Annual report pursuant to section 13 and 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v2.4.0.6
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 12,535,672 $ 87,771
Accounts Receivable 39,112 0
Inventories 1,265,593 1,147,345
Prepaid Expenses 107,761 59,244
Total Current Assets 13,948,138 1,294,360
Property and Equipment, Net 779,297 860,932
Other Assets    
Deferred Financing Costs 363,403 421,077
Restricted Cash 452,004 336,963
Deposits 12,577 12,577
Total Other Assets 827,984 770,617
TOTAL ASSETS 15,555,419 2,925,909
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts Payable 1,058,671 1,303,414
Accrued expenses 747,079 537,705
Current Portion of Leasehold Improvement Loan 11,569 10,576
Notes Payable - Related Parties 0 450,000
Total Current Liabilities 1,817,319 2,301,695
Note Payable, Net of Debt Discount 3,773,524 0
Warrant Liability 229,345 0
End of Term Liability, Note Payable 106,000 0
Deferred Rent Liability 127,595 149,785
Leasehold Improvement Loan 77,890 88,613
TOTAL LIABILITIES 6,131,673 2,540,093
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Preferred Stock - $0.001 par value: 10,000,000 and 8,221,678 shares authorized, 0 and 8,221,678 shares issued and outstanding with a liquidation preference of $0 and $31,959,545 at December 31, 2012 and December 31, 2011, respectively 0 8,222
Common Stock - $0.0001 and $0.001 par value: 75,000,000 and 6,500,000 authorized, 4,654,303 and 408,589 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively 462 409
Additional paid-in capital 46,532,612 30,185,200
Accumulated Deficit (37,109,328) (29,808,015)
TOTAL STOCKHOLDERS' EQUITY 9,423,746 385,816
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 15,555,419 $ 2,925,909