Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2013
Dec. 31, 2012
ASSETS    
Cash and cash equivalents $ 10,320,517 $ 12,535,672
Accounts Receivable 326,327 39,112
Inventories 1,007,267 1,265,593
Prepaid Expenses 651,442 107,761
Total Current Assets 12,305,553 13,948,138
Property and Equipment at cost, Net 801,757 779,297
Other Assets    
Deferred Financing Costs 245,416 363,403
Restricted Cash 452,004 452,004
Deposits 12,577 12,577
Total Other Assets 709,997 827,984
TOTAL ASSETS 13,817,307 15,555,419
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts Payable 1,379,011 1,058,671
Accrued expenses 676,667 747,079
Accrued Interest 33,292 0
Current Portion of Leasehold Improvement Loan 11,831 11,569
Total Current Liabilities 2,100,801 1,817,319
Notes Payable, Net of Debt Discount 4,793,867 3,773,524
Warrant Liability 192,617 229,345
End of Term Liability, Note Payable 132,500 106,000
Deferred Rent Liability 122,047 127,595
Leasehold Improvement Loan 74,832 77,890
TOTAL LIABILITIES 7,416,664 6,131,673
COMMITMENTS AND CONTINGENCIES      
STOCKHOLDERS' EQUITY    
Common Stock $.0001 par value at March 31, 2013 and December 31, 2012, respectively; 75,000,000 shares authorized, 5,871,002 shares issued and outstanding 587 587
Additional paid-in capital 46,751,031 46,532,487
Accumulated Deficit (40,350,975) (37,109,328)
TOTAL STOCKHOLDERS' EQUITY 6,400,643 9,423,746
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 13,817,307 $ 15,555,419