ý
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
(State or other jurisdiction of
Incorporation or Organization)
|
82-049-7368
(I.R.S. Employer Identification No.)
|
111 Ruthar Drive
Newark, DE
(Address of principal executive offices)
|
19711
(Zip Code)
|
(302) 356-2717
(Registrant’s telephone number, including area code)
|
Large accelerated filer
|
¨
|
Accelerated filer
|
¨
|
Non-accelerated filer
|
¨
|
Smaller reporting company
|
x
|
Page
|
|||
Part I
|
Financial Information
|
2
|
|
Item 1
|
Financial Statements
|
2
|
|
Item 2
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
23 | |
Item 4
|
Controls and Procedures
|
35 | |
Part II
|
Other Information
|
36 | |
Item 2
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
36 | |
Item 6
|
Exhibits
|
36 | |
Signatures
|
37 |
PAGE
|
|
BALANCE SHEETS
|
4
|
STATEMENTS OF OPERATIONS
|
5
|
STATEMENT OF STOCKHOLDERS’ EQUITY
|
6
|
STATEMENTS OF CASH FLOWS
|
13
|
NOTES TO FINANCIAL STATEMENTS
|
15
|
September 30,
2013
|
December 31,
2012
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS
|
||||||||
Cash and cash equivalents
|
$ | 2,621,067 | $ | 2,936,879 | ||||
Prepaid expenses and other current assets
|
145,421 | 89,975 | ||||||
2,766,488 | 3,026,854 | |||||||
PROPERTY AND EQUIPMENT - NET
|
324,780 | 300,994 | ||||||
OTHER ASSETS
|
||||||||
Intangible assets - net
|
538,596 | 488,526 | ||||||
TOTAL ASSETS
|
$ | 3,629,864 | $ | 3,816,374 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES
|
||||||||
Accounts payable
|
$ | 247,468 | $ | 96,384 | ||||
Accounts payable and accrued expenses- related parties
|
98,466 | 55,606 | ||||||
Accrued expenses
|
37,921 | 3,338 | ||||||
TOTAL LIABILITIES
|
383,855 | 155,328 | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Preferred stock, $0.001 par value, 1,000,000 authorized
No shares issued or outstanding |
- | - | ||||||
Common stock $0.001 par value, 100,000,000 authorized
52,046,797 and 50,160,758 issued and outstanding at September 30, 2013 and December 31, 2012 |
52,047 | 50,161 | ||||||
Additional paid-in-capital
|
34,695,159 | 32,042,751 | ||||||
Accumulated deficit
|
(15,827 | ) | (15,827 | ) | ||||
Deficit accumulated during development stage
|
(31,485,370 | ) | (28,416,039 | ) | ||||
TOTAL STOCKHOLDERS' EQUITY
|
3,246,009 | 3,661,046 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$ | 3,629,864 | $ | 3,816,374 |
For the Three
|
For the Three
|
For the Nine
|
For the Nine
|
|||||||||||||||||
Cumulative
|
Months Ending
|
Months Ending
|
Months Ending
|
Months Ending
|
||||||||||||||||
Since
|
September 30,
|
September 30,
|
September 30,
|
September 30,
|
||||||||||||||||
Inception
|
2013
|
2012
|
2013
|
2012
|
||||||||||||||||
NET SALES
|
$ | 3,200 | $ | - | $ | - | $ | - | $ | - | ||||||||||
COST AND EXPENSE
|
||||||||||||||||||||
Research and development
|
14,721,089 | 580,403 | 490,694 | 1,566,901 | 1,418,357 | |||||||||||||||
General and administrative
|
16,219,928 | 417,357 | 479,103 | 1,298,361 | 1,330,153 | |||||||||||||||
30,941,017 | 997,760 | 969,797 | 2,865,262 | 2,748,510 | ||||||||||||||||
LOSS FROM OPERATIONS
|
(30,937,817 | ) | (997,760 | ) | (969,797 | ) | (2,865,262 | ) | (2,748,510 | ) | ||||||||||
OTHER INCOME (EXPENSE)
|
||||||||||||||||||||
Interest income
|
31,250 | 63 | 125 | 204 | 447 | |||||||||||||||
Dividend income
|
1,551 | - | - | - | - | |||||||||||||||
Realized gain on investment
|
3,911 | - | - | - | - | |||||||||||||||
Realized gain on disposal of assets
|
637 | - | - | - | - | |||||||||||||||
Litigation settlement
|
(47,500 | ) | ||||||||||||||||||
