XOTC:NNVC Quarterly Report 10-Q Filing - 3/31/2012

Effective Date 3/31/2012

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 10-Q

 

 

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934.

 

For the quarterly period ended March 31, 2012

 

Commission File Number: 333-148471

 

NANOVIRICIDES, INC.

 

(Exact name of Company as specified in its charter)

 

NEVADA   76-0674577
(State or other jurisdiction)   (IRS Employer Identification No.)
of incorporation or organization)    

 

135 Wood Street, Suite 205

West Haven, Connecticut 06516

(Address of principal executive offices and zip code)

 

(203) 937-6137

( Company’s telephone number, including area code)

 

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   x   No   ¨

 

Indicate by check mark whether the Company has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Company was required to submit and post such files). Yes x   No ¨

 

Indicate by check mark whether the Company is a larger accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one)

 

Large accelerated filer ¨ Accelerated filer ¨
Non-accelerated filer x Smaller reporting company ¨   

 

Indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨    No x

 

The number of shares outstanding of the Company's Common Stock as of May 17, 2012 was: 155,285,345.

 

 
 

 

NanoViricides, Inc.

FORM 10-Q

INDEX

 

PART I FINANCIAL INFORMATION  
   
Item 1. Financial Statements  
   
Balance Sheets at March 31, 2012 (Unaudited) and June 30, 2011 3
   
Statements of Operations for the Three Months and Nine Months Ended March 31, 2012 and 2011 and for the Period from May 12, 2005 (Inception) through March 31, 2012 (Unaudited) 4
   
Statements of Cash Flows for the Nine Months Ended March 31, 2012 and 2011 and for the Period from May 12, 2005 (Inception) through March 31, 2012 (Unaudited) 5
   
Statement of Stockholders’ Equity   7
   
Notes to the Financial Statements (Unaudited) 8
   
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations 15
   
Item 3.   Quantitative and Qualitative Disclosures About Market Risk 26
   
Item 4.   Controls and Procedures 26
   
PART II OTHER INFORMATION  
   
Item 1.   Legal Proceedings 28
   
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 28
   
Item 3.   Defaults Upon Senior Securities 29
   
Item 4.   Mine Safety Disclosures 29
   
Item 5.   Other Information 29
   
Item 6.   Exhibits and Reports on Form 8-K 29
   
Signatures 30
   
Certifications  
     

2
 

 

NANOVIRICIDES, INC.

(A DEVELOPMENT STAGE COMPANY)

BALANCE SHEETS

 

   March 31, 
2012 
(Unaudited)
   June 30,  2011 
ASSETS          
CURRENT ASSETS:          
Cash and cash equivalents  $12,984,397   $9,224,023 
Prepaid expenses   295,749    332,294 
Total current assets   13,280,146    9,556,317 
Property and equipment, net   667,561    802,367 
Trademark, net   428,001    399,383 
TOTAL ASSETS  $14,375,708   $10,758,067 
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES:          
Accounts payable  $209,016   $79,529 
Accounts payable – related parties   384,929    462,955 
Accrued expenses   50,987    27,173 
Derivative liability   159,138    17,519 
TOTAL CURRENT LIABILITIES   804,070    587,176 
COMMITMENTS AND CONTINGENCIES          
STOCKHOLDERS’ EQUITY          
Series A Convertible Preferred stock, $0.001 par value, 10,000,000 shares designated, 8,811,250 and 8,217,500 shares issued and outstanding, respectively   8,811    8,218 
Series B Convertible Preferred stock, $0.001 par value, 10,000,000 shares designated, 90,000 and 10,000 shares issued and outstanding, respectively   90    10 
Common stock, $0.001 par value; 300,000,000 shares authorized; 153,630,000 and 143,548,394 shares issued and outstanding, respectively   153,662    143,582 
Additional paid-in capital   41,189,132    33,235,990 
Deficit accumulated during the development stage   (27,780,057)   (23,216,909)
TOTAL STOCKHOLDERS’ EQUITY   13,571,638    10,170,891 
 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $14,375,708   $10,758,067 

 

See accompanying notes to the financial statements.

 

3
 

 

NANOVIRICIDES, INC.

 (A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS

(Unaudited)

  

   Three Months Ended
March 31,
   Nine Months Ended 
March 31,
   Period from
May 12,
2005
(Inception)
through
March 31,
 
   2012   2011   2012   2011   2012 
Revenues  $   $   $   $   $ 
Operating expenses:                         
Research and development   1,582,705    1,652,309    3,252,745    3,524,784    17,497,963 
Refund credit research and development costs       42,265        42,265    (420,842)
General and administrative   494,080    863,083    1,281,755    1,600,867    10,183,317 
Total operating expenses   2,076,785    2,557,657    4,534,500    5,167,916    27,260,438 
Loss from operations   (2,076,785)   (2,557,657)   (4,534,500)   (5,167,916)   (27,260,438)
                          
Other income (expense):                         
Interest income   30,801    882    40,283    6,572    205,607 
Non cash interest on convertible debentures                   (73,930)
Non cash interest expense on beneficial conversion of convertible debentures                   (713,079)
Change in fair market value of derivative liability   14,131    10,088    (68,931)   (58,200)   61,783 
Total other income (expense)   44,932    10,970    (28,648)   (51,628)   (519,619)
                          
Loss before income taxes   (2,031,853)   (2,546,687)   (4,563,148)   (5,219,544)   (27,780,057)
Income tax provision                    
                          
Net loss  $(2,031,853)  $(2,546,687)  $(4,563,148)  $(5,219,544)  $(27,780,057)
                          
Net loss per common share: - basic and diluted  $(0.013)  $(0.02)  $(0.031)  $(0.04)     
                          
Weighted average common shares outstanding: - basic and diluted   151,556,920    140,222,753    147,890,395    137,995,662      

 

See accompanying notes to the financial statements.

 

4
 

 

NANOVIRICIDES, INC.

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS

(Unaudited)

 

   Nine months Ended   For the
Period 
From 
May 12,
2005
(Inception)
Through
March 31,
 
