Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet

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Balance Sheet (USD $)
Jun. 30, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 8,482,981 $ 9,861,488
Marketable securities (note 3) 100,000 1,950,000
Prepaid expenses and other current assets (note 4) 333,905 333,171
Note receivable - current portion (note 5) 4,671 18,682
Total Current Assets 8,921,557 12,163,341
Restricted Cash Equivalents (note 16) 763,891 1,431,765
Equipment, Net (note 6) 73,100 94,542
Total Assets 9,758,548 13,689,648
Current Liabilities:    
Accounts payable and accrued expenses (note 7) 890,967 1,185,405
Deferred Research and Development Arrangement (note 8) 787,500 825,000
Other Liabilities (note 9) 85,883 104,388
Warrant Liabilities (note 13) 328,338 868,725
Total Liabilities 2,092,688 2,983,518
Commitments and Contingencies (note 16)      
Stockholders' Equity (note 12):    
Preferred stock, par value $0.0001, 100,000,000 authorized shares, none issued and outstanding 0 0
Common stock, par value $0.0001, 500,000,000 authorized shares, 95,359,861 issued and 95,345,656 oustanding 9,536 9,536
Additional paid-in capital 67,951,543 67,809,617
Accumulated deficit during the development stage (60,266,809) (57,084,613)
Treasury stock, 14,205 shares, at cost (28,410) (28,410)
Total Stockholders' Equity 7,665,860 10,706,130
Total Liabilities and Stockholders' Equity $ 9,758,548 $ 13,689,648