Quarterly report pursuant to Section 13 or 15(d)

CONDENSED STATEMENTS OF OPERATIONS (unaudited)

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CONDENSED STATEMENTS OF OPERATIONS (unaudited) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Operating expenses:        
Research and development $ 99,893 $ 178,507 $ 222,044 $ 484,846
General and administrative 484,502 1,041,972 1,086,067 4,061,431
Depreciation 4,134 4,259 8,569 7,951
Total operating expenses 588,529 1,224,738 1,316,680 4,554,228
Loss from operations (588,529) (1,224,738) (1,316,680) (4,554,228)
Other income (expense):        
Interest income (expense) (7,958) (114) (9,056) (20,535)
Financing costs (190,731) (614,566) (579,016) (975,066)
Loss before income taxes (787,218) (1,839,418) (1,904,752) (5,549,829)
Income taxes (benefit) 0 0 0 0
Net loss (787,218) (1,839,418) (1,904,752) (5,549,829)
Preferred stock dividend (83,223) (75,243) (167,247) (126,760)
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (870,441) $ (1,914,661) $ (2,071,999) $ (5,676,589)
Net loss per common share, basic and diluted (in Dollars per share) $ (0.10) $ (0.23) $ (0.24) $ (0.69)
Weighted average number of common shares outstanding, basic and diluted (in Shares) 8,782,383 8,185,589 8,633,374 8,180,434