Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Operations

v2.3.0.11
Condensed Consolidated Statements of Operations (USD $)
 3 Months Ended 9 Months Ended 25 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Revenues:          
Services $ 981 $ 0 $ 981 $ 0 $ 981
Sales 0 0 59,490 0 59,490
Total revenue 981 0 60,471 0 60,471
Cost of sales 0 0 60,830 0 60,830
Gross profit 981 0 (359) 0 (359)
Operating expenses:          
Compensation 863,396 7,227,171 1,833,815 7,613,956 9,929,980
Other 603,332 52,474 829,008 154,215 1,124,414
General and administrative 192,737 335,755 611,994 573,111 1,451,547
Total operating expenses 1,659,465 7,615,400 3,274,817 8,341,282 12,505,941
Income (loss) from operations (1,658,484) (7,615,400) (3,273,176) (8,341,282) (12,506,300)
Other income (expense):          
Interest expense, net (4,828) (6,512) (25,560) 21,345 (61,780)
Gain (loss) on change in fair value of derivative liability 94,380 3,048,180 3,372,543 2,212,579 129,145
Total other income (expense) 89,552 (3,041,668) 3,346,983 (2,191,234) 67,365
Income (loss) before income taxes (1,568,932) (4,573,732) 71,807 (6,150,048) (12,438,935)
Income tax provision 0 0 0 0 0
Net Income (loss) $ (1,568,932) $ (4,573,732) $ 71,807 $ (6,150,048) $ (12,438,935)
Net loss per common share – basic $ (0.13) $ (2.68) $ 0 $ (3.98)  
Net loss per common share – diluted $ (0.13) $ (2.68) $ 0 $ (3.98)  
Weighted average number of common shares outstanding – basic 12,131,442 1,702,317 19,864,030 1,542,342  
Weighted average number of common shares outstanding – diluted 12,139,050 1,702,317 19,871,836 1,542,342