Annual report pursuant to section 13 and 15(d)

Statements of Operations

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Statements of Operations (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Revenues:    
Products and services $ 417,468 $ 319,550
Royalties 100,000 100,000
Grants 1,374,956 707,357
Total revenue 1,892,424 1,126,907
Cost of revenues:    
Products and services 716,175 413,910
Grant research and development costs 1,430,798 709,954
Total cost of revenue 2,146,973 1,123,864
Gross profit (loss) (254,549) 3,043
Operating expenses:    
General and administrative 2,139,036 1,769,857
Research and development 1,212,298 1,050,157
Sales and marketing 457,292 221,336
Total operating expenses 3,808,626 3,041,350
Loss from operations (4,063,175) (3,038,307)
Interest expense, net (including amortization of debt discount of$5,318,257 and $1,472,904 for the years ended December 31, 2013 and2012, respectively) 5,488,523 1,608,912
Net loss $ (9,551,698) $ (4,647,219)
Net loss per share - basic and fully diluted (in dollars per share) $ (4.90) $ (3.17)
Weighted average number of shares outstanding - basic and fully diluted (in shares) 1,950,171 1,465,755