   March 31, 2012   March 31, 2011   2012 
CASH FLOWS FROM OPERATING ACTIVITIES:               
Net loss  $(4,563,148)  $(5,219,544)   (27,780,057)
Adjustments to reconcile net loss to net cash used in operating activities:               
Preferred shares issued for license           7,000 
Preferred shares issued as compensation   634,408    1,418,565    1,854,738 
Common shares and warrants issued for services   235,875    429,250    3,379,369 
Warrants granted to scientific advisory board   163,800    154,800    1,017,841 
Amortization of deferred compensation           121,424 
Depreciation and amortization   164,739    157,880    804,107 
Change in fair value of derivative liability   (68,961)   58,200    (199,675)
Amortization of deferred financing expenses           51,175 
Non cash interest on convertible debentures           73,930 
Non cash interest expense on beneficial conversion feature of convertible debentures           713,079 
Changes in operating assets and liabilities:               
Prepaid expenses   36,545    (15,070)   (287,749)
Other current assets       42,265    (8,001)
Deferred expenses           (2,175)
Accounts payable   129,487    198,217    553,396 
Accounts payable  – related parties   (78,026)   (754,015)   384,929 
Accrued expenses   23,814    (114,209)   50,987 
Accrued payroll to officers and related payroll tax expense       (22,917)    
Net cash used in operating activities   (3,321,467)   (3,666,578)   (19,265,649)
CASH FLOWS FROM INVESTING ACTIVITIES:               
Purchases of property and equipment   (23,352)   (131,107)   (1,440,717)
Trademark and Patent costs   (35,199)   (39,657)   (458,954)
Net cash used in investing activities   (58,552)   (170,764)   (1,899,671)
CASH FLOWS FROM FINANCING ACTIVITIES:               
Proceeds from issuance of Series B convertible Preferred Stock   7,140,362    4,595,000    19,600,362 
Proceeds from issuance of common stock  in connection with the private placement of common stock, net of issuing cost           11,296,748 
Proceeds from exercise of stock options           90,000 
Proceeds from exercise of warrants attached to convertible debentures       50,000    3,162,590 
Stock subscription received           20 
Net cash provided by financing activities   7,140,362    4,645,000    34,149,718 
NET INCREASE IN CASH AND CASH EQUIVALENTS   3,760,374    807,658    12,984,397 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD   9,224,023    6,955,733     
CASH AND CASH EQUIVALENT, ENDING OF PERIOD  $12,984,397   $7,763,391   $12,984,397 
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:               
INTEREST PAID  $   $   $ 
INCOME TAX PAID  $   $   $3,017 

 

See accompanying notes to the financial statements.

 

5
 

 

NANOVIRICIDES, INC.

 (A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS (CONTINUED)

(Unaudited)

 

   Nine months ended 
March 31,
   For the
Period From
May 12,
2005 
(Inception)
through
March 31,
 
   2012   2011   2012 
NON-CASH FINANCING AND INVESTING ACTIVITIES               
Common stock issued for services  $54,000   $429,250   $11,796,929 
Preferred Stock Issued as compensation       1,418,565    2,638,915 
Stock options issued to the officers as compensation           121,424 
Stock warrants granted to scientific advisory board   163,800    154,800    1,074,241 
Stock warrants granted to brokers           3,563 
Common stock issued for interest on debentures           73,930 
Shares of common stock issued in connection with debenture offering           49,000 
Common stock issued upon conversion of convertible debentures           1,000,000 
Common Stock issued for conversion of Series B Preferred Stock   6,275,327        18,675,327 
Common Stock issued for dividends on Series B Preferred Stock   69,425    77,481    225,418 
Debt discount related to beneficial conversion feature of convertible debt           713,079 
Stock Warrants Issued in connection with Private Placement           7,681,578 
Common stock issued for accounts payable           175,020 
Common stock issued for equipment           137,500 

 

See accompanying notes to the financial statements.

 

6
 

  

NanoViricides, Inc.

(A Development Stage Company)

Statement of Stockholders' Equity

For the period from May 12, 2005 (inception) through September 30, 2011

(Unaudited)

 

                                   Deficit     
                                   Accumulated     
   Series A Preferred Stock: Par $0.001   Series B Preferred Stock: Par $0.001   Common Stock: Par $0.001   Additional   Stock   During the   Total 
   Number of       Number of       Number of       Paid-in   Subscription   Development   Stockholders' 
   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Receivable   Stage   Equity 
                                         
Common shares issued May 12, 2005 (Inception)                       20,000   $20   $-   $(20)  $    $- 
Share exchange with Edot-com.com Inc., June 1, 2005                       (20,000)   (20)   -    20         - 
Common shares exchanged in reverse acquisition of Edot-com.com Inc., June 1, 2005                       80,000,000    80,000    (79,980)   (20)        - 
Common shares outstanding Edot-com.com Inc., June 1, 2005                       20,000,000    20,000    (20,000)             - 
Options granted in connection with reverse acquisition                                                - 
                                                 - 
Net loss                                           (66,005)   (66,005)
                                                   
Balance, June 30, 2005                       100,000,000    100,000    (99,980)   (20)   (66,005)   (66,005)
                                                   
Discount related to beneficial conversion feature of Convertible debentures, July 13, 2005                                 5,277              5,277 
Legal expenses related private placement of common stock, July 31, 2006                                 (2,175)             (2,175)
Discount related to beneficial conversion feature of Convertible debentures, July 31, 2005                                 5,302              5,302 
Warrants issued to Scientific Advisory Board, August 15, 2005                                 4,094              4,094 
                                                   
Options issued to officers, September 23, 2005                                 87,318              87,318 
Common shares issued for consulting services valued at $.081 per share, September 30, 2005                       2,300,000    2,300    184,000              186,300 
Common shares issued for interest on debentures, September 30, 2005                       48,177    48    4,267              4,315 
Discount related to beneficial conversion feature of Convertible debentures, October 28, 2005                                 166,666              166,666 
Discount related to beneficial conversion feature of Convertible debentures, November 9, 2005                                 166,667              166,667 
Discount related to beneficial conversion feature of Convertible debentures, November 10, 2005                                 45,000              45,000 
Discount related to beneficial conversion feature of Convertible debentures, November 11, 2005                                 275,000              275,000 
Discount related to beneficial conversion feature of Convertible debentures, November 15, 2005                                 49,167              49,167 
Warrants issued to Scientific Advisory Board, November 15, 2005                                 25,876              25,876 
Common shares and warrants issued in connection with private placement of common stock, November 28, 2005                       340,000    340    169,660              170,000 
Common shares and warrants issued in connection with private placement of common stock, November 29, 2005                       300,000    300    149,700              150,000 
Common shares and warrants issued in connection with private placement of common stock, November 30, 2005                       150,000    150    74,850              75,000 
Common shares and warrants issued in connection with private placement of common stock, December 2, 2005                       100,000    100    49,900              50,000 
Common shares and warrants issued in connection with private placement of common stock, December 6, 2005                       850,000    850    424,150              425,000 
Common shares issued for legal services valued at $.95 per share, December 6, 2005                       20,000    20    18,980              19,000 
Common shares and warrants issued in connection with private placement of common stock, December 12, 2005                       750,000    750    374,250              375,000 
Common shares and warrants issued in connection with private placement of common stock, December 13, 2005                       50,000    50    24,950              25,000 
Common shares and warrants issued in connection with private placement of common stock, December 14, 2005                       50,000    50    24,950              25,000 
Common shares issued in connection with debenture offering, December 15, 2005                       50,000    50    48,950              49,000 
Common shares and warrants issued in connection with private placement of common stock, December 20, 2005                       50,000    50    24,950              25,000 
Common shares and warrants issued in connection with private placement of common stock, December 29, 2005                       50,000    50    24,950              25,000 
Common shares and warrants issued in connection with private placement of common stock, December 30, 2005.                       50,000    50    24,950              25,000 
Common shares issued for interest on debentures, December 31, 2005                       19,476    20    17,320              17,340 
Common shares issued for consulting services valued at $1.46 per share, January 9, 2006                       3,425    3    4,998              5,001 
Warrants issued to Scientific Advisory Board, February 15, 2006                                 49,067              49,067 
Warrnats issued to Scientific Advisory Board, May 15, 2006                                 51,048              51,048 
Common shares issued for interest on debentures, March 31, 2005                       7,921    8    22,184              22,192 
                                                   
