Quarterly report pursuant to Section 13 or 15(d)

Basis of Presentation and Going Concern

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Basis of Presentation and Going Concern
9 Months Ended
Dec. 31, 2011
Basis of Presentation and Going Concern [Text Block]
2.  Basis of Presentation and Going Concern
 
The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not contain all of the information and footnotes required for complete consolidated financial statements. In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s interim financial information. The accompanying Condensed Consolidated Balance Sheet at March 31, 2011 has been derived from the Company\'s audited consolidated financial statements at that date but do not include all disclosures required by U.S. GAAP. The operating results for the three and nine months ended December 31, 2011 are not necessarily indicative of the operating results to be expected for the Company\'s fiscal year ending March 31, 2012 or for any other interim period or any other future year.
 
The accompanying unaudited Condensed Consolidated Financial Statements and notes to Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements for the fiscal year ended March 31, 2011 contained in its amended report on Form 8-K/A, as filed with the United States Securities and Exchange Commission on August 12, 2011.
 
The accompanying Condensed Consolidated Financial Statements have been prepared assuming the Company will continue as a going concern. As a development stage company without sustainable revenues, the Company has experienced recurring losses and negative cash flows from operations. From inception through December 31, 2011, the Company has a deficit accumulated during its development stage of $51.7 million. The Company expects these conditions to continue for the foreseeable future as it expands its Human Clinical Trials in a Test Tube ™ platform and executes its drug rescue and cell therapy business programs.
 
At December 31, 2011, the Company had $166,421 in cash and cash equivalents. (See Note 9, Subsequent Events, regarding additional capital the Company has raised through the exercise of warrants since that date.)   The Company does not believe that such cash and cash equivalents , will enable it to fund its operations through the next twelve months. The Company anticipates that its cash expenditures during the next twelve months will be approximately $7 million and it expects to meet its cash needs and fund its working capital requirements thr ough a combination of private placements of its securities, which may include both debt and equity securities, collaborative research and development arrangements, technology license fees and government grant awards. If the Company is unable to obtain sufficient financing, it may be required to reduce, defer, or discontinue certain of its research and development activities or it may not be able to continue as a going concern.  The accompanying Condensed Consolidated Financial Statements do not include any adjustments that might result from this uncertainty.