Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY

v2.4.0.8
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' (DEFICIT) EQUITY (USD $)
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Preferred Stock
Subscription Receivable
Balance at Dec. 31, 2011 $ (6,824,748) $ 3,537 $ 19,716,963 $ (26,469,144) $ 0 $ (76,104)
Balance (in shares) at Dec. 31, 2011   3,536,865 [1]     0  
Forgiveness of Debt 46,037 0 46,037 0 0 0
Stock Compensation Expense 172,233 0 172,233 0 0 0
Forgiveness of Subscriptions Receivable 74,073   (2,031)     76,104
Net Income (Loss) 322,840 0 0 322,840 0 0
Balance at Dec. 31, 2012 (6,209,565) 3,537 19,933,202 (26,146,304) 0 0
Balance (in shares) at Dec. 31, 2012   3,536,865 [1]     0  
Forgiveness of Debt 0          
Issuance of Common Stock in Public Offering (in shares) [1]   4,025,000        
Issuance of Common Stock in Public Offering 8,050,000 4,025 8,045,975      
Direct Financing Associated Costs (1,358,641)   (1,358,641)      
Conversion of Term Debt and Accrued Interest (in shares) [1]   1,158,003        
Conversion of Term Debt and Accrued Interest 2,316,007 1,158 2,314,849      
Conversion of Accrued Compensation and Interest (in shares) [1]   821,285        
Conversion of Accrued Compensation and Interest 1,642,569 821 1,641,748      
Exercise of Warrants (in shares) [1]   59,300        
Exercise of Warrants 133,425 59 133,366      
Stock Compensation Expense 159,272 0 159,272 0 0 0
Issuance of Warrants in Conjunction with Public Offering (8,236,786)   (8,236,786)      
Reclass Fair Value of Warrant Derivative Liability upon Expiration of Full Ratchet Price Protection 526,245   526,245      
Reclass Fair Value of Warrant Derivative Liability upon Exercise 85,409   85,409      
Net Income (Loss) (10,146,228) 0 0 (10,146,228) 0 0
Balance at Dec. 31, 2013 $ (13,038,293) $ 9,600 $ 23,244,639 $ (36,292,532) $ 0 $ 0
Balance (in shares) at Dec. 31, 2013   9,600,453 [1]     0  
[1] All share amounts for all periods reflect the Company’s 1-for-75 reverse stock split, which was effective February 6, 2013.