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EX-32.1 - EXHIBIT 32.1 - NANOVIRICIDES, INC.v360486_ex32-1.htm
EX-31.2 - EXHIBIT 31.2 - NANOVIRICIDES, INC.v360486_ex31-2.htm
EX-31.1 - EXHIBIT 31.1 - NANOVIRICIDES, INC.v360486_ex31-1.htm
EX-32.2 - EXHIBIT 32.2 - NANOVIRICIDES, INC.v360486_ex32-2.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934.

 

For the quarterly period ended September 30, 2013

 

Commission File Number: 333-148471

 

NANOVIRICIDES, INC.

 

(Exact name of Company as specified in its charter)

 

NEVADA   76-0674577
(State or other jurisdiction)   (IRS Employer Identification No.)
of incorporation or organization)    

 

135 Wood Street, Suite 205

West Haven, Connecticut 06516

(Address of principal executive offices and zip code)

 

(203) 937-6137

(Company’s telephone number, including area code)

 

Indicate by check mark whether the Company (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   x    No   ¨

 

Indicate by check mark whether the Company has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Company was required to submit and post such files). Yes x   No ¨

 

Indicate by check mark whether the Company is a larger accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one)

 

Large accelerated filer ¨ Accelerated filer ¨
Non-accelerated filer x Smaller reporting company ¨

 

Indicate by check mark whether the Company is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨    No x

 

The number of shares outstanding of the Company's Common Stock as of November 14, 2013 was: 50,028,701.

 

 
 

 

NanoViricides, Inc.

FORM 10-Q

INDEX

 

PART I FINANCIAL INFORMATION  
   
Item 1. Financial Statements  
   
Balance Sheets at September 30, 2013 (Unaudited) and June 30, 2013 3
   
Statements of Operations for the Three Months Ended September 30, 2013 and 2012 and for the Period from May 12, 2005 (Inception) through September 30, 2013 (Unaudited) 4
   
Statements of Cash Flows for the Three Months Ended September 30, 2013 and 2012 and for the Period from May 12, 2005 (Inception) through September 30, 2013 (Unaudited) 5
   
Statement of Stockholders’ Equity 7
   
Notes to the Financial Statements (Unaudited) 8
   
Item 2.   Management's Discussion and Analysis of Financial Condition and Results of Operations 28
   
Item 3.   Quantitative and Qualitative Disclosures About Market Risk 32
   
Item 4.   Controls and Procedures 33
   
PART II OTHER INFORMATION  
   
Item 1.   Legal Proceedings 35
   
Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds 36
   
Item 3.   Defaults Upon Senior Securities 37
   
Item 4.   Mine Safety Disclosures 37
   
Item 5.   Other Information 37
   
Item 6.   Exhibits and Reports on Form 8-K 37
   
Signatures 38
   
Certifications  

 

2
 

 

Nanoviricides, Inc.

 

(A Development Stage Company)

Balance Sheets

 

   September 30, 2013   June 30, 2013 
   (Unaudited)     
         
ASSETS          
CURRENT ASSETS:          
Cash and cash equivalents  $19,200,882   $13,923,245 
Prepaid expenses   805,145    598,380 
Other current assets   -    - 
           
Total Current Assets   20,006,027    14,521,625 
           
PROPERTY AND EQUIPMENT          
Property and equipment   3,779,636    1,505,648 
Accumulated depreciation   (1,089,471)   (1,036,752)
           
Property and equipment, net   2,690,165    468,896 
           
TRADEMARK          
Trademark   458,954    458,954 
Accumulated amortization   (44,114)   (41,921)
           
Trademark, net   414,840    417,033 
           
SECURITY DEPOSIT   2,000,000    1,000,000 
           
Total Assets  $25,111,032   $16,407,554 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
CURRENT LIABILITIES:          
Accounts payable  $408,058   $263,258 
Accounts payable – related parties   1,139,825    710,567 
Accrued expenses   319,612    204,359 
           
Total Current Liabilities   1,867,495    1,178,184 
           
Debentures payable   3,603,554    3,468,073 
Derivative liability   7,888,736    3,751,645 
           
