Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Operations

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Condensed Consolidated Statements of Operations (USD $)
 3 Months Ended 31 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Revenue:      
Service Fees $ 2,605 $ 0 $ 5,404
Sales 0 0 59,490
TOTAL REVENUE 2,605 0 64,894
Costs:      
Cost of Services-Service 408 0 1,625
Cost of Services-Sales 0 0 60,830
TOTAL COSTS 408 0 62,455
GROSS PROFIT 2,197 0 2,439
Operating expenses:      
Compensation 528,779 647,520 10,558,221
Other operating expenses 124,808 101,398 856,131
General and adminisrative 881,383 201,928 3,440,789
TOTAL OPERATING EXPENSES 1,534,970 950,846 14,855,141
LOSS FROM OPERATIONS (1,532,773) (950,846) (14,852,702)
Other income (expense):      
Interest expense, net (33) (12,061) (91,138)
Loss on exchange of warrants to stock 0 0 (485,000)
Gain on change in fair value of derivative liability 0 3,333,490 245,217
TOTAL OTHER INCOME (EXPENSE) (33) 3,321,429 (330,921)
Income (loss) before income taxes (1,532,806) 2,370,583 (15,183,623)
Income tax provision 0 0 0
NET INCOME (LOSS) $ (1,532,806) $ 2,370,583 $ (15,183,623)
Income (loss) per common share - basic & diluted $ (0.04) $ 0.47  
Weighted average number of common shares outstanding - basic & diluted 38,245,679 4,972,576