| Restatement of Condensed Consolidated Financial Statements |
| |
|
As
Previously
Reported
($) |
|
|
As
Restated
($) |
|
| Condensed Consolidated Balance Sheets as of June 30, 2013 (Unaudited) |
|
|
|
|
|
|
| Additional paid-in capital |
|
|
47,564,257 |
|
|
|
47,693,699 |
|
| Deficit accumulated during the development stage |
|
|
(49,771,659 |
) |
|
|
(49,901,101 |
) |
| Condensed Consolidated Statements of Operations for the Six Months
Ended June 30, 2013 (Unaudited) |
|
|
|
|
|
|
|
|
| Deemed dividend – beneficial conversion
feature |
|
|
(180,502 |
) |
|
|
(309,944 |
) |
| Net loss attributable to common shareholders |
|
|
(3,398,425 |
) |
|
|
(3,527,867 |
) |
| Net loss per share – basic and diluted |
|
|
(0.28 |
) |
|
|
(0.29 |
) |
| Condensed Consolidated Statements of Operations Cumulative Period
from July 28, 2006 (Inception) through June 30, 2013 (Unaudited) |
|
|
|
|
|
|
|
|
| Deemed dividend – beneficial conversion
feature |
|
|
(180,502 |
) |
|
|
(309,944 |
) |
| Net loss attributable to common shareholders |
|
|
(49,771,659 |
) |
|
|
(49,901,101 |
) |
| Condensed Consolidated Statement of Changes in Stockholders’
Deficit for the Six Months Ended June 30, 2013 (Unaudited) |
|
|
|
|
|
|
|
|
| Additional Paid-in Capital |
|
|
|
|
|
|
|
|
| Deemed dividend related to beneficial conversion
feature of Series A non-voting preferred stock |
|
|
180,502 |
|
|
|
309,944 |
|
| Balance at June 30, 2013 |
|
|
47,564,257 |
|
|
|
47,693,699 |
|
| Condensed Consolidated Statement of Changes in Stockholders’
Deficit for the Six Months Ended June 30, 2013 (Unaudited) |
|
|
|
|
|
|
|
|
| Deficit Accumulated During the Development Stage |
|
|
|
|
|
|
|
|
| Deemed dividend related to beneficial conversion
feature of Series A non-voting preferred stock |
|
|
(180,502 |
) |
|
|
(309,944 |
) |
| Balance at June 30, 2013 |
|
|
(49,771,659 |
) |
|
|
(49,901,101 |
) |
| Condensed Consolidated Statement of Cash Flows For the Six Months
Ended June 30, 2013 (Unaudited) |
|
|
|
|
|
|
|
|
| Supplemental Disclosure of Non-Cash Financing Activities |
|
|
|
|
|
|
|
|
| Deemed dividend – beneficial conversion
feature |
|
|
180,502 |
|
|
|
309,944 |
|
| Condensed Consolidated Statement of Cash Flows For the Cumulative
Period from July 28, 2006 (Inception) through June 30, 2013 (Unaudited) |
|
|
|
|
|
|
|
|
| Supplemental Disclosure of Non-Cash Financing Activities |
|
|
|
|
|
|
|
|
| Deemed dividend – beneficial conversion
feature |
|
|
180,502 |
|
|
|
309,944 |
|
| |
|
|
|
|
|
|
|
|
| |
|
June
30, 2013 |
|
|
June
30, 2012 |
|
|
Cumulative
Period from July 28, 2006 (Inception) Through June 30, 2013 |
|
| |
|
As
Previously
Reported
($) |
|
|
As
Restated
($) |
|
|
As
Previously
Reported
($) |
|
|
As
Restated
($) |
|
|
As
Previously
Reported
($) |
|
|
As
Restated
($) |
|
| Balance Sheets (Unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts payable |
|
|
1,489,143 |
|
|
|
1,394,143 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Accrued expense |
|
|
378,501 |
|
|
|
313,501 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total current liabilities |
|
|
2,579,107 |
|
|
|
2,419,107 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total Liabilities |
|
|
2,588,828 |
|
|
|
2,428,828 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Deficit
Accumulated During
the
Development Stage |
