Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (unaudited)

v2.4.0.8
BALANCE SHEETS (unaudited) (USD $)
Jun. 30, 2013
Dec. 31, 2012
Current assets:    
Cash and cash equivalents $ 629,804 $ 1,027,475
Accounts receivable 61,154 30,451
Prepaid expenses and other current assets 48,460 50,368
Inventory 198,372 48,749
Total current assets 937,790 1,157,043
Other assets:    
Equipment, net of depreciation 297,433 316,357
Intangible assets, net of amortization 2,232,144 2,410,715
Total other assets 2,529,577 2,727,072
Total assets 3,467,367 3,884,115
Current liabilities:    
Accounts payable 233,281 73,172
Accrued liabilities 111,279 112,482
Interest payable 2,630 2,630
Income taxes payable 50 150
Loan payable, current 27,579 27,218
Current portion of senior secured notes payable 990,087  
Current portion of senior subordinated notes payable 1,000,000 500,000
Total current liabilities 2,364,906 715,652
Long-term liabilities:    
Loan payable 92,278 106,158
Senior subordinated notes payable   500,000
Total long-term liabilities 92,278 606,158
Total liabilities 2,457,184 1,321,810
Commitments and contingencies      
Stockholders' equity:    
Preferred stock value 107 286
Common stock value 703 190
Additional paid-in capital 6,041,995 5,992,636
Accumulated deficit during development stage 5,032,622 3,430,807
Total stockholders' equity 1,010,183 2,562,305
Total liabilities and stockholders' equity $ 3,467,367 $ 3,884,115 [1]
[1] The numbers in this column, for the year ended December 31, 2012, are derived from audited financials.