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, 2013
Dec. 31, 2012
REVENUES    
REVENUES: $ 0 $ 0
COSTS AND EXPENSES:    
Cost of sales 0 0
Selling 0 0
General and Administrative 1,189,812 938,198
Professional Fees and Consulting Expense 902,362 464,905
Research and Development 1,018,023 677,490
Total Costs and Expenses 3,110,197 2,080,593
LOSS FROM OPERATIONS (3,110,197) (2,080,593)
OTHER INCOME (EXPENSE):    
Other Income - Settlement Agreement 262,837 0
Other Income - cancellation of Accounts Payable 409,371 0
Fair Value Adjustment of Derivative Liability (1,674,135) 506,729
Amortization of Bond Discount (1,464,516) (668,747)
Amortization of Deferred Finance Costs (30,122) (13,722)
Financing Costs (2,821,630) (95,105)
Finance Costs Paid in Stocks and Warrants (1,226,009) (755,233)
Interest Expense (441,477) (141,734)
Total Other Income (Expense) (6,985,681) (1,167,812)
NET LOSS $ (10,095,878) $ (3,248,405)
BASIC AND DILUTED LOSS PER SHARE $ (0.09) $ (0.03)
WEIGHTED AVERAGE BASIC AND DILUTED SHARES OUTSTANDING 112,214,131 101,399,795