Total Long Term Liabilities   11,492,290    7,219,718 
           
Total Liabilities   13,359,785    8,397,902 
           
COMMITMENTS AND CONTINGENCIES          
           
STOCKHOLDERS' EQUITY:          
Series A Convertible Preferred stock, $0.001 par value, 2,990,000 shares designated, 2,990,000  shares issued and outstanding   2,990    2,990 
Series B Convertible Preferred stock, $0.001 par value, 10,000,000 shares designated, 0,  and 0 shares issued and outstanding, respectively   -    - 
Series C Convertible Preferred stock, $0.001 par value, 10,000,000 shares designated, 0 and 0 shares issued and outstanding, respectively   -    - 
Common stock, $0.001 par value; 85,714,285 shares authorized; 50,028,701 and 47,026,173 shares issued and outstanding, respectively   50,029    47,026 
Additional paid-in capital   56,270,792    46,259,420 
Deficit accumulated during the development stage   (44,572,564)   (38,299,784)
           
Total Stockholders' Equity   11,751,247    8,009,652 
           
Total Liabilities and Stockholders' Equity  $25,111,032   $16,407,554 

 

See accompanying notes to the financial statements

 

F-3
 

 

Nanoviricides, Inc.

 

(A Development Stage Company)

Statements of Operations

(Unaudited)

 

           For the Period from 
   For the Three Months   For the Three Months   May 12, 2005 
   Ended   Ended   (inception) through 
   September 30, 2013   September 30, 2012   September 30, 2013 
   (Unaudited)   (Unaudited)   (Unaudited) 
             
OPERATING EXPENSES               
Research and development  $1,174,221   $1,209,818   $23,978,281 
Refund credit research and development costs   -    -    (420,842)
General and administrative   714,561    381,167    13,729,409 
                
Total operating expenses   1,888,782    1,590,985    37,286,848 
                
LOSS FROM OPERATIONS   (1,888,782)   (1,590,985)   (37,286,848)
                
OTHER INCOME (EXPENSE):               
Interest income, net   9,560    33,303    277,258 
Interest expense   (120,986)   -    (298,024)
Discount on convertible debentures   (135,481)   -    (1,123,914)
Beneficial conversion feature of convertible debentures   -    -    (713,079)
Change in fair market value of derivatives   (4,137,091)   (246,273)   (5,427,957)
                
Other income (expense), net   (4,383,998)   (212,970)   (7,285,716)
                
LOSS BEFORE INCOME TAXES   (6,272,780)   (1,803,955)   (44,572,564)
                
INCOME TAX PROVISION   -    -    - 
                
NET LOSS  $(6,272,780)  $(1,803,955)  $(44,572,564)
                
NET LOSS PER COMMON SHARE               
- BASIC AND DILUTED:  $(0.13)  $(0.04)     
                
Weighted average common shares outstanding               
- basic and diluted   47,672,029    41,305,842      

 

See accompanying notes to the financial statements

 

F-4
 

 

NanoViricides, Inc.

(A Development Stage Company)

Statement of Stockholders' Equity

For the Fiscal Year Ended June 30, 2013, 2012 and 2011

 

                                           Deficit     
                                           Accumulated     
   Series A Preferred Stock: Par $0.001   Series B Preferred Stock: Par $0.001   Series C Preferred Stock: Par $0.001   Common Stock: Par $0.001   Additional   Stock   During the   Total 
   Number of       Number of       Number of       Number of       Paid-in   Subscription   Development   Stockholders' 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Receivable   Stage   Equity 
                                                 
Please refer to Form 10K for the fisacal year ended June 30, 2011 filed with SEC on October 13, 2011 for equity transactions occurred prior to June 30, 2009
                                                             
Balance, June 30, 2009   -   $-    -   $-        $    125,299,457   $125,299   $14,455,778   $(100,000)  $(11,995,535)  $2,485,542 
                                                             
