Annual report pursuant to Section 13 and 15(d)

Statements of Stockholders' Equity (Deficit) and Comprehensive Loss Period from March 19, 2001 (Inception) to December 31, 2011

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Statements of Stockholders' Equity (Deficit) and Comprehensive Loss Period from March 19, 2001 (Inception) to December 31, 2011 (USD $)
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Deficit During the Development Stage [Member]
Treasury Stock [Member]
Accumulated Other Comprehensive Loss [Member]
Total
Balance at Mar. 19, 2001            
Common stock issued $ 71,266 $ 4,448,702       $ 4,519,968
Common stock issued, shares 7,126,666          
Net loss     (625,109)     (625,109)
Balance at Dec. 31, 2001 71,266 4,448,702 (625,109)     3,894,859
Balance, shares at Dec. 31, 2001 7,126,666          
Net loss     (1,181,157)     (1,181,157)
Balance at Dec. 31, 2002 71,266 4,448,702 (1,806,266)     2,713,702
Balance, shares at Dec. 31, 2002 7,126,666          
Stock based compensation   538,074       538,074
Common stock issued 5,000 1,995,000       2,000,000
Common stock issued, shares 500,000          
Net loss     (2,775,075)     (2,775,075)
Balance at Dec. 31, 2003 76,266 6,981,776 (4,581,341)     2,476,701
Balance, shares at Dec. 31, 2003 7,626,666          
Stock based compensation   230,770       230,770
Common stock issued 15 1,785       1,800
Common stock issued, shares 1,500          
Net loss     (3,273,442)     (3,273,442)
Balance at Dec. 31, 2004 76,281 7,214,331 (7,854,783)     (564,171)
Balance, shares at Dec. 31, 2004 7,628,166          
Stock based compensation   436,748       436,748
Stock split (5 for 1) (72,467) 72,467        
Stock split (5 for 1), shares 30,512,664          
Common stock issued in connection with merger 340 (340)        
Common stock issued in connection with merger, shares 3,397,802          
Common stock issued 417 8,349,565       8,349,982
Common stock issued, shares 4,175,000          
Common stock issued on conversion of convertible debt 65 1,299,935       1,300,000
Common stock issued on conversion of convertible debt, shares 650,000          
Exercise of stock options 4 9,596       9,600
Exercise of stock options, shares 40,000          
Common stock issued in exchange for services 1 21,876       21,877
Common stock issued in exchange for services, shares 7,000          
Beneficial conversion feature   1,625,000       1,625,000
Net loss     (6,349,540)     (6,349,540)
Balance at Dec. 31, 2005 4,641 19,029,178 (14,204,323)     4,829,496
Balance, shares at Dec. 31, 2005 46,410,632          
Stock based compensation   1,033,956       1,033,956
Common stock issued on conversion of convertible debt 385 3,849,615       3,850,000
Common stock issued on conversion of convertible debt, shares 3,850,000          
Exercise of stock options 6 14,802       14,808
Exercise of stock options, shares 61,705          
Purchase of treasury stock       (28,410)   (28,410)
Purchase of treasury stock, shares       14,205    
Net loss     (6,486,003)     (6,486,003)
Balance at Dec. 31, 2006 5,032 23,927,551 (20,690,326) (28,410)   3,213,847
Balance, shares at Dec. 31, 2006 50,322,337     14,205    
Stock based compensation   1,121,646       1,121,646
Common stock issued 486 1,144,219       1,144,705
Common stock issued, shares 4,857,159          
Exercise of stock options 12 59,988       60,000
Exercise of stock options, shares 127,500          
Stock issuance costs   (139,674)       (139,674)
Net loss     (4,442,331)     (4,442,331)
Balance at Dec. 31, 2007 5,530 26,113,730 (25,132,657) (28,410)   958,193
Balance, shares at Dec. 31, 2007 55,306,996     14,205    
Stock based compensation   484,684       484,684
Common stock issued 65 155,450       155,515
Common stock issued, shares 642,858          
Exercise of stock options 9 31,191       31,200
Exercise of stock options, shares 90,000          
Net loss     (3,681,801)     (3,681,801)
Unrealized loss on securities available-for-sale         (550,480) (550,480)
Total Comprehensive Loss           (4,232,281)
Balance at Dec. 31, 2008 5,604 26,785,055 (28,814,458) (28,410) (550,480) (2,602,689)
Balance, shares at Dec. 31, 2008 56,039,854     14,205    
Stock based compensation   497,531       497,531
Common stock issued 1,588 9,996,015       9,997,603
Common stock issued, shares 15,883,847          
Exercise of stock options 2 3,600       3,602
Exercise of stock options, shares 15,000          
Beneficial conversion feature           0
Stock issuance costs   (641,018)       (641,018)
Net loss     (2,903,098)     (2,903,098)
Reversal of unrealized loss on securities available-for-sale         550,480 550,480
Total Comprehensive Loss           (2,352,618)
Balance at Dec. 31, 2009 7,194 36,641,183 (31,717,556) (28,410)   4,902,411
Balance, shares at Dec. 31, 2009 71,938,701     14,205    
Stock based compensation   584,657       584,657
Common stock issued 667 8,198,534       8,199,201
Common stock issued, shares 6,666,667          
Exercise of stock options 16 107,224       107,240
Exercise of stock options, shares 155,500          
Stock warrants exercised 371 9,199,797       9,200,168
Stock warrants exercised, shares 3,714,186          
Common stock issued in exchange for services 170 2,107,830       2,108,000
Common stock issued in exchange for services, shares 1,700,000          
Beneficial conversion feature           0
Stock issuance costs   (681,773)       (681,773)
Net loss     (14,022,107)     (14,022,107)
Unrealized loss on securities available-for-sale         (2,340) (2,340)
Total Comprehensive Loss           (14,024,447)
Balance at Dec. 31, 2010 8,418 56,157,452 (45,739,663) (28,410) (2,340) 10,395,457
Balance, shares at Dec. 31, 2010 84,175,054     14,205    
Stock based compensation   638,607       638,607
Common stock issued 1,067 11,122,265       11,123,332
Common stock issued, shares 10,667,848          
Exercise of stock options 18 59,222       59,240
Exercise of stock options, shares 183,000          
Stock warrants exercised 33 561,798       561,831
Stock warrants exercised, shares 333,959          
Beneficial conversion feature           0
Stock issuance costs   (729,727)       (729,727)
Net loss     (11,344,950)     (11,344,950)
Reversal of unrealized loss on securities available-for-sale         2,340 2,340
Total Comprehensive Loss           (11,342,610)
Balance at Dec. 31, 2011 $ 9,536 $ 67,809,617 $ (57,084,613) $ (28,410) $ 0 $ 10,706,130
Balance, shares at Dec. 31, 2011 95,359,861     14,205