Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Cash $ 2,501,382 $ 41,123
Prepaid expenses 64,047 102,430
Total current assets 2,565,429 143,553
Furniture and equipment, net 23,196 25,550
Deferred financing costs, net 0 196,166
Restricted cash 60,199 60,177
Total assets 2,648,824 425,446
LIABILITIES AND STOCKHOLDERS' DEFICIENCY    
Accounts payable, including $59,060 and $27,483 to related parties as of March 31, 2012 and December 31, 2011, respectively 182,408 695,198
Accrued expenses 98,733 10,229
Accrued interest, including $3,111 and $5,006 to related parties as of March 31, 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 284,252 925,276
Warrant liability, including $301,604 to related parties 2,714,897 0
Convertible debentures, including $265,000 to related parties 0 1,925,000
Deferred rent payable 28,570 29,083
Total liabilities 3,027,719 2,879,359
Commitments    
Stockholders' deficiency:    
Common stock, $0.001 par value; 75,000,000 and 75,000,000 authorized; 34,278,432 and 27,066,667 shares issued and outstanding as of March 31, 2012 and December 31, 2011, respectively 34,278 27,067
Additional paid in capital 7,996,495 3,913,700
Deficit accumulated during development stage (8,409,668) (6,394,680)
Total stockholders' deficiency (378,895) (2,453,913)
Total liabilities and stockholders' deficiency $ 2,648,824 $ 425,446