Quarterly report pursuant to Section 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS - USD ($)
Sep. 30, 2015
Dec. 31, 2014
Current assets:    
Cash $ 334,559 $ 239,781
Prepaid expenses 201,242 75,537
Total current assets 535,801 315,318
Property and equipment, net 14,043 13,020
Other assets:    
Deposits 27,612 25,000
Total assets 577,456 353,338
Current liabilities:    
Accounts payable and accrued expenses, including $27,499 and $40,293 to related parties as of September 30, 2015 and December 31, 2014 respectively 342,985 554,026
Stock based payable 0 226,305
Dividends payable 337,775 445,069
Warrant liability 1,816,317 0
Derivative liability 220,333 0
Total current liabilities 2,717,410 1,225,400
Series C Preferred Stock, 1,858 and 2,711 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively,, liquidation preference of $1,858,000 and $2,711,000 as of September 30, 2015 and December 31, 2014, respectively 1,858,000 2,711,000
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 0 0
Common stock, $0.001 par value, authorized 50,000,000 shares, 15,026,368 and 11,179,266 issued and outstanding as of September 30, 2015 and December 31, 2014, respectively 15,026 11,179
Additional paid in capital 26,204,047 19,186,163
Accumulated deficit (30,217,027) (22,780,404)
Total stockholders' deficit (3,997,954) (3,583,062)
Total liabilities and stockholders' deficit $ 577,456 $ 353,338