Options exercised, May 31, 2006                       1,800,000    1,800    88,200              90,000 
Common shares and warrants issued in connection with private placement of common stock, June 15, 2006                       1,875,000    1,875    1,873,125              1,875,000 
Common shares issued for interest on debentures, June 30, 2006                       14,426    14    22,424              22,438 
                                                   
Net loss                                           (3,284,432)   (3,284,432)
                                                   
Balance, June 30, 2006                       108,878,425    108,878    4,480,035    (20)   (3,350,437)   1,238,456 
                                                   
Common shares issued for interest on debentures, July 31, 2006                       5,744    6    7,638              7,644 
Common shares issued for conversion of convertible debentures, July 31, 2006                       3,333,333    3,333    996,667              1,000,000 
                                                   
Exercise of stock warrants, July 31, 2006                       200,000    200    49,800              50,000 
Options issued to Scientific Advisory Board, August 15, 2006                                 30,184              30,184 
Options issued to Scientific Advisory Board, November 15, 2006                                 25,888              25,888 
Common shares issued for consulting services valued at $.76 per share, January 3, 2007                       216,000    216    163,944              164,160 
Options issued to Scientific Advisory Board, February 15, 2007                                 32,668              32,668 
                                                   
Options issued to Scientific Advisory Board, May 15, 2007                                 25,664              25,664 
Common shares issued for consulting services valued at $1.03 per share, June 12, 2007                       752    1    774              775 
Common shares issued for consulting services valued at $1.15 per share, June 20, 2007                       100,000    100    114,900              115,000 
Common shares issued upon warrants conversion, June 20, 2007                       930,000    930    619,070              620,000 
Common shares issued upon warrants conversion, June 25, 2007                       75,000    75    49,925              50,000 
Common shares issued upon warrants conversion, June 30, 2007                       300,000    300    199,700              200,000 
Common shares issued for consulting services valued at $1.06 per share, June 30, 2007                       29,890    30    31,770              31,800 
                                                   
Officers' compensation expense                                 27,062              27,062 
                                                   
Net loss                                           (3,118,963)   (3,118,963)
                                                   
Balance, June 30, 2007            $         114,069,144    114,069   $6,855,689   $(20)   (6,469,400)  $500,338 
                                                   
Warrants issued to Scientific Advisory Board, August 15, 2007                                 14,800              14,800 
Common shares and warrants issued in connection with private placement of common stock, September 21, 2007                       1,500,000    1,500    748,500              750,000 
Common shares issued for consulting and legal  services valued at $.75 per share, September 30,  2007                       25,244    25    18,375              18,400 
Common shares and warrants issued in connection with private placement of common stock, October 16,  2007                       3,250,000    3,250    1,621,750              1,625,000 
Common shares and warrants issued in connection with private placement of common stock, October 16, 2007                       250,000    250    124,750              125,000 
Collection of stock subscriptions receivable, October 17, 2007                                      20         20 
Warrants issued to Scientific Advisory Board, November 15, 2007                                 7,200              7,200 
Common shares issued for consulting and legal services valued at $.49 per share, December 31, 2007                       57,152    57    26,843              26,900 
                                                   
Options issued to officers, January 1, 2008                                 7,044              7,044 
Warrants issued to Scientific Advisory Board, February 15, 2008                                 8,500              8,500 
Common shares issued for consulting and legal services valued at $ .45 per share,March 31, 2008                       61,546    62    27,838              27,900 
Common shares issued for consulting services valued at $.39 per share, April , 2008                       27,750    28    10,793              10,821 
Warrants issued to Scientific Advisory Board, May 15, 2008                                 32,253              32,253 
Common shares issued for consulting services valued at $1.03 per share, June 30, 2008                       29,841    30    27,870              27,900 
                                                   
Net loss                                           (2,738,337)   (2,738,337)
                                                   
Balance, June 30, 2008   -    -    -    -    119,270,677   $119,271   $9,532,205   $-   $(9,207,737)  $443,739 
                                                   
Common shares issued for consulting and legal services valued at $ 1.22 per share, July 31, 2008                       4,098    4    4,996              5,000 
Common shares issued for consulting services valued at $1.22 per share, July , 2008                       2,295    2    2,798              2,800 
Warrants issued to Scientific Advisory Board, August 15, 2008                                 47,500              47,500 
Common shares and warrants issued in connection with private placement of common stock, August 22, 2008                       3,136,000    3,136    3,132,864              3,136,000 
Common shares issued to settle account payable                       150,000    150    149,850              150,000 
                                                   
