Annual report pursuant to section 13 and 15(d)

Consolidated Statements of Operations

v2.4.0.6
Consolidated Statements of Operations (USD $)
 12 Months Ended 40 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Revenue:      
Service Fees $ 16,743 $ 2,799 $ 19,542
Grant and rebate revenue 5,595    5,595
Sales 235,726 59,490 295,216
TOTAL REVENUE 258,064 62,289 320,353
Costs:      
Cost of Services 5,036 1,217 6,253
Cost of Sales 194,056 60,830 254,886
TOTAL COSTS 199,092 62,047 261,139
GROSS PROFIT 58,972 242 59,214
Operating expenses:      
Compensation 2,367,313 760,276 11,223,753
Other Operating expenses 547,353 430,573 1,278,676
General and administrative 2,321,197 2,898,198 6,053,605
TOTAL OPERATING EXPENSES 5,235,863 4,089,047 18,556,034
LOSS FROM OPERATIONS (5,176,891) (4,088,805) (18,496,820)
Other income (expense):      
Interest expense, net (9,278) (18,500) (63,998)
Amortization of discount on convertible debt (103,441) (36,385) (139,826)
Gain on change in fair value of derivative liability    3,488,615 245,217
Loss on exchange of warrants for stock    (485,000) (485,000)
TOTAL OTHER INCOME (EXPENSE) (112,719) 2,948,730 (443,607)
Loss before income taxes (5,289,610) (1,140,075) (18,940,427)
Income tax provision         
NET LOSS $ (5,289,610) $ (1,140,075) $ (18,940,427)
Net loss per common share - basic & diluted $ (0.13) $ (0.05)  
Weighted average number of common shares outstanding - basic & diluted 40,332,688 23,898,637