Quarterly report pursuant to sections 13 or 15(d)

CONDENSED BALANCE SHEETS

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CONDENSED BALANCE SHEETS (USD $)
Mar. 31, 2014
Dec. 31, 2013
Current assets:    
Cash and cash equivalents $ 730,279 $ 1,953,780
Prepaid expenses and other current assets 319,779 127,197
Total current assets 1,050,058 2,080,977
Property and equipment, net 193,138 189,612
Deferred offering costs 336,977 88,319
Other assets 6,959 6,959
Total assets 1,587,132 2,365,867
Current liabilities:    
Accounts payable 752,300 361,038
Accrued expenses 379,487 243,623
Convertible promissory notes, net 1,750,037 829,298
Derivative liabilities 34,268,000 6,277,000
Total current liabilities 37,149,824 7,710,959
Deposit to purchase common stock 300,000 0
Total liabilities 37,449,824 7,710,959
Commitments and contingencies      
Stockholders’ deficit    
Preferred Stock, $0.00001 par value, 10,000,000 and 0 shares authorized at March 31, 2014 and December 31, 2013, respectively; no shares issued or outstanding. 0 0
Common Stock, $0.00001 par value, 50,000,000 and 40,000,000 shares authorized at March 31, 2014 and December 31, 2013, respectively; 2,708,217 shares issued and outstanding at March 31, 2014 and December 31, 2013. 27 27
Additional paid-in capital 689,372 197,249
Deficit accumulated during the development stage (36,552,091) (5,542,368)
Total stockholders’ deficit (35,862,692) (5,345,092)
Total liabilities and stockholders’ deficit $ 1,587,132 $ 2,365,867