Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v2.4.0.8
Consolidated Balance Sheets (USD $)
Dec. 31, 2013
Dec. 31, 2012
ASSETS    
Cash $ 888,704 $ 376,421
Prepaid expenses - related party    250,833
Prepaid expenses 82,135 28,520
Other current assets 34,612 39,368
Total Current Assets 1,005,451 695,142
Property and equipment, net 63,265 91,386
Intangible assets, net 1,002,043 1,430,238
Total Assets 2,070,759 2,216,766
LIABILITIES    
Accounts payable and accrued liabilities 518,086 481,395
Management and directors' fees payable 222,294 213,515
Note payable - related party    52,860
Deferred grant income 216,894   
Total Current Liabilities 957,274 747,770
Grant repayable 432,811 635,201
Total Liabilities 1,390,085 1,382,971
STOCKHOLDERS' EQUITY    
Preferred Stock Authorized: 100,000,000 shares, at $0.001 par value Issued and outstanding: Nil shares and Nil respectively      
Common Stock Authorized: 100,000,000 shares of common stock, at $0.001 par value Issued and outstanding: 11,679,757 shares and 10,191,562 shares of common stock, respectively 11,680 10,192
Additional paid-in capital 12,024,711 8,443,512
Accumulated other comprehensive loss (59,795) (34,276)
Deficit accumulated during the development stage (11,295,922) (7,585,633)
Total Stockholders' Equity 680,674 833,795
Total Liabilities and Stockholders' Equity $ 2,070,759 $ 2,216,766