Commitment fee and Interest expense
|
(537,402 | ) | - | - | (204,273 | ) | (120,560 | ) | ||||||||||||
NET LOSS
|
$ | (31,485,370 | ) | $ | (997,697 | ) | $ | (969,672 | ) | $ | (3,069,331 | ) | $ | (2,868,623 | ) | |||||
Basic and Diluted Loss per Share
|
$ | (0.02 | ) | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.06 | ) | ||||||||
Basic and Diluted Weighted Average Number of Shares
|
52,046,797 | 49,506,837 | 51,417,151 | 48,435,475 |
Subscription
|
Deficit | |||||||||||||||||||||||||||||||||||
Receivable/
|
Accumulated | |||||||||||||||||||||||||||||||||||
Receivable
|
Unrealized |
|
During
|
|||||||||||||||||||||||||||||||||
Number of
|
Common
|
Paid-in
|
for Issuance
|
Deferred
|
Loss
|
Accumulated
|
Development
|
|||||||||||||||||||||||||||||
Shares
|
Stock
|
Capital
|
of Common Stock
|
Charges
|
on Securities
|
Deficit
|
Stage
|
Total
|
||||||||||||||||||||||||||||
ENDING BALANCE AT DECEMBER 31, 2003
|
100 | $ | 1 | $ | - | $ | - | $ | - | $ | - | $ | (15,827 | ) | $ | - | $ | (15,826 | ) | |||||||||||||||||
Retroactive recapitalization upon reverse acquisition
|
706,973 | 706 | (706 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
BALANCE AT JANUARY 1, 2004
|
707,073 | 707 | (706 | ) | - | - | - | (15,827 | ) | - | (15,826 | ) | ||||||||||||||||||||||||
Common stock issued to founders
|
13,292,927 | 13,293 | (13,293 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
Common stock issued for future services in July 2004 at $0.16/share
|
1,600,000 | 1,600 | 254,400 | - | - | - | - | - | 256,000 | |||||||||||||||||||||||||||
Common stock issued at merger
|
2,000,000 | 2,000 | (2,000 | ) | - | - | - | - | - | - | ||||||||||||||||||||||||||
Common stock issued for future services in August 2004 at $0.12/share
|
637,500 | 638 | 74,362 | - | - | - | - | - | 75,000 | |||||||||||||||||||||||||||
Conversion of note payable in December 2004 at $0.16/share
|
187,500 | 187 | 29,813 | - | - | - | - | - | 30,000 | |||||||||||||||||||||||||||
Net loss for the year ended December 31, 2004
|
- | - | - | - | - | - | - | (722,146 | ) | (722,146 | ) | |||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2004
|
18,425,000 | 18,425 | 342,576 | - | - | - | (15,827 | ) | (722,146 | ) | (376,972 | ) | ||||||||||||||||||||||||
Common stock issued in private placement in April 2005 at $0.25/share
|
4,000,000 | 4,000 | 996,000 | - | - | - | - | - | 1,000,000 | |||||||||||||||||||||||||||
Conversion of notes payable in May 2005 at $0.16/share
|
3,118,750 | 3,119 | 495,881 | - | - | - | - | - | 499,000 | |||||||||||||||||||||||||||
Subscription receivable
|
- | - | - | (6,500 | ) | - | - | - | - | (6,500 | ) | |||||||||||||||||||||||||
Common stock issued for future services in August 2005, valued at $2.79/share
|
210,000 | 210 | 585,290 | - | - | - | - | - | 585,500 | |||||||||||||||||||||||||||
Common stock issued for future services in August 2005, valued at $2.92/share
|
200,000 | 200 | 583,800 | - | - | - | - | - | 584,000 | |||||||||||||||||||||||||||
Warrants issued for services in May 2005, vested during 2005, valued at $1.13/share
|
- | - | 37,000 | - | - | - | - | - | 37,000 | |||||||||||||||||||||||||||
Warrants issued for services in September 2005, vested during 2005, valued at $1.45/share
|
- | - | 24,200 | - | - | - | - | - | 24,200 | |||||||||||||||||||||||||||
Warrants issued for services in October 2005, vested during 2005, valued at $0.53/share
|
- | - | 15,900 | - | - | - | - | - | 15,900 | |||||||||||||||||||||||||||
Warrants issued for future services in December 2005, vested during 2005, valued at $1.45/share
