Form 10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

0001193125-11-311036.txt : 20111114 0001193125-11-311036.hdr.sgml : 20111111 20111114163109 ACCESSION NUMBER: 0001193125-11-311036 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20111114 DATE AS OF CHANGE: 20111114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAYSTAR TECHNOLOGIES INC CENTRAL INDEX KEY: 0001262200 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 841390053 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-34052 FILM NUMBER: 111203151 BUSINESS ADDRESS: STREET 1: 13 CORPORATE DRIVE CITY: HALFMOON STATE: NY ZIP: 12065 BUSINESS PHONE: 518-383-4600 MAIL ADDRESS: STREET 1: 13 CORPORATE DRIVE CITY: HALFMOON STATE: NY ZIP: 12065 10-Q 1 d239797d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

September 30, 2011 For the quarterly period ended September 30, 2011

¨	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File No. 001-34052

DayStar Technologies, Inc.

(Exact name of registrant as specified in its charter)

Delaware

84-1390053

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

1010 South Milpitas Boulevard

Milpitas, California

95035

(Address of principal executive offices)

(Zip Code)

(408) 582-7100

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days. Yes x No ¨

Indicate by checkmark whether the registrant has submitted electronically and posted on its corporate Web-site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Title of Each Class		Outstanding at November 10, 2011
Common Stock par value $0.01 per share		9,547,033

DAYSTAR TECHNOLOGIES, INC.

Quarterly Report on Form 10-Q

Quarterly Period Ended September 30, 2011

Table of Contents


Part I – Financial Information

Item 1. Financial Statements

Balance Sheets—As of September 30, 2011 and December 31, 2010 (unaudited)			3

Statements of Operations—For the Three Months and Nine Months Ended September 30, 2011 and 2010 and For the Period From July 1, 2005 (Inception of the Development Stage) to September 30, 2011 (unaudited)			4

Statements of Changes in Stockholders’ Equity—For the Period From July 1, 2005 (Inception of the Development Stage) to September 30, 2011 (unaudited)			5

Statements of Cash Flows for the Nine Months Ended September 30, 2011 and 2010 and For the Period From July 1, 2005 (Inception of the Development Stage) to September 30, 2011 (unaudited)			7

Notes to Financial Statements (unaudited)			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			14

Item 3. Quantitative and Qualitative Disclosures About Market Risk			17

Item 4. Controls and Procedures			17

PART II – Other Information

Item 1. Legal Proceedings			18

Item 1A. Risk Factors			18

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			18

Item 3. Defaults Upon Senior Securities			18

Item 4. (Removed and Reserved)			18

Item 5. Other Information			18

Item 6. Exhibits			19

Signatures			20

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

DAYSTAR TECHNOLOGIES, INC.

(A DEVELOPMENT STAGE ENTERPRISE)

BALANCE SHEETS

(Unaudited)


	September 30, 2011			December 31, 2010
ASSETS
Current Assets:
Cash and cash equivalents	$	54,039		$	97,058
Other current assets		271,971			294,743

Total current assets		326,010			391,801

Property and Equipment, at cost		20,738,338			23,876,208
Less accumulated depreciation and amortization		(6,816,335	)		(5,658,906	)

Net property and equipment		13,922,003			18,217,302

Other Assets:
Other assets		338,913			30,940

Total Assets	$	14,586,926		$	18,640,043

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$	5,159,289		$	6,943,711
Notes and capital leases payable, current portion, net of discount of $75,567 and $664,835, respectively		4,729,433			4,590,165

Total current liabilities		9,888,722			11,533,876
Long-Term Liabilities:
Conversion feature		39,978			3,854,272

Total long-term liabilities		39,978			3,854,272
Commitments and Contingencies		—			—
Stockholders’ Equity:
Preferred stock, $.01 par value; 3,000,000 shares authorized; 0 shares issued and outstanding		—			—
Common stock, $.01 par value; 120,000,000 shares authorized; 9,547,033 and 6,484,516 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively		95,470			64,845
Additional paid-in capital		157,384,241			153,272,626
Accumulated deficit		(10,145,391	)		(10,145,391	)
Deficit accumulated during the development stage		(142,676,094	)		(139,940,185	)

Total stockholders’ equity		4,658,226			3,251,895

Total Liabilities and Stockholders’ Equity	$	14,586,926		$	18,640,043

See accompanying notes to these financial statements.

DAYSTAR TECHNOLOGIES, INC.

(A DEVELOPMENT STAGE ENTERPRISE)

STATEMENTS OF OPERATIONS

(Unaudited)


	For the Three Months Ended September 30,						For the Nine Months Ended September 30,						For the Period from July 1, 2005 (Inception of the Development Stage) to September 30,
	2011			2010			2011			2010			2011
Revenue:
Product revenue	$	—		$	—		$	—		$	—		$	3,528
Research and development contract revenue		—			—			—			—			615,000

Total revenue		—			—			—			—			618,528
Costs and Expenses:
Research and development		207,173			210,869			1,046,944			5,264,054			61,566,832
Selling, general and administrative		336,748			1,328,056			2,028,292			4,661,127			37,153,762
Restructuring		—			1,979,819			850,000			9,745,407			13,883,693
Depreciation and amortization		355,772			375,515			1,158,576			1,745,367			15,230,684

Total costs and expenses		899,693			3,894,259			5,083,812			21,415,955			127,834,971
Other Income (Expense):
Other income (expense)		—			(46,720	)		—			(32,345	)		2,228,332
Interest expense		(237,729	)		(185,610	)		(583,298	)		(413,534	)		(3,656,081	)
Amortization of note discount and financing costs		(122,653	)		(1,809,947	)		(934,715	)		(3,341,963	)		(17,077,170	)
(Loss) gain on derivative liabilities		(30,150	)		3,399,283			3,865,916			4,274,348			14,036,004
Loss on extinguishment of debt		—			(4,899,267	)		—			(4,899,267	)		(10,990,736	)

Total other income (expense)		(390,532	)		(3,542,261	)		2,347,903			(4,412,761	)		(15,459,651	)

Net Loss	$	(1,290,225	)	$	(7,436,520	)	$	(2,735,909	)	$	(25,828,716	)	$	(142,676,094	)

Weighted Average Common Shares Outstanding (Basic And Diluted)		9,342,515			4,582,153			8,697,011			4,176,480

Net Loss Per Share (Basic and Diluted)	$	(0.14	)	$	(1.62	)	$	(0.31	)	$	(6.18	)

See accompanying notes to these financial statements.

DAYSTAR TECHNOLOGIES, INC.

(A DEVELOPMENT STAGE ENTERPRISE)

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE PERIOD FROM JULY 1, 2005 (INCEPTION OF THE DEVELOPMENT STAGE) TO SEPTEMBER 30, 2011

(Unaudited)


	Common Stock				Class B Common Stock						Additional Paid-In Capital			Deferred Equity Based Compensation			Accumulated Deficit			Deficit Accumulated During the Development Stage			Total
	Shares		Amount		Shares			Amount			Additional Paid-In Capital			Deferred Equity Based Compensation			Accumulated Deficit			Deficit Accumulated During the Development Stage			Total
BALANCES, July 1, 2005		564,806	$	5,648		3,222		$	32		$	22,488,624		$	(110,770	)	$	(10,145,391	)	$	—		$	12,238,143
Exercise of warrants and stock options, 7/05 -12/05 at $54.00—$74.00 per share		132,305		1,323		—			—			7,218,879			—			—			—			7,220,202
Conversion of Class B common stock		6,444		64		(3,222	)		(32	)		(32	)		—			—			—			—
Share-based compensation		4,306		43		—			—			412,257			(292,940	)		—			—			119,360
Net loss		—		—		—			—			—			—			—			(3,904,151	)		(3,904,151	)

BALANCES, December 31, 2005		707,861	$	7,078		—		$	—		$	30,119,728		$	(403,710	)	$	(10,145,391	)	$	(3,904,151	)	$	15,673,554
Reclassification upon adoption of SFAS 123(R)		—		—		—			—			(403,710	)		403,710			—			—			—
Exercise of warrants and stock options, 1/06, 3/06 & 9/06 at $18.54—$67.50 per share		14,757		148		—			—			671,725			—			—			—			671,873
Share-based compensation		19,674		197		—			—			1,322,523			—			—			—			1,322,720
Beneficial conversion feature on convertible note		—		—		—			—			1,223,842			—			—			—			1,223,842
Shares issued in payment of principal and interest on convertible note, 8/06 -12/06		127,004		1,270		—			—			7,376,889			—			—			—			7,378,159
Warrants issued for placement of convertible note at $48.42 per share		—		—		—			—			140,419			—			—			—			140,419
Net loss		—		—		—			—			—			—			—			(20,441,201	)		(20,441,201	)

BALANCES, December 31, 2006		869,296	$	8,693		—		$	—		$	40,451,416		$	—		$	(10,145,391	)	$	(24,345,352	)	$	5,969,366
Exercise of warrants and stock options, 1/07, 3/07, 6/07, 9/07 & 11/07 at $18.00—$31.05 per share		57,578		576		—			—			3,173,741			—			—			—			3,174,317
Share-based compensation		21,826		218		—			—			4,089,826			—			—			—			4,090,044
Issuance of shares pursuant to offering, 2/07 at $18.00 per share		277,777		2,778		—			—			4,997,222			—			—			—			5,000,000
Issuance of shares pursuant to secondary offering, 10/07 at $38.25 per share, net of offering costs		1,916,668		19,166		—			—			67,875,752			—			—			—			67,894,918


	Common Stock				Class B Common Stock				Additional Paid-In Capital		Deferred Equity Based Compensation		Accumulated Deficit			Deficit Accumulated During the Development Stage			Total
	Shares		Amount		Shares		Amount		Additional Paid-In Capital		Deferred Equity Based Compensation		Accumulated Deficit			Deficit Accumulated During the Development Stage			Total
Shares issued in payment of principal and interest on convertible note, 1/07 at $13.41 per share and 2/07 at $18.00 per share		430,598		4,306		—		—		7,322,619		—		—			—			7,326,925
Loss on extinguishment due to excess of fair market value of shares issued over issuance price		—		—		—		—		5,369,278		—		—			—			5,369,278
Shares issued for placement of note and offering 3/07 at $18.00 per share		50,841		508		—		—		2,397,163		—		—			—			2,397,671
Net loss		—		—		—		—		—		—		—			(36,142,861	)		(36,142,861	)

BALANCES, December 31, 2007		3,624,584	$	36,245		—	$	—	$	135,677,017	$	—	$	(10,145,391	)	$	(60,488,213	)	$	65,079,658
Exercise of stock options, 6/08 at $28.26 per share		178		2		—		—		5,022		—		—			—			5,024
Share-based compensation		90,667		906		—		—		4,794,222		—		—			—			4,795,128
Net loss		—		—		—		—		—		—		—			(26,330,271	)		(26,330,271	)

BALANCES , December 31, 2008		3,715,429	$	37,153		—	$	—	$	140,476,261	$	—	$	(10,145,391	)	$	(86,818,484	)	$	43,549,539
Share-based compensation		51,861		519		—		—		4,133,012		—		—			—			4,133,531
Warrants issued in connection with convertible note at $4.50 per share		—		—		—		—		497,578		—		—			—			497,578
Net loss		—		—		—		—		—		—		—			(25,040,028	)		(25,040,028	)

BALANCES, December 31, 2009		3,767,290	$	37,672		—	$	—	$	145,106,851	$	—	$	(10,145,391	)	$	(111,858,512	)	$	23,140,620

Exercise of warrants, 7/10 & 10/10 at $0.90 per share		66,667		667		—		—		59,762		—		—			—			60,429
Share-based compensation		693,540		6,934		—		—		4,662,142		—		—			—			4,669,076
Warrants issued in connection with convertible note at $2.70—$4.50 per share		—		—		—		—		704,481		—		—			—			704,481
Shares issued in settlement of liabilities at $1.54—$1.85 per share		1,927,232		19,272		—		—		2,734,340		—		—			—			2,758,662
Reverse split adjustment		29,787		300		—		—		—		—		—			—			300
Net loss		—		—		—		—		—		—		—			(28,081,673	)		(28,081,673	)

BALANCES, December 31, 2010		6,484,516	$	64,845		—	$	—	$	153,272,626	$	—	$	(10,145,391	)	$	(139,940,185	)	$	3,251,895

Share-based compensation		312,093		3,121		—		—		1,186,939		—		—			—			1,190,060
Warrants issued in connection with notes at $0.52—$1.55 per share		—		—		—		—		293,826		—		—			—			293,826
Conversion of notes payable and accrued interest at $0.90 per share		1,386,438		13,864		—		—		1,233,930		—		—			—			1,247,794
Shares issued in settlement of liabilities at $0.90—$1.57 per share		775,997		7,760		—		—		1,108,680		—		—			—			1,116,440
Financing Costs		587,989		5,880		—		—		288,240		—		—			—			294,120
Net loss		—		—		—		—		—		—		—			(2,735,909	)		(2,735,909	)

BALANCES, September 30, 2011		9,547,033	$	95,470		—	$	—	$	157,384,241	$	—	$	(10,145,391	)	$	(142,676,094	)	$	4,658,226

See accompanying notes to these financial statements.

DAYSTAR TECHNOLOGIES, INC.

(A DEVELOPMENT STAGE ENTERPRISE)

STATEMENTS OF CASH FLOWS

(Unaudited)


	For the Nine Months Ended September 30,						For the Period from July 1, 2005 (Inception of the Development Stage) to September 30,
	2011			2010			2011
Cash Flows from Operating Activities:
Net loss	$	(2,735,909	)	$	(25,828,716	)	$	(142,676,094	)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization		1,158,576			1,745,367			15,230,684
Share-based compensation		1,190,060			4,052,920			20,457,974
Non-cash interest		583,298			413,534			2,895,682
Amortization of note discount and non-cash financing costs		934,715			3,306,963			16,500,471
Gain on derivative liabilities		(3,865,916	)		(4,274,348	)		(14,036,004	)
Non-cash restructuring		850,000			9,745,407			11,881,895
Loss on sale of fixed assets		—			46,720			389,784
Loss on extinguishment of debt		—			4,899,267			10,990,736
Changes in operating assets and liabilities:
Other assets		7,771			99,117			(354,944	)
Accounts payable and accrued expenses		1,134,386			3,071,964			8,118,916
Deferred rent		—			—			1,595,239
Deferred revenue		—			—			217,618

Net cash used in operating activities		(743,019	)		(2,721,805	)		(68,788,043	)
Cash Flows from Investing Activities:
Purchase of investments		—			—			(71,957,732	)
Proceeds from sale of investments		—			—			72,662,973
Purchase of equipment and improvements		—			—			(42,570,127	)
Proceeds from sale of assets		—			23,000			2,035,280

Net cash provided by (used in) investing activities		—			23,000			(39,829,606	)
Cash Flows from Financing Activities:
Proceeds from sale of stock		—			—			78,312,500
Proceeds from issuance of notes		750,000			2,830,000			30,005,000
Payments on notes and capital leases		(50,000	)		—			(11,545,310	)
Cost of financing		—			—			(6,342,379	)
Proceeds from exercise of warrants and stock options		—			38,893			8,870,549

Net cash provided by financing activities		700,000			2,868,893			99,300,360

Net change in cash and cash equivalents		(43,019	)		170,088			(9,317,289	)
Cash and cash equivalents, beginning of period		97,058			17,320			9,371,328

Cash and cash equivalents, end of period	$	54,039		$	187,408		$	54,039

Supplemental Cash Flow Information:
Cash paid for interest	$	—		$	—

Non-Cash Transactions:
Principal and interest payments on convertible notes, in common stock	$	1,247,794		$	—

Beneficial conversion feature on convertible note	$	51,622		$	11,000,838

Shares issued for settlement of liabilities	$	1,116,440		$	—

Financing Costs	$	294,120		$	—

Accrued property & equipment	$	—		$	5,949,420

See accompanying notes to these financial statements.