Payment of Finder's Fee to Biotech                                 (14,696)             (14,696)
Common shares issued in connection with Warrant Conversion, August 22, 2008                       125,000    125    106,125              106,250 
Common shares issued for  legal services valued at $1.24per share, August 31, 2008                       4,032    4    4,996              5,000 
Common shares issued for consulting services valued at $1.24 per share, August,  2008                       2,258    2    2,798              2,800 
Common shares issued for  legal services valued at $1.00 per share, September 30, 2008                       5,000    5    4,995              5,000 
Common shares issued for consulting services valued at $1.00 per share, September 30, 2008                       5,600    6    5,594              5,600 
Common shares issued for consulting and legal services valued at $ .71 per share, October 31, 2008                       7,042    7    4,993              5,000 
Common shares issued for consulting services valued at $.71 per share, October 31, 2008                       7,887    8    5,592              5,600 
Warrants issued to Scientific Advisory Board, November 15, 2008                                 30,500              30,500 
Common shares issued for consulting and legal services valued at $ .67 per share, November 30, 2008                       7,463    7    4,993              5,000 
Common shares issued for consulting services valued at $.67 per share, November 30, 2008                       8,358    8    5,592              5,600 
Common shares issued for consulting and legal services valued at $ .83 per share, December 31, 2008                       6,024    6    4,994              5,000 
Common shares issued for consulting services valued at $.83 per share, December 31 , 2008                       6,747    7    5,593              5,600 
Common shares issued for legal services valued at $ .60 per share, January 20, 2009                       8,333    8    4,992              5,000 
Common shares issued for consulting and legal services valued at $ .78 per share, January 31, 2009                       7,463    7    4,992              4,999 
Common shares issued for consulting services valued at $.78 per share, January 31, 2009                       8,358    8    5,592              5,600 
Common shares issued for consulting services valued at $ .70 per share, February 1, 2009                       50,000    50    34,950              35,000 
Warrants issued to Scientific Advisory Board, February 15, 2009                                 29,000              29,000 
Common shares issued for consulting and legal services valued at $ .71 per share, February 28, 2009                       7,042    7    4,992              4,999 
Common shares issued for consulting services valued at $.71 per share, February 15, 2009                       7,887    8    5,592              5,600 
Common shares issued for consulting and legal services valued at $ .67 per share, March 31, 2009                       6,410    6    4,994              5,000 
Common shares issued for consulting services valued at $.67 per share, March 31 , 2009                       7,179    7    5,593              5,600 
Common shares issued to acquire equipment valued at $0.79 per share                       172,500    173    137,327              137,500 
Common shares issued for consulting and legal services valued at $0.69 per share, April 30, 2009                       7,205    7    4,993              5,000 
Common shares issued for consulting services valued at $.69 per share, April 30, 2009                       8,069    8    5,592              5,600 
Warrants issued to Scientific Advisory Board, May 15, 2009                                 30,600              30,600 
Common shares issued for consulting and legal services valued at $ .66 per share, May 31, 2009                       7,599    8    4,992              5,000 
Common shares issued for consulting services valued at $.66 per share, May 31, 2009                       8,511    9    5,590              5,599 
Common shares issued for consulting services valued at $ .61 per share, June 30, 2009                       24,721    25    14,975              15,000 
Common shares issued for consulting and legal services valued at $ .56 per share, June 30, 2009                       8,961    9    4,991              5,000 
Shares issued for consulting services valued at $.56 per share, June 30, 2009                       10,038    10    5,590              5,600 
Common shares and warrants issued in connection with private placement of common stock, June 30, 2009                       150,000    150    74,850              75,000 
Common shares and warrants issued in connection with warrant conversion, June 30, 2009                       2,050,700    2,051    1,023,299    (100,000)        925,350 
                                                   
Net loss                                           (2,787,798)   (2,787,798)
                                                   
Balance, June 30, 2009   -    -    -    -    125,299,457    125,299    14,455,778    (100,000)   (11,995,535)   2,485,542 
                                                   
Collection of stock subscription receivable                                      100,000         100,000 
Common shares issued for consulting and legal services valued at $ .66 per share, July 31, 2009                       7,576    8    4,992              5,000 
Common shares issued for consulting services valued at $.66 per share, July 31, 2009                       8,485    8    5,592              5,600 
Warrants issued to Scientific Advisory Board, August 15, 2009                                 41,400              41,400 
Common shares issued for consulting and legal services valued at $ .86 per share, August 31, 2009                       6,512    7    4,993              5,000 
Common shares issued for consulting services valued at $.86 per share, August 31, 2009                       5,814    6    5,594              5,600 
Common shares issued for consulting services valued at $ .89 per share, September 30, 2009                       6,292    6    5,594              5,600 
Common shares issued for consulting and legal services valued at $ .89 per share, September 30, 2009                       5,618    6    4,994              5,000 
                                                   
Payment of Finder's Fee                                 (5,250)             (5,250)
Common shares and warrants issued in connection with private placement of common stock, September 30, 2009                       2,675,000    2,675    1,334,825              1,337,500 
Common shares and warrants issued in connection with warrant conversion, September 30, 2009                       3,759,800    3,760    1,876,140              1,879,900 
Common shares issued for consulting and legal services valued at $ .57 per share, October 1, 2009                       35,088    35    19,965              20,000 
Common shares issued for Legal services valued at $56.50 per share, October 26, 2009                       12,500    13    7,050              7,063 
                                                   
Warrants issued for commissions, October 26, 2009                                 3,570              3,570 
Common shares issued for consulting and legal services valued at $ .73 per share, October 31, 2009                       6,859    7    4,993              5,000 
Common shares issued for consulting services valued at $.73 per share, October 31, 2009                       7,682    8    5,592              5,600 
Common shares issued upon conversion of Warrants, November 10, 2009                       10,000    10    1,430              1,440 
Warrants issued to Scientific Advisory Board, November 15, 2009                                 39,600              39,600 
Common shares issued in payment of accounts payable, November 25, 2009                       32,500    33    25,167              25,200 
Common shares issued for consulting and legal services valued at $ .86 per share, November 30, 2009                       5,814    6    4,994              5,000 
Common shares issued for consulting services valued at $.86 per share, November 30, 2009                       9,767    10    8,390              8,400 
Common shares issued for consulting services valued at $ .85 per share, December 31, 2009                       9,917    10    8,390              8,400 
Common shares issued for consulting and legal services valued at $ .85 per share, December 31, 2009                       5,903    6    4,994              5,000 
Common shares issued for consulting and legal services valued at $1.043 per share, January 31, 2010                       4,794    5    4,995              5,000 
Warrants issued to Scientific Advisory Board, February 15, 2010                                 40,200              40,200 
Series A Preferred Shares issued for TheraCour license valued at $.001 par value, February 15, 2010   7,000,000    7,000                                       7,000 
Common shares issued for consulting services valued at $1.096 per share, February 28, 2010                       4,562    5    4,995              5,000 
Common shares issued for employee stock compensation valued at $1.25 per share, March 3, 2010                       125,000    125    156,125              156,250 
Common shares issued for employee stock compensation valued at $1.25 per share, March 3, 2010                       125,000    125    156,125              156,250 
Series A Preferred Shares issued for employee stock compensation, March 3, 2010   250,000    250                        513,573              513,823 
Series A Preferred Shares issued for employee stock compensation, March 3, 2010   250,000    250                        513,573              513,823 
Series A Preferred Shares issued for employee stock compensation, March 3, 2010   93,750    94                        192,590              192,684 
Common shares issued for consulting and legal servies valued at $1.25 per share, March 3, 2010                       1,000    1    1,249              1,250 
Common shares issued for consulting services valued at $1.417 per share, March 31, 2010                       3,529    4    4,996              5,000 
Common shares issued in lieu of payment of accounts payable - All Sciences                       39,625    40    31,660              31,700 
                                                   
Common shares issued for consulting and legal services valued at $2.087 per share, April 30, 2010                       2,396    2    4,998              5,000 
Series B Preferred Shares issued to SeaSide 88, LP, May 12, 2010             500,000    500              4,999,500              5,000,000 
Placement Agents Fees related to sale of Convertible Preferred shares, May 12, 2010                                 (400,000)             (400,000)
Legal  Fees related to Sale of Convertible Preferred Stock, May 12, 2010                                 (50,000)             (50,000)
                                                   
