Annual report pursuant to section 13 and 15(d)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY)

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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY) (USD $)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit During Development Stage [Member]
Total
Balance at Jun. 07, 2007 $ 0 $ 0 $ 0 $ 0 $ 0
Balance (in shares) at Jun. 07, 2007 0 0      
Shares issued to founders for intellectual property 0 589 87,161 0 87,750
Shares issued to founders for intellectual property (in shares) 0 589,014      
Common Stock Issued 0 66 9,684 0 9,750
Common Stock Issued (in shares) 0 65,446      
Stock based compensation 0 0 24,187 0 24,187
Net loss 0 0 0 (537,001) (537,001)
Balance at Dec. 31, 2007 0 655 121,032 (537,001) (415,314)
Balance (in shares) at Dec. 31, 2007 0 654,460      
Stock based compensation 0 0 72,563 0 72,563
Net loss 0 0 0 (202,262) (202,262)
Balance at Dec. 31, 2008 0 655 193,595 (739,263) (545,013)
Balance (in shares) at Dec. 31, 2008 0 654,460      
Conversion of senior convertible notes into Preferred stock in June 2009 ($0.13 per share) 0 7,200 192,800 0 200,000
Conversion of senior convertible notes into Preferred stock in June 2009 ($0.13 per share) (in shares) 0 7,200,000      
Capital contribution in June 2009 0 0 23,725 0 23,725
Shares issued to directors 0 31 4,649 0 4,680
Shares issued to directors (in shares) 0 31,414      
Net loss 0 0 0 (220,834) (220,834)
Balance at Dec. 31, 2009 0 7,886 414,769 (960,097) (537,442)
Balance (in shares) at Dec. 31, 2009 0 7,885,875      
Conversion of demand notes into capital stock in July 2010 ($0.23 per share) 0 2,095 477,905 0 480,000
Conversion of demand notes into capital stock in July 2010 ($0.23 per share) (in share) 0 2,094,547      
Conversion of accrued interest on demand notes into capital stock in July 2010 ($0.23 per share) 0 301 68,777 0 69,078
Conversion of accrued interest on demand notes into capital stock in July 2010 ($0.23 per share) (in shares) 0 301,430      
Shares issued to founders for intellectual property 0 1,309 294,191 0 295,500
Shares issued to founders for intellectual property (in shares) 0 1,308,921      
Issuance of capital stock 0 5,856 1,336,145 0 1,342,001
Issuance of capital stock (in shares) 0 5,856,005      
Shares issued to directors 0 588 139,294 0 139,882
Shares issued to directors (in shares) 0 587,705      
Net loss 0 0 0 (1,964,470) (1,964,470)
Balance at Dec. 31, 2010 0 18,035 2,731,081 (2,924,567) (175,451)
Balance (in shares) at Dec. 31, 2010 0 18,034,483      
Issuance of capital stock 0 2,670 609,330 0 612,000
Issuance of capital stock (in shares) 0 2,670,548      
Shares issued to directors 0 1,962 433,689 0 435,651
Shares issued to directors (in shares) 0 1,961,636      
Common stock issued in connection with the share exchange transaction in October 2011 0 4,000 (4,000) 0 0
Common stock issued in connection with the share exchange transaction in October 2011 (in shares) 0 4,000,000      
Common Stock Issued 0 400 143,600 0 144,000
Common Stock Issued (in shares) 0 400,000      
Net loss 0 0 0 (3,470,113) (3,470,113)
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 capital stock 0 6,618 3,625,693 0 3,632,311
Issuance of capital stock (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
Common stock issued in December 2012 to holders of convertible debentures ($0.30 per share 0 2,367 707,633 0 710,000
Common stock issued in December 2012 to holders of convertible debentures ($0.30 per share (in shares) 0 2,366,667      
Issuance of common stock and warrants in December 2012 ($0.40 per share) net of transaction expenses of $70,000 0 6,537 2,538,463 0 2,545,000
Issuance of common stock and warrants in December 2012 ($0.40 per share) net of transaction expenses of $70,000 (in shares) 0 6,537,500      
Beneficial conversion feature in connection with convertible debentures 0 0 710,000 0 710,000
Capital contribution of accrued interest 0 0 3,111 0 3,111
Stock based compensation 0 0 865,158 0 865,158
Net loss 0 0 0 (9,449,600) (9,449,600)
Balance at Dec. 31, 2012 $ 0 $ 43,183 $ 16,759,805 $ (15,844,280) $ 958,708
Balance (in shares) at Dec. 31, 2012 0 43,182,599