Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited)

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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $)
Preferred Stock
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
Beginning Balance, Amount at Dec. 31, 2011 $ 8,222 $ 409 $ 30,185,200 $ (29,808,015) $ 385,816
Beginning Balance, Shares at Dec. 31, 2011 8,221,678 408,589      
Conversion of preferred shares and accumulated dividends, Amount (8,222) 2,364 5,858    0
Conversion of preferred shares and accumulated dividends, Shares (8,221,678) 2,364,553      
Conversion of notes payable and accrued interest into common stock in private placement, Amount    27 262,713    262,740
Conversion of notes payable and accrued interest into common stock in private placement, Shares    27,369      
Common stock sold in private placement, net of expenses, Amount    1,801 15,597,915    15,599,716
Common stock sold in private placement, net of expenses, Shares    1,800,759      
Common stock retained by stockholders of shell company as part of reverse merger, Amount    53 (53)    0
Common stock retained by stockholders of shell company as part of reverse merger, Shares    53,033      
Effects of change in par value from $0.001 to $0.0001 as a result of the reverse merger     (4,189)   (4,189)
Stock-based compensation       408,544    408,544
Net loss          (5,049,776) (5,049,776)
Ending Balance, Amount at Sep. 30, 2012 $ 0 $ 465 $ 46,464,366 $ (34,857,791) $ 11,607,040
Ending Balance, Shares at Sep. 30, 2012 0 4,654,303