Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2013
Mar. 31, 2013
ASSETS    
Cash and cash equivalents $ 20,700 $ 638,100
Prepaid expenses and other current assets 70,600 33,700
Total current assets 91,300 671,800
Property and equipment, net 190,700 180,700
Security deposits and other assets 46,900 29,000
Total assets 328,900 881,500
Current liabilities:    
Accounts payable 2,256,600 1,353,600
Accrued expenses 532,500 342,900
Advance from officer 10,300   
Current portion of notes payable and accrued interest 638,600 617,200
Current portion of notes payable and accrued interest to related parties 99,500 93,000
Convertible promissory notes and accrued interest, net of discount of $423,900 at December 31, 2013 169,200   
Capital lease obligations 5,600 7,600
Total current liabilities. 3,712,300 2,414,300
Non-current liabilities:    
Senior secured convertible promissory notes, net of discount of $2,135,800 at December 31, 2013 and $1,963,100 at March 31, 2013 and accrued interest 1,781,200 1,425,700
Notes payable, net of discount of $929,000 at December 31, 2013 and $1,142,600 at March 31, 2013 and accrued interest 2,479,200 2,091,800
Notes payable to related parties, net of discount of $115,000 at December 31, 2013 and $147,200 at March 31, 2013 and accrued interest 1,209,700 1,106,000
Warrant liability 2,717,100 6,394,000
Deferred rent liability 97,300   
Capital lease obligations 2,400 6,100
Total non-current liabilities 8,286,900 11,023,600
Total liabilities 11,999,200 13,437,900
Stockholders' deficit:    
Preferred stock, $0.001 par value; 10,000,000 shares, including 500,000 Series A shares, authorized at December 31, 2013 and March 31, 2013; 500,000 Series A shares issued and outstanding at December 31, 2013 and March 31, 2013, respectively 500 500
Common stock, $0.001 par value;200,000,000 shares authorized at December 31, 2013 and March 31, 2013; 25,295,185 and 23,480,169 shares issued at December 31, 2013 and March 31, 2013, respectively 25,300 23,500
Additional paid-in capital 61,282,400 59,266,000
Treasury stock, at cost, 2,713,308 shares of common stock held at December 31, 2013 and March 31, 2013 3,968,100 3,968,100
Notes receivable from sale of common stock (198,100) (209,100)
Deficit accumulated during development stage (68,812,300) (67,669,200)
Total stockholders' deficit (11,670,300) (12,556,400)
Total liabilities and stockholders' deficit $ 328,900 $ 881,500