Collection of stock subscription receivable                                                100,000         100,000 
Common shares issued for consulting and legal services valued at $ .66 per share, July 31, 2009                                 7,576    8    4,992              5,000 
Common shares issued for consulting services valued at $.66 per share, July 31, 2009                                 8,485    8    5,592              5,600 
Warrants issued to Scientific Advisory Board, August 15, 2009                                           41,400              41,400 
Common shares issued for consulting and legal services valued at $ .86 per share, August 31, 2009                                 6,512    7    4,993              5,000 
Common shares issued for consulting services valued at $.86 per share, August 31, 2009                                 5,814    6    5,594              5,600 
Common shares issued for consulting services valued at $ .89 per share, September 30, 2009                                 6,292    6    5,594              5,600 
Common shares issued for consulting and legal services valued at $ .89 per share, September 30, 2009                                 5,618    6    4,994              5,000 
Payment of Finder's Fee                                           (5,250)             (5,250)
Common shares and warrants issued in connection with private placement of common stock, September 30, 2009                                 2,675,000    2,675    1,334,825              1,337,500 
Common shares and warrants issued in connection with warrant conversion, September 30, 2009                                 3,759,800    3,760    1,876,140              1,879,900 
Common shares issued for consulting and legal services valued at $ .57 per share, October 1, 2009                                 35,088    35    19,965              20,000 
Common shares issued for Legal services valued at $56.50 per share, October 26, 2009                                 12,500    13    7,050              7,063 
Warrants issued for commissions, October 26, 2009                                           3,570              3,570 
Common shares issued for consulting and legal services valued at $ .73 per share, October 31, 2009                                 6,859    7    4,993              5,000 
Common shares issued for consulting services valued at $.73 per share, October 31, 2009                                 7,682    8    5,592              5,600 
Common shares issued upon conversion of Warrants, November 10, 2009                                 10,000    10    1,430              1,440 
Warrants issued to Scientific Advisory Board, November 15, 2009                                           39,600              39,600 
Common shares issued in payment of accounts payable, November 25, 2009                                 32,500    33    25,167              25,200 
Common shares issued for consulting and legal services valued at $ .86 per share, November 30, 2009                                 5,814    6    4,994              5,000 
Common shares issued for consulting services valued at $.86 per share, November 30, 2009                                 9,767    10    8,390              8,400 
Common shares issued for consulting services valued at $ .85 per share, December 31, 2009                           9,917    10    8,390            8,400 
Common shares issued for consulting and legal services valued at $ .85 per share, December 31, 2009                                 5,903    6    4,994              5,000 
Common shares issued for consulting and legal services valued at $1.043 per share, January 31, 2010                                 4,794    5    4,995              5,000 
Warrants issued to Scientific Advisory Board, February 15, 2010                                           40,200              40,200 
Series A Preferred Shares issued for TheraCour license valued at $.001 par value, February 15, 2010   7,000,000    7,000                                                 7,000 
Common shares issued for consulting services valued at $1.096 per share, February 28, 2010                                 4,562    5    4,995              5,000 
Common shares issued for employee stock compensation valued at $1.25 per share, March 3, 2010                                 125,000    125    156,125              156,250 
Common shares issued for employee stock compensation valued at $1.25 per share, March 3, 2010                                 125,000    125    156,125              156,250 
Series A Preferred Shares issued for employee stock compensation, March 3, 2010   250,000    250                                  513,573              513,823 
Series A Preferred Shares issued for employee stock compensation, March 3, 2010   250,000    250                                  513,573              513,823 
Series A Preferred Shares issued for employee stock compensation, March 3, 2010   93,750    94                                  192,590              192,684 
Common shares issued for consulting and legal servies valued at $1.25 per share, March 3, 2010                                 1,000    1    1,249              1,250 
Common shares issued for consulting services valued at $1.417 per share, March 31, 2010                                 3,529    4    4,996              5,000 
Common shares issued in lieu of payment of accounts payable - All Sciences                                 39,625    40    31,660              31,700 
                                                             
