XML 17 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2011
Dec. 31, 2010
Current assets:    
Cash $ 252,249 $ 310
Grant receivable   223,540
Due from related party 15,491  
Due from officers 7,714  
Inventory 678,123 308,662
Prepaid expenses 17,675 211,717
Total current assets 971,252 744,229
Other assets:    
Patent and trademark costs, net 1,387,104 1,467,623
Office furniture and fixtures, net 7,862  
Deferred private placement costs   587,133
Deferred debt isuance costs, net 22,405  
Deposits   1,535
Total other assets 1,417,371 2,056,291
Total assets 2,388,623 2,800,520
Current liabilities:    
Demand bank loans 174,925 174,925
Accounts payable 1,064,892 2,900,684
Accrued interest payable to shareholders 21,502 190,977
Accrued expenses 545,578 227,724
Deferred grant revenue   223,540
Notes payable to shareholders, net of unamortized discount 25,000 1,095,643
Notes payable 400,000  
Convertible notes, net of unamortized discount 641,886  
Due to related party   6,942
Due to officers   3,200
Total current liabilities 2,873,783 4,823,635
Long term notes payable to shareholders, net of unamortized discount 140,000 65,557
Long term portion of notes payables 37,000  
Warrant liability 550,000  
Total liabilities 3,600,783 4,889,192
Commitments and contingencies (Note 11)      
Capital stock issued and outstanding:    
0 preferred shares      
27,209,646 common shares (16,000,000 at December 31, 2010) 273  
Capital in excess of par value 5,822,882 3,598,856
Accumulated deficit (7,041,297) (5,687,394)
Non-controlling interest - consolidated subsidiary 5,982 (134)
Total shareholders' deficit (1,212,160) (2,088,672)
Total liabilities and shareholders' deficit $ 2,388,623 $ 2,800,520