|
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
|
3 Months Ended | 152 Months Ended | |
|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
|
| EXPENSES | |||
| Consulting | $ 50,500 | $ 2,038,687 | |
| Depreciation | 213,227 | ||
| General and administrative | 141,890 | 5,119 | 3,059,126 |
| Interest and financing charges (Note 4) | 96,726 | 356,710 | 5,927,739 |
| Management fees (Note 8) | 80,100 | 62,100 | 2,852,154 |
| Professional fees | 74,129 | 116,014 | 5,000,701 |
| Research and development (Note 8) | 115,465 | 51,422 | 6,026,630 |
| Stock-based compensation | 163,471 | 458,486 | 10,838,863 |
| Costs and Expenses | 671,781 | 1,100,351 | 35,940,877 |
| LOSS BEFORE OTHER ITEMS | (671,781) | (1,100,351) | (35,940,877) |
| OTHER ITEMS | |||
| Foreign exchange gain (loss) | (7,783) | (8,041) | 45,807 |
| Changes in fair value of derivative liabilities (Note 4) | 71,062 | (244,981) | 4,146,202 |
| Loss on debt financing | (1,268,713) | ||
| Gain (loss) on settlement of debt | 9,930 | (204,770) | (11,621,652) |
| Gain on extinguishment of derivative liabilities - warrants | 290,500 | 290,500 | |
| Interest income | 33,344 | ||
| Loss on disposal of assets | (5,399) | ||
| NET LOSS | (598,572) | (1,267,643) | (44,320,788) |
| BASIC AND DILUTED LOSS PER SHARE | $ (0.01) | $ (0.03) | |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 52,470,198 | 40,572,811 | |
|
Consulting fees
|
|||
| EXPENSES | |||
| Stock-based compensation | 133,908 | 157,352 | 5,856,261 |
|
Management fees
|
|||
| EXPENSES | |||
| Stock-based compensation | 29,563 | 301,134 | 4,354,352 |
|
Research and development
|
|||
| EXPENSES | |||
| Stock-based compensation | $ 612,000 | ||