DAYSTAR TECHNOLOGIES, INC.

(A DEVELOPMENT STAGE ENTERPRISE)

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

1. Organization and Nature of Operations

DayStar Technologies, Inc. (the “Company”) is a development stage enterprise that was formed in 1997 for the purpose of developing, manufacturing and marketing innovative products to the solar photovoltaic (“PV”) industry. From its inception, the Company has focused primarily on thin film copper indium gallium di-selenide (“CIGS”) solar products. The Company has developed a proprietary one-step sputter deposition process and manufactured a commercial scale deposition tool to apply high efficiency CIGS material over large area glass substrates in a continuous fashion. The Company believes this proprietary tool, when combined with commercially available thin film manufacturing equipment, will provide a critically differentiated manufacturing process to produce low-cost monolithically integrated, CIGS-on-glass modules that address the grid-tied, ground-based PV market. The Company is currently seeking strategic partners and investors to commercialize its CIGS technology utilizing its proprietary deposition equipment.

Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted from these condensed unaudited financial statements. These condensed unaudited financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. The condensed balance sheet as of December 31, 2010 has been derived from audited financial statements. The results of operations for the three months and nine months ended September 30, 2011 and 2010 are not necessarily indicative of the operating results for the full year.

In the opinion of management, all adjustments, consisting only of normal recurring accruals, have been made to present fairly the Company’s financial position at September 30, 2011 and the results of its operations and its cash flows for the three months and nine months ended September 30, 2011 and 2010 and for the period from July 1, 2005 (Inception of the Development Stage) to September 30, 2011.

Reverse Stock Split—On April 23, 2010, the Company’s shareholders approved a reverse stock split of its issued and outstanding common shares in the range of one-for-five to one-for-nine, with the final ratio to be selected by the Company’s Board of Directors. The total authorized shares of common stock remained unchanged at 120,000,000. The Board of Directors selected a ratio of one-for-nine and the reverse stock split was effective on May 11, 2010. Trading of the Company’s common stock on the NASDAQ Capital Market on a split-adjusted basis began at the open of trading on May 12, 2010. The reverse stock split affected all shares of the Company’s common stock, as well as options to purchase the Company’s common stock and other equity incentive awards, as well as convertible debt instruments and warrants that were outstanding immediately prior to the effective date of the reverse stock split. All references to common shares and per-share data for prior periods have been retroactively restated to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented.

2. Liquidity and Future Operations

The Company’s financial statements for the year ended December 31, 2010 and for the nine months ended September 30, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company is in the development stage, and as such, has historically reported net losses, including a net loss of $2.7 million for the nine months ended September 30, 2011. The Company anticipates it will continue to incur losses in the future as it seeks strategic partnerships and investments to commercialize its technology. As noted herein, as a result of the Company’s current liquidity, there is substantial doubt as to its ability to continue as a going concern. In order to continue operations, pursue strategic partnerships and investments, and commercialize its technology, the Company requires immediate and substantial additional capital beyond its current cash on hand.

In order to address its current financial requirements, on February 2, 2011, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Socius CG II, Ltd. (the “Investor” or “Socius”). Pursuant to the terms of the Purchase Agreement, the Company has the right over a term of two years, subject to certain conditions, to demand through separate tranche notices that the Investor purchase up to a total of $5.0 million of Series B preferred stock.

The Company is currently seeking long-term strategic partnerships and investments to commercialize its CIGS technology utilizing its proprietary deposition equipment. Those potential partnerships, if consummated, could include joint ventures, licensing agreements, contract manufacturing agreements, a merger with or an acquisition of DayStar. Although the Company continues to seek strategic investors or partners, in light of its current cash position, the Company may in the near term be forced to cease operations. The Company has implemented cost savings measures to limit its cash outflows while pursuing strategic investments and partnerships.

An inability to raise additional funding in the very near term may cause the Company to file a voluntary petition for reorganization under the United States Bankruptcy Code, liquidate assets, and/or pursue other such actions that could adversely affect future operations. Given current market conditions and available opportunities, there is substantial doubt as to the Company’s ability to complete a financing in the time frame required to remain in operation. A wide variety of factors relating to the Company and external conditions could adversely affect its ability to secure additional funding and the terms of any funding that it secures.

3. Significant Accounting Policies

Cash Equivalents—The Company considers all highly liquid debt securities purchased with an original maturity of three months or less to be cash equivalents. The Company’s cash and cash equivalents are maintained with major financial institutions within the United States and at times the balances with these institutions exceed the amount of federal insurance coverage on such deposits.

Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using straight-line and an accelerated method over estimated useful lives of 3 to 10 years. Expenditures for maintenance and repairs, which do not materially extend the useful lives of property and equipment, are charged to operations as incurred. When property or equipment is retired or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is recognized.

Revenue Recognition—The Company recognizes revenue in accordance with the FASB ASC 605 Revenue Recognition and Securities and Exchange Commission (the “SEC”)’s Staff Accounting Bulletin No. 104, “Revenue Recognition” (“SAB 104”) which require that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the seller’s price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. Since inception of the development stage on July 1, 2005, the Company has earned minimal amounts of product revenue.

Since inception of the development stage on July 1, 2005, the principal source of revenue for the Company has been from government funded research and development contracts and grants. Grant revenue is recognized when the Company fulfills obligations as set forth under the grant. Terms of the grant reflected in the accompanying financial statements require the Company to maintain specified employment criteria over a five year period. If the Company fails to meet the specified criteria, it must repay the unearned portion of the grant. As a result, the Company reported a liability of $520,000 and $420,000 at September 30, 2011 and December 31, 2010, respectively.

Research and development contract revenue is recognized as the Company meets milestones as set forth under the contract. The Company recognized no revenue for the nine months ended September 30, 2011 and 2010, respectively.

Research and Development Costs—Research and development costs are expensed as incurred. Funds obtained from government agencies that represent a cost reimbursement activity are reflected as reductions of Research and Development expenses.

Use of Estimates—The preparation of the Company’s financial statements in conformity with generally accepted accounting principles requires the Company’s management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Significant estimates include the useful lives of the Company’s property and equipment, the life and realization of the Company’s capitalized costs associated with its patents and the Company’s valuation allowance associated with its deferred tax asset. Actual results could differ from those estimates.

Share-Based Compensation—The Company follows the provisions of FASB ASC 718 Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors based on estimated fair values. Additionally, the Company follows the SEC’s Staff Accounting Bulletin No. 107 “Share-Based Payment” (“SAB 107”), as amended by Staff Accounting Bulletin No. 110 (“SAB 110”), which provides supplemental application guidance based on the views of the SEC. The Company estimates the expected term, which represents the period of time from the grant date that the Company expects its stock options to remain outstanding, using the simplified method as permitted by SAB 107 and SAB 110. Under this method, the expected term is estimated as the mid-point between the time the options vest and their contractual terms. The Company continues to apply the simplified method because it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected terms due to the limited period of time its equity shares have been publicly traded and the limited number of its options which have so far vested and become eligible for exercise.

Share-based compensation expense for the three months and nine months ended September 30, 2011 and 2010 was as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2011		2010		2011		2010
Share-based compensation:
Selling, general and administrative	$	56,360	$	369,453	$	822,467	$	2,471,794
Research and development		23,332		63,218		367,593		1,581,126

Total share-based compensation	$	79,692	$	432,671	$	1,190,060	$	4,052,920

During the nine months ended September 30, 2011, the Company granted options to purchase 335,000 shares of common stock at an exercise price of $1.55—$1.71 per share, all with a contractual life of ten years. Options to purchase 225,185 shares of common stock were forfeited during the nine months ended September 30, 2011. During the nine months ended September 30, 2011 there were restricted stock units granted to purchase 365,000 shares of common stock and there were no restricted stock units forfeited.

Subsequent to September 30, 2011 and through the date of this filing, no options or restricted stock units were granted or forfeited.

Reclassifications —Certain reclassifications have been made to the 2010 financial statements to conform to the 2011 presentation. Such reclassifications had no impact on net loss.

Impact of Recently Issued Accounting Pronouncements—

In April 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. This ASU amends current fair value measurement and disclosure guidance to include increased transparency around valuation input and investment categorization. ASU 2011-04 is effective for fiscal years and interim periods beginning after December 15, 2011, with early adoption not permitted. The Company does not believe that the adoption of ASU 2011-04 in the first quarter of 2012 will have an impact on its financial position, results of operations, or cash flows.

In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. ASU 2011-05 allows an entity to present components of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders’ equity. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. ASU 2011-05 is effective for fiscal years and interim periods beginning after December 15, 2011 and must be applied retrospectively. The Company does not believe that the adoption of ASU 2011-05 will have an impact on its financial position, results of operations, or cash flows.

4. Secured Convertible Promissory Notes and Warrants

Beginning in September 2009, the Company has entered into a series of agreements with various lenders (the “Lenders”) to provide bridge financing to the Company in exchange for notes and warrants. With the exception of the traditional loans indicated in the table below, these notes (the “Notes”) are convertible into shares of the Company’s common stock and each contain terms of six months, are secured by all assets of the Company, and accrue interest at rates of between 8 – 10% per annum. The Lenders may, at their option at any time prior to payment in full of the Notes, elect to convert all or any part of the entire outstanding principal amount of the Notes plus the accrued interest on the then outstanding balance into shares of the Company’s common stock at the conversion price specified in each of the Notes (subject to adjustment in the event of any stock splits, stock dividends or other recapitalization of common stock subsequent to the date of such sale or issuance). If between the date of the Notes and such conversion, the Company issues or sells any shares of capital stock, other than certain excluded securities (a “Future Issuance”), at a per share price below the original conversion price specified in the Notes, then the conversion price of the Notes will be reduced to the price of such Future Issuance. As of September 30, 2011, the aggregate principal balance of all outstanding Notes was $4,805,000 and the Notes were convertible into 19,804,349 shares of common stock.

The Notes’ conversion features were determined to be embedded derivative liabilities and therefore were bifurcated from the Notes and recorded as a discount to the Notes at their fair value at issuance and are required to be adjusted to fair value at the end of each reporting period. The change in fair value of the conversion features, calculated using the Black Scholes model, is recorded as a gain or loss on derivative liabilities. The conversion feature fair values at September 30, 2011 and December 31, 2010 were $39,978 and $3,854,272, respectively. The change in fair value of the conversion features resulted in a loss on derivative liabilities of $30,150 during the three months ended September 30, 2011 and a gain on derivative liabilities of $4,323,393 during the three months ended September 30, 2010. The change in fair value of the conversion features during the nine months ended September 30, 2011 and 2010 resulted in a gain on derivative liabilities of $3,865,916 and $5,078,885, respectively.

The proceeds remaining, if any, after allocation to the conversion features are allocated on a relative fair value basis between the Notes and the warrants and the amounts allocated to the warrants, calculated using the Black Scholes model, are recorded as additional note discount. The discount attributable to the issuance date aggregate fair value of the conversion features and warrants, is being amortized using the effective interest method over the terms of the Notes. During the three months ended September 30, 2011 and 2010, $122,653 and $1,809,947, respectively, of this discount was amortized to expense. During the nine months ended September 30, 2011 and 2010, $934,715 and $3,306,963, respectively, of this discount was amortized to expense.

The warrants issued in connection with these Notes are exercisable upon issuance (with the exception of the warrants issued to Dynamic Worldwide Solar Energy, LLC) and entitle the Lenders to purchase up to 6,605,664 shares of common stock at exercise prices ranging from $0.52 – $1.70 per share, as adjusted for standard anti-dilution provisions and are exercisable for a period of 2 – 7 years from their respective issuance dates.

The following table summarizes the pertinent details of the outstanding notes and warrants as of September 30, 2011.


Lender	Principal Amount			Discount		Note Payable (net of discount)		Note Conversion Shares Issuable		Conversion Price		Warrants		Warrant Exercise Price
Peter Lacey(1)	$	3,075,000	*	$	—	$	3,075,000		13,369,565	$	0.23		724,074	$	1.25
Peter Lacey(1)													2,692,594	$	1.70
Peter Lacey(1)		125,000	*		10,507		114,493		N/A		N/A		250,000	$	1.00
Peter Lacey(1)		150,000			27,276		122,724		652,174	$	0.23		288,462	$	0.52
Michael Moretti		750,000	*		—		750,000		3,260,870	$	0.23		833,335	$	1.25
Michael Moretti		150,000	*		—		150,000		652,174	$	0.23		193,550	$	1.55
Michael Moretti		125,000	*		10,507		114,493		N/A		N/A		250,000	$	1.00
Michael Moretti		150,000			27,277		122,723		652,174	$	0.23		288,462	$	0.52
John Gorman		100,000	*		—		100,000		434,783	$	0.23		666,667	$	1.25
Richard Schottenfeld		100,000	*		—		100,000		434,783	$	0.23		111,111	$	1.25
William Steckel(2)		30,000	*		—		30,000		130,435	$	0.23		11,112	$	1.25
Robert Weiss(3)		50,000	*		—		50,000		217,391	$	0.23		55,556	$	1.25
Dynamic Worldwide Solar Energy, LLC.		—			—		—		—		—		240,741	$	1.25
	$	4,805,000		$	75,567	$	4,729,433		19,804,349				6,605,664

*	As of the date of filing of this quarterly report, these notes have matured and the Company is in the process of finalizing an extension with the Lenders.

The following table summarizes the pertinent details of the outstanding notes and warrants as of December 31, 2010.


Lender	Principal Amount		Discount		Note Payable (net of discount)		Note Conversion Shares Issuable		Conversion Price		Warrants		Warrant Exercise Price
Peter Lacey(1)	$	3,075,000	$	365,676	$	2,709,324		3,416,668	$	0.90		724,074	$	1.25
												2,692,594	$	1.70
Michael Moretti		750,000		89,189		660,811		833,335	$	0.90		833,335	$	1.25
John Gorman		700,000		83,243		616,757		777,778	$	0.90		777,778	$	1.25
William Steckel(2)		30,000		3,568		26,432		33,333	$	0.90		11,112	$	1.25
Robert Weiss(3)		50,000		5,946		44,054		55,556	$	0.90		55,556	$	1.25
Dynamic Worldwide Solar Energy, LLC.		650,000		117,213		532,787		722,222	$	0.90		240,741	$	1.25
	$	5,255,000	$	664,835	$	4,590,165		5,838,892				5,335,190

(1)	Mr. Lacey is Chairman of the Board of Directors for the Company and currently serving as the Company’s Interim President and Chief Executive Officer.

(2)	Mr. Steckel is a Director of the Company and the former Chief Executive Officer and Chief Financial Officer.

(3)	Mr. Weiss is the Company’s Chief Technology Officer.