|
- | - | 435,060 | - | - | - | - | - | 435,060 | |||||||||||||||||||||||||||
Deferred charges for common stock issued for future services in August 2005, valued at $2.92/share
|
- | - | - | - | (584,000 | ) | - | - | - | (584,000 | ) | |||||||||||||||||||||||||
Amortization of deferred charges
|
- | - | - | - | 265,455 | - | - | - | 265,455 | |||||||||||||||||||||||||||
Exercise of warrants in December 2005 at $0.25/share
|
300,000 | 300 | 74,700 | - | - | - | - | - | 75,000 | |||||||||||||||||||||||||||
Net loss for the year ended December 31, 2005
|
- | - | - | - | - | - | - | (1,721,765 | ) | (1,721,765 | ) | |||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2005
|
26,253,750 | 26,254 | 3,590,407 | (6,500 | ) | (318,545 | ) | - | (15,827 | ) | (2,443,911 | ) | 831,878 | |||||||||||||||||||||||
Common stock issued in private placement during 2006 at $0.50/share
|
850,000 | 850 | 424,150 | - | - | - | - | - | 425,000 | |||||||||||||||||||||||||||
Common stock issued for future services in February 2006, valued at $0.90/share
|
300,000 | 300 | 269,700 | - | - | - | - | - | 270,000 | |||||||||||||||||||||||||||
Common stock issued for future services in May 2006, valued at $1.55/share
|
400,000 | 400 | 619,600 | - | - | - | - | - | 620,000 | |||||||||||||||||||||||||||
Common stock issued for future services in June 2006, valued at $1.45/share
|
25,000 | 25 | 36,225 | - | - | - | - | - | 36,250 | |||||||||||||||||||||||||||
Common stock issued for future services in November 2006, valued at $0.49/share
|
60,000 | 60 | 29,340 | - | - | - | - | - | 29,400 | |||||||||||||||||||||||||||
Warrants issued for services in September 2005, vested during 2006, valued at $1.45/share
|
- | - | 66,500 | - | - | - | - | - | 66,500 | |||||||||||||||||||||||||||
Warrants issued for future services in June 2006, vested during 2006, valued at $1.55/share
|
- | - | 465,996 | - | - | - | - | - | 465,996 | |||||||||||||||||||||||||||
Options issued for services in February 2006, vested during 2006, valued at $1.01/share
|
- | - | 428,888 | - | - | - | - | - | 428,888 | |||||||||||||||||||||||||||
Contributed capital related to accrued interest
|
- | - | 35,624 | - | - | - | - | - | 35,624 | |||||||||||||||||||||||||||
Subscription receivable
|
- | - | - | 6,500 | - | - | - | - | 6,500 | |||||||||||||||||||||||||||
Amortization of deferred charges
|
- | - | - | - | 318,545 | - | - | - | 318,545 | |||||||||||||||||||||||||||
Unrealzed gain (loss) on securities
|
- | - | - | - | - | (26,000 | ) | - | - | (26,000 | ) | |||||||||||||||||||||||||
Net loss for the year ending December 31, 2006
|
- | - | - | - | - | - | (2,933,809 | ) | (2,933,809 | ) | ||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2006
|
27,888,750 | 27,889 | $ | 5,966,430 | $ | - | $ | - | $ | (26,000 | ) | $ | (15,827 | ) | $ | (5,377,720 | ) | $ | 574,772 |
Subscription
|
Deficit | |||||||||||||||||||||||||||||||||||
Receivable/
|
|
Accumulated | ||||||||||||||||||||||||||||||||||
Receivable
|
Unrealized |
During
|
||||||||||||||||||||||||||||||||||
Number of
|
Common
|
Paid-in
|
for Issuance
|
Deferred
|
Loss
|
Accumulated
|
Development
|
|||||||||||||||||||||||||||||
Shares
|
Stock
|
Capital
|
of Common Stock
|
Charges
|
on Securities
|
Deficit
|
Stage
|
Total
|
||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2006
|
27,888,750 | 27,889 | $ | 5,966,430 | $ | - | $ | - | $ | (26,000 | ) | $ | (15,827 | ) | $ | (5,377,720 | ) | $ | 574,772 | |||||||||||||||||
