|
Condensed Consolidated Balance Sheets (USD $)
|
Jun. 30, 2012
|
Dec. 31, 2011
|
| Current assets: |
|
|
| Cash and cash equivalents |
$ 63,552 |
$ 135,843 |
| Short-term investments |
20,389 |
27,446 |
| Prepaid expenses and other current assets |
44,008 |
4,965 |
| Total current assets |
127,949 |
168,254 |
| Property and Equipment, net |
1,582 |
2,475 |
| Total assets |
129,531 |
170,729 |
| Current liabilities: |
|
|
| Accounts payable and accrued expenses |
2,297,042 |
2,210,229 |
| Convertible notes payable |
21,827,588 |
21,827,588 |
| Notes payable |
6,185,000 |
5,900,000 |
| Accrued interest payable on notes payable |
694,946 |
486,691 |
| Total current liabilities |
31,004,576 |
30,424,508 |
| Total liabilities |
31,004,576 |
30,424,508 |
| Commitments and contingencies |
|
|
| Series F convertible redeemable preferred stock, $.01 par value; 200,000 shares designated; 12,000 shares issued and outstanding at June 30, 2012 and December 31, 2011, (liquidation preference of $300,000 at June 30, 2012) |
358,915 |
348,444 |
| Stockholders' deficit: |
|
|
| Preferred stock, $.01 par value; 1,000,000 shares authorized; 25,000 shares designated Convertible Series A, 500,000 shares designated Convertible Series D and 800 shares designated Convertible Series E; no shares issued and outstanding at June 30, 2012 and December 31, 2011, respectively |
|
|
| Common stock, $.01 par value; 80,000,000 shares authorized at June 30, 2012 and December 31, 2011; 30,635,720 issued and outstanding at June 30, 2012 and December 31, 2011 |
306,357 |
306,357 |
| Additional paid-in capital |
166,160,384 |
166,170,855 |
| Accumulated other comprehensive loss |
(38,424) |
(31,367) |
| Deficit accumulated during development stage |
(197,662,277) |
(197,048,068) |
| Total stockholders' deficit |
(31,233,960) |
(30,602,223) |
| Total liabilities and stockholders' deficit |
$ 129,531 |
$ 170,729 |