Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
12 Months Ended 101 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Revenues $ 0 $ 0 $ 0
Costs and expenses:      
General and administrative costs, including $115,768 and $724,204 to related parties for the years ended December 31, 2013 and 2012, respectively, and $2,763,909 for the period from August 9, 2005 to December 31, 2013 (cumulative). 494,959 1,093,614 5,727,899
Depreciation 0 0 1,909
Research and development costs, including $304,102 and $185,536 to related parties for the years ended December 31, 2013 and 2012, respectively, and $548,272 for the period from August 9, 2005 to December 31, 2013 (cumulative). 879,886 1,012,144 5,449,678
Reverse merger costs 0 0 50,000
Total costs and expenses 1,374,845 2,105,758 11,229,486
Loss from operations (1,374,845) (2,105,758) (11,229,486)
Interest income 3 8 27,437
Interest expense 0 0 (2,469)
Fair value of warrant extensions 0 (1,139,592) (1,339,431)
Fair value of warrant discount 0 (334,024) (334,024)
Liquidated damages under registration rights agreement 0 0 (74,000)
Net loss $ (1,374,842) $ (3,579,366) $ (12,951,973)
Net loss per common share - Basic and diluted (per share) $ (0.03) $ (0.09)  
Weighted average common shares outstanding - Basic and diluted (in shares) 41,583,097 38,985,832