|
Statements of Operations (Interim Periods Unaudited) (USD $)
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
| Revenues: |
|
|
|
|
|
|
|
| Related party license revenues |
$ 650,000 |
$ 650,000 |
$ 1,300,000 |
$ 1,300,000 |
|
|
|
| Service revenues |
142,404 |
|
250,734 |
|
|
|
|
| Related party license and service revenues |
|
|
|
|
2,663,328 |
2,600,000 |
2,600,000 |
| Product revenues |
291,356 |
72,887 |
513,025 |
199,081 |
1,154,838 |
69,450 |
|
| Total revenues |
1,083,760 |
722,887 |
2,063,759 |
1,499,081 |
3,818,166 |
2,669,450 |
2,600,000 |
| Costs and operating expenses: |
|
|
|
|
|
|
|
| Cost of product revenues |
156,757 |
30,397 |
258,426 |
113,337 |
656,414 |
16,314 |
|
| Research and development costs |
486,022 |
1,058,618 |
1,175,691 |
2,223,725 |
4,251,476 |
5,681,031 |
6,067,617 |
| Reversal of R&D obligation (see Note 9) |
(882,537) |
|
(882,537) |
|
|
|
|
| Costs of withdrawn IPO |
|
|
|
|
|
1,788,609 |
|
| Selling, general, and administrative |
1,803,045 |
1,105,921 |
3,143,148 |
2,341,476 |
4,831,814 |
4,698,786 |
3,595,917 |
| Total costs and operating expenses |
1,563,287 |
2,194,936 |
3,694,728 |
4,678,538 |
9,739,704 |
12,184,740 |
9,663,534 |
| Operating loss |
(479,527) |
(1,472,049) |
(1,630,969) |
(3,179,457) |
(5,921,538) |
(9,515,290) |
(7,063,534) |
| Other income (expense): |
|
|
|
|
|
|
|
| Gain on change in fair value of derivative liability |
|
|
|
|
|
1,227,500 |
|
| Other income (expense), net |
(25,795) |
(491) |
(24,625) |
(2,911) |
104,850 |
413,623 |
|
| Interest income |
1,361 |
1,708 |
2,980 |
2,793 |
3,481 |
10,403 |
106,197 |
| Interest expense |
(96,018) |
(598,450) |
(2,421,754) |
(1,140,325) |
(2,498,204) |
(1,590,471) |
(152,473) |
| Loss before taxes |
|
|
|
|
(8,311,411) |
(9,454,235) |
(7,109,810) |
| Income tax expense |
|
|
|
|
|
|
49,250 |
| Net loss |
$ (599,979) |
$ (2,069,282) |
$ (4,074,368) |
$ (4,319,900) |
$ (8,311,411) |
$ (9,454,235) |
$ (7,159,060) |
| Net loss per share attributable to common stockholders: |
|
|
|
|
|
|
|
| Basic and diluted (in Dollars per share) |
$ (0.01) |
$ (0.13) |
$ (0.12) |
$ (0.27) |
$ (0.52) |
$ (1.40) |
$ (1.34) |
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
| Basic and diluted (in Shares) |
40,596,069 |
15,859,990 |
32,891,808 |
15,859,990 |
15,961,371 |
6,773,714 |
5,336,633 |