Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
REVENUES:    
Net Sales $ 0 $ 88,891
Licensing Fees 0 15,000
Total Revenues 0 103,891
COSTS AND EXPENSES:    
Cost of sales 0 138,252
Selling 0 13,729
General and Administrative 938,198 603,104
Professional Fees and Consulting Expense 464,905 909,221
Research and Development 677,490 377,893
Total Costs and Expenses 2,080,593 2,042,199
LOSS FROM OPERATIONS (2,080,593) (1,938,308)
OTHER INCOME (EXPENSE):    
Fair Value Adjustment of Derivative Liability 506,729 24,422
Amortization of Bond Discount (668,747) (142,412)
Amortization of Deferred Finance Costs (108,827) (43,984)
Finance Costs Paid in Stocks and Warrants (755,233) (584,215)
Interest Expense (141,734) (47,113)
Total Other Income (Expense) (1,167,812) (793,303)
NET LOSS $ (3,248,405) $ (2,731,610)
BASIC AND DILUTED LOSS PER SHARE $ (0.03) $ (0.03)
WEIGHTED AVERAGE BASIC AND DILUTED SHARES OUTSTANDING 101,399,795 96,581,501