XML 25 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2014
Mar. 31, 2013
Current assets:    
Cash and cash equivalents $ 400,700   
Prepaid expenses and other current assets 153,900 40,500
Total current assets 554,600 40,500
Property and equipment, net 163,200 176,300
Security deposits and other assets 46,900 46,900
Total assets 764,700 263,700
Current liabilities:    
Accounts payable 1,900,800 2,443,900
Accrued expenses 810,200 625,600
Advance from officer    3,600
Current portion of notes payable and accrued interest 1,844,300 1,442,300
Current portion of notes payable to related parties and accrued interest 291,300 290,400
Convertible promissory notes and accrued interest, net of discount of $1,236,900 and $697,400 at June 30, 2014 and March 31, 2014, respectively 1,347,900 396,000
Capital lease obligations 2,100 3,900
Total current liabilities 6,196,600 5,205,700
Non-current liabilities:    
Senior secured convertible promissory notes, net of discount of $2,014,100 at June 30, 2014 and $2,085,900 at March 31, 2014 and accrued interest 2,104,000 1,929,800
Notes payable, net of discount of $762,700 at June 30, 2014 and $848,100 at March 31, 2014 and accrued interest 1,960,400 1,797,600
Notes payable to related parties, net of discount of $91,400 at June 30, 2014 and $103,200 at March 31, 2014 and accrued interest 1,095,300 1,057,100
Warrant liability 4,701,200 2,973,900
Deferred rent liability 95,900 97,400
Capital lease obligations 1,900 2,100
Total non-current liabilities 9,958,700 7,857,900
Total liabilities 16,155,300 13,063,600
Stockholders' deficit:    
Preferred stock, $0.001 par value; 10,000,000 shares, including 500,000 Series A shares, authorized at June 30, 2014 and March 31, 2014; 500,000 Series A shares issued and outstanding at June 30, 2014 and March 31, 2014 500 500
Common stock, $0.001 par value; 200,000,000 shares authorized at June 30, 2014 and March 31, 2014; 28,220,185 and 26,200,185 shares issued at June 30, 2014 and March 31, 2014, respectively 28,200 26,200
Additional paid-in capital 63,937,100 61,976,500
Treasury stock, at cost, 2,713,308 shares of common stock held at June 30, 2014 and March 31, 2014 (3,968,100) (3,968,100)
Notes receivable from sale of common stock (198,100) (198,100)
Accumulated deficit (75,190,200) (70,636,900)
Total stockholders' deficit (15,390,600) (12,799,900)
Total liabilities and stockholders' deficit $ 764,700 $ 263,700