Annual report pursuant to section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.8
Consolidated Statements of Operations (USD $)
12 Months Ended 93 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Income Statement [Abstract]      
REVENUES    $ 10,000 $ 92,903
OPERATING EXPENSES:      
Research and development 944,330 702,792 15,542,286
Selling, general, and administrative expenses 2,611,184 979,285 15,030,573
Depreciation and amortization 36,231 123,206 1,423,226
Total operating expenses 3,591,745 1,805,283 31,996,085
Loss from operations (3,591,745) (1,795,283) (31,903,182)
OTHER INCOME (EXPENSES):      
Interest expense, net (741,916) (734,168) (4,309,379)
Net loss on sale and disposal of assets (9,230) (1,254) (37,878)
Research grant income       1,179,646
Gain on debt extinguishment       786,945
Federal and state tax credits       1,506,596
Dividend income       55,206
Other expenses, net (18,274) (12,685) (175,611)
Total other expenses (769,420) (748,107) (994,475)
Loss before the provision for income taxes (4,361,165) (2,543,390) (32,897,657)
PROVISION FOR INCOME TAXES, net         
NET LOSS $ (4,361,165) $ (2,543,390) $ (32,897,657)
NET LOSS PER SHARE      
Basic $ (0.46) $ (0.27)  
Diluted $ (0.46) $ (0.27)  
SHARES USED IN CALCULATION OF NET INCOME PER SHARE      
Basic 9,488,227 9,488,227  
Diluted 9,488,227 9,488,227