Quarterly report pursuant to sections 13 or 15(d)

Condensed Balance Sheets (Unaudited)

v2.3.0.11
Condensed Balance Sheets (Unaudited) (USD $)
Mar. 31, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 1,681,887 $ 145,478
Accounts receivable 158,630 401,580
Inventory 959,718 968,818
Prepaid expenses and other current assets 56,928 19,773
Total current assets 2,857,163 1,535,649
Property and equipment, net 1,158,914 1,218,830
Deferred costs   214,469
Other assets 55,880 61,481
Total assets 4,071,957 3,030,429
Current liabilities:    
Accounts payable 3,556,164 4,037,168
Accrued compensation 995,186 1,011,413
Accrued interest   971,733
Other accrued liabilities 1,792,665 2,015,046
Related party deferred revenue 3,346,374 2,600,000
Convertible notes payable, net of unamortized discount of $117,405 at December 31, 2011   3,953,595
Total current liabilities 9,690,389 14,588,955
Related party deferred revenue   1,396,374
Related party accrued interest   799,102
Other accrued liabilities 553,511 209,143
Related party convertible notes payable, net of unamortized discount of $0 and $432,706 at March 31, 2012 and December 30, 2011, respectively 4,338,601 4,377,294
Convertible notes payable, net of unamortized discount of $0 and $316,610 at March 31, 2012 and December 31, 2011, respectively 2,000,000 3,308,390
Junior secured notes payable, net of unamortized discount of $2,806,783 and $2,805,686 at March 31, 2012 and December 31, 2011, respectively 193,217 194,314
Total liabilities 16,775,718 24,873,572
Commitments and contingencies (Note 5)    
Stockholders' deficit:    
Series A convertible preferred stock; $.01 par value; 8,000,000, 7,965,000 and 7,965,000 shares authorized, issued and outstanding, respectively, at December 31, 2011   7,965,000
Common stock, $.01 par value; at March 31, 2012, 100,000,000, 40,773,547, and 40,447,717 shares authorized, issued, and outstanding, respectively; at December 31, 2011, 70,000,000 16,410,820, and 16,084,990 shares authorized, issued, and outstanding, respectively 407,735 164,108
Additional paid-in capital 51,830,737 31,495,593
Treasury stock, at cost, 325,830 common shares (1,679,234) (1,679,234)
Accumulated deficit (63,262,999) (59,788,610)
Total stockholders' deficit (12,703,761) (21,843,143)
Total liabilities and stockholders' deficit $ 4,071,957 $ 3,030,429