Common stock issued in private placement during 2007 at $0.50/share
|
2,482,000 | 2,482 | 1,238,518 | - | - | - | - | - | 1,241,000 | |||||||||||||||||||||||||||
Common stock issued in private placement during 2007 at $0.60/share
|
1,767,540 | 1,768 | 1,058,756 | - | - | - | - | - | 1,060,524 | |||||||||||||||||||||||||||
Common stock subscription rescinded during 2007 at $0.50/share
|
(400,000 | ) | (400 | ) | (199,600 | ) | - | - | - | - | - | (200,000 | ) | |||||||||||||||||||||||
Common stock issued for future services in February 2007, valued at $0.70/share
|
151,785 | 152 | 106,098 | - | - | - | - | - | 106,250 | |||||||||||||||||||||||||||
Common stock issued for future services in March 2007, valued at $0.58/share
|
1,000,000 | 1,000 | 579,000 | - | - | - | - | - | 580,000 | |||||||||||||||||||||||||||
Common stock issued for services and settlement for accounts payable in April 2007, valued at $0.35/share
|
100,000 | 100 | 34,900 | - | - | - | - | - | 35,000 | |||||||||||||||||||||||||||
Common stock issued for services in October 2007, valued at $0.68/share
|
150,000 | 150 | 101,850 | - | - | - | - | - | 102,000 | |||||||||||||||||||||||||||
Common stock issued for services in October 2007, valued at $0.90/share
|
150,000 | 150 | 134,850 | - | - | - | - | - | 135,000 | |||||||||||||||||||||||||||
Common stock issued for services in November 2007, valued at $0.72/share
|
400,000 | 400 | 287,600 | - | - | - | - | - | 288,000 | |||||||||||||||||||||||||||
Warrants issued for services in September 2005, vested during 2007, valued at $1.45/share
|
- | - | 36,370 | - | - | - | - | - | 36,370 | |||||||||||||||||||||||||||
Warrants issued for services in March 2007, vested during 2007, valued at $0.63/share
|
- | - | 52,180 | - | - | - | - | - | 52,180 | |||||||||||||||||||||||||||
Warrants issued for services in April 2007, vested during 2007, valued at $0.69/share
|
- | - | 293,476 | - | - | - | - | - | 293,476 | |||||||||||||||||||||||||||
Warrants issued for services in April 2007, vested during 2007, valued at $0.63/share
|
- | - | 140,490 | - | - | - | - | - | 140,490 | |||||||||||||||||||||||||||
Warrants issued for services in May 2007, vested during 2007, valued at $0.56/share
|
- | - | 52,946 | - | - | - | - | - | 52,946 | |||||||||||||||||||||||||||
Warrants issued for services in October 2007, vested during 2007, valued at $0.61/share
|
- | - | 61,449 | - | - | - | - | - | 61,449 | |||||||||||||||||||||||||||
Warrants issued for services in October 2007, vested during 2007, valued at $0.78/share
|
- | - | 52,292 | - | - | - | - | - | 52,292 | |||||||||||||||||||||||||||
Warrants issued for services in December 2007, vested during 2007, valued at $0.55/share
|
- | - | 1,159 | - | - | - | - | - | 1,159 | |||||||||||||||||||||||||||
Options issued for services in February 2006, vested during 2007, valued at $1.01/share
|
- | - | 17,589 | - | - | - | - | - | 17,589 | |||||||||||||||||||||||||||
Options issued for services in February 2006, vested during 2007, valued at $1.09/share
|
- | - | 43,757 | - | - | - | - | - | 43,757 | |||||||||||||||||||||||||||
Options issued for services in November 2007, vested during 2007, valued at $0.60/share
|
- | - | 41,653 | - | - | - | - | - | 41,653 | |||||||||||||||||||||||||||
Warrants issued for future services in April 2007, vested during 2007, valued at $0.70/share
|
- | - | 348,000 | - | - | - | - | - | 348,000 | |||||||||||||||||||||||||||
Deferred charges for common stock issued for future services in March 2007, valued at $0.58/share
|