Common shares issued for consulting and legal services valued at $2.087 per share, April 30, 2010                                 2,396    2    4,998              5,000 
Series B Preferred Shares issued to SeaSide 88, LP, May 12, 2010             500,000    500                        4,999,500              5,000,000 
Placement Agents Fees related to sale of Convertible Preferred shares, May 12, 2010                                           (400,000)             (400,000)
Legal  Fees related to Sale of Convertible Preferred Stock, May 12, 2010                                           (50,000)             (50,000)
Derivative Liability - Issuance of Series B Preferred Shares                                           (1,787,379)             (1,787,379)
Common shares issued for conversion of Series B Preferred Shares at $1.88 per share, May 12, 2010                                 319,331    319                   319 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 12, 2010             (60,000)   (60)                                      (60)
Derivative Liability - Retirement of Series B Preferred Shares, May 12, 2010                                           128,053              128,053 
Warrants issued to Scientific Advisory Board, May 15, 2010                                           82,800              82,800 
Common shares issued for conversion of Series B Preferred Shares at $1.51 per share, May 26, 2010                                 398,189    398                   398 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 26, 2010             (60,000)   (60)                                      (60)
Dividend paid to Seaside 88, LP, May 26, 2010                                           (16,877)             (16,877)
Common shares issued as Dividend to Seaside 88, LP at $1.64, May 26, 2010                                 10,300    10    16,867              16,877 
Derivative Liability - Retirement of Series B Preferred Shares, May 26, 2010                                           151,852              151,852 
Common shares issued for consulting and legal services valued at $2.083 per share, May 31, 2010                                 2,400    2    4,998              5,000 
Common shares issued for conversion of warrants to Common Stock at $1.00 per share, June 9, 2010                           195,000    195    194,805            195,000 
Common shares issued for conversion of Series B Preferred Shares at $1.41 per share, June 9, 2010                                 426,721    427                   427 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, June 9, 2010             (60,000)   (60)                                      (60)
Dividend paid to Seaside 88, LP, June 9, 2010                                           (14,575)             (14,575)
Common shares issued as Dividend to Seaside 88, LP at $1.41, June 9, 2010                                 10,366    10    14,565              14,575 
Derivative Liability - Retirement of Series B Preferred Shares, June 9, 2010                                           149,364              149,364 
Common shares issued for consulting and legal services valued at $1.77 per share, June 9, 2010                                 11,300    11    19,989              20,000 
Common shares issued for consulting and legal services valued at $1.77 per share, June 9, 2010                                 2,000    2    3,538              3,540 
Common shares issued for conversion of Series B Preferred Shares at $1.59 per share, June 23, 2010                                 377,905    378                   378 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, June 23, 2010             (60,000)   (60)                                      (60)
Dividend paid to Seaside 88, LP, June 23, 2010                                           (12,274)             (12,274)
Common shares issued as Dividend to Seaside 88, LP at $1.59, June 23, 2010                                 7,731    7    12,268              12,275 
Derivative Liability - Retirement of Series B Preferred Shares, June 23, 2010                                           120,254              120,254 
Common shares issued for consulting and legal services valued at $1.043 per share, June 30, 2010                                 2,738    2    4,998              5,000 
                                                             
Net loss                                                     (4,744,208)   (4,744,208)
                                                             
Balance, June 30, 2010   7,593,750    7,594    260,000    260              133,980,471    133,981    23,116,612    -    (16,739,743)   6,518,704 
                                                             
