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STATEMENT OF CASH FLOWS (USD $)
3 Months Ended 271 Months Ended
Mar. 31, 2012
Mar. 30, 2011
Mar. 31, 2012
Deficit Accumulated During Development Stage $ (3,390,810) $ (2,771,651) $ (78,039,248)
Depreciation 5,000 2,500 359,940
Amortization of loan discount 31,561 32,070 180,479
Expenses paid by issuance of common stock and options 422,877 1,253,850 49,886,033
Basis of sold or disposed assets 1,751,347 0 1,751,347
(Increase) decrease in prepaid expenses 0 0 400,301
Increase in accounts payable & accrued expenses 30,876 136,502 3,499,767
Cash flows used by operating activities: (1,149,149) (1,346,729) (21,961,381)
Purchase of equipment 0 (77,422) (3,696,583)
Security deposits 0 0 (317,293)
Cash used in investing activities 0 (77,422) (4,013,876)
Proceeds from issuance of common stock 1,131,606 1,406,311 24,420,585
Proceeds from issuance of preferred stock 0 0 2,753
Loans from related parties 0 0 1,351,573
Repayment of related party loans 0 0 (368,890)
Proceeds of long-term debt 0 0 1,109,183
Acquisition of treasury stock 0 0 (500,100)
Cash generated by financing activities 1,131,606 1,406,311 26,015,104
Change in cash (17,543) (17,840) 39,847
Cash-beginning of period 57,390 52,840 0
Cash-end of period $ 39,847 $ 35,000 $ 39,847