Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Mar. 31, 2012
ASSETS    
Cash and cash equivalents $ 31,700 $ 81,000
Unbilled contract payments receivable    106,200
Prepaid expenses 511,200 50,900
Total current assets 542,900 238,100
Property and equipment, net 73,100 74,500
Security deposits and other assets 29,000 29,000
Total assets 645,000 341,600
Current liabilities:    
Accounts payable 2,562,800 1,750,800
Accrued expenses 630,200 657,300
Notes payable and accrued interest 970,600 646,800
Notes payable and accrued interest to related parties 214,700 175,100
Capital lease obligations 7,200 10,500
Deferred revenues    13,200
Total current liabilities. 4,385,500 3,253,700
Non-current liabilities:    
Notes payable, net of discount of $211,200 at June 30, 2012 and $288,900 at March 31, 2012 2,375,000 2,620,000
Notes payable to related parties, net of discount of $21,100 at June 30, 2012 and $24,300 at March 31, 2012 69,500 100,800
Convertible promissory notes, net of discount of $489,500 at June 30, 2012 and $499,300 at March 31, 2012 10,500 700
Accrued interest on convertible promissory notes. 20,200 5,300
Accrued officers' compensation 57,000 57,000
Capital lease obligations. 11,800 9,700
Total non-current liabilities 2,544,000 2,793,500
Total liabilities 6,929,500 6,047,200
Stockholders' deficit:    
Preferred stock, $0.001 par value; 10,000,000 shares authorized at June 30, 2012 and March 31, 2012; 437,055 Series A shares issued and outstanding at June 30, 2012 and March 31, 2012 400 400
Common stock, $0.001 par value; 200,000,000 shares authorized at June 30, 2012 and March 31, 2012; 19,643,821 and 18,704,267 shares issued at June 30, 2012 and March 31, 2012, respectively 19,600 18,700
Additional paid-in capital 53,785,600 52,539,500
Treasury stock, at cost, 2,083,858 shares of common stock held at June 30, 2012 and March 31, 2012 (3,231,700) (3,231,700)
Notes receivable from sale of common stock (250,000) (250,000)
Deficit accumulated during development stage (56,608,400) (54,782,500)
Total stockholders' deficit (6,284,500) (5,705,600)
Total liabilities and stockholders' deficit $ 645,000 $ 341,600