Common shares issued for conversion of Series B Preferred Shares at $1.51 per share, July 7, 2010                                 397,088    397                   397 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, July 7, 2010             (60,000)   (60)                                      (60)
Dividend paid to Seaside 88, LP, July 7, 2010                                           (9,973)             (9,973)
Common shares issued as dividend to Seaside 88, LP at $1.65 per share, July 7, 2010                                 6,061    6    9,967              9,973 
Derivative liability - retirement of Series B Preferred Shares, July 7, 2010                                           116,715              116,715 
Common shares issued for conversion of Series B Preferred Shares at $1.30 per share, July 21, 2010                                 463,177    463                   463 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, July 21, 2010             (60,000)   (60)                                      (60)
Dividend paid to Seaside 88, LP, July 21, 2010                                           (7,671)             (7,671)
Common shares issued as dividend to Seaside 88, LP at $1.32 per share, July 21, 2010                                 5,794    6    7,665              7,671 
Derivative liability - retirement of Series B Preferred Shares, July 21, 2010                                           113,700              113,700 
Common shares issued for consulting and legal services valued at $2.087 per share, July 31, 2010                                 3,086    3    4,997              5,000 
Common shares issued for conversion of Series B Preferred Shares at $1.14 per share, August 4, 2010                                 526,916    527                   527 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 4, 2010             (60,000)   (60)                                      (60)
Dividend paid to Seaside 88, LP, August 4, 2010                                   (5,370)           (5,370)
Common shares issued as dividend to Seaside 88, LP, at $1.14 per share, August 4, 2010                                 4,716    5    5,365              5,370 
Derivative liability - retirement of Series B Preferred Shares, August 4, 2010                                           104,480              104,480 
Warrants issued to Scientific Advisory Board, August 15, 2010                                           45,000              45,000 
Common shares issued in conversion of Series B Preferred Shares at $0.99 per share, August 18, 2010                                 606,367    606                   606 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 18, 2010             (60,000)   (60)                                      (60)
Dividend paid to Seaside 88, LP, August 18, 2010                                           (3,068)             (3,068)
Common shares issued as dividend to Seaside 88, LP at $0.99 per share, August 18, 2010                                 3,101    3    3,065              3,068 
Derivative liability - retirement of Series B Preferred Shares, August 18, 2010                                           104,795              104,795 
Common shares issued for consulting and legal services valued at $1.24 per share, August 31, 2010                                 4,032    4    4,996              5,000 
Common shares issued for conversion of Series B Preferred Shares at $0.93 per share, September 1, 2010                                 215,332    215                   215 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, September 1, 2010             (20,000)   (20)                                      (20)
Dividend paid to Seaside 88, LP, September 1, 2010                                           (767)             (767)
Common shares issued as dividend to Seaside 88, LP at $1.00 per share, September 1, 2010                                 766    1    766              767 
Derivative liability - retirement of Series B Preferred Shares, September 1, 2010                                           34,841              34,841 
Series B Preferred Shares issued to SeaSide 88, LP,  September 21, 2010             250,000    250                        2,499,750              2,500,000 
Placement Agents fees related to sale of Convertible Preferred shares, September 21, 2010                                           (195,000)             (195,000)
Legal fees related to sale of Convertible Preferred Stock, September 21, 2010                                           (10,000)             (10,000)
Derivative liability - issuance of Series B Preferred Shares                                           (328,086)             (328,086)
Common shares issued for conversion of Series B Preferred Shares at $0.93 per share, September 21, 2010                                 430,015    430                   430 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, September 21, 2010             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, September 21, 2010                                   103,012            103,012 
Common shares issued for consulting and legal services valued at $1.07 per share, September 30, 2010                                 4,673    5    4,995              5,000 
Common shares issued for conversion of Series B Preferred Shares at $0.87 per share, October 5, 2010                                 460,346    460                   460 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, October 5, 2010             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, on October 5, 2010                                           (8,055)             (8,055)
Common shares issued as dividend to Seaside 88, LP at $0.87 per share, October 5, 2010                                 9,268    9    8,046              8,055 
Derivative liability - Retirement of Series B Preferred Shares, October 5, 2010                                           103,330              103,330 
Common shares issued for conversion of Series B Preferred Shares at $0.88 per share, October 19, 2010                                 452,965    453                   453 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, October 19, 2010             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, October 19, 2010                                           (6,521)             (6,521)
Common shares issued as dividend to Seaside 88, LP at $0.88 per share, October 19, 2010                                 7,384    7    6,514              6,521 
Derivative liability - Retirement of Series B Preferred Shares, October 19, 2010                                           69,635              69,635 
Common shares issued for consulting and legal services valued at $1.03 per share, October 31, 2010                                 4,854    5    4,995              5,000 
Series A Preferred Shares issued for employee stock compensation, November 1, 2010   30,000    30                                  53,903              53,933 
Common shares issued for conversion of Series B Preferred Shares at $0.87 per share, November 2, 2010                                 461,313    461                   461 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 4, 2010             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, November 2, 2010                                           (4,986)             (4,986)
