Quarterly report pursuant to sections 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

v2.3.0.11
CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2011
Dec. 31, 2010
ASSETS    
Cash $ 4,594 $ 101,645
Other current assets 58,333 29,425
Total current assets 62,927 131,070
Property and Equipment, net of accumulated depreciation of $203,981 and $178,246 at September 30, 2011 and December 31, 2010, respectively 84,591 78,083
Other assets 10,330 8,020
Total assets 157,848 217,173
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY    
Accounts payable-related parties 73,388 241,176
Accounts payable-license agreements 281,250 721,785
Accounts payable-other 429,275 450,411
Accrued expenses 890,404 959,827
Accrued professional fees 318,368 431,704
Loans payable-related parties and shareholders   86,947
Convertible debentures, net-of- discount 173,584 76,947
Fair value of derivative liabilities 942,591 3,664,675
Total current liabilities 3,108,860 6,633,472
Commitments and contingencies    
Common stock, $.001par value: 200,000,000 shares authorized, 112,971,534 and 91,453,194, shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively 112,972 91,453
Common stock to be issued (250,000 shares at September 30, 2011) 62,500  
Additional paid-in capital 62,817,451 51,925,168
Deficit accumulated during the development stage (65,943,935) (58,432,920)
Total stockholders’ deficiency (2,951,012) (6,416,299)
Total liabilities and stockholders’ deficiency $ 157,848 $ 217,173