Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2012
Mar. 31, 2012
ASSETS    
Cash and cash equivalents $ 13,400 $ 81,000
Unbilled contract payments receivable    106,200
Prepaid expenses 315,000 50,900
Total current assets 328,400 238,100
Property and equipment, net 67,200 74,500
Security deposits and other assets 29,000 29,000
Total assets 424,600 341,600
Current liabilities:    
Accounts payable 1,474,100 1,750,800
Accrued expenses 394,400 657,300
Notes payable and accrued interest 815,000 582,500
Notes payable and accrued interest to related parties 254,400 168,200
Capital lease obligations 7,100 10,500
Deferred revenues    13,200
Total current liabilities. 2,945,000 3,182,500
Non-current liabilities:    
Senior secured convertible promissory notes and accrued interest 1,268,700   
Convertible promissory notes, net of discount of $481,300 at September 30, 2012 and $499,300 at March 31, 2012, and accrued interest 54,100 6,000
Notes payable, net of discount of $1,600,400 at September 30, 2012 and $228,900 at March 31, 2012 1,064,500 2,684,300
Notes payable to related parties, net of discount of $18,000 at September 30, 2012 and $24,300 at March 31, 2012 38,200 107,700
Non-current accounts payable 1,444,800   
Accrued officers' compensation 57,000 57,000
Capital lease obligations. 9,900 9,700
Total non-current liabilities 3,937,200 2,864,700
Total liabilities 6,882,200 6,047,200
Stockholders' deficit:    
Preferred stock, $0.001 par value; 500,000 shares authorized at September 30, 2012 and March 31, 2012; 500,000 and 437,055 Series A shares issued and outstanding at September 30, 2012 and March 31, 2012, respectively 500 400
Common stock, $0.001 par value; 200,000,000 shares authorized at September 30, 2012 and March 31, 2012; 20,056,558 and 18,704,267 shares issued at September 30, 2012 and March 31, 2012, respectively 20,100 18,700
Additional paid-in capital 56,284,000 52,539,500
Treasury stock, at cost, 2,713,308 and 2,083,858 shares of common stock held at September 30, 2012 and March 31, 2012, respectively (3,968,100) (3,231,700)
Notes receivable from sale of common stock (230,000) (250,000)
Deficit accumulated during development stage (58,564,100) (54,782,500)
Total stockholders' deficit (6,457,600) (5,705,600)
Total liabilities and stockholders' deficit $ 424,600 $ 341,600