Common shares issued as dividend to Seaside 88, LP at $0.87 per share, November 2, 2010                                 5,751    6    4,980              4,986 
Derivative liability - retirement of Series B Preferred Shares, November 2, 2010                                           69,104              69,104 
Warrants issued to Scientific Advisory Board, November 15, 2010                                           55,800              55,800 
Common shares issued for conversion of Series B Preferred Shares at $1.16 per share, November 16, 2010                                 345,817    346                   346 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, November 16, 2010             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, November 16, 2010                                           (3,452)             (3,452)
Common shares issued as dividend to Seaside 88, LP at $1.16 per share, November 16, 2010                                 2,984    3    3,449              3,452 
Derivative liability - Retirement of Series B Preferred Shares, November 16, 2010                                           69,187              69,187 
Common shares issued for conversion of Series B Preferred Shares at $1.35 per share, November 30, 2010                                 310,566    311                   311 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, November 30, 2010             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, November 30, 2010                                           (1,918)             (1,918)
Common shares issued as dividend to Seaside 88, LP at $1.35 per share, November 30, 2010                                 1,417    1    1,917              1,918 
Derivative liability - Retirement of Series B Preferred Shares, November 30, 2010                                           69,449              69,449 
Common shares issued for consulting and legal services valued at $1.46 per share, November 30, 2010                                 3,425    3    4,997              5,000 
Common shares issued for conversion of warrants to Common Stock at $1.00 per share, December 10, 2010                                 25,000    25    24,975              25,000 
Common shares issued as compensation pursuant to S-8 at $1.28 per share, December 10, 2010                                 50,000    50    63,950              64,000 
Common shares issued for conversion of Series B Preferred Shares at $1.10 per share, December 14, 2010                                 90,840    91                   91 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, December 14, 2010             (10,000)   (10)                                      (10)
Dividend paid to Seaside 88, LP, December 14 2010                                           (384)             (384)
Common shares issued as Dividend to Seaside 88, LP, at $1.10 per share, December 14, 2010                                 348    -    384              384 
Derivative liability - retirement of Series B Preferred Shares, December 14, 2010                                           17,438              17,438 
Series B Preferred Shares issued to SeaSide 88, LP, December 21, 2010             250,000    250                        2,499,750              2,500,000 
Placement Agents fees related to sale of Convertible Preferred shares, December 21, 2010                                   (200,000)           (200,000)
Common shares issued for consulting and legal services valued at $1.32 per share, December 31, 2010                                 4,545    5    5,995              6,000 
Adjustment                                      33                   33 
Common shares issued for conversion of Series B Preferred Shares at $1.16 per share, January 3, 2011                                 343,796    344                   344 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, January 3, 2011             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, January 3, 2011                                           (8,904)             (8,904)
Common shares issued as dividend to Seaside 88, LP at $1.16 per share, January 3, 2011                                 7,653    8    8,896              8,904 
Derivative liability - retirement of Series B Preferred Shares, January 3, 2011                                           73,532              73,532 
Common shares issued for conversion of Series B Preferred Shares at $1.26 per share, January 17, 2011                                 317,965    318                   318 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, January 17, 2011             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, January 17, 2011                                           (8,055)             (8,055)
Common shares issued as dividend to Seaside 88, LP at $1.26 per share, January 17, 2011                                 6,403    6    8,049              8,055 
Derivative liability - retirement of Series B Preferred Shares, January 17, 2011                                           70,882              70,882 
Common shares issued for conversion of Series B Preferred Shares at $1.12 per share, January 31, 2011                                 356,422    356                   356 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, January 31, 2011             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, January 31, 2011                                           (6,521)             (6,521)
Common shares issued as dividend to Seaside 88, LP at $1.24 per share, January 31, 2011                                 5,271    5    6,516              6,521 
Derivative liability - retirement ofSeries B Preferred Shares, January 31, 2011                                           72,432              72,432 
Common shares issued for consulting and legal services valued at $1.47 per share, January 31, 2011                                 4,087    4    5,996              6,000 
Common shares issued for conversion of warrants at $1.00 per share, February 4, 2011                                 25,000    25    24,975              25,000 
Common shares issued for conversion of Series B Preferred Shares at $1.08 per share, February 14, 2011                                 370,017    370                   370 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, February 14, 2011             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, February 14, 2011                                           (4,986)             (4,986)
Common shares issued as dividend to Seaside 88, LP, at $1.08 per share, February 14, 2011                                 4,613    5    4,981              4,986 
Derivative liability - retirement of Series B Preferred Shares, February 14, 2011                                           71,699              71,699 
Warrants issued to Scientific Advisory Board, Feburary 15, 2011                                           54,000              54,000 
Common shares issued for conversion of Series B Preferred Shares at $0.99 per share, February 28, 2011                                 405,610    406                   406 
Derivative liability - retirement of Series B Preferred Shares, February 28, 2011                                           71,490              71,490 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, February 28, 2011             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, February 28, 2011                                           (3,452)             (3,452)
