Quarterly report pursuant to Section 13 or 15(d)

Balance Sheets

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Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
Current Assets:    
Cash and cash equivalents $ 450,059 $ 712,648
Receivables 11,494 12,877
Inventory 12,100 12,100
Prepaid expense 17,719 17,787
Security Deposit 15,000 15,000
Trading securities 133,392 268,163
Available-for-sale securities 306,130 226,160
Total Current Assets 945,894 1,264,735
Property and equipment:    
Equipment 105,383 97,594
Furniture & Fixtures 3,964 3,964
Leasehold improvements 274,637 274,637
Less accumulated depreciation (73,042) (35,347)
Total Property & Equipment 310,942 340,848
TOTAL ASSETS 1,256,836 1,605,583
Current Liabilities:    
Accounts payable and accrued liabilities 155,185 180,723
Related party accounts payable 0 8,784
Short-term notes payable 172,870 172,870
Related party notes payable 2,490,505 2,628,964
Convertible debentures 2,043,702 2,043,702
Total Current Liabilities 4,862,262 5,035,043
Total Liabilities 4,862,262 5,035,043
Common stock 10,658 10,658
Additional paid-in capital 13,570,485 13,570,485
Unrealized gain (loss) on available-for-sale securities 103,130 112,660
Retained deficit (17,289,701) (17,123,265)
Total Stockholders’ Deficit (3,605,426) (3,429,460)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) 1,256,836 1,605,583
Series E Preferred Stock
   
Current Liabilities:    
Preferred stock $ 2 $ 2