In January 2011, Dynamic Worldwide Solar Energy, LLC converted its entire outstanding principal balance of $650,000 as well as the accrued interest thereon into shares of the Company’s common stock, and John Gorman converted $500,000 of his outstanding principal balance as well as the accrued interest thereon into shares of the Company’s common stock. Additionally, John Gorman transferred $100,000 of his remaining balance to Richard Schottenfeld.

5. Derivative Liabilities

As described in Note 4 Secured Convertible Promissory Notes and Warrants, the Company is accounting for the conversion features in its secured convertible notes as embedded derivative liabilities. The Company currently does not use hedging contracts to manage the risk of its overall exposure to interest rate and foreign currency changes. The conversion features are not considered hedging instruments.

The conversion feature liability on the balance sheet at September 30, 2011 and 2010, and the change in the liability for the nine months ended September 30, 2011 and 2010 is summarized as follows:


	Conversion Feature Liability
Balance, December 31, 2009	$	251,618
New debt issuances		11,000,838
Change in fair value		(5,078,885	)

Balance, September 30, 2010	$	6,173,571

Balance, December 31, 2010	$	3,854,272
New debt issuances		51,622
Change in fair value		(3,865,916	)

Balance, September 30, 2011	$	39,978

In accordance with ASC 820, the following table represents the Company’s fair value hierarchy for its financial liabilities measured at fair value on a recurring basis as of September 30, 2011 and December 31, 2010. There were no financial assets subject to the provisions of ASC 820 as of September 30, 2011 and December 31, 2010:


	Level 1		Level 2		Level 3		Total
Financial liabilities at September 30, 2011:
Conversion feature	$	—	$	—	$	39,978	$	39,978

	$	—	$	—	$	39,978	$	39,978

Financial liabilities at December 31, 2010:
Conversion feature	$	—	$	—	$	3,854,272	$	3,854,272

	$	—	$	—	$	3,854,272	$	3,854,272

6. Funding Commitment

On February 2, 2011 the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Socius CG II, Ltd. (the “Investor” or “Socius”). Pursuant to the terms of the Purchase Agreement, the Company has the right over a term of two years, subject to certain conditions, to demand through separate tranche notices that the Investor purchase up to a total of $5.0 million of Series B preferred stock.

Under the Purchase Agreement, in connection with each tranche, Socius will receive the right (the “Investment Right”) to purchase an amount of shares of our common stock equal in value to the amount of the tranche at a per share price equal to the closing bid price of the common stock on the date preceding our delivery of the tranche notice (the “Investment Price”). The Investment Right will be automatically exercised for shares of common stock at the time of each tranche. In addition, in connection with each tranche notice, a portion of a warrant issued to Socius under the Purchase Agreement with an aggregate exercise price equal to 35% of the amount of the tranche will vest and immediately be exercised at a per share price equal to the Investment Price.

Socius may pay for the shares it elects to purchase under the investment right at its option, in cash or a secured promissory note. Socius may pay for the shares it elects to purchase under the warrant at its option, in cash or a secured promissory note. Any such promissory note will bear interest at 2.0% per year and be secured by securities owned by Socius with a fair market value equal to the principal amount of the promissory note. The entire principal balance and interest on the promissory note is due and payable on the fourth anniversary of the date of the promissory note, and may be applied by the Company toward the redemption of shares of Series B preferred stock held by Socius.

Holders of Series B Preferred Stock will be entitled to receive dividends, which will accrue in shares of Series B Preferred Stock on an annual basis at a rate equal to 10% per annum from the issuance date. Accrued dividends will be payable upon redemption of the Series B Preferred Stock or upon the liquidation, dissolution or winding up of the Company. The Series B Preferred Stock ranks, with respect to dividend right and upon liquidation:

•

Senior to the Company’s common stock and any other series or class of preferred stock other than a class or series of preferred stock intended to be listed for trading; and

•

Junior to all existing and future indebtedness of the company and any class or series of preferred stock intended to be listed for trading.

The Series B Preferred Stock has a liquidation preference per share equal to the original price per share thereof plus all accrued dividends thereon (the “Liquidation Value”), and is subject to repurchase by the Company following the consummation of certain fundamental transactions by the Company. Upon or after the fourth anniversary of the applicable issuance date, the Company has the right, at its option, to redeem all or a portion of the shares of Series B Preferred Stock at the Liquidation Value. The Company also has the right, at its option, to redeem all or a portion of the shares of Series B Preferred Stock, at a price per share equal to: (i) 136% of the Liquidation Value if redeemed on or after the applicable issuance date but prior to the first anniversary of the applicable issuance date, (ii) 127% of the Liquidation Value if redeemed on or after the first anniversary but prior to the second anniversary of the applicable issuance date, (iii) 118% of the Liquidation Value if redeemed on or after the second anniversary but prior to the third anniversary of the applicable issuance date, and (iv) 109% of the Liquidation Value if redeemed on or after the third anniversary but prior to the fourth anniversary of the applicable issuance date.

Under the terms of the Purchase Agreement, the Company was obligated to pay Socius a commitment fee for committing to purchase the Series B Preferred Stock in the form of shares of common stock or cash, at the Company’s option. The amount of the commitment fee was the number of shares determined by dividing $294,120 by the closing bid price of the Company’s common stock on the trading day immediately preceding the date on which the commitment fee is paid, or $250,000 in cash. If not earlier paid, the commitment fee was payable in full on the six-month anniversary of the effective date of the Purchase Agreement. On August 2, 2011, the Company transferred ownership of 744,607 shares of its common stock, including 587,989 newly issued shares in full payment of the commitment fee.

The Company’s ability to submit a tranche notice is subject to certain conditions including, among others, that: (1) a registration statement covering our sale of shares of common stock issuable upon exercise of the additional investment right contained in the Purchase Agreement or upon exercise of the warrants issued to Socius in connection with the tranche is effective and (2) the issuance of such shares (together with all other shares beneficially owned) would not result in Socius and its affiliates beneficially owning more than 9.99% of the Company’s common stock.

As of September 30, 2011, the Company has not executed a tranche under this facility.

7. Liability Settlements

On January 26, 2011 the Company issued 254,777 shares of common stock to Grenzebach Corporation (“Grenzebach”) and on February 2, 2011 the Company issued 290,323 shares of common stock to Reis GmbH & Co. KG Maschinenfabrik (“Reis”). These shares were issued in settlement of outstanding liabilities on the Company’s balance sheet of $3,137,870 and related to the purchase of certain pieces of equipment. The settlement of these obligations and issuance of common stock resulted in $850,000 in restructuring expenses during the nine months ended September 30, 2011.

8. Subsequent Events

Bridge Financing

In November 2011, Michael Moretti agreed to loan the Company $125,000 and has advanced these funds for operating capital and general corporate purposes. The Company is currently in the process of finalizing and documenting this loan and expects the terms to be similar to those of its existing bridge loans as described in Note 4 Secured Convertible Promissory Notes and Warrants.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis provides information that we believe is relevant to an assessment and understanding of our results of operation and financial condition. You should read this analysis in conjunction with our audited financial statements and related footnotes. This discussion and analysis contains statements of a forward-looking nature relating to future events or our future financial performance. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements, including those set forth in our Annual Report on Form 10-K filed on March 31, 2011 as well as Part II, Item 1A below.

Overview

We have developed a proprietary thin film deposition technology for solar photovoltaic (“PV”) products. We utilize a proprietary one-step sputter deposition process and have manufactured a commercial scale deposition tool to apply high-efficiency copper indium gallium diselenide (“CIGS”) material over large area glass substrates in a continuous fashion. We believe this proprietary tool, when combined with commercially available thin film manufacturing equipment, will provide a critically differentiated manufacturing process to produce low-cost monolithically integrated, CIGS-on-glass modules that address the grid-tied, ground-based PV market.

We believe this proprietary deposition process, when operated at an annual capacity of approximately 100 megawatts, will achieve a total module manufacturing cost of less than $1.00 per watt. This cost would be competitive with the lowest in the solar PV industry. Using this approach, we have achieved greater than 15% cell efficiencies over large areas on CIGS PV devices, and we believe that this approach will enable module efficiencies greater than 13%.

We are currently seeking strategic partners and investors to commercialize our CIGS technology utilizing our proprietary deposition equipment.

Critical Accounting Policies and Estimates

The preparation of our financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosures. A summary of those accounting policies can be found in the notes to our financial statements. Certain of our accounting policies are considered critical as they are both important to the portrayal of our financial condition and results of operations and require judgments on the part of management about matters that are uncertain. We have identified the following accounting policies that are important to the presentation of our financial condition and results of operations.

Property and Equipment. Property and equipment is stated at cost. Depreciation is computed using straight-line and an accelerated method over estimated useful lives of three to ten years. Expenditures for maintenance and repairs, which do not materially extend the useful lives of property and equipment, are charged to operations as incurred. When property or equipment is retired or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is recognized.

Share-Based Compensation. We follow the provisions of FASB ASC 718 Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors based on estimated fair values. Additionally, we follow the SEC’s SAB No. 107, “Share-Based Payment” (“SAB 107”), as amended by SAB No. 110, which provides supplemental application guidance based on the views of the SEC.

Results of Operations

Comparison of the Three Months Ended September 30, 2011 and 2010

Certain reclassifications have been made to the 2010 financial information to conform to the 2011 presentation. Such reclassifications had no impact on net loss.

Research and development expenses. Research and development expenses were $207,173 for the three months ended September 30, 2011 compared to $210,869 for the three months ended September 30, 2010, a decrease of $3,696 or 2%. Research and development expenses for the third quarter of 2011 were fairly consistent with the same quarter in the prior year and reflected lower costs for personnel, facilities, and materials and supplies, as well as a decrease of $39,886 in share based compensation.

Selling, general and administrative expenses. Selling, general and administrative expenses were $336,748 for the three months ended September 30, 2011 compared to $1,328,056 for the three months ended September 30, 2010, a decrease of $991,308 or 75%. The decrease in selling, general and administrative expenses was primarily due to cost savings measures, including a reduction in our workforce and outside consultants and professional fees, as well as a decrease of $313,093 in share based compensation.

Restructuring. There were no restructuring expenses for the three months ended September 30, 2011. Restructuring expenses were $1,979,819 for the three months ended September 30, 2010. Restructuring expenses during the three months ended September 30, 2010 were due to impairment charges recorded on certain equipment.

Depreciation and amortization expense. Depreciation and amortization expense was $355,772 for the three months ended September 30, 2011 compared to $375,515 for the three months ended September 30, 2010, a decrease of $19,743 or 5%. The decrease in depreciation reflects the reduction in leasehold improvements and certain equipment as we closed our Newark, California manufacturing facility in 2010.

Interest expense. Interest expense was $237,729 for the three months ended September 30, 2011 compared to $185,610 for the three months ended September 30, 2010, an increase of $52,119 or 28%. The increase in interest expense was due to the increase in our outstanding notes issued in connection with our bridge financing, as well as interest expense on certain outstanding payables at September 30, 2011.

Amortization of note discount and financing costs. Amortization of note discount and financing costs was $122,653 for the three months ended September 30, 2011 compared to $1,809,947 for the three months ended September 30, 2010, a decrease of $1,687,294 or 93%. The convertible notes issued in connection with our bridge financing contain conversion features as well as warrants which result in discounts to the principal amount of the notes payable reflected on our balance sheet, based on the fair value of the warrants and conversion features. The discounts on the convertible notes are amortized using the effective interest method over the terms of the notes. In the third quarter of 2010, we restructured all of our existing convertible notes which resulted in the recording of new notes and corresponding discounts of which a significant portion was amortized to expense during the third quarter of 2010. The expense in the third quarter of 2011 reflects amortization of the discount on the notes issued in 2011, the principal amount of which was significantly lower than the restructured notes in 2010.

(Loss) Gain on derivative liabilities. Loss on derivative liabilities was $30,150 for the three months ended September 30, 2011 compared to a gain on derivative liabilities of $3,399,283 for the three months ended September 30, 2010. The conversion features on the convertible notes issued in conjunction with our bridge financing are considered derivative liabilities and are therefore required to be adjusted to fair value each quarter. A decrease in our stock price during the period results in a decrease in the liabilities and a gain on derivative liabilities. Conversely, an increase in our stock price during the period would result in an increase in the liabilities and a loss on derivative liabilities. During the three months ended September 30, 2010, the restructuring of our convertible notes led to an increase in the conversion feature liability on our balance sheet. A decrease in our stock price subsequent to the restructuring resulted in a decrease in the conversion liability and a significant gain on derivative liabilities during the third quarter of 2010. During the third quarter of 2011, a reduction in the conversion price of the outstanding notes caused an increase in the conversion feature liability and a loss on derivative liabilities.

Loss on extinguishment of debt. There was no loss on extinguishment of debt during the three months ended September 30, 2011. Loss on extinguishment of debt was $4,899,267 for the three months ended September 30, 2010. During the three months ended September 30, 2010, we restructured all of our existing convertible notes which resulted in the extinguishment of the original notes on our balance sheet and the recording of new notes and corresponding conversion features. The fair value of the conversion features for the restructured notes exceeded the principal amount of the notes and the excess of the fair value of the conversion features over the principal amount of the notes was charged to loss on extinguishment of debt.

Comparison of the Nine Months Ended September 30, 2011 and 2010

Certain reclassifications have been made to the 2010 financial information to conform to the 2011 presentation. Such reclassifications had no impact on net loss.

Research and development expenses. Research and development expenses were $1,046,944 for the nine months ended September 30, 2011 compared to $5,264,054 for the nine months ended September 30, 2010, a decrease of $4,217,110 or 80%. The decrease reflects cost savings measures which resulted in lower costs for personnel, facilities, and materials and supplies, as well as a decrease of $1,213,533 in share based compensation.

Selling, general and administrative expenses. Selling, general and administrative expenses were $2,028,292 for the nine months ended September 30, 2011 compared to $4,661,127 for the nine months ended September 30, 2010, a decrease of $2,632,835 or 56%. The decrease in selling, general and administrative expenses was primarily due to cost savings measures, including a reduction in our workforce and outside consultants and professional fees, as well as a decrease of $1,649,327 in share based compensation.

Restructuring. Restructuring expenses were $850,000 for the nine months ended September 30, 2011 compared to $9,745,407 for the nine months ended September 30, 2010, a decrease of $8,895,407 or 91%. The restructuring expenses in 2011 resulted from impairment charges on certain equipment, as we have cancelled orders for such equipment and settled the outstanding obligations with the vendors. The settlement amounts which were paid in shares of our common stock were recorded as restructuring expense during the nine months ended September 30, 2011. During the nine months ended September 30, 2010, we recorded restructuring charges of $3,509,763 from the impairment of leasehold improvements and the write-off of non-cash deferred rent, upon closing our Newark, California manufacturing facility. Additionally, we recorded impairment charges of $6,235,644 on certain equipment during the nine months ended September 30, 2010.

Depreciation and amortization expense. Depreciation and amortization expense was $1,158,576 for the nine months ended September 30, 2011 compared to $1,745,367 for the nine months ended September 30, 2010, a decrease of $586,791 or 34%. The decrease in depreciation reflects the reduction in leasehold improvements and certain equipment as we closed our Newark, California manufacturing facility in 2010.

Interest expense. Interest expense was $583,298 for the nine months ended September 30, 2011 compared to $413,534 for the nine months ended September 30, 2010, an increase of $169,764 or 41%. The increase in interest expense was due to the increase in our outstanding notes issued in connection with our bridge financing, as well as interest expense on certain outstanding payables at September 30, 2011.

