Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY

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CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY (USD $)
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Total
Balance at Dec. 31, 2010 $ 101,261 $ 122,057,171 $ (116,441,957) $ 5,716,475
Balance (in Shares) at Dec. 31, 2010 101,258,725      
Shares issued to directors and management, value 770 116,230   117,000
Shares issued to directors and management, shares 769,709      
Shares issued to directors for consulting fees, value 177 24,823   25,000
Shares issued to directors for consulting fees, shares 177,083      
Shares issued on conversion of preferred stock, value 2,144 372,856   375,000
Shares issued on conversion of preferred stock, shares 2,143,990      
Stock-based compensation expense related to employee stock options   26,887   26,887
Warrants issued with redeemable convertible preferred stock   427,895   427,895
Beneficial conversion feature of redeemable convertible preferred stock   427,895   427,895
Retirement of derivative liability related to warrant obligation   1,729,299   1,729,299
Accretion of redeemable preferred stock discount   (440,019)   (440,019)
Accretion of redeemable preferred stock dividend   (259,876)   (259,876)
Net income (loss)     (1,902,239) (1,902,239)
Balance at Dec. 31, 2011 104,352 124,483,161 (118,344,196) 6,243,317
Balance (in Shares) at Dec. 31, 2011 104,349,507      
Shares issued to directors and management, value 637 101,363   102,000
Shares issued to directors and management, shares 638,104      
Shares issued to preferred shareholders for warrants exercised, shares 3,115,390      
Shares issued to preferred shareholders for warrants exercised, value 3,116 401,884   405,000
Stock-based compensation expense related to employee stock options   99,643   99,643
Warrants issued with redeemable convertible preferred stock         
Beneficial conversion feature of redeemable convertible preferred stock         
Retirement of derivative liability related to warrant obligation         
Accretion of redeemable preferred stock discount   (625,574)   (625,574)
Accretion of redeemable preferred stock dividend   (272,064)   (272,064)
Net income (loss)     390,080 390,080
Balance at Dec. 31, 2012 $ 108,103 $ 124,188,415 $ (117,954,116) $ 6,342,402
Balance (in Shares) at Dec. 31, 2012 108,103,001