Derivative Liability - Issuance of Series B Preferred Shares                                 (1,787,379)             (1,787,379)
Common shares issued for conversion of Series B Preferred Shares at $1.88 per share, May 12, 2010                       319,331    319                   319 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 12, 2010             (60,000)   (60)                            (60)
Derivative Liability - Retirement of Series B Preferred Shares, May 12, 2010                                 128,053              128,053 
Warrants issued to Scientific Advisory Board, May 15, 2010                                 82,800              82,800 
Common shares issued for conversion of Series B Preferred Shares at $1.51 per share, May 26, 2010                       398,189    398                   398 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 26, 2010             (60,000)   (60)                            (60)
Dividend paid to Seaside 88, LP, May 26, 2010                                 (16,877)             (16,877)
Common shares issued as Dividend to Seaside 88, LP at $1.64, May 26, 2010                       10,300    10    16,867              16,877 
Derivative Liability - Retirement of Series B Preferred Shares, May 26, 2010                                 151,852              151,852 
Common shares issued for consulting and legal services valued at $2.083 per share, May 31, 2010                       2,400    2    4,998              5,000 
Common shares issued for conversion of warrants to Common Stock at $1.00 per share, June 9, 2010                       195,000    195    194,805              195,000 
Common shares issued for conversion of Series B Preferred Shares at $1.41 per share, June 9, 2010                       426,721    427                   427 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, June 9, 2010             (60,000)   (60)                            (60)
                                                   
Dividend paid to Seaside 88, LP, June 9, 2010                                 (14,575)             (14,575)
Common shares issued as Dividend to Seaside 88, LP at $1.41, June 9, 2010                       10,366    10    14,565              14,575 
Derivative Liability - Retirement of Series B Preferred Shares, June 9, 2010                                 149,364              149,364 
Common shares issued for consulting and legal services valued at $1.77 per share, June 9, 2010                       11,300    11    19,989              20,000 
Common shares issued for consulting and legal services valued at $1.77 per share, June 9, 2010                       2,000    2    3,538              3,540 
Common shares issued for conversion of Series B Preferred Shares at $1.59 per share, June 23, 2010                       377,905    378                   378 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, June 23, 2010             (60,000)   (60)                            (60)
                                                   
Dividend paid to Seaside 88, LP, June 23, 2010                                 (12,274)             (12,274)
Common shares issued as Dividend to Seaside 88, LP at $1.59, June 23, 2010                       7,731    7    12,268              12,275 
Derivative Liability - Retirement of Series B Preferred Shares, June 23, 2010                                 120,254              120,254 
Common shares issued for consulting and legal services valued at $1.043 per share, June 30, 2010                       2,738    2    4,998              5,000 
                                                   
Net loss                                           (4,744,208)   (4,744,208)
                                                   
Balance, June 30, 2010   7,593,750    7,594    260,000    260    133,980,471    133,981    23,116,612    -    (16,739,743)   6,518,704 
                                                   
Common shares issued for conversion of Series B Preferred Shares at $1.51 per share, July 7, 2010                       397,088    397                   397 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, July 7, 2010             (60,000)   (60)                            (60)
                                                   
Dividend paid to Seaside 88, LP, July 7, 2010                                 (9,973)             (9,973)
Common shares issued as dividend to Seaside 88, LP at $1.65 per share, July 7, 2010                       6,061    6    9,967              9,973 
Derivative liability - retirement of Series B Preferred Shares, July 7, 2010                                 116,715              116,715 
Common shares issued for conversion of Series B Preferred Shares at $1.30 per share, July 21, 2010                       463,177    463                   463 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, July 21, 2010             (60,000)   (60)                            (60)
                                                   
Dividend paid to Seaside 88, LP, July 21, 2010                                 (7,671)             (7,671)
Common shares issued as dividend to Seaside 88, LP at $1.32 per share, July 21, 2010                       5,794    6    7,665              7,671 
Derivative liability - retirement of Series B Preferred Shares, July 21, 2010                                 113,700              113,700 
Common shares issued for consulting and legal services valued at $2.087 per share, July 31, 2010                       3,086    3    4,997              5,000 
Common shares issued for conversion of Series B Preferred Shares at $1.14 per share, August 4, 2010                       526,916    527                   527 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 4, 2010             (60,000)   (60)                            (60)
                                                   
Dividend paid to Seaside 88, LP, August 4, 2010                                 (5,370)             (5,370)
Common shares issued as dividend to Seaside 88, LP, at $1.14 per share, August 4, 2010                       4,716    5    5,365              5,370 
Derivative liability - retirement of Series B Preferred Shares, August 4, 2010                                 104,480              104,480 
Warrants issued to Scientific Advisory Board, August 15, 2010                                 45,000              45,000 
Common shares issued in conversion of Series B Preferred Shares at $0.99 per share, August 18, 2010                       606,367    606                   606 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 18, 2010             (60,000)   (60)                            (60)
                                                   
Dividend paid to Seaside 88, LP, August 18, 2010                                 (3,068)             (3,068)
Common shares issued as dividend to Seaside 88, LP at $0.99 per share, August 18, 2010                       3,101    3    3,065              3,068 
Derivative liability - retirement of Series B Preferred Shares, August 18, 2010                                 104,795              104,795 
Common shares issued for consulting and legal services valued at $1.24 per share, August 31, 2010                       4,032    4    4,996              5,000 
Common shares issued for conversion of Series B Preferred Shares at $0.93 per share, September 1, 2010                       215,332    215                   215 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, September 1, 2010             (20,000)   (20)                            (20)
                                                   
Dividend paid to Seaside 88, LP, September 1, 2010                                 (767)             (767)
Common shares issued as dividend to Seaside 88, LP at $1.00 per share, September 1, 2010                       766    1    766              767 
Derivative liability - retirement of Series B Preferred Shares, September 1, 2010                                 34,841              34,841 
Series B Preferred Shares issued to SeaSide 88, LP,  September 21, 2010             250,000    250              2,499,750              2,500,000 
Placement Agents fees related to sale of Convertible Preferred shares, September 21, 2010                                 (195,000)             (195,000)
Legal fees related to sale of Convertible Preferred Stock, September 21, 2010                                 (10,000)             (10,000)
                                                   
