Annual report pursuant to section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
ASSETS    
Cash $ 1,601,791 $ 617,797
Other current assets 40,132 77,907
Total current assets 1,641,923 695,704
Property and Equipment, net 55,674 75,609
Other assets 10,330 10,330
Total assets 1,707,927 781,643
LIABILITIES AND STOCKHOLDERS' DEFICIENCY    
Accounts payable-related parties 65,192 63,003
Accounts payable-license agreements 315,850 178,125
Accounts payable-other 411,346 478,402
Accrued expenses-related parties 468,086 812,993
Accrued expenses-other 21,657 247,169
Accrued professional fees 102,178 294,552
Convertible debentures, net-of-discount    169,542
Fair value of derivative liabilities 3,221,138 1,643,139
Total current liabilities 4,605,447 3,886,925
Commitments and contingencies      
Stockholders' deficiency    
Common stock, $.001 par value: 200,000,000 shares authorized, 143,667,570 and 114,273,470 shares issued and outstanding at December 31, 2012 and 2011, respectively 143,668 114,274
Additional paid-in capital 79,340,666 66,069,911
Deficit accumulated during the development stage (82,381,854) (69,289,467)
Total stockholders' deficiency (2,897,520) (3,105,282)
Total liabilities and stockholders' deficiency $ 1,707,927 $ 781,643