Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Cash $ 1,337,731 $ 41,123
Prepaid expenses 74,541 102,430
Total current assets 1,412,272 143,553
Furniture and equipment, net 53,248 25,550
Deferred financing costs, net 0 196,166
Restricted cash 60,222 60,177
Total assets 1,525,742 425,446
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIENCY)    
Accounts payable, including $53,891 and $27,483 to related parties as of June 30, 2012 and December 31, 2011, respectively 486,938 695,198
Accrued expenses 292,744 10,229
Accrued interest, including $3,111 and $5,006 to related parties as of June 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 782,792 925,276
Convertible debentures, including $265,000 to related parties 0 1,925,000
Deferred rent payable 28,056 29,083
Total liabilities 810,849 2,879,359
Commitments 0 0
Stockholders' equity (deficiency):    
Preferred stock, $0.001 par value; 5,000,000 and -0- authorized as of June 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 June 30, 2012 and December 31, 2011, respectively; 34,278,432 and 27,066,667 shares issued and outstanding as of June 30, 2012 and December 31, 2011, respectively 34,278 27,067
Additional paid in capital 12,163,973 3,913,700
Deficit accumulated during development stage (11,483,358) (6,394,680)
Total stockholders' equity (deficiency) 714,893 (2,453,913)
Total liabilities and stockholders' equity (deficiency) $ 1,525,742 $ 425,446