Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 42 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Cash flows from operating activities      
Net loss $ (1,941,563) $ (4,520,051) $ (11,940,994)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock based compensation       3,487,400
Stock issued for services    125,000 763,023
Amortization of license fees 2,941 2,941 20,588
Depreciation expense 227,157 7,706 243,945
Impaiment of fixed assets 400,000    400,000
Impairment of goodwill    3,555,304 3,555,304
Change in assets and liabilities      
Increase in accounts receivable 206,545      
Decrease in inventory 30,622      
Increase in prepaid expenses and other assets (120,696) 1,297 (195,073)
Increase in accounts payable and accrued liabilities (176,055) 468,632 679,939
Increase in accounts payable attributable to discontinued operations 968 8,770 (146,333)
Net cash used in operating activities (1,370,081) (350,401) (3,132,201)
Cash flows used in investing activities      
Purchase of license       (100,000)
Cash assumed in reverse merger    11,150 11,150
Purchase of equipment    (747,137) (1,406,358)
Net cash used in investing activities    (735,987) (1,495,208)
Cash flows from financing activities      
Net proceeds from related party advances    936,381 951,034
Proceeds from note payable       150,000
Proceeds from issuance of common stock converted to Series B preferred stock    150,000 483,500
Proceeds from issuance of convertible promissory notes 1,378,459    1,378,459
Proceeds from the issuance of common stock, net 213,500 1,362 1,986,007
Net cash provided by financing activities 1,591,959 1,087,743 4,949,000
Net increase in cash and cash equivalents 221,878 1,355 321,591
Cash and cash equivalents - beginning of period 99,713 7,310   
Cash and cash equivalents - end of period 321,591 8,665 321,591
SUPPLEMENTAL CASH FLOW INFORMATION:      
Cash paid during the period for - Interest 4,550    7,237
Cash paid during the period for - Taxes         
SUPPLEMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS      
Stock issued for services    741,072 169,421