Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2014
Dec. 31, 2013
ASSETS    
Cash $ 2,800,802 $ 888,704
Prepaid expenses 63,125 82,135
Other current assets 46,985 34,612
Total Current Assets 2,910,912 1,005,451
Property and equipment, net 74,858 63,265
Intangible assets, net 976,606 1,002,043
Total Assets 3,962,376 2,070,759
LIABILITIES    
Accounts payable and accrued liabilities 584,567 518,086
Management and directors' fees payable 210,934 222,294
Derivative liability 4,182,747   
Deferred grant income 216,674 216,894
Total Current Liabilities 5,194,922 957,274
Grant repayable 432,371 432,811
Total Liabilities 5,627,293 1,390,085
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock Authorized: 1,000,000 shares of preferred stock, at $0.001 par value Issued and outstanding: Nil shares and Nil shares, respectively      
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 13,307,936 shares and 11,679,757 shares, respectively 13,308 11,680
Additional paid-in capital 11,876,114 12,024,711
Accumulated other comprehensive loss (63,991) (59,795)
Deficit accumulated during the development stage (13,490,348) (11,295,922)
Total Stockholders' Equity (Deficit) (1,664,917) 680,674
Total Liabilities and Stockholders' Equity (Deficit) $ 3,962,376 $ 2,070,759