Quarterly report pursuant to sections 13 or 15(d)

Consolidated Condensed Statements of Cash Flows (Unaudited)

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Consolidated Condensed Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash Flows from Operating Activities    
Net Loss $ (597,314) $ (1,580,376)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and Amortization 45,735 54,900
Loss on Sale of Research and Development Inventory 0 605,297
Stock Based Compensation 46,254 11,202
Amortization of Debt Discount and Beneficial Conversion Charge 0 136,913
Changes in operating assets and liabilities    
(Increase) Decrease in Inventories (27,943) 131,500
Increase in accounts receivable 0 (73,890)
Increase in Prepaid Expenses (369,217) (13,995)
Decrease in other assets 0 90,000
(Decrease) increase in Accounts Payable (794,562) 8,017
(Decrease) increase in Accrued Expenses (298,064) 11,342
Increase in accrued interest 1,959 176,548
Decrease in Deferred Rent Liability (5,547) (2,577)
Net Cash Used in Operating Activities (1,998,699) (445,119)
Cash Flows from Investing Activities    
Net Cash Used in Investing Activities 0 0
Cash Flows from Financing Activities    
Proceeds from issuance of common stock, net of note payable conversion 17,287,288 0
Proceeds from Convertible Notes Payable 0 300,000
Payments on Notes Payable (200,000) 0
Payment of equity issuance costs (933,957) 0
Payments of Leasehold Improvement Loan (2,575) (2,354)
Net Cash Provided by Financing Activities 16,150,756 297,646
Net Decrease in Cash and Cash Equivalents 14,152,057 (147,473)
Cash and Cash Equivalents, Beginning of period 87,771 228,970
Cash and Cash Equivalents, End of period 14,239,828 81,497
SUPPLEMENTAL INFORMATION:    
Interest paid 3,820 2,677
NON-CASH FINANCING ACTIVITIES:    
Conversion of notes payable and accrued interest into common stock 262,740 0
Reclassification of equity issuance costs to additional paid-in capital 421,077 0
Accrued equity issuance costs 279,394 0
Stock issued to shell company $ 53 $ 0