into capital stock in July 2010 ($0.23 per share) 301 68,777 0 69,078
Conversion of accrued interest on demand notes into capital stock in July 2010 ($0.23 per share) (in shares) 301,430      
Issuance of capital stock in August to December 2010 ($0.23 per share) 5,856 1,336,145 0 1,342,001
Issuance of capital stock in August to December 2010 ($0.23 per share) (in shares) 5,856,005      
Net loss 0 0 (1,964,470) (1,964,470)
Balance at Dec. 31, 2010 18,035 2,731,081 (2,924,567) (175,451)
Balance (in shares) at Dec. 31, 2010 18,034,483      
Vesting and issuance of capital stock in January to September 2011 ($0.23 per share) 2,670 609,330 0 612,000
Vesting and issuance of capital stock in January to September 2011 ($0.23 per share) (in shares) 2,670,548      
Vesting and issuance of restricted shares to directors, employees and consultants 1,962 433,689 0 435,651
Vesting and issuance of restricted shares to directors, employees and consultants (in shares) 1,961,636      
Common stock issued in connection with the share exchange transaction in October 2011 4,000 (4,000) 0 0
Common stock issued in connection with the share exchange transaction in October 2011 (in shares) 4,000,000      
Shares issued for services 400 143,600 0 144,000
Shares issued for services (in shares) 400,000      
Net loss 0 0 (3,470,113) (3,470,113)
Balance at Dec. 31, 2011 $ 27,067 $ 3,913,700 $ (6,394,680) $ (2,453,913)
Balance (in shares) at Dec. 31, 2011 27,066,667