Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) (USD $)
Mar. 31, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 14,239,828 $ 87,771
Inventories 1,175,288 1,147,345
Prepaid Expenses 428,461 59,244
Total Current Assets 15,843,577 1,294,360
Property and Equipment at Cost, Net 815,197 860,932
Other Assets    
Equity Issuance Costs 0 421,077
Restricted Cash 336,963 336,963
Deposits 12,577 12,577
Total Other Assets 349,540 770,617
TOTAL ASSETS 17,008,314 2,925,909
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts Payable 508,852 1,303,414
Accrued expenses 508,254 526,924
Accrued Interest 0 10,781
Current Portion of Leasehold Improvement Loan 9,951 10,576
Notes Payable - Related Parties 0 450,000
TOTAL CURRENT LIABILITIES 1,027,057 2,301,695
Deferred Rent Liability 144,238 149,785
Leasehold Improvement Loan 86,663 88,613
Total Liabilities 1,257,958 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 March 31, 2012 and December 31, 2011, respectively 0 8,222
Common Stock - $0.001 par value:  75,000,000 and 6,500,000 authorized, 4,654,303 and 408,589 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively 4,654 409
Additional paid-in capital 46,151,031 30,185,200
Accumulated Deficit (30,405,329) (29,808,015)
Total Stockholders' Equity (Deficiency) 15,750,356 385,816
Total Liabilities and Stockholders' Equity (Deficiency) $ 17,008,314 $ 2,925,909