Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2013
Mar. 31, 2012
ASSETS    
Cash and cash equivalents $ 6,500 $ 638,100
Prepaid expenses and other current assets 147,500 33,700
Total current assets 154,000 671,800
Property and equipment, net 205,100 180,700
Security deposits and other assets 46,900 29,000
Total assets 406,000 881,500
Current liabilities:    
Accounts payable 1,984,000 1,353,600
Accrued expenses 462,000 342,900
Advance from officer 30,000   
Current portion of notes payable and accrued interest 661,600 617,200
Current portion of notes payable and accrued interest to related parties 100,000 93,000
Convertible promissory notes and accrued interest, net of discount of $200,600 at September 30, 2013 7,400   
Capital lease obligations 8,400 7,600
Total current liabilities. 3,253,400 2,414,300
Non-current liabilities:    
Senior secured convertible promissory notes, net of discount of $2,170,500 at September 30, 2013 and $1,963,100 at March 31, 2013 and accrued interest 1,648,100 1,425,700
Notes payable, net of discount of $1,004,300 at September 30, 2013 and $1,142,600 at March 31, 2013 2,345,700 2,091,800
Notes payable to related parties, net of discount of $125,900 at September 30, 2013 and $147,200 at March 31, 2013 and accrued interest 1,171,700 1,106,000
Warrant liability 4,657,300 6,394,000
Deferred rent liability 81,400   
Capital lease obligations 2,600 6,100
Total non-current liabilities 9,906,800 11,023,600
Total liabilities 13,160,200 13,437,900
Stockholders' deficit:    
Preferred stock, $0.001 par value; 10,000,000 shares, including 500,000 Series A shares, authorized at September 30, 2013 and March 31, 2013; 500,000 Series A shares issued and outstanding at September 30, 2013 and March 31, 2013, respectively 500 500
Common stock, $0.001 par value; 200,000,000 shares authorized at September 30, 2013 and March 31, 2013; 24,535,185 and 23,480,169 shares issued at September 30, 2013 and March 31, 2013, respectively 24,500 23,500
Additional paid-in capital 60,336,000 59,266,000
Treasury stock, at cost, 2,713,308 shares of common stock held at September 30, 2013 and March 31, 2013 (3,968,100) (3,968,100)
Notes receivable from sale of common stock (203,800) (209,100)
Deficit accumulated during development stage (68,943,300) (67,669,200)
Total stockholders' deficit (12,754,200) (12,556,400)
Total liabilities and stockholders' deficit $ 406,000 $ 881,500