Derivative liability - issuance of Series B Preferred Shares                                 (328,086)             (328,086)
Common shares issued for conversion of Series B Preferred Shares at $0.93 per share, September 21, 2010                       430,015    430                   430 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, September 21, 2010             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, September 21, 2010                                 103,012              103,012 
Common shares issued for consulting and legal services valued at $1.07 per share, September 30, 2010                       4,673    5    4,995              5,000 
Common shares issued for conversion of Series B Preferred Shares at $0.87 per share, October 5, 2010                       460,246    460                   460 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, October 5, 2010             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, on October 5, 2010                                 (8,055)             (8,055)
Common shares issued as dividend to Seaside 88, LP at $0.87 per share, October 5, 2010                       9,268    9    8,046              8,055 
Derivative liability - Retirement of Series B Preferred Shares, October 5, 2010                                 103,330              103,330 
Common shares issued for conversion of Series B Preferred Shares at $0.88 per share, October 19, 2010                       452,965    453                   453 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, October 19, 2010             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, October 19, 2010                                 (6,521)             (6,521)
Common shares issued as dividend to Seaside 88, LP at $0.88 per share, October 19, 2010                       7,384    7    6,514              6,521 
Derivative liability - Retirement of Series B Preferred Shares, October 19, 2010                                 69,635              69,635 
Common shares issued for consulting and legal services valued at $1.03 per share, October 31, 2010                       4,854    5    4,995              5,000 
Series A Preferred Shares issued for employee stock compensation, November 1, 2010   30,000    30                        53,903              53,933 
Common shares issued for conversion of Series B Preferred Shares at $0.87 per share, November 2, 2010                       461,313    461                   461 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 4, 2010             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, November 2, 2010                                 (4,986)             (4,986)
Common shares issued as dividend to Seaside 88, LP at $0.87 per share, November 2, 2010                       5,751    6    4,980              4,986 
Derivative liability - retirement of Series B Preferred Shares, November 2, 2010                                 69,104              69,104 
Warrants issued to Scientific Advisory Board, November 15, 2010                                 55,800              55,800 
Common shares issued for conversion of Series B Preferred Shares at $1.16 per share, November 16, 2010                       345,817    346                   346 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, November 16, 2010             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, November 16, 2010                                 (3,452)             (3,452)
Common shares issued as dividend to Seaside 88, LP at $1.16 per share, November 16, 2010                       2,984    3    3,449              3,452 
Derivative liability - Retirement of Series B Preferred Shares, November 16, 2010                                 69,187              69,187 
Common shares issued for conversion of Series B Preferred Shares at $1.35 per share, November 30, 2010                       310,566    311                   311 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, November 30, 2010             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, November 30, 2010                                 (1,918)             (1,918)
Common shares issued as dividend to Seaside 88, LP at $1.35 per share, November 30, 2010                       1,417    1    1,917              1,918 
Derivative liability - Retirement of Series B Preferred Shares, November 30, 2010                                 69,449              69,449 
Common shares issued for consulting and legal services valued at $1.46 per share, November 30, 2010                       3,425    3    4,997              5,000 
Common shares issued for conversion of warrants to Common Stock at $1.00 per share, December 10, 2010                       25,000    25    24,975              25,000 
Common shares issued as compensation pursuant to S-8 at $1.28 per share, December 10, 2010                       50,000    50    63,950              64,000 
Common shares issued for conversion of Series B Preferred Shares at $1.10 per share, December 14, 2010                       90,840    91                   91 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, December 14, 2010             (10,000)   (10)                            (10)
                                                   
Dividend paid to Seaside 88, LP, December 14 2010                                 (384)             (384)
Common shares issued as Dividend to Seaside 88, LP, at $1.10 per share, December 14, 2010                       348    -    384              384 
Derivative liability - retirement of Series B Preferred Shares, December 14, 2010                                 17,438              17,438 
Series B Preferred Shares issued to SeaSide 88, LP, December 21, 2010             250,000    250              2,499,750              2,500,000 
Placement Agents fees related to sale of Convertible Preferred shares, December 21, 2010                                 (200,000)             (200,000)
Common shares issued for consulting and legal services valued at $1.32 per share, December 31, 2010                       4,545    5    5,995              6,000 
Adjustment                            33                   33 
Common shares issued for conversion of Series B Preferred Shares at $1.16 per share, January 3, 2011                       343,796    344                   344 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, January 3, 2011             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, January 3, 2011                                 (8,904)             (8,904)
Common shares issued as dividend to Seaside 88, LP at $1.16 per share, January 3, 2011                       7,653    8    8,896              8,904 
Derivative liability - retirement of Series B Preferred Shares, January 3, 2011                                 73,532              73,532 
Common shares issued for conversion of Series B Preferred Shares at $1.26 per share, January 17, 2011                       317,965    318                   318 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, January 17, 2011             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, January 17, 2011                                 (8,055)             (8,055)
Common shares issued as dividend to Seaside 88, LP at $1.26 per share, January 17, 2011                       6,403    6    8,049              8,055 
Derivative liability - retirement of Series B Preferred Shares, January 17, 2011                                 70,882              70,882 
Common shares issued for conversion of Series B Preferred Shares at $1.12 per share, January 31, 2011                       356,422    356                   356 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, January 31, 2011             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, January 31, 2011                                 (6,521)             (6,521)
Common shares issued as dividend to Seaside 88, LP at $1.24 per share, January 31, 2011                       5,271    5    6,516              6,521 
Derivative liability - retirement ofSeries B Preferred Shares, January 31, 2011                                 72,432              72,432 
Common shares issued for consulting and legal services valued at $1.47 per share, January 31, 2011                       4,087    4    5,996              6,000 
Common shares issued for conversion of warrants at $1.00 per share, February 4, 2011                       25,000    25    24,975              25,000 
Common shares issued for conversion of Series B Preferred Shares at $1.08 per share, February 14, 2011                       370,017    370                   370 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, February 14, 2011             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, February 14, 2011                                 (4,986)             (4,986)
Common shares issued as dividend to Seaside 88, LP, at $1.08 per share, February 14, 2011                       4,613    5    4,981              4,986 
Derivative liability - retirement of Series B Preferred Shares, February 14, 2011                                 71,699              71,699 
Warrants issued to Scientific Advisory Board, Feburary 15, 2011                                 54,000              54,000 
Common shares issued for conversion of Series B Preferred Shares at $0.99 per share, February 28, 2011                       405,610    406                   406 
Derivative liability - retirement of Series B Preferred Shares, February 28, 2011                                 71,490              71,490 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, February 28, 2011             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, February 28, 2011                                 (3,452)             (3,452)
Common shares issued as dividend to Seaside 88, LP at $0.99 per shares, February 28, 2011                       3,500    4    3,448              3,452 
Common shares issued for consulting and legal services valued at $1.22 per share, February 28, 2011                       4,902    5    5,995              6,000 
Common shares issued for employee stock compensation  at $1.32 per share, March 3, 2011                       125,000    125    158,000              158,125 
Common shares issued for employee stock compensation at $1.32 per share, March 3, 2011                       125,000    125    158,000              158,125 
Series A Preferred Shares issued for employee stock compensation, March 3, 2011   250,000    250                        574,331              574,581 
Series A Preferred Shares issued for employee stock compensation, March 3, 2011   250,000    250                        574,331              574,581 
Series A Preferred Shares issued for employee stock compensation, March 3, 2011   93,750    94                        215,374              215,468 
Common shares issued for conversion of Series B Preferred Shares at $1.09 per share, March 14, 2011                       367,274    367                   367 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, March 14, 2011             (40,000)   (40)                            (40)
                                                   
Dividend paid to Seaside 88, LP, March 14, 2011                                 (1,918)             (1,918)
Common shares issued as Dividend to Seaside 88, LP at $1.09 per shares, March 14, 2011                       1,761    2    1,916              1,918 
Derivative Liability - Retirement of Series B Preferred Shares, March 14, 2011                                 70,566              70,566 
Common shares issued for conversion of Series B Preferred Shares at $1.11 per share, March 28, 2011                       89,986    90                   90 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, March 28, 2011             (10,000)   (10)                            (10)
                                                   
