GOING CONCERN

12 Months Ended

Dec. 31, 2012

Going Concern [Abstract]

Going Concern

2. GOING CONCERN

Since inception, the Company has expended substantial resources on research and development. Consequently, we have sustained substantial losses.  Due to the limited number of products sold each year, revenues have fluctuated significantly from year to year and has not sold quantities that are sufficient to be operationally profitable.  The Company had an accumulated deficit of $116,328,000 and a stockholders’ deficit of $6,190,000 at December 31, 2012.  The Company will need to resume and increase sales of PET and radiopharmaceutical systems, services, radiopharmaceuticals and radioisotope sales and apply the research and development advancements to achieve profitability in the future. There can be no assurance that the Company will continue to be successful in selling products.

The Company utilized $2,210,000 proceeds from issuance of convertible debt, $305,000 borrowings on notes payable, $65,000 proceeds from non-interest bearing advances, and $383,000 proceeds from issuance of common stock for cash to fund operating activities during the year ended December 31, 2012.  The Company had cash and cash equivalents of approx. $243,000 at December 31, 2012, accounts payable and accrued liabilities of approx. $1,634,000 and a negative working capital of $7,006,000. Working capital requirements for the upcoming year will reach beyond our current cash balances.  The Company plans to continue to raise funds as required through equity and debt financing to sustain business operations.  These factors raise substantial doubt about the Company’s ability to continue as a going concern.

There can be no assurance that the Company will be successful in implementing its business plan and ultimately achieving operational profitability.  The Company’s long-term viability as a going concern is dependent on its ability to 1) achieve adequate profitability and cash flows from operations to sustain its operations, 2) control costs and expand revenues from existing or new business 3) meet current commitments and fund the continuation of its business operation in the near future and 4) raise additional funds through debt and/or equity financings.