Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Mar. 31, 2012
ASSETS    
Cash and cash equivalents $ 24,200 $ 81,000
Unbilled contract payments receivable    106,200
Prepaid expenses 82,800 50,900
Total current assets 107,000 238,100
Property and equipment, net 189,200 74,500
Security deposits and other assets 29,800 29,000
Total assets 326,000 341,600
Current liabilities:    
Accounts payable 1,252,300 1,750,800
Accrued expenses 382,300 657,300
Notes payable and accrued interest 822,100 582,500
Notes payable and accrued interest to related parties 112,000 168,200
Capital lease obligations 7,300 10,500
Deferred revenues    13,200
Total current liabilities. 2,576,000 3,182,500
Non-current liabilities:    
Senior secured convertible promissory notes, net of discount of $985,500 at December 31, 2012 and accrued interest 1,337,500   
Convertible promissory notes, net of discount of $499,300 at March 31, 2012 and accrued interest    6,000
Notes payable, net of discount of $1,205,000 at December 31, 2012 and $228,900 at March 31, 2012 1,907,800 2,684,300
Notes payable to related parties, net of discount of $157,900 at December 31, 2012 and $24,300 at March 31, 2012 and accrued interest 1,051,700 107,700
Warrant liability 3,910,400   
Accrued officers' compensation 57,000 57,000
Capital lease obligations 8,000 9,700
Total non-current liabilities 8,272,400 2,864,700
Total liabilities 10,848,400 6,047,200
Stockholders' deficit:    
Preferred stock, $0.001 par value; 500,000 shares authorized at December 31, 2012 and March 31, 2012; 500,000 and 437,055 Series A shares issued and outstanding at December 31, 2012 and March 31, 2012, respectively 500 400
Common stock, $0.001 par value; 200,000,000 shares authorized at December 31, 2012 and March 31, 2012; 22,065, 095 and 18,704,267 shares issued at December 31, 2012 and March 31, 2012, respectively 22,100 18,700
Additional paid-in capital 57,578,200 52,539,500
Treasury stock, at cost, 2,713,308 and 2,083,858 shares of common stock held at December 31, 2012 and March 31, 2012, respectively 3,968,100 3,231,700
Notes receivable from sale of common stock (256,000) (250,000)
Deficit accumulated during development stage (63,899,100) (54,782,500)
Total stockholders' deficit (10,522,400) (5,705,600)
Total liabilities and stockholders' deficit $ 326,000 $ 341,600