Quarterly report pursuant to Section 13 or 15(d)

Statement of Financial Position

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Statement of Financial Position (USD $)
Dec. 31, 2011
Mar. 31, 2011
Current assets:    
Cash and cash equivalents $ 166,421 $ 139,343
Unbilled contract payments receivable 7,779 42,216
Prepaid expenses 107,726 23,251
Total current assets 281,926 204,810
Property and equipment, net 86,647 87,728
Security deposits and other assets 31,144 31,144
Total assets 399,717 323,682
Current liabilities:    
Accounts payable 1,041,439 1,767,085
Accrued expenses 452,832 1,421,906
Notes payable and accrued interest 564,767 160,921
Notes payable and accrued interest to related parties 107,945 50,361
Put option and note term extension option liabilities 0 90,749
Capital lease obligations 18,149 30,141
Non-interest bearing promissory notes, net, including $525,000 to related parties 0 1,105,730
Deferred revenues 33,035 78,777
Convertible promissory notes, including $947,368 to related parties at March 31, 2011 - current portion 0 4,809,183
Accrued interest on convertible promissory notes 0 1,310,833
Total current liabilities. 2,218,167 10,825,686
Non-current liabilities:    
Notes payable and accrued interest. 2,715,956 2,106,232
Notes payable and accrued interest to related parties. 159,630 210,788
Convertible promissory notes, net of current portion 0 3,325,989
Accrued interest on convertible promissory notes. 0 585,437
Accrued officers' compensation 56,986 56,986
Capital lease obligations. 11,286 4,517
Accounts payable. 0 1,140,646
Warrant liability 0 417,054
Total non-current liabilities 2,943,858 7,847,649
Total liabilities 5,162,025 18,673,335
Commitments and contingencies 0 0
Preferred stock, no par value; no shares authorized at December 31, 2011; 20,000,000 shares authorized at March 31, 2011; no shares issued and outstanding at December 31, 2011; 2,884,655 shares issued and outstanding at March 31, 2011 0 14,534,811
Stockholders' deficit:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized at December 31, 2011; no shares authorized at March 31, 2011; 437,055 Series A shares issued and outstanding at December 31, 2011; no shares issued and outstanding at March 31, 2011 437 0
Common stock, $0.001 par value; 200,000,000 and 75,000,000 shares authorized at December 31, 2011 and March 31, 2011, respectively; 18,512,506 and 5,241,110 shares issued at December 31, 2011 and March 31, 2011, respectively 16,429 5,241
Additional paid-in capital 50,691,191 9,867,355
Treasury stock, at cost, 2,083,858 shares of common stock held at December 31, 2011; no shares held at March 31, 2011 (3,231,670) 0
Notes and other receivables from sale of common stock to and upon exercise of warrants by others at December 31, 2011 and upon exercise of options and warrants by related parties at March, 31, 2011 (498,129) (184,083)
Deficit accumulated during development stage (51,740,566) (42,572,977)
Total stockholders' deficit (4,762,308) (32,884,464)
Total liabilities, preferred stock and stockholders' deficit $ 399,717 $ 323,682