Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues:        
REVENUES:       $ 0
COSTS AND EXPENSES:        
General and Administrative 325,244 339,409 857,992 1,075,825
Professional fees and Consulting expense 262,382 277,930 512,291 518,886
Research and Development 508,816 270,811 1,305,627 711,176
Total Costs and Expenses 1,096,441 888,150 2,675,910 2,305,887
LOSS FROM OPERATIONS (1,096,441) (888,150) (2,675,910) (2,305,887)
OTHER INCOME (EXPENSE):        
Other Income     93,683 262,837
Other Expense     (118,467)  
Fair Value Adjustment of Derivative Liability (1,475,643) (1,754,053) 4,481,478 (3,136,429)
Amortization of Debt Discount (467,671) (464,012) (1,285,295) (925,107)
Amortization of Deferred Finance Costs 0 (13,016) (4,835) (13,016)
Finance Costs (152,496) (1,467,608) (152,496) (4,039,519)
Interest expense (147,977) (93,813) (383,604) (199,968)
Total Other Income (Expense) (2,243,787) (3,792,502) 2,630,464 (8,051,202)
LOSS $ (3,340,229) $ (4,680,652) $ (45,446) $ (10,357,089)
BASIC INCOME AND DILUTED LOSS PER SHARE $ (0.03) $ (0.04) $ 0.00 $ (0.10)
WEIGHTED AVERAGE BASIC SHARES AND DILUTED OUTSTANDING 127,932,726 110,378,102 124,216,095 108,658,687