- | - | - | - | (928,000 | ) | - | - | - | (928,000 | ) | |||||||||||||||||||||||||
Amortization of deferred charges
|
- | - | - | - | 773,333 | - | - | - | 773,333 | |||||||||||||||||||||||||||
Unrealzed gain (loss) on securities
|
- | - | - | - | - | (32,610 | ) | - | - | (32,610 | ) | |||||||||||||||||||||||||
Net loss for the year ending December 31, 2007
|
- | - | - | - | - | - | - | (4,223,449 | ) | (4,223,449 | ) | |||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2007
|
33,690,075 | 33,690 | 10,449,763 | - | (154,667 | ) | (58,610 | ) | (15,827 | ) | (9,601,169 | ) | 653,180 | |||||||||||||||||||||||
Common stock issued in private placement during 2008 at $0.60/share
|
690,001 | 690 | 413,310 | - | - | - | - | - | 414,000 | |||||||||||||||||||||||||||
Common stock issued for services in March 2008, valued at $0.75/share
|
100,000 | 100 | 74,900 | - | - | - | - | - | 75,000 | |||||||||||||||||||||||||||
Common stock issued for services in August 2008, valued at $1.80/share
|
200,000 | 200 | 359,800 | - | - | - | - | - | 360,000 | |||||||||||||||||||||||||||
Exercise of warrants at $0.25/share
|
320,000 | 320 | 79,680 | - | - | - | - | - | 80,000 | |||||||||||||||||||||||||||
Exercise of warrants at $0.25/share, pursuant to November 2008 adjusted stock offering
|
641,080 | 641 | 159,629 | - | 160,270 | |||||||||||||||||||||||||||||||
Exercise of warrants at $0.50/share
|
270,000 | 270 | 134,730 | - | - | - | - | - | 135,000 | |||||||||||||||||||||||||||
Warrants issued for services in September 2005, vested during 2008, valued at $1.45/share
|
- | - | 27,014 | - | - | - | - | - | 27,014 | |||||||||||||||||||||||||||
Warrants issued for services in March 2007, vested during 2008, valued at $0.63/share
|
- | - | 10,885 | - | - | - | - | - | 10,885 | |||||||||||||||||||||||||||
Warrants issued for services in April 2007, vested during 2008, valued at $0.69/share
|
- | - | 121,713 | - | - | - | - | - | 121,713 | |||||||||||||||||||||||||||
Warrants issued for services in April 2007, vested during 2008, valued at $0.63/share
|
- | - | 48,738 | - | - | - | - | - | 48,738 | |||||||||||||||||||||||||||
Warrants issued for services in May 2007, vested during 2008, valued at $0.56/share
|
- | - | 31,444 | - | - | - | - | - | 31,444 | |||||||||||||||||||||||||||
Warrants issued for services in December 2007, vested during 2008, valued at $0.55/share
|
- | - | 12,487 | - | - | - | - | - | 12,487 | |||||||||||||||||||||||||||
Options issued for services in November 2007, vested during 2008, valued at $0.60/share
|
- | - | 286,803 | - | - | - | - | - | 286,803 | |||||||||||||||||||||||||||
Options issued for services in January 2008, vested during 2008, valued at $0.60/share
|
- | - | 30,750 | - | - | - | - | - | 30,750 | |||||||||||||||||||||||||||
Options issued for services in July 2008, vested during 2008, valued at $1.48/share
|
- | - | 114,519 | - | - | - | - | - | 114,519 | |||||||||||||||||||||||||||
Options issued for services in August 2008, vested during 2008, valued at $1.36/share
|
- | - | 525,263 | - | - | - | - | - | 525,263 | |||||||||||||||||||||||||||
Options issued for services in November 2008, vested during 2008, valued at $0.50/share
|
- | - | 6,439 | - | - | - | - | - | 6,439 | |||||||||||||||||||||||||||
Warrants issued for future services in March 2008, vested through September 2008, valued at $0.83/share
|
- | - | 332,000 | - | (332,000 | ) | - | - | - | - | ||||||||||||||||||||||||||
Warrants issued for services in May 2008, vested through September 2008, valued at $1.63/share
|
