|
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
|
Mar. 31, 2012
|
Dec. 31, 2011
|
| ASSETS |
|
|
| Cash |
$ 1,031,980 |
$ 617,797 |
| Other current assets |
87,238 |
77,907 |
| Total current assets |
1,119,218 |
695,704 |
| Property and Equipment, net of accumulated depreciation of $222,042 and $212,963 at March 31, 2012 and December 31, 2011, respectively |
73,451 |
75,609 |
| Other assets |
10,330 |
10,330 |
| Total assets |
1,202,999 |
781,643 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIENCY |
|
|
| Accounts payable-related parties |
53,778 |
63,003 |
| Accounts payable-license agreements |
125,000 |
178,125 |
| Accounts payable-other |
541,493 |
478,402 |
| Accrued expenses |
851,952 |
1,060,162 |
| Accrued professional fees |
131,486 |
294,552 |
| Convertible debentures, net-of-discount |
206,497 |
169,542 |
| Fair value of derivative liabilities |
2,782,616 |
1,643,139 |
| Total current liabilities |
4,692,822 |
3,886,925 |
| Commitments and contingencies |
|
|
| Common stock, $.001 par value: 200,000,000 shares authorized, 125,361,898 and 114,273,470, shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively |
125,362 |
114,274 |
| Additional paid-in capital |
71,144,632 |
66,069,911 |
| Deficit accumulated during the development stage |
(74,759,817) |
(69,289,467) |
| Total stockholders’ deficiency |
(3,489,823) |
(3,105,282) |
| Total liabilities and stockholders’ deficiency |
$ 1,202,999 |
$ 781,643 |