Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS (USD $)
Jun. 30, 2014
Dec. 31, 2013
Current assets:    
Cash $ 42,188 $ 302,187
Prepaid expenses 21,806 0
Total current assets 63,994 302,187
Property and equipment, net 16,297 24,866
Other assets:    
Deposits 25,000 25,000
Total assets 105,291 352,053
Current liabilities:    
Accounts payable and accrued expenses, including $111,208 and $92,308 to related parties as of June 30, 2014 and December 31, 2013, respectively 552,087 819,330
Advances, related party 500 30,781
Liability to placement agent 0 52,800
Dividends payable 330,857 414,967
Total current liabilities 883,444 3,017,501
Series C 9% Convertible Preferred stock, liquidation preference of $2,781,000, net of debt discount of $14,754 and $483,893, respectively 2,766,246 2,297,107
Stockholders' deficit    
Preferred stock, $0.001 par value, authorized 1,000,000 shares, designated 200 shares of Series A, 600 shares of Series B and 4,200 shares of Series C Preferred Stock      
Common stock, $0.001 par value, authorized 50,000,000 shares, 9,821,288 and 8,412,101 issued and outstanding as of June 30, 2014 and December 31, 2013, respectively 9,821 8,412
Additional paid in capital 12,524,784 9,036,038
Accumulated deficit (16,079,004) (14,007,005)
Total stockholders' deficit (3,544,399) (4,962,555)
Total liabilities and stockholders' deficit 105,291 352,053
Series A Preferred Stock [Member]
   
Current liabilities:    
Redeemable Preferred Stock 0 884,601
Series B Preferred Stock [Member]
   
Current liabilities:    
Redeemable Preferred Stock $ 0 $ 815,022