|
|
(49,901,101 |
) |
|
|
(49,741,101 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
| Total Stockholders’ Deficit |
|
|
(2,193,743 |
) |
|
|
(2,033,743 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Statement
of Operations
(Unaudited)
:
For
the Three Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
390,174 |
|
|
|
380,174 |
|
|
|
248,190 |
|
|
|
236,940 |
|
|
|
- |
|
|
|
- |
|
| Total Operating Expenses |
|
|
1,298,910 |
|
|
|
1,288,910 |
|
|
|
624,807 |
|
|
|
613,557 |
|
|
|
- |
|
|
|
- |
|
| Loss from Operations |
|
|
(1,298,910 |
) |
|
|
(1,288,910 |
) |
|
|
(624,807 |
) |
|
|
(613,557 |
) |
|
|
- |
|
|
|
- |
|
| Loss Before Income Taxes |
|
|
(1,960,871 |
) |
|
|
(1,950,871 |
) |
|
|
(624,215 |
) |
|
|
(612,965 |
) |
|
|
- |
|
|
|
- |
|
| Net Loss |
|
|
(1,960,871 |
) |
|
|
(1,950,871 |
) |
|
|
(624,215 |
) |
|
|
(612,965 |
) |
|
|
- |
|
|
|
- |
|
Net
Loss Attributable to
Common
Shareholders |
|
|
(1,960,871 |
) |
|
|
(1,950,871 |
) |
|
|
(624,215 |
) |
|
|
(612,965 |
) |
|
|
- |
|
|
|
- |
|
Net
Loss Per Common Share
Basic
and Diluted |
|
|
(0.15 |
) |
|
|
(0.15 |
) |
|
|
(0.05 |
) |
|
|
(0.05 |
) |
|
|
- |
|
|
|
- |
|
| For the Six Months Ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Research and development |
|
|
655,209 |
|
|
|
635,209 |
|
|
|
623,046 |
|
|
|
600,546 |
|
|
|
23,998,514 |
|
|
|
23,838,514 |
|
| Total Operating Expenses |
|
|
2,115,687 |
|
|
|
2,095,687 |
|
|
|
1,535,917 |
|
|
|
1,513,417 |
|
|
|
38,235,026 |
|
|
|
38,075,026 |
|
| Loss from Operations |
|
|
(2,115,687 |
) |
|
|
(2,095,687 |
) |
|
|
(1,535,917 |
) |
|
|
(1,513,417 |
) |
|
|
(38,235,026 |
) |
|
|
(38,075,026 |
) |
| Loss Before Income Taxes |
|
|
(3,217,923 |
) |
|
|
(3,197,923 |
) |
|
|
(1,534,376 |
) |
|
|
(1,511,876 |
) |
|
|
(50,365,932 |
) |
|
|
(50,205,932 |
) |
| Net Loss |
|
|
(3,217,923 |
) |
|
|
(3,197,923 |
) |
|
|
(1,534,376 |
) |
|
|
(1,511,876 |
) |
|
|
(49,591,157 |
) |
|
|
(49,431,157 |
) |
Net
Loss Attributable to
Common
Shareholders |
|
|
(3,527,867 |
) |
|
|
(3,507,867 |
) |
|
|
(1,534,376 |
) |
|
|
(1,511,876 |
) |
|
|
(49,901,101 |
) |
|
|
(49,741,101 |
) |
Net
Loss Per Common Share
–
Basic and Diluted |
|
|
(0.29 |
) |
|
|
(0.28 |
) |
|
|
(0.13 |
) |
|
|
(0.13 |
) |
|
|
- |
|
|
|
- |
|
Statement
of Cash Flows
Unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
|
(3,217,923 |
) |
|
|
(3,197,923 |
) |
|
|
(1,534,376 |
) |
|
|
(1,511,876 |
) |
|
|
(49,591,157 |
) |
|
|
(49,431,157 |
) |
| Accounts payable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,380,180 |
|
|
|
1,285,180 |
|
Accrued
expenses and
accrued
interest |
|
|
70,420 |
|
|
|
50,420 |
|
|
|
(123,791 |
) |
|
|
(146,291 |
) |
|
|
393,578 |
|
|
|
328,578 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Deficit
Accumulated During the Development Stage |
|
|
Total
Stockholders’ Deficit |
|
| |
|
As
Previously
Reported
($) |
|
|
As
Restated
($) |
|
|
As
Previously
Reported
($) |
|
|
As
Restated
($) |
|
| Statement of Stockholders’ Deficit
(Unaudited): |
|
|
|
|
|
|
|
|
|
|
|
|
| Balance December 31, 2012 |
|
|
(46,373,234 |
) |
|
|
(46,233,234 |
) |
|
|
(475,376 |
) |
|
|
(335,376 |
) |
| Net loss |
|
|
(3,217,923 |
) |
|
|
(3,197,923 |
) |
|
|
- |
|
|
|
- |
|
| Balance June 30, 2013 |
|
|
(49,901,101 |
) |
|
|
(49,741,101 |
) |
|
|
(2,193,743 |
) |
|
|
(2,033,743 |
) |
|