- | - | 976,193 | - | - | - | - | - | 976,193 | |||||||||||||||||||||||||||
Amortization of deferred charges
|
- | - | - | - | 431,337 | - | - | - | 431,337 | |||||||||||||||||||||||||||
Receivable for the issuance of common stock
|
- | - | - | (12,500 | ) | - | - | - | - | (12,500 | ) | |||||||||||||||||||||||||
Realized loss reclassification
|
- | - | - | - | - | 58,610 | - | - | 58,610 | |||||||||||||||||||||||||||
Net loss for the year ending December 31, 2008
|
- | - | - | - | - | - | - | (4,340,607 | ) | (4,340,607 | ) | |||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2008
|
35,911,156 | $ | 35,911 | $ | 14,196,060 | $ | (12,500 | ) | $ | (55,330 | ) | $ | - | $ | (15,827 | ) | $ | (13,941,776 | ) | $ | 206,538 |
Subscription
|
Deficit | |||||||||||||||||||||||||||||||||||
Receivable/
|
Accumulated | |||||||||||||||||||||||||||||||||||
Receivable
|
Unrealized |
During
|
||||||||||||||||||||||||||||||||||
Number of
|
Common
|
Paid-in
|
for Issuance
|
Deferred
|
Loss
|
Accumulated
|
Development
|
|||||||||||||||||||||||||||||
Shares
|
Stock
|
Capital
|
of Common Stock
|
Charges
|
on Securities
|
Deficit
|
Stage
|
Total
|
||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2008
|
35,911,156 | $ | 35,911 | $ | 14,196,060 | $ | (12,500 | ) | $ | (55,330 | ) | $ | - | $ | (15,827 | ) | $ | (13,941,776 | ) | $ | 206,538 | |||||||||||||||
Rights to purchase shares issued in January 2009, vested during 2009, valued at $0.33/share
|
- | - | 132,058 | - | - | - | - | - | 132,058 | |||||||||||||||||||||||||||
Common stock issued for services in January 2009, valued at $0.58/share
|
100,000 | 100 | 57,900 | - | - | - | - | - | 58,000 | |||||||||||||||||||||||||||
Common stock issued for services & settlement for accounts payable January 2009 valued at $0.25/share
|
100,000 | 100 | 24,900 | - | - | - | - | - | 25,000 | |||||||||||||||||||||||||||
Exercise of purchase right agreement in January 2009 at $0.25/share
|
180,550 | 181 | 44,957 | - | - | - | - | - | 45,138 | |||||||||||||||||||||||||||
Exercise of warrants at $0.25/share, pursuant to November 2008 adjusted stock offering
|
1,279,336 | 1,279 | 318,555 | - | - | - | - | - | 319,834 | |||||||||||||||||||||||||||
Exercise of warrants at $0.001/share
|
400,000 | 400 | - | - | - | - | - | - | 400 | |||||||||||||||||||||||||||
Exercise of warrants at $1.00/share
|
355,000 | 355 | 354,645 | - | - | - | - | - | 355,000 | |||||||||||||||||||||||||||
Options issued for services in November 2007, vested during 2009, valued at $0.60/share
|
- | - | 199,234 | - | - | - | - | - | 199,234 | |||||||||||||||||||||||||||
Options issued for services in January 2008, vested during 2009, valued at $0.60/share
|
- | - | 13,583 | - | - | - | - | - | 13,583 | |||||||||||||||||||||||||||
Options issued for services in July 2008, vested during 2009, valued at $1.48/share
|
- | - | 67,838 | - | - | - | - | - | 67,838 | |||||||||||||||||||||||||||
Options issued for services in August 2008, vested during 2009, valued at $1.36/share
|
- | - | 623,246 | - | - | - | - | - | 623,246 | |||||||||||||||||||||||||||
Options issued for services in November 2008, vested during 2009, valued at $0.50/share
|
- | - | 61,346 | - | - | - | - | - | 61,346 | |||||||||||||||||||||||||||
Options issued for services in January 2009, vested during 2009, valued at $0.53/share
|
- | - | 13,136 | - | - | - | - | - | 13,136 | |||||||||||||||||||||||||||
Options issued for services in February 2009, vested during 2009, valued at $0.38/share
|
- | - | 9,583 | - | - | - | - | - | 9,583 | |||||||||||||||||||||||||||