Amortization of note discount and financing costs. Amortization of note discount and financing costs was $934,715 for the nine months ended September 30, 2011 compared to $3,341,963 for the nine months ended September 30, 2010, a decrease of $2,407,248 or 72%. The convertible notes issued in connection with our bridge financing contain conversion features as well as warrants which result in discounts to the principal amount of the notes payable reflected on our balance sheet, based on the fair value of the warrants and conversion features. The discounts on the convertible notes are amortized using the effective interest method over the terms of the notes. In the third quarter of 2010, we restructured all of our existing convertible notes which resulted in the recording of new notes and corresponding discounts. The expense during the nine months ended September 30, 2010 includes amortization of the discount on the original notes as well as a significant portion of the discount on the restructured notes. The expense in the nine months ended September 30, 2011 reflects amortization of the discount on the notes issued in 2011, as well as the remainder of the discount on the notes restructured in 2010. The majority of the discount on the notes restructured in 2010 was amortized to expense during the latter half of 2010.

Gain on derivative liabilities. Gain on derivative liabilities was $3,865,916 for the nine months ended September 30, 2011 compared to $4,274,348 for the nine months ended September 30, 2010, a decrease of $408,432 or 10%. The conversion features on the convertible notes issued in conjunction with our bridge financing are considered derivative liabilities and are therefore required to be adjusted to fair value each quarter. A decrease in our stock price during the period results in a decrease in the liabilities and a gain on derivative liabilities. Conversely, an increase in our stock price during the period would result in an increase in the liabilities and a loss on derivative liabilities. During the nine months ended September 30, 2011 and 2010, our common stock price decreased which caused a decrease in the fair value of the conversion features and a gain on derivative liabilities.

Loss on extinguishment of debt. There was no loss on extinguishment of debt during the nine months ended September 30, 2011. Loss on extinguishment of debt was $4,899,267 for the nine months ended September 30, 2010. During the nine months ended September 30, 2010, we restructured all of our existing convertible notes which resulted in the extinguishment of the original notes on our balance sheet and the recording of new notes and corresponding conversion features. The fair value of the conversion features for the restructured notes exceeded the principal amount of the notes and the excess of the fair value of the conversion features over the principal amount of the notes was charged to loss on extinguishment of debt.

Liquidity and Capital Resources

At September 30, 2011, our cash and cash equivalents totaled $54,000 compared to $97,000 at December 31, 2010. Subsequent to September 30, 2011 and through November 14, 2011, we have received additional bridge financing of $125,000 to fund our operations.

We are in the development stage, and as such, have historically reported net losses, including a net loss of $2.7 million for the nine months ended September 30, 2011. We anticipate incurring losses in the future, as we seek strategic partnerships and investments to commercialize our technology, invest in research and development, and incur associated administrative and operating costs. Our financial statements for the year ended December 31, 2010 and the nine months ended September 30, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As noted herein, as a result of our current liquidity, there is substantial doubt as to our ability to continue as a going concern.

We have historically financed our operations primarily from proceeds of the sale of equity securities and the issuance of convertible notes. We presently do not have any bank lines of credit that provide us with an additional source of debt financing. In order to fund the costs associated with our continued development and commercialization efforts, we completed a registered public offering during the fourth quarter of 2007 in which we sold 1,916,667 shares of our common stock at $38.25 per share and generated net proceeds of approximately $68 million after deducting underwriting discounts and the fees and expenses of the offering. Upon receipt of the proceeds from the offering, we re-paid in full $9.2 million of existing indebtedness. We have used these proceeds to develop our proprietary deposition process and to build our prototype and commercial scale deposition tools. We are currently seeking strategic partnerships and investments to commercialize our CIGS technology utilizing our proprietary deposition equipment. Commercialization efforts, including continued development and administrative costs will require significant additional capital.

Beginning in September 2009, we have funded our operations through a series of bridge financing transactions in which we have issued convertible and traditional notes with an aggregate principal amount of $6.1 million and also issued warrants exercisable for shares of our common stock. Currently, $4.9 million of these notes remains outstanding.

In order to address our immediate capital requirements, in February 2011, we entered into a Securities Purchase Agreement with Socius CG II, Ltd. (the “Investor” or “Socius”). Pursuant to the terms of the Purchase Agreement, we have the right over a term of two years, subject to certain conditions, to demand through separate tranche notices that the Investor purchase up to a total of $5.0 million of Series B preferred stock. However, in order to continue operations, including development and commercialization efforts, we will require substantial additional capital beyond our current cash on hand and any funds received from the Socius transaction. We are seeking long-term strategic investments and partnerships to commercialize our technology. To date, we have been unable to raise substantial additional capital or complete an agreement with a strategic partner. Although we continue to seek strategic investors or partners, in light of our current cash position, we may in the near term be forced to cease or further curtail operations.

An inability to raise additional funding in the very near term may cause us to file a voluntary petition for reorganization under the United States Bankruptcy Code, liquidate assets, and/or pursue other such actions that could adversely affect future operations. A wide variety of factors relating to the Company including those described in the section entitled “Risk Factors” in Part I Item 1A in our Annual Report on Form 10-K, as well as external conditions, could adversely affect our ability to secure additional funding necessary to continue operations and the terms of any funding that we secure.

Commitments. At September 30, 2011, we had no outstanding purchase orders for equipment and improvements. Other commitments include rental payments under operating leases for office space and equipment, and commitments under employment contracts with our executive officers. These commitments are discussed further in the Commitments and Contingencies footnote to our financial statements in our Annual Report on Form 10-K.

Off-Balance Sheet Arrangements. The only off-balance sheet obligations are for operating leases and certain other commitments entered into in the ordinary course of business.

We lease 32,000 square feet of factory and office space in Milpitas, California under a lease which expires in December 2011. This facility is the location of our corporate headquarters as well as our products and proprietary deposition equipment and research and development tools.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Our exposure to market risk for a change in interest rates relates primarily to interest earned on our cash and cash equivalents balance. We maintain our portfolio in high credit quality cash deposits and money market funds that invest in Treasury instruments with carrying values that approximate market value. Due to the short duration of our investment portfolio, we do not expect that a 10% change in interest rates would have a material effect on the fair market value of our cash and cash equivalents.

We also have market risk arising from changes in foreign currency exchange rates related to expenses and/or equipment we purchase from foreign businesses. Our payments related to these purchases may be denominated in foreign currency. We believe that such exposure does not present a significant risk due to the limited number of transactions and/or accounts payable denominated in foreign currency. Consequently, we do not believe that a 10% change in foreign currency exchange rates would have a significant effect on our future net income or cash flows.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and utilized, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily is required to apply its judgment in evaluating disclosure controls and procedures.

As required by Rule 13a-15(b) or Rule 15d-15(b) under the Exchange Act, we carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act, as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of September 30, 2011.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2011 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

In the ordinary conduct of our business, we are subject to periodic lawsuits, investigations and claims, including routine employment matters. The following is a summary of the material legal proceedings to which we are a party at this time.

On January 6, 2010, New York State Urban Development, d/b/a/ Empire State Development Corporation (“ESDC”), filed a breach of contract action against us. This action stems from the Grant Disbursement Award we entered into with ESDC when we relocated our headquarters to New York in 2004. ESDC has been awarded a judgment of approximately $520,000 and is currently in the process of enforcing its judgment to recover such damages.

Item 1A.

Risk Factors

Item 1A (“Risk Factors”) of our annual report on Form 10-K for our fiscal year ended December 31, 2010 (“Annual Report”) sets forth information relating to important risks and uncertainties that could materially adversely affect our business, financial condition or operating results. The risks and uncertainties described in our Annual Report do not constitute all the risk factors that pertain to our business but we do believe that they reflect the more important ones. Accordingly, you should review and consider such Risk Factors in making any investment decision with respect to our securities. An investment in our securities continues to involve a high degree of risk. There has been no material changes in the Risk Factors contained in our Annual Report.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

On July 19, 2011 we entered into Purchase Agreements with Michael Moretti and Peter A. Lacey (each a “Purchase Agreement”, collectively, the “Purchase Agreements”). Pursuant to the Purchase Agreement, each of Mr. Moretti and Mr. Lacey agreed to loan us $150,000 (the “Loan”) to fund operating capital and general corporate purposes. On July 19, 2011, we issued Mr. Moretti and Mr. Lacey (a) a Secured Convertible Promissory Note (the “Notes”) and (b) a warrant to purchase 288,462 shares of our common stock (subject to adjustment for certain dilutive transactions) (the “Warrants”). The Notes carry an interest rate of 10% per annum and are convertible into shares of our common stock based on a $0.52 conversion price (subject to adjustment for certain dilutive transactions). The Notes, to the extent that any part of the outstanding principal amount is not converted into shares of common stock, mature on the 180th day after the date of the Notes and are secured by all of our assets. The Warrants are immediately exercisable, expire on July 18, 2013, and have an exercise price of $0.52 per share.

Item 3.

Defaults Upon Senior Securities.

None.

Item 4.

(Removed and Reserved).

None.

Item 5.

Other Information.

(a) None.

(b) None.

Item 6.

Exhibits

(a) The following exhibits are filed as part of this report:


Exhibit No.		Description

3.1(1)		Amended and Restated Certificate of Incorporation.

3.2(2)		Certificate of Amendment of Amended and Restated Certificate of Incorporation.

3.3(3)		Amended and Restated Bylaws.

3.4(4)		Text of Amendment of Amended and Restated Bylaws

3.5(5)		Certificate of Designations, Preferences and Rights of a Series of Preferred Stock classifying and designating the Series B Preferred Stock.

4.1(6)		Form of Common Stock Certificate.

4.2(6)		Form of Class A Public Warrant.

4.3(6)		Form of Class B Public Warrant.

4.4(6)		Form of Unit Certificate.

4.5(6)		Form of Warrant Agent Agreement.

4.6(6)		Form of Representative’s Warrant.

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

32.1		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS**		XBRL Instance Document

101.SCH**		XBRL Taxonomy Extension Schema Document

101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**		XBRL Taxonomy Extension Label Linkbase Document

101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document

Submitted herewith. Users of this data are advised that, pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise are not subject to liability under those sections.

(1)	Incorporated by reference to our Quarterly Report on Form 10-QSB filed with the SEC on August 11, 2006.

(2)	Incorporated by reference to our Quarterly Report on Form 10-Q filed with the SEC on November 14, 2008.

(3)	Incorporated by reference to our Quarterly Report on Form 10-Q filed with the SEC on August 7, 2008.

(4)	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on January 25, 2010.

(5)	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on February 3, 2011.

(6)	Incorporated by reference to our Registration Statement on Form SB-2 filed with the SEC on November 7, 2003.

SIGNATURES

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	DAYSTAR TECHNOLOGIES, INC.

Date: November 14, 2011	By:	/s/ PETER A. LACEY
		Peter A. Lacey
		Interim Chief Executive Officer (Principal Executive Officer)

Date: November 14, 2011	By:	/s/ CHRISTOPHER T. LAIL
		Christopher T. Lail
		Chief Financial Officer (Principal Financial & Accounting Officer)

EXHIBIT INDEX


Exhibit No.		Description

3.1(1)		Amended and Restated Certificate of Incorporation.

3.2(2)		Certificate of Amendment of Amended and Restated Certificate of Incorporation.

3.3(3)		Amended and Restated Bylaws.

3.4(4)		Text of Amendment of Amended and Restated Bylaws

3.5(5)		Certificate of Designations, Preferences and Rights of a Series of Preferred Stock classifying and designating the Series B Preferred Stock.

4.1(6)		Form of Common Stock Certificate.

4.2(6)		Form of Class A Public Warrant.

4.3(6)		Form of Class B Public Warrant.

4.4(6)		Form of Unit Certificate.

4.5(6)		Form of Warrant Agent Agreement.

4.6(6)		Form of Representative’s Warrant.

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934.

32.1		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS**		XBRL Instance Document

101.SCH**		XBRL Taxonomy Extension Schema Document

101.CAL**		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**		XBRL Taxonomy Extension Label Linkbase Document

101.PRE**		XBRL Taxonomy Extension Presentation Linkbase Document

(1)	Incorporated by reference to our Quarterly Report on Form 10-QSB filed with the SEC on August 11, 2006.

(2)	Incorporated by reference to our Quarterly Report on Form 10-Q filed with the SEC on November 14, 2008.

(3)	Incorporated by reference to our Quarterly Report on Form 10-Q filed with the SEC on August 7, 2008.

(4)	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on January 25, 2010.

(5)	Incorporated by reference to our Current Report on Form 8-K filed with the SEC on February 3, 2011.

(6)	Incorporated by reference to our Registration Statement on Form SB-2 filed with the SEC on November 7, 2003.

EX-31.1 2 d239797dex311.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) Certification of Chief Executive Officer Pursuant To Rule 13a-14(a)

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Peter A. Lacey, Interim Chief Executive Officer of DayStar Technologies, Inc., certify that:

1. I have reviewed this quarterly report on Form 10-Q of DayStar Technologies, Inc. for the quarter ended September 30, 2011;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(e) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(f) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(g) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(h) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(c) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(d) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2011

By:

/S/ PETER A. LACEY

Peter A. Lacey

Interim Chief Executive Officer

EX-31.2 3 d239797dex312.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) Certification of Chief Financial Officer Pursuant To Rule 13a-14(a)

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Christopher T. Lail, Chief Financial Officer of DayStar Technologies, Inc., certify that:

1. I have reviewed this quarterly report on Form 10-Q of DayStar Technologies, Inc. for the quarter ended September 30, 2011;

(d) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2011

By:

/S/ CHRISTOPHER T. LAIL

Christopher T. Lail

Chief Financial Officer

EX-32.1 4 d239797dex321.htm CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350

Exhibit 32.1

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. Section 1350)

In connection with the quarterly report of DayStar Technologies, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2011 as filed with the Securities and Exchange Commission on the date therein specified (the “Report”), I, Peter A. Lacey, Interim Chief Executive Officer of the Company, certify, pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2011

By:

/S/ PETER A. LACEY

Peter A. Lacey

Interim Chief Executive Officer

EX-32.2 5 d239797dex322.htm CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350 Certification of the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350

Exhibit 32.2

CERTIFICATION PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. Section 1350)

In connection with the quarterly report of DayStar Technologies, Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2011 as filed with the Securities and Exchange Commission on the date therein specified (the “Report”), I, Christopher T. Lail, Chief Financial Officer of the Company, certify, pursuant to Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Exchange Act; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 14, 2011

By:

