Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

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CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
Common Stock
Additional Paid-in Capital
Deficit Accumulated During the Development Stage
Total
Beginning Balance, Amount at Dec. 31, 2011 $ 114,274 $ 66,069,911 $ (69,289,467) $ (3,105,282)
Beginning Balance, Shares at Dec. 31, 2011 114,273,470      
Common stock issued upon conversion of convertible debt, Amount 14,155 3,727,629    3,741,784
Common stock issued upon conversion of convertible debt, Shares 14,155,006      
Common stock issued upon exercise of warrants, Amount 6,225 1,756,468    1,762,693
Common stock issued upon exercise of warrants, Shares 6,224,844      
Fair value of options and warrants issued as compensation   2,417,314    2,417,314
Common stock issued upon exercise of options, Amount 58 15,692    15,750
Common stock issued upon exercise of options, Shares 58,334     58,334
Common stock issued for services, Amount 2,525 1,225,725    1,228,250
Common stock issued for services, Shares 2,525,000 1,877,680    1,877,680
Fair value of warrants and beneficial conversion feature of issued convertible notes 2,525,000 1,877,680    1,877,680
Net loss for the nine months ended September 30, 2012     (11,538,652) (11,538,652)
Ending Balance, Amount at Sep. 30, 2012 $ 137,237 $ 77,090,419 $ (80,828,119) $ (3,600,463)
Ending Balance, Shares at Sep. 30, 2012 137,236,654