Annual report pursuant to section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
CURRENT ASSETS    
Cash $ 222,410 $ 7,799
Inventory 986,674 986,674
Deposits and other assets 94,220 39,704
Prepaid expenses 14,380 11,183
Total current assets 1,317,684 1,045,360
NON-CURRENT ASSETS    
Property and equipment, net 26,041 1,404
Intangible assets, net 424,757 435,010
Total non-current assets 450,798 436,414
TOTAL ASSETS 1,768,482 1,481,774
CURRENT LIABILITIES    
Accrued payroll and payroll related expenses 3,774,580 3,696,897
Notes payable, current portion, net of discount of $4,592 and $65,173 as of December 31, 2013 and December 31, 2012, respectively 9,039,444 3,609,098
Accounts payable 682,319 712,186
Accrued interest 657,092 673,975
Fees payable to directors 468,546 533,001
Lease settlement payable, current portion    251,184
Employee settlement 50,000 50,000
Patent license payable, current 10,000 15,833
Other current liabilities 12,613 4,424
Total current liabilities 14,694,594 9,546,598
NON-CURRENT LIABILITIES    
Notes payable, less current portion    500,000
Patent license payable, less current portion 10,000 20,000
Total non-current liabilities 10,000 520,000
COMMITMENTS AND CONTINGENCIES      
Total liabilities 14,704,594 10,066,598
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock - $0.001 par value; 150,000,000 shares authorized, 9,488,227 issued and outstanding 9,488 9,488
Additional paid in capital 19,891,702 19,881,825
Deficit accumulated during the development stage (32,897,657) (28,536,492)
Total stockholders' equity (deficit) (12,936,112) (8,584,824)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 1,768,482 1,481,774
Preferred Series A [Member]
    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock 40,118 40,118
Preferred Series B [Member]
    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock $ 20,237 $ 20,237