/S/ CHRISTOPHER T. LAIL

Christopher T. Lail

Chief Financial Officer

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Derivative Liabilities As described in Note 4 Secured Convertible Promissory Notes and Warrants, the Company is accounting for the conversion features in its secured convertible notes as embedded derivative liabilities. The Company currently does not use hedging contracts to manage the risk of its overall exposure to interest rate and foreign currency changes. The conversion features are not considered hedging instruments. The conversion feature liability on the balance sheet at September 30, 2011 and 2010, and the change in the liability for the nine months ended September 30, 2011 and 2010 is summarized as follows:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="68%" align="center"> <tr><td width="83%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Conversion Feature Liability</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Balance, December 31, 2009</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">251,618</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> New debt issuances</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,000,838</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Change in fair value</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,078,885</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Balance, September 30, 2010</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,173,571</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Balance, December 31, 2010</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,854,272</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> New debt issuances</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">51,622</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Change in fair value</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,865,916</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Balance, September 30, 2011</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39,978</td> <td valign="bottom" nowrap="nowrap"> </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> In accordance with ASC 820, the following table represents the Company's fair value hierarchy for its financial liabilities measured at fair value on a recurring basis as of September 30, 2011 and December 31, 2010. There were no financial assets subject to the provisions of ASC 820 as of September 30, 2011 and December 31, 2010:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="66%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Total</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Financial liabilities at September 30, 2011:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Conversion feature</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39,978</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39,978</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39,978</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">39,978</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Financial liabilities at December 31, 2010:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Conversion feature</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,854,272</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,854,272</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,854,272</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,854,272</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> 7220202 7218879 1323 671873 671725 148 3174317 3173741 576 60429 59762 667 132305 14757 57578 66667 5000000 4997222 2778 18.00 277777 67894918 67875752 19166 1916668 38.25 7. Liability Settlements On January 26, 2011 the Company issued 254,777 shares of common stock to Grenzebach Corporation ("Grenzebach") and on February 2, 2011 the Company issued 290,323 shares of common stock to Reis GmbH & Co. KG Maschinenfabrik ("Reis"). These shares were issued in settlement of outstanding liabilities on the Company's balance sheet of $3,137,870 and related to the purchase of certain pieces of equipment. The settlement of these obligations and issuance of common stock resulted in $850,000 in restructuring expenses during the nine months ended September 30, 2011. 5369278 5369278 664835 75567 1247794 8870549 38893 -403710 403710 4. Secured Convertible Promissory Notes and Warrants Beginning in September 2009, the Company has entered into a series of agreements with various lenders (the "Lenders") to provide bridge financing to the Company in exchange for notes and warrants. With the exception of the traditional loans indicated in the table below, these notes (the "Notes") are convertible into shares of the Company's common stock and each contain terms of six months, are secured by all assets of the Company, and accrue interest at rates of between 8 – 10% per annum. The Lenders may, at their option at any time prior to payment in full of the Notes, elect to convert all or any part of the entire outstanding principal amount of the Notes plus the accrued interest on the then outstanding balance into shares of the Company's common stock at the conversion price specified in each of the Notes (subject to adjustment in the event of any stock splits, stock dividends or other recapitalization of common stock subsequent to the date of such sale or issuance). If between the date of the Notes and such conversion, the Company issues or sells any shares of capital stock, other than certain excluded securities (a "Future Issuance"), at a per share price below the original conversion price specified in the Notes, then the conversion price of the Notes will be reduced to the price of such Future Issuance. As of September 30, 2011, the aggregate principal balance of all outstanding Notes was $4,805,000 and the Notes were convertible into 19,804,349 shares of common stock. The Notes' conversion features were determined to be embedded derivative liabilities and therefore were bifurcated from the Notes and recorded as a discount to the Notes at their fair value at issuance and are required to be adjusted to fair value at the end of each reporting period. The change in fair value of the conversion features, calculated using the Black Scholes model, is recorded as a gain or loss on derivative liabilities. The conversion feature fair values at September 30, 2011 and December 31, 2010 were $39,978 and $3,854,272, respectively. The change in fair value of the conversion features resulted in a loss on derivative liabilities of $30,150 during the three months ended September 30, 2011 and a gain on derivative liabilities of $4,323,393 during the three months ended September 30, 2010. The change in fair value of the conversion features during the nine months ended September 30, 2011 and 2010 resulted in a gain on derivative liabilities of $3,865,916 and $5,078,885, respectively.   The proceeds remaining, if any, after allocation to the conversion features are allocated on a relative fair value basis between the Notes and the warrants and the amounts allocated to the warrants, calculated using the Black Scholes model, are recorded as additional note discount. The discount attributable to the issuance date aggregate fair value of the conversion features and warrants, is being amortized using the effective interest method over the terms of the Notes. During the three months ended September 30, 2011 and 2010, $122,653 and $1,809,947, respectively, of this discount was amortized to expense. During the nine months ended September 30, 2011 and 2010, $934,715 and $3,306,963, respectively, of this discount was amortized to expense. The warrants issued in connection with these Notes are exercisable upon issuance (with the exception of the warrants issued to Dynamic Worldwide Solar Energy, LLC) and entitle the Lenders to purchase up to 6,605,664 shares of common stock at exercise prices ranging from $0.52 – $1.70 per share, as adjusted for standard anti-dilution provisions and are exercisable for a period of 2 – 7 years from their respective issuance dates. The following table summarizes the pertinent details of the outstanding notes and warrants as of September 30, 2011.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="39%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Lender</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Principal Amount</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Discount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Note Payable (net of discount)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Note Conversion Shares Issuable</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Conversion Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Warrants</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Warrant Exercise Price</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Peter Lacey(1)</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,075,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,075,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">13,369,565</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">724,074</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Peter Lacey(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,692,594</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.70</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Peter Lacey(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">125,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,507</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">114,493</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">N/A</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">N/A</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.00</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Peter Lacey(1)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">150,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,276</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">122,724</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">652,174</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">288,462</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.52</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Michael Moretti</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">750,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">750,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,260,870</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">833,335</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Michael Moretti</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">150,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">150,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">652,174</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">193,550</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.55</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Michael Moretti</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">125,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,507</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">114,493</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">N/A</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">N/A</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">250,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.00</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Michael Moretti</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">150,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27,277</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">122,723</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">652,174</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">288,462</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.52</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> John Gorman</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">434,783</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">666,667</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Richard Schottenfeld</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">434,783</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">111,111</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> William Steckel(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">130,435</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,112</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Robert Weiss(3)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50,000</td> <td valign="bottom" nowrap="nowrap">* </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">217,391</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.23</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,556</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Dynamic Worldwide Solar Energy, LLC.</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">240,741</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,805,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,567</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,729,433</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">19,804,349</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,605,664</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="2%" align="left">*</td> <td valign="top" align="left">As of the date of filing of this quarterly report, these notes have matured and the Company is in the process of finalizing an extension with the Lenders. </td></tr></table> The following table summarizes the pertinent details of the outstanding notes and warrants as of December 31, 2010.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="39%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom" nowrap="nowrap"> Lender</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Principal Amount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Discount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Note Payable (net of discount)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Note Conversion Shares Issuable</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Conversion Price</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Warrants</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">Warrant Exercise Price</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Peter Lacey(1)</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,075,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">365,676</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,709,324</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,416,668</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.90</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">724,074</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,692,594</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.70</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Michael Moretti</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">750,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">89,189</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">660,811</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">833,335</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.90</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">833,335</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> John Gorman</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">700,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">83,243</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">616,757</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">777,778</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.90</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">777,778</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> William Steckel(2)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,568</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">26,432</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33,333</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.90</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,112</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Robert Weiss(3)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,946</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">44,054</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,556</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.90</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">55,556</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Dynamic Worldwide Solar Energy, LLC.</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">650,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">117,213</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">532,787</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">722,222</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.90</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">240,741</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.25</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,255,000</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">664,835</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,590,165</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,838,892</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,335,190</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Mr. Lacey is Chairman of the Board of Directors for the Company and currently serving as the Company's Interim President and Chief Executive Officer. </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">(2)</td> <td valign="top" align="left">Mr. Steckel is a Director of the Company and the former Chief Executive Officer and Chief Financial Officer. </td></tr></table> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">(3)</td> <td valign="top" align="left">Mr. Weiss is the Company's Chief Technology Officer. </td></tr></table>   In January 2011, Dynamic Worldwide Solar Energy, LLC converted its entire outstanding principal balance of $650,000 as well as the accrued interest thereon into shares of the Company's common stock, and John Gorman converted $500,000 of his outstanding principal balance as well as the accrued interest thereon into shares of the Company's common stock. Additionally, John Gorman transferred $100,000 of his remaining balance to Richard Schottenfeld. 2397671 2397163 508 18.00 50841 7378159 7376889 1270 7326925 7322619 4306 13.41 18.00 127004 430598 1.85 1.54 1.57 0.90 1927232 775997 587989 294120 288240 5880 74.00 54.00 67.50 18.54 31.05 18.00 28.26 0.90 140419 140419 497578 497578 704481 704481 293826 293826 48.42 4.50 4.50 2.70 1.55 0.52 4176480 4582153 8697011 9342515

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6. Funding Commitment On February 2, 2011 the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with Socius CG II, Ltd. (the "Investor" or "Socius"). Pursuant to the terms of the Purchase Agreement, the Company has the right over a term of two years, subject to certain conditions, to demand through separate tranche notices that the Investor purchase up to a total of $5.0 million of Series B preferred stock. Under the Purchase Agreement, in connection with each tranche, Socius will receive the right (the "Investment Right") to purchase an amount of shares of our common stock equal in value to the amount of the tranche at a per share price equal to the closing bid price of the common stock on the date preceding our delivery of the tranche notice (the "Investment Price"). The Investment Right will be automatically exercised for shares of common stock at the time of each tranche. In addition, in connection with each tranche notice, a portion of a warrant issued to Socius under the Purchase Agreement with an aggregate exercise price equal to 35% of the amount of the tranche will vest and immediately be exercised at a per share price equal to the Investment Price. Socius may pay for the shares it elects to purchase under the investment right at its option, in cash or a secured promissory note. Socius may pay for the shares it elects to purchase under the warrant at its option, in cash or a secured promissory note. Any such promissory note will bear interest at 2.0% per year and be secured by securities owned by Socius with a fair market value equal to the principal amount of the promissory note. The entire principal balance and interest on the promissory note is due and payable on the fourth anniversary of the date of the promissory note, and may be applied by the Company toward the redemption of shares of Series B preferred stock held by Socius.   Holders of Series B Preferred Stock will be entitled to receive dividends, which will accrue in shares of Series B Preferred Stock on an annual basis at a rate equal to 10% per annum from the issuance date. Accrued dividends will be payable upon redemption of the Series B Preferred Stock or upon the liquidation, dissolution or winding up of the Company. The Series B Preferred Stock ranks, with respect to dividend right and upon liquidation:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Senior to the Company's common stock and any other series or class of preferred stock other than a class or series of preferred stock intended to be listed for trading; and </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="5%"> </td> <td valign="top" width="2%" align="left"></td> <td valign="top" width="1%"> </td> <td valign="top" align="left"> Junior to all existing and future indebtedness of the company and any class or series of preferred stock intended to be listed for trading. </td></tr></table> The Series B Preferred Stock has a liquidation preference per share equal to the original price per share thereof plus all accrued dividends thereon (the "Liquidation Value"), and is subject to repurchase by the Company following the consummation of certain fundamental transactions by the Company. Upon or after the fourth anniversary of the applicable issuance date, the Company has the right, at its option, to redeem all or a portion of the shares of Series B Preferred Stock at the Liquidation Value. The Company also has the right, at its option, to redeem all or a portion of the shares of Series B Preferred Stock, at a price per share equal to: (i) 136% of the Liquidation Value if redeemed on or after the applicable issuance date but prior to the first anniversary of the applicable issuance date, (ii) 127% of the Liquidation Value if redeemed on or after the first anniversary but prior to the second anniversary of the applicable issuance date, (iii) 118% of the Liquidation Value if redeemed on or after the second anniversary but prior to the third anniversary of the applicable issuance date, and (iv) 109% of the Liquidation Value if redeemed on or after the third anniversary but prior to the fourth anniversary of the applicable issuance date. Under the terms of the Purchase Agreement, the Company was obligated to pay Socius a commitment fee for committing to purchase the Series B Preferred Stock in the form of shares of common stock or cash, at the Company's option. The amount of the commitment fee was the number of shares determined by dividing $294,120 by the closing bid price of the Company's common stock on the trading day immediately preceding the date on which the commitment fee is paid, or $250,000 in cash. If not earlier paid, the commitment fee was payable in full on the six-month anniversary of the effective date of the Purchase Agreement. On August 2, 2011, the Company transferred ownership of 744,607 shares of its common stock, including 587,989 newly issued shares in full payment of the commitment fee. The Company's ability to submit a tranche notice is subject to certain conditions including, among others, that: (1) a registration statement covering our sale of shares of common stock issuable upon exercise of the additional investment right contained in the Purchase Agreement or upon exercise of the warrants issued to Socius in connection with the tranche is effective and (2) the issuance of such shares (together with all other shares beneficially owned) would not result in Socius and its affiliates beneficially owning more than 9.99% of the Company's common stock. As of September 30, 2011, the Company has not executed a tranche under this facility.

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2. Liquidity and Future Operations The Company's financial statements for the year ended December 31, 2010 and for the nine months ended September 30, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company is in the development stage, and as such, has historically reported net losses, including a net loss of $2.7 million for the nine months ended September 30, 2011. The Company anticipates it will continue to incur losses in the future as it seeks strategic partnerships and investments to commercialize its technology. As noted herein, as a result of the Company's current liquidity, there is substantial doubt as to its ability to continue as a going concern. In order to continue operations, pursue strategic partnerships and investments, and commercialize its technology, the Company requires immediate and substantial additional capital beyond its current cash on hand. In order to address its current financial requirements, on February 2, 2011, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with Socius CG II, Ltd. (the "Investor" or "Socius"). Pursuant to the terms of the Purchase Agreement, the Company has the right over a term of two years, subject to certain conditions, to demand through separate tranche notices that the Investor purchase up to a total of $5.0 million of Series B preferred stock. The Company is currently seeking long-term strategic partnerships and investments to commercialize its CIGS technology utilizing its proprietary deposition equipment. Those potential partnerships, if consummated, could include joint ventures, licensing agreements, contract manufacturing agreements, a merger with or an acquisition of DayStar. Although the Company continues to seek strategic investors or partners, in light of its current cash position, the Company may in the near term be forced to cease operations. The Company has implemented cost savings measures to limit its cash outflows while pursuing strategic investments and partnerships.   An inability to raise additional funding in the very near term may cause the Company to file a voluntary petition for reorganization under the United States Bankruptcy Code, liquidate assets, and/or pursue other such actions that could adversely affect future operations. Given current market conditions and available opportunities, there is substantial doubt as to the Company's ability to complete a financing in the time frame required to remain in operation. A wide variety of factors relating to the Company and external conditions could adversely affect its ability to secure additional funding and the terms of any funding that it secures.

4590165

4729433

1. Organization and Nature of Operations DayStar Technologies, Inc. (the "Company") is a development stage enterprise that was formed in 1997 for the purpose of developing, manufacturing and marketing innovative products to the solar photovoltaic ("PV") industry. From its inception, the Company has focused primarily on thin film copper indium gallium di-selenide ("CIGS") solar products. The Company has developed a proprietary one-step sputter deposition process and manufactured a commercial scale deposition tool to apply high efficiency CIGS material over large area glass substrates in a continuous fashion. The Company believes this proprietary tool, when combined with commercially available thin film manufacturing equipment, will provide a critically differentiated manufacturing process to produce low-cost monolithically integrated, CIGS-on-glass modules that address the grid-tied, ground-based PV market. The Company is currently seeking strategic partners and investors to commercialize its CIGS technology utilizing its proprietary deposition equipment. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted from these condensed unaudited financial statements. These condensed unaudited financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. The condensed balance sheet as of December 31, 2010 has been derived from audited financial statements. The results of operations for the three months and nine months ended September 30, 2011 and 2010 are not necessarily indicative of the operating results for the full year. In the opinion of management, all adjustments, consisting only of normal recurring accruals, have been made to present fairly the Company's financial position at September 30, 2011 and the results of its operations and its cash flows for the three months and nine months ended September 30, 2011 and 2010 and for the period from July 1, 2005 (Inception of the Development Stage) to September 30, 2011. Reverse Stock Split—On April 23, 2010, the Company's shareholders approved a reverse stock split of its issued and outstanding common shares in the range of one-for-five to one-for-nine, with the final ratio to be selected by the Company's Board of Directors. The total authorized shares of common stock remained unchanged at 120,000,000. The Board of Directors selected a ratio of one-for-nine and the reverse stock split was effective on May 11, 2010. Trading of the Company's common stock on the NASDAQ Capital Market on a split-adjusted basis began at the open of trading on May 12, 2010. The reverse stock split affected all shares of the Company's common stock, as well as options to purchase the Company's common stock and other equity incentive awards, as well as convertible debt instruments and warrants that were outstanding immediately prior to the effective date of the reverse stock split. All references to common shares and per-share data for prior periods have been retroactively restated to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented.