Options issued for services in June 2009, vested during 2009, valued at $0.85/share
|
- | - | 21,085 | - | - | - | - | - | 21,085 | |||||||||||||||||||||||||||
Warrants issued for services in June 2009, vested during 2009, valued at $0.85/share
|
- | - | 177,881 | - | - | - | - | - | 177,881 | |||||||||||||||||||||||||||
Contribution of accrued payroll in February 2009
|
- | - | 52,129 | - | - | - | - | - | 52,129 | |||||||||||||||||||||||||||
Amortization of deferred charges
|
- | - | - | - | 55,330 | - | - | - | 55,330 | |||||||||||||||||||||||||||
Payment for the issuance of common stock
|
- | - | - | 12,500 | - | - | - | - | 12,500 | |||||||||||||||||||||||||||
Common stock issued for services in June 2009, valued at $0.34/share
|
116,000 | 116 | 39,884 | - | - | - | - | - | 40,000 | |||||||||||||||||||||||||||
Common stock issued for services & settlement for accounts payable June 2009 valued at $0.34/share
|
145,000 | 145 | 49,855 | - | - | - | - | - | 50,000 | |||||||||||||||||||||||||||
Common stock issued in private placement during June 2009 at $0.34/share
|
2,479,500 | 2,480 | 852,520 | - | - | - | - | - | 855,000 | |||||||||||||||||||||||||||
Common stock issued for services in July 2009, valued at $0.75/share
|
100,000 | 100 | 74,900 | - | - | - | - | - | 75,000 | |||||||||||||||||||||||||||
Net loss for the year ending December 31, 2009
|
- | - | - | - | - | - | - | (2,721,871 | ) | (2,721,871 | ) | |||||||||||||||||||||||||
BALANCE AT December 31, 2009
|
41,166,542 | 41,167 | 17,385,295 | - | - | - | (15,827 | ) | (16,663,647 | ) | 746,988 | |||||||||||||||||||||||||
Options issued for services in November 2007, vested during 2010, valued at $0.60/share
|
- | - | 174,866 | - | - | - | - | - | 174,866 | |||||||||||||||||||||||||||
Options issued for services in January 2008, vested during 2010, valued at $0.60/share
|
- | - | 14,873 | - | - | - | - | - | 14,873 | |||||||||||||||||||||||||||
Options issued for services in July 2008, vested during 2010, valued at $1.48/share
|
- | - | 74,061 | - | - | - | - | - | 74,061 | |||||||||||||||||||||||||||
Options issued for services in August 2008, vested during 2010, valued at $1.36/share
|
- | - | 643,812 | - | - | - | - | - | 643,812 | |||||||||||||||||||||||||||
Options issued for services in November 2008, vested during 2010, valued at $0.50/share
|
- | - | 31,478 | - | - | - | - | - | 31,478 | |||||||||||||||||||||||||||
Warrants issued for services in June 2009, vested during 2010, valued at $0.85/share
|
- | - | 213,459 | - | - | - | - | - | 213,459 | |||||||||||||||||||||||||||
Warrants issued for services in January 2010, vested during 2010, valued at $1.83/share
|
580,167 | - | - | - | - | - | 580,167 | |||||||||||||||||||||||||||||
Warrants issued for services in March 2010, vested during 2010, valued at $1.86/share
|
- | - | 214,063 | - | - | - | - | - | 214,063 | |||||||||||||||||||||||||||
Options issued for services in August 2010, vested during 2010, valued at $1.31/share
|
27,434 | - | - | - | - | - | 27,434 | |||||||||||||||||||||||||||||
Options issued for services in December 2010, vested during 2010, valued at $1.14/share
|
286,002 | - | - | - | - | - | 286,002 | |||||||||||||||||||||||||||||
Exercise of warrants at $0.25/share
|
947,200 | 947 | 235,853 | - | - | - | - | - | 236,800 | |||||||||||||||||||||||||||
Exercise of options at $0.25/share
|
15,000 | 15 | 3,735 | - | - | - | - | - | 3,750 | |||||||||||||||||||||||||||
Exercise of warrants at $0.345/share
|
10,000 | 10 | 3,440 | - | - | - | - | - | 3,450 |