Dividend paid to Seaside 88, LP, March 28, 2011                                 (384)             (384)
Common shares issued as dividend to Seaside 88, LP, at $1.11 per share, March 28, 2011                       345    -    384              384 
Derivative liability - retirement of Series B Preferred Shares, March 28, 2011                                 17,525              17,525 
Common shares issued for consulting and legal services valued at $1.28 per share, March 31, 2011                       4,680    5    5,995              6,000 
Common shares issued for conversion of warrants to common stock at $1.00 per share, April 10, 2011                       10,000    10    9,990              10,000 
Series B Preferred Shares issued to SeaSide 88, LP, April 18, 2011             250,000    250              2,499,750              2,500,000 
Placement Agents fees related to sale of Convertible Preferred shares, April 18, 2011                                 (160,000)             (160,000)
Legal  fees related to Sale of Convertible Preferred Stock, April 18, 2011                                 (25,000)             (25,000)
                                                   
Derivative liability - issuance of Series B Preferred Shares                                 (429,725)             (429,725)
Common shares issued for conversion of Series B Preferred Shares at $1.28 per share, April 18, 2011                       312,163    312    (272)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, April 18, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, April 18, 2011                                 68,756              68,756 
Common shares issued for consulting and legal services valued at $1.47 per share, April 30, 2011                       4,087    4    5,996              6,000 
Common shares issued for conversion of Series B Preferred Shares at $1.18 per share, May 2, 2011                       339,726    340    (300)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 2, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, May 2, 2011                                 68,941              68,941 
                                                   
Dividend paid to Seaside 88, LP, May 2, 2011                                 (8,055)             (8,055)
Common shares issued as dividend to Seaside 88, LP at $1.18 per shares, May 2, 2011                       6,841    7    8,048              8,055 
Warrants issued to Scientific Advisory Board, May 15, 2011                                 50,400              50,400 
Common shares issued for conversion of Series B Preferred Shares at $1.19 per share, May 16, 2011                       336,501    337    (297)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 16, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, May 16, 2011                                 69,194              69,194 
                                                   
Dividend paid to Seaside 88, LP, May 16, 2011                                 (6,521)             (6,521)
Common shares issued as dividend to Seaside 88, LP at $1.20 per shares, May 16, 2011                       5,438    5    6,516              6,521 
Common shares issued for conversion of Series B Preferred Shares at $1.23 per share, May 30, 2011                       326,480    326    (286)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 30, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, May 30, 2011                                 69,464              69,464 
                                                   
Dividend paid to Seaside 88, LP, May 30, 2011                                 (4,986)             (4,986)
Common shares issued as Dividend to Seaside 88, LP at $1.23 per share, May 30, 2011                       4,070    4    4,982              4,986 
Common shares issued for consulting and legal services valued at $1.47 per share, May 31, 2011                       4,087    4    5,996              6,000 
Common shares issued for conversion of Series B Preferred Shares at $1.18 per share, June 13, 2011                       339,971    340    (300)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, June 13, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, June 13, 2011                                 69,727              69,727 
                                                   
Dividend paid to Seaside 88, LP, June 13, 2011                                 (3,452)             (3,452)
Common shares issued as Dividend to Seaside 88, LP at $1.18 per share, June 13, 2011                       2,934    3    3,449              3,452 
Common shares issued for conversion of Series B Preferred Shares at $1.02 per share, June 27, 2011                       391,850    392    (352)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, June 27, 2011             (40,000)   (40)                            (40)
Derivative Liability - Retirement of Series B Preferred Share, June 27, 2011                                 69,973              69,973 
                                                   
Dividend paid to Seaside 88, LP, June 27, 2011                                 (1,918)             (1,918)
Common shares issued as Dividend to Seaside 88, LP at $1.10 per share, June 27, 2011                       1,741    2    1,916              1,918 
Common shares issued for consulting and legal services valued at $1.22 per share, June 30, 2011                       4,902    5    5,995              6,000 
                                                   
Net loss                                           (6,477,166)   (6,477,166)
                                                   
Balance, June 30, 2011   8,217,500    8,218    10,000    10    143,548,394    143,582    33,235,990    -    (23,216,909)   10,170,891 
                                                   
                                                 - 
Common shares issued for conversion of Series B Preferred Shares at $1.11 per share, July 11, 2011                       89,986    90                   90 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, July 11, 2011             (10,000)   (10)                            (10)
Derivative liability - retirement of Series B Preferred Shares, July 11, 2011                                 17,880              17,880 
                                                   
Dividend to Seaside 88, LP, paid on July 11, 2011                                 (381)             (381)
Common shares issued as dividend to Seaside 88, LP at $1.18 per share, July 11, 2011                       345    -    381              381 
Series B Preferred Shares issued to SeaSide 88, LP, on July 26, 2011             250,000    250              2,499,750              2,500,000 
Placement Agents fees related to sale of Convertible Preferred shares, July 26, 2011                                 (150,000)             (150,000)
                                                   
Derivative liability - issuance of Series B Preferred Shares                                 (429,768)             (429,768)
Legal  Fees related to Sale of Convertible Preferred Stock, July 26, 2011                                 (6,250)             (6,250)
Common shares issued in conversion of Series B Preferred Shares to common stock at $1.18 per share, July 26, 2011                       377,800    378                   378 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, July 26, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, July 26, 2011                                 68,425              68,425 
Common shares issued for consulting and legal services valued at $1.26 per share, July 31, 2011                       4,762    5    5,995              6,000 
Warrants issued to Scientific Advisory Board, August 15, 2011                                 56,400              56,400 
Common shares issued for conversion of Series B Preferred Shares at $0.92 per share, August 8, 2011                       437,187    437                   437 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 8, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, August 8, 2011                                 69,193              69,193 
                                                   
Dividend to Seaside 88, LP, paid on August 8, 2011                                 (8,055)             (8,055)
Common shares issued as Dividend to Seaside 88, LP at $0.98 per share, August 8, 2011                       8,205    8    8,047              8,055 
Common shares issued for conversion of Series B Preferred Shares at $0.95 per share, August 23, 2011                       419,829    420                   420 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 23, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, August 23, 2011                                 69,351              69,351 
                                                   
Dividend paid to Seaside 88, LP, August 23, 2011                                 (6,521)             (6,521)
Common shares issued as Dividend to Seaside 88, LP at $0.95 per share, August 23, 2011                       6,844    7    6,514              6,521 
Common shares issued for consulting and legal services valued at $1.14 per share, August 31, 2011                       5,263    5    5,995              6,000 
Common shares issued for conversion of Series B Preferred Shares at $0.95 per share, September 6, 2011                       422,873    423                   423 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, September 6, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Shares, September 6, 2011                                 69,887              69,887 
                                                   