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3. Significant Accounting Policies Cash Equivalents—The Company considers all highly liquid debt securities purchased with an original maturity of three months or less to be cash equivalents. The Company's cash and cash equivalents are maintained with major financial institutions within the United States and at times the balances with these institutions exceed the amount of federal insurance coverage on such deposits. Property and Equipment—Property and equipment is stated at cost. Depreciation is computed using straight-line and an accelerated method over estimated useful lives of 3 to 10 years. Expenditures for maintenance and repairs, which do not materially extend the useful lives of property and equipment, are charged to operations as incurred. When property or equipment is retired or otherwise disposed of, the property accounts are relieved of costs and accumulated depreciation and any resulting gain or loss is recognized. Revenue Recognition—The Company recognizes revenue in accordance with the FASB ASC 605 Revenue Recognition and Securities and Exchange Commission (the "SEC")'s Staff Accounting Bulletin No. 104, "Revenue Recognition" ("SAB 104") which require that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the seller's price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. Since inception of the development stage on July 1, 2005, the Company has earned minimal amounts of product revenue. Since inception of the development stage on July 1, 2005, the principal source of revenue for the Company has been from government funded research and development contracts and grants. Grant revenue is recognized when the Company fulfills obligations as set forth under the grant. Terms of the grant reflected in the accompanying financial statements require the Company to maintain specified employment criteria over a five year period. If the Company fails to meet the specified criteria, it must repay the unearned portion of the grant. As a result, the Company reported a liability of $520,000 and $420,000 at September 30, 2011 and December 31, 2010, respectively. Research and development contract revenue is recognized as the Company meets milestones as set forth under the contract. The Company recognized no revenue for the nine months ended September 30, 2011 and 2010, respectively. Research and Development Costs—Research and development costs are expensed as incurred. Funds obtained from government agencies that represent a cost reimbursement activity are reflected as reductions of Research and Development expenses. Use of Estimates—The preparation of the Company's financial statements in conformity with generally accepted accounting principles requires the Company's management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Significant estimates include the useful lives of the Company's property and equipment, the life and realization of the Company's capitalized costs associated with its patents and the Company's valuation allowance associated with its deferred tax asset. Actual results could differ from those estimates. Share-Based Compensation—The Company follows the provisions of FASB ASC 718 Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors based on estimated fair values. Additionally, the Company follows the SEC's Staff Accounting Bulletin No. 107 "Share-Based Payment" ("SAB 107"), as amended by Staff Accounting Bulletin No. 110 ("SAB 110"), which provides supplemental application guidance based on the views of the SEC. The Company estimates the expected term, which represents the period of time from the grant date that the Company expects its stock options to remain outstanding, using the simplified method as permitted by SAB 107 and SAB 110. Under this method, the expected term is estimated as the mid-point between the time the options vest and their contractual terms. The Company continues to apply the simplified method because it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected terms due to the limited period of time its equity shares have been publicly traded and the limited number of its options which have so far vested and become eligible for exercise.   Share-based compensation expense for the three months and nine months ended September 30, 2011 and 2010 was as follows:   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr><td width="61%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">For the Three Months Ended September 30,</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="6" align="center">For the Nine Months Ended September 30,</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2011</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">2010</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Share-based compensation:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Selling, general and administrative</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">56,360</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">369,453</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">822,467</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,471,794</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Research and development</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23,332</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">63,218</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">367,593</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,581,126</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr> <tr><td valign="top"> Total share-based compensation</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">79,692</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">432,671</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,190,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,052,920</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">  </td> <td> </td></tr></table> During the nine months ended September 30, 2011, the Company granted options to purchase 335,000 shares of common stock at an exercise price of $1.55—$1.71 per share, all with a contractual life of ten years. Options to purchase 225,185 shares of common stock were forfeited during the nine months ended September 30, 2011. During the nine months ended September 30, 2011 there were restricted stock units granted to purchase 365,000 shares of common stock and there were no restricted stock units forfeited. Subsequent to September 30, 2011 and through the date of this filing, no options or restricted stock units were granted or forfeited. Reclassifications —Certain reclassifications have been made to the 2010 financial statements to conform to the 2011 presentation. Such reclassifications had no impact on net loss. Impact of Recently Issued Accounting Pronouncements— In April 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS. This ASU amends current fair value measurement and disclosure guidance to include increased transparency around valuation input and investment categorization. ASU 2011-04 is effective for fiscal years and interim periods beginning after December 15, 2011, with early adoption not permitted. The Company does not believe that the adoption of ASU 2011-04 in the first quarter of 2012 will have an impact on its financial position, results of operations, or cash flows. In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. ASU 2011-05 allows an entity to present components of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. ASU 2011-05 is effective for fiscal years and interim periods beginning after December 15, 2011 and must be applied retrospectively. The Company does not believe that the adoption of ASU 2011-05 will have an impact on its financial position, results of operations, or cash flows.

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5022

8. Subsequent Events Bridge Financing In November 2011, Michael Moretti agreed to loan the Company $125,000 and has advanced these funds for operating capital and general corporate purposes. The Company is currently in the process of finalizing and documenting this loan and expects the terms to be similar to those of its existing bridge loans as described in Note 4 Secured Convertible Promissory Notes and Warrants.

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Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2011	Dec. 31, 2010
Balance Sheets [Abstract]
Notes and capital leases payable, current portion, discount	$ 75,567	$ 664,835
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	3,000,000	3,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	9,547,033	6,484,516
Common stock, shares outstanding	9,547,033	6,484,516

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Statements Of Operations (USD $)	3 Months Ended		9 Months Ended		76 Months Ended
Statements Of Operations (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Revenue:
Product revenue					$ 3,528
Research and development contract revenue					615,000
Total revenue					618,528
Costs and Expenses:
Research and development	207,173	210,869	1,046,944	5,264,054	61,566,832
Selling, general and administrative	336,748	1,328,056	2,028,292	4,661,127	37,153,762
Restructuring		1,979,819	850,000	9,745,407	13,883,693
Depreciation and amortization	355,772	375,515	1,158,576	1,745,367	15,230,684
Total costs and expenses	899,693	3,894,259	5,083,812	21,415,955	127,834,971
Other Income (Expense):
Other income (expense)		(46,720)		(32,345)	2,228,332
Interest expense	(237,729)	(185,610)	(583,298)	(413,534)	(3,656,081)
Amortization of note discount and financing costs	(122,653)	(1,809,947)	(934,715)	(3,341,963)	(17,077,170)
(Loss) gain on derivative liabilities	(30,150)	3,399,283	3,865,916	4,274,348	14,036,004
Loss on extinguishment of debt		(4,899,267)		(4,899,267)	(10,990,736)
Total other income (expense)	(390,532)	(3,542,261)	2,347,903	(4,412,761)	(15,459,651)
Net Loss	$ (1,290,225)	$ (7,436,520)	$ (2,735,909)	$ (25,828,716)	$ (142,676,094)
Weighted Average Common Shares Outstanding (Basic And Diluted)	9,342,515	4,582,153	8,697,011	4,176,480
Net Loss Per Share (Basic and Diluted)	$ (0.14)	$ (1.62)	$ (0.31)	$ (6.18)

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Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2011	Nov. 10, 2011
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3
Entity Registrant Name	DAYSTAR TECHNOLOGIES INC
Entity Central Index Key	0001262200
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,547,033

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Derivative Liabilities

9 Months Ended

Sep. 30, 2011

Derivative Liabilities [Abstract]

Derivative Liabilities

5. Derivative Liabilities

The conversion feature liability on the balance sheet at September 30, 2011 and 2010, and the change in the liability for the nine months ended September 30, 2011 and 2010 is summarized as follows:


	Conversion Feature Liability
Balance, December 31, 2009	$	251,618
New debt issuances		11,000,838
Change in fair value		(5,078,885	)

Balance, September 30, 2010	$	6,173,571

Balance, December 31, 2010	$	3,854,272
New debt issuances		51,622
Change in fair value		(3,865,916	)

Balance, September 30, 2011	$	39,978

In accordance with ASC 820, the following table represents the Company's fair value hierarchy for its financial liabilities measured at fair value on a recurring basis as of September 30, 2011 and December 31, 2010. There were no financial assets subject to the provisions of ASC 820 as of September 30, 2011 and December 31, 2010:


	Level 1		Level 2		Level 3		Total
Financial liabilities at September 30, 2011:
Conversion feature	$	—	$	—	$	39,978	$	39,978

	$	—	$	—	$	39,978	$	39,978

Financial liabilities at December 31, 2010:
Conversion feature	$	—	$	—	$	3,854,272	$	3,854,272

	$	—	$	—	$	3,854,272	$	3,854,272

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Organization And Nature Of Operations

9 Months Ended

Sep. 30, 2011

Organization And Nature Of Operations [Abstract]

Organization And Nature Of Operations

1. Organization and Nature of Operations

DayStar Technologies, Inc. (the "Company") is a development stage enterprise that was formed in 1997 for the purpose of developing, manufacturing and marketing innovative products to the solar photovoltaic ("PV") industry. From its inception, the Company has focused primarily on thin film copper indium gallium di-selenide ("CIGS") solar products. The Company has developed a proprietary one-step sputter deposition process and manufactured a commercial scale deposition tool to apply high efficiency CIGS material over large area glass substrates in a continuous fashion. The Company believes this proprietary tool, when combined with commercially available thin film manufacturing equipment, will provide a critically differentiated manufacturing process to produce low-cost monolithically integrated, CIGS-on-glass modules that address the grid-tied, ground-based PV market. The Company is currently seeking strategic partners and investors to commercialize its CIGS technology utilizing its proprietary deposition equipment.

Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted from these condensed unaudited financial statements. These condensed unaudited financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. The condensed balance sheet as of December 31, 2010 has been derived from audited financial statements. The results of operations for the three months and nine months ended September 30, 2011 and 2010 are not necessarily indicative of the operating results for the full year.

In the opinion of management, all adjustments, consisting only of normal recurring accruals, have been made to present fairly the Company's financial position at September 30, 2011 and the results of its operations and its cash flows for the three months and nine months ended September 30, 2011 and 2010 and for the period from July 1, 2005 (Inception of the Development Stage) to September 30, 2011.

Reverse Stock Split—On April 23, 2010, the Company's shareholders approved a reverse stock split of its issued and outstanding common shares in the range of one-for-five to one-for-nine, with the final ratio to be selected by the Company's Board of Directors. The total authorized shares of common stock remained unchanged at 120,000,000. The Board of Directors selected a ratio of one-for-nine and the reverse stock split was effective on May 11, 2010. Trading of the Company's common stock on the NASDAQ Capital Market on a split-adjusted basis began at the open of trading on May 12, 2010. The reverse stock split affected all shares of the Company's common stock, as well as options to purchase the Company's common stock and other equity incentive awards, as well as convertible debt instruments and warrants that were outstanding immediately prior to the effective date of the reverse stock split. All references to common shares and per-share data for prior periods have been retroactively restated to reflect the reverse stock split as if it had occurred at the beginning of the earliest period presented.

XML 18 R14.htm IDEA: XBRL DOCUMENT

Liability Settlements

9 Months Ended

Sep. 30, 2011

Liability Settlements [Abstract]

Liability Settlements

7. Liability Settlements

On January 26, 2011 the Company issued 254,777 shares of common stock to Grenzebach Corporation ("Grenzebach") and on February 2, 2011 the Company issued 290,323 shares of common stock to Reis GmbH & Co. KG Maschinenfabrik ("Reis"). These shares were issued in settlement of outstanding liabilities on the Company's balance sheet of $3,137,870 and related to the purchase of certain pieces of equipment. The settlement of these obligations and issuance of common stock resulted in $850,000 in restructuring expenses during the nine months ended September 30, 2011.

XML 19 R15.htm IDEA: XBRL DOCUMENT

Subsequent Events

9 Months Ended

Sep. 30, 2011

Subsequent Events [Abstract]

Subsequent Events

8. Subsequent Events

Bridge Financing

XML 20 R13.htm IDEA: XBRL DOCUMENT

Funding Commitment

9 Months Ended

Sep. 30, 2011

Funding Commitment [Abstract]

Funding Commitment

6. Funding Commitment

On February 2, 2011 the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with Socius CG II, Ltd. (the "Investor" or "Socius"). Pursuant to the terms of the Purchase Agreement, the Company has the right over a term of two years, subject to certain conditions, to demand through separate tranche notices that the Investor purchase up to a total of $5.0 million of Series B preferred stock.

Under the Purchase Agreement, in connection with each tranche, Socius will receive the right (the "Investment Right") to purchase an amount of shares of our common stock equal in value to the amount of the tranche at a per share price equal to the closing bid price of the common stock on the date preceding our delivery of the tranche notice (the "Investment Price"). The Investment Right will be automatically exercised for shares of common stock at the time of each tranche. In addition, in connection with each tranche notice, a portion of a warrant issued to Socius under the Purchase Agreement with an aggregate exercise price equal to 35% of the amount of the tranche will vest and immediately be exercised at a per share price equal to the Investment Price.

•

Senior to the Company's common stock and any other series or class of preferred stock other than a class or series of preferred stock intended to be listed for trading; and

•

Junior to all existing and future indebtedness of the company and any class or series of preferred stock intended to be listed for trading.

The Series B Preferred Stock has a liquidation preference per share equal to the original price per share thereof plus all accrued dividends thereon (the "Liquidation Value"), and is subject to repurchase by the Company following the consummation of certain fundamental transactions by the Company. Upon or after the fourth anniversary of the applicable issuance date, the Company has the right, at its option, to redeem all or a portion of the shares of Series B Preferred Stock at the Liquidation Value. The Company also has the right, at its option, to redeem all or a portion of the shares of Series B Preferred Stock, at a price per share equal to: (i) 136% of the Liquidation Value if redeemed on or after the applicable issuance date but prior to the first anniversary of the applicable issuance date, (ii) 127% of the Liquidation Value if redeemed on or after the first anniversary but prior to the second anniversary of the applicable issuance date, (iii) 118% of the Liquidation Value if redeemed on or after the second anniversary but prior to the third anniversary of the applicable issuance date, and (iv) 109% of the Liquidation Value if redeemed on or after the third anniversary but prior to the fourth anniversary of the applicable issuance date.

