Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v2.4.0.8
Condensed Consolidated Balance Sheets (USD $)
Jun. 30, 2014
Dec. 31, 2013
ASSETS    
Cash $ 1,808,271 $ 888,704
Prepaid expenses 127,731 82,135
Other current assets 73,078 34,612
Total Current Assets 2,009,080 1,005,451
Property and equipment, net 94,558 63,265
Intangible assets, net 945,410 1,002,043
Total Assets 3,049,048 2,070,759
LIABILITIES    
Accounts payable and accrued liabilities 440,666 518,086
Management and directors' fees payable 181,228 222,294
Derivative liability 2,315,506   
Deferred grant income 214,988 216,894
Total Current Liabilities 3,152,388 957,274
Grant repayable 429,007 432,811
Total Liabilities 3,581,395 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: 13,468,164 shares and 11,679,757 shares, respectively 13,468 11,680
Additional paid-in capital 12,201,363 12,024,711
Accumulated other comprehensive loss (73,633) (59,795)
Deficit accumulated during the development stage (12,673,545) (11,295,922)
Total Stockholders' Equity (Deficit) (532,347) 680,674
Total Liabilities and Stockholders' Equity (Deficit) $ 3,049,048 $ 2,070,759