Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

v2.4.1.9
BALANCE SHEETS (USD $)
Dec. 31, 2014
Dec. 31, 2013
Current assets:    
Cash $ 239,781us-gaap_Cash $ 302,187us-gaap_Cash
Prepaid expenses 75,537us-gaap_PrepaidExpenseCurrent 0us-gaap_PrepaidExpenseCurrent
Total current assets 315,318us-gaap_AssetsCurrent 302,187us-gaap_AssetsCurrent
Property and equipment, net 13,020us-gaap_PropertyPlantAndEquipmentNet 24,866us-gaap_PropertyPlantAndEquipmentNet
Other assets:    
Deposits 25,000us-gaap_DepositsAssetsNoncurrent 25,000us-gaap_DepositsAssetsNoncurrent
Total assets 353,338us-gaap_Assets 352,053us-gaap_Assets
Current liabilities:    
Accounts payable and accrued expenses, including $40,293 and $92,308 to related parties as of December 31, 2014 and 2013, respectively 554,026us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 819,330us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Stock based payable 226,305us-gaap_DeferredCompensationLiabilityCurrent 0us-gaap_DeferredCompensationLiabilityCurrent
Advances, related party 0us-gaap_DueToRelatedPartiesCurrent 30,781us-gaap_DueToRelatedPartiesCurrent
Liability to placement agent 0us-gaap_OtherLiabilitiesCurrent 52,800us-gaap_OtherLiabilitiesCurrent
Dividends payable 445,069us-gaap_DividendsPayableCurrent 414,967us-gaap_DividendsPayableCurrent
Total current liabilities 1,225,400us-gaap_LiabilitiesCurrent 3,017,501us-gaap_LiabilitiesCurrent
Series C 9% Convertible Preferred stock, 2,711 and 2,781 shares issued and outstanding liquidation preference of $2,711,000 and $2,781,000, net of debt discount of $-0- and $483,893, respectively 2,711,000us-gaap_TemporaryEquityCarryingAmountAttributableToParent 2,297,107us-gaap_TemporaryEquityCarryingAmountAttributableToParent
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 0us-gaap_PreferredStockValue 0us-gaap_PreferredStockValue
Common stock, $0.001 par value, authorized 50,000,000 shares, 11,179,266 and 8,412,101 issued and outstanding as of December 31, 2014 and 2013, respectively 11,179us-gaap_CommonStockValue 8,412us-gaap_CommonStockValue
Additional paid in capital 19,186,163us-gaap_AdditionalPaidInCapital 9,036,038us-gaap_AdditionalPaidInCapital
Accumulated deficit (22,780,404)us-gaap_RetainedEarningsAccumulatedDeficit (14,007,005)us-gaap_RetainedEarningsAccumulatedDeficit
Total stockholders' deficit (3,583,062)us-gaap_StockholdersEquity (4,962,555)us-gaap_StockholdersEquity
Total liabilities and stockholders' deficit 353,338us-gaap_LiabilitiesAndStockholdersEquity 352,053us-gaap_LiabilitiesAndStockholdersEquity
Series A Preferred Stock [Member]    
Current liabilities:    
Redeemable Preferred Stock 0us-gaap_PreferredStockRedemptionAmount
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesAPreferredStockMember
884,601us-gaap_PreferredStockRedemptionAmount
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesAPreferredStockMember
Series B Preferred Stock [Member]    
Current liabilities:    
Redeemable Preferred Stock $ 0us-gaap_PreferredStockRedemptionAmount
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesBPreferredStockMember
$ 815,022us-gaap_PreferredStockRedemptionAmount
/ us-gaap_StatementClassOfStockAxis
= us-gaap_SeriesBPreferredStockMember