Common shares issued as dividend to Seaside 88, LP at $0.99 per shares, February 28, 2011                                 3,500    4    3,448              3,452 
Common shares issued for consulting and legal services valued at $1.22 per share, February 28, 2011                                 4,902    5    5,995              6,000 
Common shares issued for employee stock compensation  at $1.32 per share, March 3, 2011                                 250,000    250    316,000              316,250 
Series A Preferred Shares issued for employee stock compensation, March 3, 2011   593,750    594                            1,364,036           1,364,630 
Common shares issued for conversion of Series B Preferred Shares at $1.09 per share, March 14, 2011                                 367,274    367                   367 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, March 14, 2011             (40,000)   (40)                                      (40)
Dividend paid to Seaside 88, LP, March 14, 2011                                           (1,918)             (1,918)
Common shares issued as Dividend to Seaside 88, LP at $1.09 per shares, March 14, 2011                                 1,761    2    1,916              1,918 
Derivative Liability - Retirement of Series B Preferred Shares, March 14, 2011                                           70,566              70,566 
Common shares issued for conversion of Series B Preferred Shares at $1.11 per share, March 28, 2011                                 89,986    90                   90 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, March 28, 2011             (10,000)   (10)                                      (10)
Dividend paid to Seaside 88, LP, March 28, 2011                                           (384)             (384)
Common shares issued as dividend to Seaside 88, LP, at $1.11 per share, March 28, 2011                                 345    -    384              384 
Derivative liability - retirement of Series B Preferred Shares, March 28, 2011                                           17,525              17,525 
Common shares issued for consulting and legal services valued at $1.28 per share, March 31, 2011                                 4,680    5    5,995              6,000 
Common shares issued for conversion of warrants to common stock at $1.00 per share, April 10, 2011                                 10,000    10    9,990              10,000 
Series B Preferred Shares issued to SeaSide 88, LP, April 18, 2011             250,000    250                        2,499,750              2,500,000 
Placement Agents fees related to sale of Convertible Preferred shares, April 18, 2011                                           (160,000)             (160,000)
Legal  fees related to Sale of Convertible Preferred Stock, April 18, 2011                                           (25,000)             (25,000)
Derivative liability - issuance of Series B Preferred Shares                                           (429,725)             (429,725)
Common shares issued for conversion of Series B Preferred Shares at $1.28 per share, April 18, 2011                                 312,163    312    (272)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, April 18, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, April 18, 2011                                           68,756              68,756 
Common shares issued for consulting and legal services valued at $1.47 per share, April 30, 2011                                 4,087    4    5,996              6,000 
Common shares issued for conversion of Series B Preferred Shares at $1.18 per share, May 2, 2011                                 339,726    340    (300)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 2, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, May 2, 2011                                           68,941              68,941 
Dividend paid to Seaside 88, LP, May 2, 2011                                           (8,055)             (8,055)
Common shares issued as dividend to Seaside 88, LP at $1.18 per shares, May 2, 2011                                 6,841    7    8,048              8,055 
Warrants issued to Scientific Advisory Board, May 15, 2011                                           50,400              50,400 
Common shares issued for conversion of Series B Preferred Shares at $1.19 per share, May 16, 2011                                 336,501    337    (297)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 16, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, May 16, 2011                                           69,194              69,194 
Dividend paid to Seaside 88, LP, May 16, 2011                                           (6,521)             (6,521)
Common shares issued as dividend to Seaside 88, LP at $1.20 per shares, May 16, 2011                                 5,438    5    6,516              6,521 
Common shares issued for conversion of Series B Preferred Shares at $1.23 per share, May 30, 2011                           326,480    326    (286)           40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, May 30, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, May 30, 2011                                           69,464              69,464 
Dividend paid to Seaside 88, LP, May 30, 2011                                           (4,986)             (4,986)
Common shares issued as Dividend to Seaside 88, LP at $1.23 per share, May 30, 2011                                 4,070    4    4,982              4,986 
Common shares issued for consulting and legal services valued at $1.47 per share, May 31, 2011                                 4,087    4    5,996              6,000 
Common shares issued for conversion of Series B Preferred Shares at $1.18 per share, June 13, 2011                                 339,971    340    (300)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, June 13, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, June 13, 2011                                           69,727              69,727 
Dividend paid to Seaside 88, LP, June 13, 2011                                           (3,452)             (3,452)
Common shares issued as Dividend to Seaside 88, LP at $1.18 per share, June 13, 2011                                 2,934    3    3,449              3,452 
Common shares issued for conversion of Series B Preferred Shares at $1.02 per share, June 27, 2011                                 391,850    392    (352)             40 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, June 27, 2011             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Series B Preferred Share, June 27, 2011                                           69,973              69,973 
Dividend paid to Seaside 88, LP, June 27, 2011                                           (1,918)             (1,918)
Common shares issued as Dividend to Seaside 88, LP at $1.10 per share, June 27, 2011                                 1,741    2    1,916              1,918 
Common shares issued for consulting and legal services valued at $1.22 per share, June 30, 2011                                 4,902    5    5,995              6,000 
                                                             