Under the terms of the Purchase Agreement, the Company was obligated to pay Socius a commitment fee for committing to purchase the Series B Preferred Stock in the form of shares of common stock or cash, at the Company's option. The amount of the commitment fee was the number of shares determined by dividing $294,120 by the closing bid price of the Company's common stock on the trading day immediately preceding the date on which the commitment fee is paid, or $250,000 in cash. If not earlier paid, the commitment fee was payable in full on the six-month anniversary of the effective date of the Purchase Agreement. On August 2, 2011, the Company transferred ownership of 744,607 shares of its common stock, including 587,989 newly issued shares in full payment of the commitment fee.

The Company's ability to submit a tranche notice is subject to certain conditions including, among others, that: (1) a registration statement covering our sale of shares of common stock issuable upon exercise of the additional investment right contained in the Purchase Agreement or upon exercise of the warrants issued to Socius in connection with the tranche is effective and (2) the issuance of such shares (together with all other shares beneficially owned) would not result in Socius and its affiliates beneficially owning more than 9.99% of the Company's common stock.

As of September 30, 2011, the Company has not executed a tranche under this facility.

XML 21 R6.htm IDEA: XBRL DOCUMENT

Statements Of Changes In Stockholders' Equity (Parenthetical) (USD $)	1 Months Ended			9 Months Ended	12 Months Ended				1 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended			1 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2007	Mar. 31, 2007	Feb. 28, 2007	Sep. 30, 2011	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2006	Jan. 31, 2007 Minimum [Member]	Dec. 31, 2005 Minimum [Member]	Sep. 30, 2011 Minimum [Member]	Dec. 31, 2010 Minimum [Member]	Dec. 31, 2007 Minimum [Member]	Dec. 31, 2006 Minimum [Member]	Feb. 28, 2007 Maximum [Member]	Dec. 31, 2005 Maximum [Member]	Sep. 30, 2011 Maximum [Member]	Dec. 31, 2010 Maximum [Member]	Dec. 31, 2007 Maximum [Member]	Dec. 31, 2006 Maximum [Member]
Exercise of warrants and stock options, per share price					$ 0.90		$ 28.26			$ 54.00			$ 18.00	$ 18.54		$ 74.00			$ 31.05	$ 67.50
Shares issued in payment of principal and interest on convertible note, per share price									$ 13.41						$ 18.00
Warrants issued for placement of convertible note, per share price								$ 48.42
Issuance of shares pursuant to offering, per share price			$ 18.00
Issuance of shares pursuant to secondary offering, price per share, net of offering costs	$ 38.25
Shares issued for placement of note and offering, per share price		$ 18.00
Warrants issued in connection with convertible note, per share price						$ 4.50						$ 2.70						$ 4.50
Warrants issued in connection with notes, per share price											$ 0.52						$ 1.55
Conversion of notes payable and accrued interest, conversion price per share				$ 0.90
Shares issued in settlement of liabilities, settlement price per share											$ 0.90	$ 1.54					$ 1.57	$ 1.85

XML 22 R9.htm IDEA: XBRL DOCUMENT

Liquidity And Future Operations

9 Months Ended

Sep. 30, 2011

Liquidity And Future Operations [Abstract]

Liquidity And Future Operations

2. Liquidity and Future Operations

The Company's financial statements for the year ended December 31, 2010 and for the nine months ended September 30, 2011 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company is in the development stage, and as such, has historically reported net losses, including a net loss of $2.7 million for the nine months ended September 30, 2011. The Company anticipates it will continue to incur losses in the future as it seeks strategic partnerships and investments to commercialize its technology. As noted herein, as a result of the Company's current liquidity, there is substantial doubt as to its ability to continue as a going concern. In order to continue operations, pursue strategic partnerships and investments, and commercialize its technology, the Company requires immediate and substantial additional capital beyond its current cash on hand.

In order to address its current financial requirements, on February 2, 2011, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with Socius CG II, Ltd. (the "Investor" or "Socius"). Pursuant to the terms of the Purchase Agreement, the Company has the right over a term of two years, subject to certain conditions, to demand through separate tranche notices that the Investor purchase up to a total of $5.0 million of Series B preferred stock.

An inability to raise additional funding in the very near term may cause the Company to file a voluntary petition for reorganization under the United States Bankruptcy Code, liquidate assets, and/or pursue other such actions that could adversely affect future operations. Given current market conditions and available opportunities, there is substantial doubt as to the Company's ability to complete a financing in the time frame required to remain in operation. A wide variety of factors relating to the Company and external conditions could adversely affect its ability to secure additional funding and the terms of any funding that it secures.

XML 23 R10.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies

9 Months Ended

Sep. 30, 2011

Significant Accounting Policies [Abstract]

Significant Accounting Policies

3. Significant Accounting Policies

Cash Equivalents—The Company considers all highly liquid debt securities purchased with an original maturity of three months or less to be cash equivalents. The Company's cash and cash equivalents are maintained with major financial institutions within the United States and at times the balances with these institutions exceed the amount of federal insurance coverage on such deposits.

Revenue Recognition—The Company recognizes revenue in accordance with the FASB ASC 605 Revenue Recognition and Securities and Exchange Commission (the "SEC")'s Staff Accounting Bulletin No. 104, "Revenue Recognition" ("SAB 104") which require that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the seller's price to the buyer is fixed and determinable; and (4) collectability is reasonably assured. Since inception of the development stage on July 1, 2005, the Company has earned minimal amounts of product revenue.

Use of Estimates—The preparation of the Company's financial statements in conformity with generally accepted accounting principles requires the Company's management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Significant estimates include the useful lives of the Company's property and equipment, the life and realization of the Company's capitalized costs associated with its patents and the Company's valuation allowance associated with its deferred tax asset. Actual results could differ from those estimates.

Share-Based Compensation—The Company follows the provisions of FASB ASC 718 Compensation—Stock Compensation, which requires the measurement and recognition of compensation expense for all share-based payment awards to employees and directors based on estimated fair values. Additionally, the Company follows the SEC's Staff Accounting Bulletin No. 107 "Share-Based Payment" ("SAB 107"), as amended by Staff Accounting Bulletin No. 110 ("SAB 110"), which provides supplemental application guidance based on the views of the SEC. The Company estimates the expected term, which represents the period of time from the grant date that the Company expects its stock options to remain outstanding, using the simplified method as permitted by SAB 107 and SAB 110. Under this method, the expected term is estimated as the mid-point between the time the options vest and their contractual terms. The Company continues to apply the simplified method because it does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected terms due to the limited period of time its equity shares have been publicly traded and the limited number of its options which have so far vested and become eligible for exercise.

Share-based compensation expense for the three months and nine months ended September 30, 2011 and 2010 was as follows:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2011		2010		2011		2010
Share-based compensation:
Selling, general and administrative	$	56,360	$	369,453	$	822,467	$	2,471,794
Research and development		23,332		63,218		367,593		1,581,126

Total share-based compensation	$	79,692	$	432,671	$	1,190,060	$	4,052,920

Subsequent to September 30, 2011 and through the date of this filing, no options or restricted stock units were granted or forfeited.

Reclassifications —Certain reclassifications have been made to the 2010 financial statements to conform to the 2011 presentation. Such reclassifications had no impact on net loss.

Impact of Recently Issued Accounting Pronouncements—

In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income. ASU 2011-05 allows an entity to present components of net income and other comprehensive income in one continuous statement, referred to as the statement of comprehensive income, or in two separate, but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity. While the new guidance changes the presentation of comprehensive income, there are no changes to the components that are recognized in net income or other comprehensive income under current accounting guidance. ASU 2011-05 is effective for fiscal years and interim periods beginning after December 15, 2011 and must be applied retrospectively. The Company does not believe that the adoption of ASU 2011-05 will have an impact on its financial position, results of operations, or cash flows.

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Secured Convertible Promissory Notes And Warrants

9 Months Ended

Sep. 30, 2011

Secured Convertible Promissory Notes And Warrants [Abstract]

Secured Convertible Promissory Notes And Warrants

4. Secured Convertible Promissory Notes and Warrants

Beginning in September 2009, the Company has entered into a series of agreements with various lenders (the "Lenders") to provide bridge financing to the Company in exchange for notes and warrants. With the exception of the traditional loans indicated in the table below, these notes (the "Notes") are convertible into shares of the Company's common stock and each contain terms of six months, are secured by all assets of the Company, and accrue interest at rates of between 8 – 10% per annum. The Lenders may, at their option at any time prior to payment in full of the Notes, elect to convert all or any part of the entire outstanding principal amount of the Notes plus the accrued interest on the then outstanding balance into shares of the Company's common stock at the conversion price specified in each of the Notes (subject to adjustment in the event of any stock splits, stock dividends or other recapitalization of common stock subsequent to the date of such sale or issuance). If between the date of the Notes and such conversion, the Company issues or sells any shares of capital stock, other than certain excluded securities (a "Future Issuance"), at a per share price below the original conversion price specified in the Notes, then the conversion price of the Notes will be reduced to the price of such Future Issuance. As of September 30, 2011, the aggregate principal balance of all outstanding Notes was $4,805,000 and the Notes were convertible into 19,804,349 shares of common stock.

The Notes' conversion features were determined to be embedded derivative liabilities and therefore were bifurcated from the Notes and recorded as a discount to the Notes at their fair value at issuance and are required to be adjusted to fair value at the end of each reporting period. The change in fair value of the conversion features, calculated using the Black Scholes model, is recorded as a gain or loss on derivative liabilities. The conversion feature fair values at September 30, 2011 and December 31, 2010 were $39,978 and $3,854,272, respectively. The change in fair value of the conversion features resulted in a loss on derivative liabilities of $30,150 during the three months ended September 30, 2011 and a gain on derivative liabilities of $4,323,393 during the three months ended September 30, 2010. The change in fair value of the conversion features during the nine months ended September 30, 2011 and 2010 resulted in a gain on derivative liabilities of $3,865,916 and $5,078,885, respectively.

The following table summarizes the pertinent details of the outstanding notes and warrants as of September 30, 2011.


Lender	Principal Amount			Discount		Note Payable (net of discount)		Note Conversion Shares Issuable		Conversion Price		Warrants		Warrant Exercise Price
Peter Lacey(1)	$	3,075,000	*	$	—	$	3,075,000		13,369,565	$	0.23		724,074	$	1.25
Peter Lacey(1)													2,692,594	$	1.70
Peter Lacey(1)		125,000	*		10,507		114,493		N/A		N/A		250,000	$	1.00
Peter Lacey(1)		150,000			27,276		122,724		652,174	$	0.23		288,462	$	0.52
Michael Moretti		750,000	*		—		750,000		3,260,870	$	0.23		833,335	$	1.25
Michael Moretti		150,000	*		—		150,000		652,174	$	0.23		193,550	$	1.55
Michael Moretti		125,000	*		10,507		114,493		N/A		N/A		250,000	$	1.00
Michael Moretti		150,000			27,277		122,723		652,174	$	0.23		288,462	$	0.52
John Gorman		100,000	*		—		100,000		434,783	$	0.23		666,667	$	1.25
Richard Schottenfeld		100,000	*		—		100,000		434,783	$	0.23		111,111	$	1.25
William Steckel(2)		30,000	*		—		30,000		130,435	$	0.23		11,112	$	1.25
Robert Weiss(3)		50,000	*		—		50,000		217,391	$	0.23		55,556	$	1.25
Dynamic Worldwide Solar Energy, LLC.		—			—		—		—		—		240,741	$	1.25
	$	4,805,000		$	75,567	$	4,729,433		19,804,349				6,605,664

*	As of the date of filing of this quarterly report, these notes have matured and the Company is in the process of finalizing an extension with the Lenders.

The following table summarizes the pertinent details of the outstanding notes and warrants as of December 31, 2010.


Lender	Principal Amount		Discount		Note Payable (net of discount)		Note Conversion Shares Issuable		Conversion Price		Warrants		Warrant Exercise Price
Peter Lacey(1)	$	3,075,000	$	365,676	$	2,709,324		3,416,668	$	0.90		724,074	$	1.25
												2,692,594	$	1.70
Michael Moretti		750,000		89,189		660,811		833,335	$	0.90		833,335	$	1.25
John Gorman		700,000		83,243		616,757		777,778	$	0.90		777,778	$	1.25
William Steckel(2)		30,000		3,568		26,432		33,333	$	0.90		11,112	$	1.25
Robert Weiss(3)		50,000		5,946		44,054		55,556	$	0.90		55,556	$	1.25
Dynamic Worldwide Solar Energy, LLC.		650,000		117,213		532,787		722,222	$	0.90		240,741	$	1.25
	$	5,255,000	$	664,835	$	4,590,165		5,838,892				5,335,190

(1)	Mr. Lacey is Chairman of the Board of Directors for the Company and currently serving as the Company's Interim President and Chief Executive Officer.

(2)	Mr. Steckel is a Director of the Company and the former Chief Executive Officer and Chief Financial Officer.

(3)	Mr. Weiss is the Company's Chief Technology Officer.

In January 2011, Dynamic Worldwide Solar Energy, LLC converted its entire outstanding principal balance of $650,000 as well as the accrued interest thereon into shares of the Company's common stock, and John Gorman converted $500,000 of his outstanding principal balance as well as the accrued interest thereon into shares of the Company's common stock. Additionally, John Gorman transferred $100,000 of his remaining balance to Richard Schottenfeld.

