Annual report pursuant to Section 13 and 15(d)

STATEMENTS OF OPERATIONS

v2.4.1.9
STATEMENTS OF OPERATIONS (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Operating expenses:    
Research and development $ 547,996us-gaap_ResearchAndDevelopmentExpense $ 992,207us-gaap_ResearchAndDevelopmentExpense
General and administrative 7,304,440us-gaap_GeneralAndAdministrativeExpense 5,229,252us-gaap_GeneralAndAdministrativeExpense
Depreciation 15,809us-gaap_Depreciation 17,059us-gaap_Depreciation
Total operating expenses 7,868,245us-gaap_OperatingExpenses 6,238,518us-gaap_OperatingExpenses
Loss from operations (7,868,245)us-gaap_OperatingIncomeLoss (6,238,518)us-gaap_OperatingIncomeLoss
Other income (expense):    
Interest income (expense) (11,025)us-gaap_InterestIncomeExpenseNet (70,061)us-gaap_InterestIncomeExpenseNet
Financing costs (593,770)us-gaap_DebtIssuanceCosts (3,496,052)us-gaap_DebtIssuanceCosts
Loss before income taxes (8,473,040)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments (9,804,631)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income taxes (benefit) 0us-gaap_IncomeTaxExpenseBenefit 0us-gaap_IncomeTaxExpenseBenefit
Net loss (8,473,040)us-gaap_NetIncomeLoss (9,804,631)us-gaap_NetIncomeLoss
Preferred stock dividend (300,359)us-gaap_DividendsPreferredStock (297,215)us-gaap_DividendsPreferredStock
NET LOSS AVAILABLE TO COMMON STOCKHOLDERS $ (8,773,399)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ (10,101,846)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Net loss per common share, basic and diluted (in Dollars per share) $ (0.91)us-gaap_EarningsPerShareBasicAndDiluted $ (1.23)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average number of common shares outstanding, basic and diluted (in Shares) 9,650,275us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 8,187,648us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted