Quarterly report pursuant to sections 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
3 Months Ended 51 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Mar. 31, 2012
Statement of Cash Flows [Abstract]      
Net loss $ (1,362,460) $ (503,178) $ (7,723,020)
Depreciation and amortization 2,904 7,124 28,658
Gain on disposal of equipment     (3,750)
Stock-based compensation 933,569 55,063 1,614,996
Non-cash interest expense related to warrants and derivatives 37,002   800,318
Non-cash interest expense related to convertible notes 2,620   2,620
Change in fair value of warrant and derivative liabilities (80,520) 12,340 (472,922)
Gain on settlement of convertible note and warrants     (137,632)
Prepaid expenses and other current assets 4,132 (29,356) (331,366)
Accounts payable 256,188 318,026 2,462,729
Accrued liabilities 33,093 26,312 150,644
Related party liabilities     (143,640)
Net cash used in operating activities (173,472) (113,669) (3,752,364)
Purchases of property and equipment   (7,210) (40,392)
Net cash used in investing activities   (7,210) (40,392)
Proceeds from borrowings 172,750 85,514 1,430,298
Repayment of borrowings     (100,000)
Proceeds from issuance of common stock     1,797,941
Proceeds from issuance of stock options     200,818
Proceeds from issuance of convertible preferred stock     540,000
Costs of financings     (76,187)
Proceeds from sale of warrant     35
Net cash provided by financing activities 172,750 85,514 3,792,905
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (722) (35,365) 148
CASH AND CASH EQUIVALENTS - Beginning of period 870 47,521  
CASH AND CASH EQUIVALENTS - End of period 148 12,156 148
Exchange of convertible promissory notes for preferred stock     195,342
Issuance of warrants to investors     371,180
Bifurcation of derivatives embedded in convertible notes     548,083
Stock warrants reclassified from liabilities to equity 2,032   39,142
Issuance of convertible notes in lieu of payment of payable 259,988   413,765
Dividend to founder for assumption of debts     $ 365,870