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Statements Of Changes In Stockholders' Equity (USD $)
Common Stock [Member]
Class B Common Stock [Member]
Additional Paid-In Capital [Member]
Deferred Equity Based Compensation [Member]
Accumulated Deficit [Member]
Deficit Accumulated During The Development Stage [Member]
Total
Balance at Jun. 30, 2005 $ 5,648 $ 32 $ 22,488,624 $ (110,770) $ (10,145,391) $ 12,238,143
Balance, shares at Jun. 30, 2005 564,806 3,222
Exercise of warrants and stock options 1,323 7,218,879 7,220,202
Exercise of warrants and stock options, shares 132,305
Conversion of Class B common stock 64 (32) (32)
Conversion of Class B common stock, shares 6,444 (3,222)
Share-based compensation 43 412,257 (292,940) 119,360
Share-based compensation, shares 4,306
Net loss (3,904,151) (3,904,151)
Balance at Dec. 31, 2005 7,078 30,119,728 (403,710) (10,145,391) (3,904,151) 15,673,554
Balance, shares at Dec. 31, 2005 707,861
Reclassification upon adoption of SFAS 123(R) (403,710) 403,710
Exercise of warrants and stock options 148 671,725 671,873
Exercise of warrants and stock options, shares 14,757
Share-based compensation 197 1,322,523 1,322,720
Share-based compensation, shares 19,674
Beneficial conversion feature on convertible note 1,223,842 1,223,842
Warrants issued for placement of convertible note 140,419 140,419
Shares issued in payment of principal and interest on convertible note 1,270 7,376,889 7,378,159
Shares issued in payment of principal and interest on convertible note, shares 127,004
Net loss (20,441,201) (20,441,201)
Balance at Dec. 31, 2006 8,693 40,451,416 (10,145,391) (24,345,352) 5,969,366
Balance, shares at Dec. 31, 2006 869,296
Exercise of warrants and stock options 576 3,173,741 3,174,317
Exercise of warrants and stock options, shares 57,578
Share-based compensation 218 4,089,826 4,090,044
Share-based compensation, shares 21,826
Issuance of shares pursuant to offering 2,778 4,997,222 5,000,000
Issuance of shares pursuant to offering, shares 277,777
Issuance of shares pursuant to secondary offering, net of offering costs 19,166 67,875,752 67,894,918
Issuance of shares pursuant to secondary offering, net of offering costs, shares 1,916,668
Shares issued in payment of principal and interest on convertible note 4,306 7,322,619 7,326,925
Shares issued in payment of principal and interest on convertible note, shares 430,598
Loss on extinguishment due to excess of fair market value of shares issued over issuance price 5,369,278 5,369,278
Shares issued for placement of note and offering 508 2,397,163 2,397,671
Shares issued for placement of note and offering, shares 50,841
Net loss (36,142,861) (36,142,861)
Balance at Dec. 31, 2007 36,245 135,677,017 (10,145,391) (60,488,213) 65,079,658
Balance, shares at Dec. 31, 2007 3,624,584
Exercise of stock options 2 5,022 5,024
Exercise of stock options, shares 178
Share-based compensation 906 4,794,222 4,795,128
Share-based compensation, shares 90,667
Net loss (26,330,271) (26,330,271)
Balance at Dec. 31, 2008 37,153 140,476,261 (10,145,391) (86,818,484) 43,549,539
Balance, shares at Dec. 31, 2008 3,715,429
Share-based compensation 519 4,133,012 4,133,531
Share-based compensation, shares 51,861
Warrants issued for placement of convertible note 497,578 497,578
Net loss (25,040,028) (25,040,028)
Balance at Dec. 31, 2009 37,672 145,106,851 (10,145,391) (111,858,512) 23,140,620
Balance, shares at Dec. 31, 2009 3,767,290
Exercise of warrants and stock options 667 59,762 60,429
Exercise of warrants and stock options, shares 66,667
Share-based compensation 6,934 4,662,142 4,669,076
Share-based compensation, shares 693,540
Warrants issued for placement of convertible note 704,481 704,481
Shares issued in settlement of liabilities 19,272 2,734,340 2,758,662
Shares issued in settlement of liabilities, shares 1,927,232
Reverse split adjustment 300 300
Reverse split adjustment,shares 29,787
Net loss (28,081,673) (28,081,673)
Balance at Dec. 31, 2010 64,845 153,272,626 (10,145,391) (139,940,185) 3,251,895
Balance, shares at Dec. 31, 2010 6,484,516
Share-based compensation 3,121 1,186,939 1,190,060
Share-based compensation, shares 312,093
Warrants issued for placement of convertible note 293,826 293,826
Conversion of notes payable and accrued interest 13,864 1,233,930 1,247,794
Conversion of notes payable and accrued interest,shares 1,386,438
Shares issued in settlement of liabilities 7,760 1,108,680 1,116,440
Shares issued in settlement of liabilities, shares 775,997
Financing Costs 5,880 288,240 294,120
Financing Costs, shares 587,989
Net loss (2,735,909) (2,735,909)
Balance at Sep. 30, 2011 $ 95,470 $ 157,384,241 $ (10,145,391) $ (142,676,094) $ 4,658,226
Balance, shares at Sep. 30, 2011 9,547,033

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Statements Of Cash Flows (USD $)
9 Months Ended 76 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Cash Flows from Operating Activities:
Net loss $ (2,735,909) $ (25,828,716) $ (142,676,094)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization 1,158,576 1,745,367 15,230,684
Share-based compensation 1,190,060 4,052,920 20,457,974
Non-cash interest 583,298 413,534 2,895,682
Amortization of note discount and non-cash financing costs 934,715 3,306,963 16,500,471
Gain on derivative liabilities (3,865,916) (4,274,348) (14,036,004)
Non-cash restructuring 850,000 9,745,407 11,881,895
Loss on sale of fixed assets 46,720 389,784
Loss on extinguishment of debt 4,899,267 10,990,736
Changes in operating assets and liabilities:
Other assets 7,771 99,117 (354,944)
Accounts payable and accrued expenses 1,134,386 3,071,964 8,118,916
Deferred rent 1,595,239
Deferred revenue 217,618
Net cash used in operating activities (743,019) (2,721,805) (68,788,043)
Cash Flows from Investing Activities:
Purchase of investments (71,957,732)
Proceeds from sale of investments 72,662,973
Purchase of equipment and improvements (42,570,127)
Proceeds from sale of assets 23,000 2,035,280
Net cash provided by (used in) investing activities 23,000 (39,829,606)
Cash Flows from Financing Activities:
Proceeds from sale of stock 78,312,500
Proceeds from issuance of notes 750,000 2,830,000 30,005,000
Payments on notes and capital leases (50,000) (11,545,310)
Cost of financing (6,342,379)
Proceeds from exercise of warrants and stock options 38,893 8,870,549
Net cash provided by financing activities 700,000 2,868,893 99,300,360
Net change in cash and cash equivalents (43,019) 170,088 (9,317,289)
Cash and cash equivalents, beginning of period 97,058 17,320 9,371,328
Cash and cash equivalents, end of period 54,039 187,408 54,039
Supplemental Cash Flow Information:
Cash paid for interest
Non-Cash Transactions:
Principal and interest payments on convertible notes, in common stock 1,247,794
Beneficial conversion feature on convertible note 51,622 11,000,838
Shares issued in settlement of liabilities 1,116,440
Financing Costs 294,120
Accrued property & equipment $ 5,949,420
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Balance Sheets (USD $)
Sep. 30, 2011
Dec. 31, 2010
ASSETS
Cash and cash equivalents $ 54,039 $ 97,058
Other current assets 271,971 294,743
Total current assets 326,010 391,801
Property and Equipment, at cost 20,738,338 23,876,208
Less accumulated depreciation and amortization (6,816,335) (5,658,906)
Net property and equipment 13,922,003 18,217,302
Other Assets:
Other assets 338,913 30,940
Total Assets 14,586,926 18,640,043
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses 5,159,289 6,943,711
Notes and capital leases payable, current portion, net of discount of $75,567 and $664,835, respectively 4,729,433 4,590,165
Total current liabilities 9,888,722 11,533,876
Long-Term Liabilities:
Conversion feature 39,978 3,854,272
Total long-term liabilities 39,978 3,854,272
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.01 par value; 3,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $.01 par value; 120,000,000 shares authorized; 9,547,033 and 6,484,516 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively 95,470 64,845
Additional paid-in capital 157,384,241 153,272,626
Accumulated deficit (10,145,391) (10,145,391)
Deficit accumulated during the development stage (142,676,094) (139,940,185)
Total stockholders' equity 4,658,226 3,251,895
Total Liabilities and Stockholders' Equity $ 14,586,926 $ 18,640,043
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Statements Of Changes In Stockholders' Equity (USD $)	Common Stock [Member]	Class B Common Stock [Member]	Additional Paid-In Capital [Member]	Deferred Equity Based Compensation [Member]	Accumulated Deficit [Member]	Deficit Accumulated During The Development Stage [Member]	Total
Balance at Jun. 30, 2005	$ 5,648	$ 32	$ 22,488,624	$ (110,770)	$ (10,145,391)		$ 12,238,143
Balance, shares at Jun. 30, 2005	564,806	3,222
Exercise of warrants and stock options	1,323		7,218,879				7,220,202
Exercise of warrants and stock options, shares	132,305
Conversion of Class B common stock	64	(32)	(32)
Conversion of Class B common stock, shares	6,444	(3,222)
Share-based compensation	43		412,257	(292,940)			119,360
Share-based compensation, shares	4,306
Net loss						(3,904,151)	(3,904,151)
Balance at Dec. 31, 2005	7,078		30,119,728	(403,710)	(10,145,391)	(3,904,151)	15,673,554
Balance, shares at Dec. 31, 2005	707,861
Reclassification upon adoption of SFAS 123(R)			(403,710)	403,710
Exercise of warrants and stock options	148		671,725				671,873
Exercise of warrants and stock options, shares	14,757
Share-based compensation	197		1,322,523				1,322,720
Share-based compensation, shares	19,674
Beneficial conversion feature on convertible note			1,223,842				1,223,842
Warrants issued for placement of convertible note			140,419				140,419
Shares issued in payment of principal and interest on convertible note	1,270		7,376,889				7,378,159
Shares issued in payment of principal and interest on convertible note, shares	127,004
Net loss						(20,441,201)	(20,441,201)
Balance at Dec. 31, 2006	8,693		40,451,416		(10,145,391)	(24,345,352)	5,969,366
Balance, shares at Dec. 31, 2006	869,296
Exercise of warrants and stock options	576		3,173,741				3,174,317
Exercise of warrants and stock options, shares	57,578
Share-based compensation	218		4,089,826				4,090,044
Share-based compensation, shares	21,826
Issuance of shares pursuant to offering	2,778		4,997,222				5,000,000
Issuance of shares pursuant to offering, shares	277,777
Issuance of shares pursuant to secondary offering, net of offering costs	19,166		67,875,752				67,894,918
Issuance of shares pursuant to secondary offering, net of offering costs, shares	1,916,668
Shares issued in payment of principal and interest on convertible note	4,306		7,322,619				7,326,925
Shares issued in payment of principal and interest on convertible note, shares	430,598
Loss on extinguishment due to excess of fair market value of shares issued over issuance price			5,369,278				5,369,278
Shares issued for placement of note and offering	508		2,397,163				2,397,671
Shares issued for placement of note and offering, shares	50,841
Net loss						(36,142,861)	(36,142,861)
Balance at Dec. 31, 2007	36,245		135,677,017		(10,145,391)	(60,488,213)	65,079,658
Balance, shares at Dec. 31, 2007	3,624,584
Exercise of stock options	2		5,022				5,024
Exercise of stock options, shares	178
Share-based compensation	906		4,794,222				4,795,128
Share-based compensation, shares	90,667
Net loss						(26,330,271)	(26,330,271)
Balance at Dec. 31, 2008	37,153		140,476,261		(10,145,391)	(86,818,484)	43,549,539
Balance, shares at Dec. 31, 2008	3,715,429
Share-based compensation	519		4,133,012				4,133,531
Share-based compensation, shares	51,861
Warrants issued for placement of convertible note			497,578				497,578
Net loss						(25,040,028)	(25,040,028)
Balance at Dec. 31, 2009	37,672		145,106,851		(10,145,391)	(111,858,512)	23,140,620
Balance, shares at Dec. 31, 2009	3,767,290
Exercise of warrants and stock options	667		59,762				60,429
Exercise of warrants and stock options, shares	66,667
Share-based compensation	6,934		4,662,142				4,669,076
Share-based compensation, shares	693,540
Warrants issued for placement of convertible note			704,481				704,481
Shares issued in settlement of liabilities	19,272		2,734,340				2,758,662
Shares issued in settlement of liabilities, shares	1,927,232
Reverse split adjustment	300						300
Reverse split adjustment,shares	29,787
Net loss						(28,081,673)	(28,081,673)
Balance at Dec. 31, 2010	64,845		153,272,626		(10,145,391)	(139,940,185)	3,251,895
Balance, shares at Dec. 31, 2010	6,484,516
Share-based compensation	3,121		1,186,939				1,190,060
Share-based compensation, shares	312,093
Warrants issued for placement of convertible note			293,826				293,826
Conversion of notes payable and accrued interest	13,864		1,233,930				1,247,794
Conversion of notes payable and accrued interest,shares	1,386,438
Shares issued in settlement of liabilities	7,760		1,108,680				1,116,440
Shares issued in settlement of liabilities, shares	775,997
Financing Costs	5,880		288,240				294,120
Financing Costs, shares	587,989
Net loss						(2,735,909)	(2,735,909)
Balance at Sep. 30, 2011	$ 95,470		$ 157,384,241		$ (10,145,391)	$ (142,676,094)	$ 4,658,226
Balance, shares at Sep. 30, 2011	9,547,033

Statements Of Cash Flows (USD $)	9 Months Ended		76 Months Ended
Statements Of Cash Flows (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011
Cash Flows from Operating Activities:
Net loss	$ (2,735,909)	$ (25,828,716)	$ (142,676,094)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	1,158,576	1,745,367	15,230,684
Share-based compensation	1,190,060	4,052,920	20,457,974
Non-cash interest	583,298	413,534	2,895,682
Amortization of note discount and non-cash financing costs	934,715	3,306,963	16,500,471
Gain on derivative liabilities	(3,865,916)	(4,274,348)	(14,036,004)
Non-cash restructuring	850,000	9,745,407	11,881,895
Loss on sale of fixed assets		46,720	389,784
Loss on extinguishment of debt		4,899,267	10,990,736
Changes in operating assets and liabilities:
Other assets	7,771	99,117	(354,944)
Accounts payable and accrued expenses	1,134,386	3,071,964	8,118,916
Deferred rent			1,595,239
Deferred revenue			217,618
Net cash used in operating activities	(743,019)	(2,721,805)	(68,788,043)
Cash Flows from Investing Activities:
Purchase of investments			(71,957,732)
Proceeds from sale of investments			72,662,973
Purchase of equipment and improvements			(42,570,127)
Proceeds from sale of assets		23,000	2,035,280
Net cash provided by (used in) investing activities		23,000	(39,829,606)
Cash Flows from Financing Activities:
Proceeds from sale of stock			78,312,500
Proceeds from issuance of notes	750,000	2,830,000	30,005,000
Payments on notes and capital leases	(50,000)		(11,545,310)
Cost of financing			(6,342,379)
Proceeds from exercise of warrants and stock options		38,893	8,870,549
Net cash provided by financing activities	700,000	2,868,893	99,300,360
Net change in cash and cash equivalents	(43,019)	170,088	(9,317,289)
Cash and cash equivalents, beginning of period	97,058	17,320	9,371,328
Cash and cash equivalents, end of period	54,039	187,408	54,039
Supplemental Cash Flow Information:
Cash paid for interest
Non-Cash Transactions:
Principal and interest payments on convertible notes, in common stock	1,247,794
Beneficial conversion feature on convertible note	51,622	11,000,838
Shares issued in settlement of liabilities	1,116,440
Financing Costs	294,120
Accrued property & equipment		$ 5,949,420

Balance Sheets (USD $)	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 54,039	$ 97,058
Other current assets	271,971	294,743
Total current assets	326,010	391,801
Property and Equipment, at cost	20,738,338	23,876,208
Less accumulated depreciation and amortization	(6,816,335)	(5,658,906)
Net property and equipment	13,922,003	18,217,302
Other Assets:
Other assets	338,913	30,940
Total Assets	14,586,926	18,640,043
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable and accrued expenses	5,159,289	6,943,711
Notes and capital leases payable, current portion, net of discount of $75,567 and $664,835, respectively	4,729,433	4,590,165
Total current liabilities	9,888,722	11,533,876
Long-Term Liabilities:
Conversion feature	39,978	3,854,272
Total long-term liabilities	39,978	3,854,272
Commitments and Contingencies
Stockholders' Equity:
Preferred stock, $.01 par value; 3,000,000 shares authorized; 0 shares issued and outstanding
Common stock, $.01 par value; 120,000,000 shares authorized; 9,547,033 and 6,484,516 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively	95,470	64,845
Additional paid-in capital	157,384,241	153,272,626
Accumulated deficit	(10,145,391)	(10,145,391)
Deficit accumulated during the development stage	(142,676,094)	(139,940,185)
Total stockholders' equity	4,658,226	3,251,895
Total Liabilities and Stockholders' Equity	$ 14,586,926	$ 18,640,043