|
STATEMENTS OF OPERATIONS (USD $)
|
3 Months Ended | 9 Months Ended | 83 Months Ended | ||
|---|---|---|---|---|---|
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
|
| Revenues | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
| Operating expenses: | |||||
| Research and development | 1,582,705 | 1,652,309 | 3,252,745 | 3,524,784 | 17,497,963 |
| Refund credit research and development costs | 0 | 42,265 | 0 | 42,265 | (420,842) |
| General and administrative | 494,080 | 863,083 | 1,281,755 | 1,600,867 | 10,183,317 |
| Total operating expenses | 2,076,785 | 2,557,657 | 4,534,500 | 5,167,916 | 27,260,438 |
| Loss from operations | (2,076,785) | (2,557,657) | (4,534,500) | (5,167,916) | (27,260,438) |
| Other income (expense): | |||||
| Interest income | 30,801 | 882 | 40,283 | 6,572 | 205,607 |
| Non cash interest on convertible debentures | 0 | 0 | 0 | 0 | (73,930) |
| Non cash interest expense on beneficial conversion of convertible debentures | 0 | 0 | 0 | 0 | (713,079) |
| Change in fair market value of derivative liability | 14,131 | 10,088 | (68,931) | (58,200) | 61,783 |
| Total other income (expense) | 44,932 | 10,970 | (28,648) | (51,628) | (519,619) |
| Loss before income taxes | (2,031,853) | (2,546,687) | (4,563,148) | (5,219,544) | (27,780,057) |
| Income tax provision | 0 | 0 | 0 | 0 | 0 |
| Net loss | $ (2,031,853) | $ (2,546,687) | $ (4,563,148) | $ (5,219,544) | $ (27,780,057) |
| Net loss per common share: - basic and diluted (in dollars per share) | $ (0.013) | $ (0.02) | $ (0.031) | $ (0.04) | |
| Weighted average common shares outstanding: - basic and diluted (in shares) | 151,556,920 | 140,222,753 | 147,890,395 | 137,995,662 | |