Annual report pursuant to section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
ASSETS    
Cash $ 1,785,390 $ 41,123
Prepaid expenses and other 224,659 102,430
Total current assets 2,010,049 143,553
Furniture and equipment, net 46,894 25,550
Deferred financing costs, net 0 196,166
Restricted cash 60,267 60,177
Total assets 2,117,210 425,446
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)    
Accounts payable, including $6,809 and $27,483 to related parties as of December 31, 2012 and 2011, respectively 825,837 695,198
Accrued expenses 309,800 10,229
Accrued interest, including $3,155 and $5,006 to related parties as of December 31, 2012 and 2011, respectively 3,155 38,306
Liability to placement agent 0 31,543
Convertible debentures 0 150,000
Total current liabilities 1,138,792 925,276
Convertible debentures, including $265,000 to related parties 0 1,925,000
Deferred rent payable 19,710 29,083
Total liabilities 1,158,502 2,879,359
Commitments      
Stockholders' equity (deficiency):    
Preferred stock, $0.001 par value; 5,000,000 and -0- authorized as of December 31, 2012 and 2011, respectively; none issued or outstanding 0 0
Common stock, $0.001 par value; 150,000,000 and 75,000,000 authorized as of December 31, 2012 and 2011, respectively; 43,182,599 and 27,066,667 shares issued and outstanding as of December 31, 2012 and 2011, respectively 43,183 27,067
Additional paid in capital 16,759,805 3,913,700
Deficit accumulated during development stage (15,844,280) (6,394,680)
Total stockholders' equity (deficiency) 958,708 (2,453,913)
Total liabilities and stockholders' equity (deficiency) $ 2,117,210 $ 425,446