Quarterly report pursuant to sections 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2011
Dec. 31, 2010
Current Assets:    
Cash and cash equivalents $ 503,744 $ 1,707,516
Prepaid expenses and other current assets 861,399 997,584
Total Current Assets 1,365,143 2,705,100
Property and equipment, net 6,761 7,749
Security deposits 14,025 14,025
Due from controlling shareholder 1,378,473 1,674,087
Total assets 2,764,402 4,400,961
Current Liabilities:    
Accounts payable 2,627,657 2,961,333
Accrued expenses 2,193,099 2,051,057
Total Current Liabilities 4,820,756 5,012,390
Derivative financial instruments, at estimated fair value-warrants 7,958,506 3,487,959
Total Liabilities 12,779,262 8,500,349
Stockholders' Deficit:    
Common stock, par value of $.0001 authorized 200,000,000 shares, outstanding 94,168,578 and 92,188,164 shares at June 30, 2011 and December 31, 2010 9,418 9,220
Additional paid-in capital 53,376,493 51,033,374
Deficit accumulated during development stage (63,400,771) (55,141,982)
Total Stockholders' Deficit (10,014,860) (4,099,388)
Total liabilities and stockholder's deficit $ 2,764,402 $ 4,400,961