Dividend paid to Seaside 88, LP, September 6, 2011                                 (4,986)             (4,986)
Common shares issued as Dividend to Seaside 88, LP at $0.95 per share, September 6, 2011                       5,264    5    4,981              4,986 
Common shares issued in conversion of Series B Preferred Shares at $0.94 per share, September 19, 2011                       427,652    428                   428 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, September 19, 2011             (40,000)   (40)                            (40)
Derivative liability - retirement of Series B Preferred Share, September 19, 2011                                 69,970              69,970 
                                                   
Dividend to Seaside 88, LP, paid on September 19, 2011                                 (3,452)             (3,452)
Common shares issued as Dividend to Seaside 88, LP at $0.94 per share, September 19, 2011                       3,691    3    3,449              3,452 
Common shares issued for consulting and legal services valued at $1.07 per share, September 30, 2011                       5,607    6    5,994              6,000 
                                                   
Shares issued in conversion of Series B Preferred Shares to Common Stock at $.78 per share, .001 par value, on October 3, 2011                       514,311    514                   514 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on October 3, 2011             (40,000)   (40)                            (40)
                                                   
Derivative Liability - Retirement of Preferred Series B on October 3, 2011                                 69,496              69,496 
                                                   
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.85 on October 3, 2011                       2,270    2    1,916              1,918 
                                                   
Dividend to Seaside 88, LP, paid on October 3, 2011                                 (1,918)             (1,918)
                                                   
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.69 per share, .001 par value, on October 17, 2011                       144,484    144                   144 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on October 17, 2011             (10,000)   (10)                            (10)
                                                   
Derivative Liability - Retirement of Preferred Series B on October 17, 2011                                 17,790              17,790 
                                                   
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.75 on October 17, 2011                       510    1    383              384 
                                                   
Dividend to Seaside 88, LP, paid on October 17, 2011                                 (384)             (384)
                                                   
Shares issued for consulting and legal services rendered at $0..92 per share on October 31, 2011                       6,537    5    5,995              6,000 
                                                   
Series B Preferred Shares issued to SeaSide 88, LP, $.001 par value on November 1, 2011             250,000    250              2,499,750              2,500,000 
                                                   
Placement Agents Fees related to sale of Convertible Preferred shares on November 1, 2011                                 (160,000)             (160,000)
                                                   
Derivative Liability - Issuance of Preferred Series B                                 (429,804)             (429,804)
                                                   
Legal  Fees related to Sale of Convertible Preferred Stock November 1, 2011                                 (25,000)             (25,000)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.78 per share, .001 par value, on November 1, 2011                       511,787    512                   512 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on November 2, 2011             (40,000)   (40)                            (40)
                                                   
Derivative Liability - Retirement of Preferred Series B on November 1, 2011                                 68,297              68,297 
Warrants issued to Scientific Advisory Board on November 15, 2011                                 56,400              56,400 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.69 per share, .001 par value, on November 15, 2011                       578,595    579                   579 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on November  15, 2011             (40,000)   (40)                            (40)
                                                   
Derivative Liability - Retirement of Preferred Series B on November 15, 2011                                 68,411              68,411 
                                                   
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0..73 onNovember 15, 2011                       10,311    10    7,469              7,479 
                                                   
Dividend to Seaside 88, LP, paid on November 15, 2011                                 (7,479)             (7,479)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.62 per share, .001 par value, on November 29, 2011                       642,735    643                   643 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on November  29, 2011             (40,000)   (40)                            (40)
                                                   
Derivative Liability - Retirement of Preferred Series B on November 29, 2011                                 68,591              68,591 
                                                   
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.64 on November 29, 2011                       10,139    10    6,511              6,521 
                                                   
Dividend to Seaside 88, LP, paid on November 29, 2011                                 (6,521)             (6,521)
                                                   
Shares issued for consulting and legal services rendered at $0.81 per share on November 30, 2011                       7,373    7    5,993              6,000 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.53 per share, .001 par value, on December 13, 2011                       751,315    751                   751 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on December 13, 2011             (40,000)   (40)                            (40)
                                                   
Derivative Liability - Retirement of Preferred Series B on December 13, 2011                                 68,753              68,753 
                                                   
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.57 on December 13, 2011                       8,798    9    4,977              4,986 
                                                   
Dividend to Seaside 88, LP, paid on December 13, 2011                                 (4,986)             (4,986)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.51 per share, .001 par value, on December 27, 2011                       796,785    798                   798 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on December 27, 2011             (40,000)   (40)                            (40)
                                                   
Derivative Liability - Retirement of Preferred Series B on December 27, 2011                                 68,965              68,965 
                                                   
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.57 on December 27, 2011                       6,818    7    3,443              3,450 
                                                   
Dividend to Seaside 88, LP, paid on December 27, 2011                                 (3,452)             (3,452)
                                                   
Shares issued for consulting and legal services rendered at $0.64 per share on December 31, 2011                       9,403    9    5,991              6,000 
                                                   
Shares issued in conversion of Series B Preferred Shares to Common Stock at $.51 per share, .001 par value, on January 10, 2012                       788,053    788                   788 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on January 10,2012             (40,000)   (40)                            (40)
                                                   
Derivative Liability - Retirement of Preferred Series B on January 10, 2012                                 69,222              69,222 
                                                   
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.51 onJanuary 10, 2012                       3,742    4    1,914              1,918 
                                                   
Dividend to Seaside 88, LP, paid on January 10, 2012                                 (1,918)             (1,918)
                                                   
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.48 per share, .001 par value, on January 24, 2012                       208,546    209                   209 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on January 24, 2012             (10,000)   (10)                            (10)
                                                   
Derivative Liability - Retirement of Preferred Series B on January 24, 2012                                 69,883              69,883 
                                                   
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.49 on January 24, 2012                       786         383              384 
                                                   
Dividend to Seaside 88, LP, paid on January 24, 2012                                 (384)             (384)
                                                   
Shares issued for consulting and legal services rendered at $0.58 per share on January 31, 2012                       10,367    10    5,990              6,000 
                                                   
Series B Preferred Shares issued to SeaSide 88, LP,  $.001 par value on February 8, 2012             250,000    250              2,499,750              2,500,000 
                                                   
Placement Agents Fees related to sale of Convertible Preferred shares on February 8, 2012                                 (150,000)             (150,000)
                                                   
Derivative Liability - Issuance of Preferred Series B                                 (430,283)             (430,283)
                                                   
Legal  Fees related to Sale of Convertible Preferred Stock February 8, 2012                                 (6,250)             (6,250)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.56 per share, .001 par value, on February 8, 2012                       717,142    717                   717 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on  February 8, 2012             (40,000)   (40)                            (40)
                                                   
Derivative Liability - Retirement of Preferred Series B on  February 8, 2012                                 68,169              68,169 
Warrants issued to Scientific Advisory Board on February 15, 2012                                 51,000              51,000 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.69 per share, .001 par value, on  February 22, 2012                       576,062    576                   576 
                                                   
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on February 22, 2012             (40,000)   (40)                            (40)