Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2012
Dec. 31, 2011
ASSETS    
Cash $ 35,653 $ 41,123
Prepaid expenses and other 43,076 102,430
Total current assets 78,729 143,553
Furniture and equipment, net 51,031 25,550
Deferred financing costs, net 0 196,166
Restricted cash 60,244 60,177
Total assets 190,004 425,446
LIABILITIES AND STOCKHOLDERS' (DEFICIENCY)    
Accounts payable, including $20,778 and $27,483 to related parties as of September 30, 2012 and December 31, 2011, respectively 697,383 695,198
Accrued expenses 136,303 10,229
Accrued interest, including $3,111 and $5,006 to related parties as of September 30, 2012 and December 31, 2011, respectively 3,111 38,306
Liability to placement agent 0 31,543
Convertible debentures 0 150,000
Total current liabilities 836,797 925,276
Convertible debentures, including $265,000 to related parties 0 1,925,000
Deferred rent payable 27,543 29,083
Total liabilities 864,340 2,879,359
Commitments      
Stockholders' (deficiency):    
Preferred stock, $0.001 par value; 5,000,000 and -0- authorized as of September 30, 2012 and December 31, 2011, respectively; none issued or outstanding 0 0
Common stock, $0.001 par value; 150,000,000 and 75,000,000 authorized as of September 30, 2012 and December 31, 2011, respectively; 34,278,432 and 27,066,667 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively 34,278 27,067
Additional paid in capital 12,506,771 3,913,700
Deficit accumulated during development stage (13,215,385) (6,394,680)
Total stockholders' (deficiency) (674,336) (2,453,913)
Total liabilities and stockholders' (deficiency) $ 190,004 $ 425,446