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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
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3 Months Ended | 9 Months Ended | 12 Months Ended | 69 Months Ended | 78 Months Ended | |||
|---|---|---|---|---|---|---|---|---|
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Sep. 30, 2011
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2011
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Sep. 30, 2012
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| Revenues: | ||||||||
| Consulting fees | $ 22,000 | $ 113,900 | $ 3,849 | $ 3,849 | $ 71,196 | $ 143,615 | $ 257,515 | |
| Total revenues | 188,421 | 137,195 | 492,132 | 482,312 | 204,326 | 669,343 | 6,316,390 | 6,808,522 |
| Operating expenses: | ||||||||
| Project development, including stock based compensation of $0, $0, and $4,468,490, respectively | 129,070 | 158,105 | 420,343 | 428,611 | 595,302 | 1,096,653 | 18,931,157 | 19,351,500 |
| General and administrative, including stock based compensation of $161,851, $52,487,and $6,311,670, respectively | 308,614 | 612,078 | 987,023 | 1,347,006 | 1,752,774 | 1,996,645 | 309,000 | 17,771,072 |
| Related party license fee | 1,000,000 | 1,000,000 | ||||||
| Total operating expenses | 437,684 | 770,183 | 1,407,366 | 1,775,617 | 2,348,076 | 3,093,298 | 36,715,206 | 38,122,572 |
| Operating loss | (249,263) | (632,988) | (915,234) | (1,293,305) | (2,143,750) | (2,423,955) | (30,398,816) | (31,314,050) |
| Other income and (expense): | ||||||||
| Gain from change in fair value of warrant liability | 7,216 | 35,195 | 1,771 | 798,951 | 855,251 | 1,509,778 | 2,932,490 | 2,934,261 |
| Gain from change in fair value of derivative liability | 31,013 | 55,629 | 55,629 | |||||
| Other income | 1,122 | 256,295 | 256,295 | |||||
| Financing related charge | 0 | 0 | 0 | 0 | (211,660) | (211,660) | ||
| Amortization of debt discount | (92,404) | (182,657) | (9,851) | (686,833) | (869,490) | |||
| Interest expense | (56,097) | (56,097) | ||||||
| Related party interest expense | (1,322) | (34,218) | (2,412) | (97,638) | (104,402) | (169,368) | (171,780) | |
| Loss on extinguishment of debt | (2,818,370) | (2,818,370) | ||||||
| Gain on settlement of accrued rent | 7,920 | 7,920 | 7,920 | |||||
| Loss on the retirement of warrants | 146,718 | 146,718 | ||||||
| Total other income and (expense) | (55,497) | 977 | (127,669) | 701,313 | 758,769 | 1,501,049 | (892,341) | (1,020,010) |
| Loss before provision for income taxes | (304,760) | (632,011) | (1,042,903) | (591,992) | (1,384,981) | (922,906) | (31,291,157) | (32,334,060) |
| Provision for income taxes | (7,354) | (8,179) | (83,147) | (91,326) | ||||
| Net loss | (312,114) | (632,011) | (1,051,082) | (591,992) | (1,384,981) | (922,906) | (31,374,304) | (32,425,386) |
| Net loss attributable to noncontrolling interest | (233) | 0 | 2,775 | 0 | 9,969 | (9,969) | (12,744) | |
| Net loss attributable to controlling interest | (311,881) | (632,011) | (1,048,307) | (591,992) | (1,375,012) | (922,906) | (31,364,335) | (32,412,642) |
| Basic and diluted loss per common share attributable to controlling interest | $ (0.01) | $ (0.02) | $ (0.03) | $ (0.02) | $ (0.05) | $ (0.03) | ||
| Weighted average common shares outstanding, basic and diluted | 32,863,893 | 30,205,294 | 32,636,527 | 29,728,327 | 30,101,167 | 28,379,920 | ||
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Billed Revenues
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| Revenues: | ||||||||
| Department of Energy grant revenues | 166,421 | 36,382 | 378,232 | 364,370 | 31,704 | 569,879 | 5,975,734 | 6,353,966 |
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Unbilled Revenues
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||||||||
| Revenues: | ||||||||
| Department of Energy grant revenues | $ 0 | $ 100,813 | $ 0 | $ 114,093 | $ 28,268 | $ 168,773 | $ 197,041 | $ 197,041 |