Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY)

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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY) (USD $)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Deficit Accumulated During Development Stage [Member]
Total
Balance at Dec. 31, 2011 $ 0 $ 27,067 $ 3,913,700 $ (6,394,680) $ (2,453,913)
Balance (in shares) at Dec. 31, 2011 0 27,066,667      
Common stock issued in January 2012 to holders of convertible debentures ($0.62 per share) 0 594 367,686 0 368,280
Common stock issued in January 2012 to holders of convertible debentures ($0.62 per share) (in shares) 0 594,000      
Issuance of common stock in January and March 2012 ( $0.62 per share) net of transaction expenses 0 6,617 3,625,694 0 3,632,311
Issuance of common stock in January and March 2012 ( $0.62 per share) net of transaction expenses (in shares) 0 6,617,765      
Warrants issued in January 2012 to holders of convertible debentures 0 0 83,289 0 83,289
Warrants issued to placement agent in January 2012 0 0 6,126 0 6,126
Warrants reclassified to equity upon expiry of reset provisions 0 0 3,938,946 0 3,938,946
Stock based compensation 0 0 571,330 0 571,330
Net loss 0 0 0 (6,820,705) (6,820,705)
Balance at Sep. 30, 2012 $ 0 $ 34,278 $ 12,506,771 $ (13,215,385) $ (674,336)
Balance (in shares) at Sep. 30, 2012 0 34,278,432