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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | 83 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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| OPERATING EXPENSES | |||||
| Research and development | $ 380,174 | $ 236,940 | $ 635,209 | $ 600,546 | $ 23,838,514 |
| General and administrative | 908,736 | 376,617 | 1,460,478 | 912,871 | 14,236,512 |
| Total Operating Expenses | 1,288,910 | 613,557 | 2,095,687 | 1,513,417 | 38,075,026 |
| LOSS FROM OPERATIONS | (1,288,910) | (613,557) | (2,095,687) | (1,513,417) | (38,075,026) |
| OTHER INCOME (EXPENSE) | |||||
| Other income, net | 0 | 0 | 0 | 0 | 420,987 |
| Interest income | 105 | 592 | 233 | 1,541 | 126,540 |
| Foreign currency loss | (904) | 0 | (904) | 0 | (904) |
| Interest expense, including amortization and write-off of deferred financing costs and debt discounts | (661,162) | 0 | (1,101,565) | 0 | (12,677,529) |
| LOSS BEFORE INCOME TAXES | (1,950,871) | (612,965) | (3,197,923) | (1,511,876) | (50,205,932) |
| State income tax benefit | 0 | 0 | 0 | 0 | 774,775 |
| NET LOSS | (1,950,871) | (612,965) | (3,197,923) | (1,511,876) | (49,431,157) |
| Deemed dividend - beneficial conversion feature | 0 | 0 | (309,944) | 0 | (309,944) |
| NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (1,950,871) | $ (612,965) | $ (3,507,867) | $ (1,511,876) | $ (49,741,101) |
| NET LOSS PER SHARE - BASIC AND DILUTED | $ (0.15) | $ (0.05) | $ (0.28) | $ (0.13) | |
| WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC AND DILUTED | 13,048,815 | 11,408,274 | 12,329,993 | 11,408,274 | |
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- Definition
No authoritative reference available. No definition available.
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- Definition
The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. No definition available.
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- Definition
Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent, and includes adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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- Details
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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- Definition
The aggregate amount of other income amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) profits on securities (net of losses), and (d) miscellaneous other income items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS). No definition available.
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