Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (UNAUDITED)

v2.4.0.8
Condensed Consolidated Balance Sheets (UNAUDITED) (USD $)
Sep. 30, 2013
Dec. 31, 2012
ASSETS    
Cash $ 473,475 $ 376,421
Prepaid expenses - related party 198,333 250,833
Prepaid expenses 112,154 28,520
Other current assets 32,775 39,368
Total Current Assets 816,737 695,142
Property and equipment, net 70,158 91,386
Intangible assets, net 1,364,982 1,430,238
Total Assets 2,251,877 2,216,766
LIABILITIES    
Accounts payable and accrued liabilities 585,407 694,910
Note payable - related party    52,860
Total Current Liabilities 585,407 747,770
Grant repayable 1,275,231 635,201
Total Liabilities 1,860,638 1,382,971
STOCKHOLDERS' EQUITY    
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value 1,000,000 shares of preferred stock, at $0.001 par value Issued and outstanding: 11,194,302 shares and 10,191,562 shares of common stock, respectively 11,194 10,192
Additional paid-in capital 10,899,148 8,443,512
Accumulated other comprehensive loss (52,612) (34,276)
Deficit accumulated during the development stage (10,466,491) (7,585,633)
Total Stockholders' Equity 391,239 833,795
Total Liabilities and Stockholders' Equity $ 2,251,877 $ 2,216,766