Net loss                                                     (6,477,165)   (6,477,165)
                                                             
Balance, June 30, 2011   8,217,500    8,218    10,000    10    -    -    143,548,494    143,582    33,235,990    -    (23,216,908)   10,170,891 
                                                             
Common shares issued for conversion of Series B Preferred Shares at $1.11 per share, July 11, 2011                                 89,986    90                   90 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, July 11, 2011             (10,000)   (10)                                      (10)
Derivative liability - retirement of Series B Preferred Shares, July 11, 2011                                           17,881              17,881 
Dividend to Seaside 88, LP, paid on July 11, 2011                                           (381)             (381)
Common shares issued as dividend to Seaside 88, LP at $1.18 per share, July 11, 2011                                 345    -    381              381 
Series B Preferred Shares issued to SeaSide 88, LP, on July 26, 2011             250,000    250                        2,499,750              2,500,000 
Placement Agents fees related to sale of Convertible Preferred shares, July 26, 2011                                           (150,000)             (150,000)
Derivative liability - issuance of Series B Preferred Shares                                           (429,768)             (429,768)
Legal  Fees related to Sale of Convertible Preferred Stock, July 26, 2011                                           (6,250)             (6,250)
Common shares issued in conversion of Series B Preferred Shares to common stock at $1.18 per share, July 26, 2011                                 377,800    378                   378 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, July 26, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, July 26, 2011                                   68,425            68,425 
Common shares issued for consulting and legal services valued at $1.26 per share, July 31, 2011                                 4,762    5    5,995              6,000 
Warrants issued to Scientific Advisory Board, August 15, 2011                                           56,400              56,400 
Common shares issued for conversion of Series B Preferred Shares at $0.92 per share, August 8, 2011                                 437,187    437                   437 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 8, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, August 8, 2011                                           69,193              69,193 
Dividend to Seaside 88, LP, paid on August 8, 2011                                           (8,055)             (8,055)
Common shares issued as Dividend to Seaside 88, LP at $0.98 per share, August 8, 2011                                 8,205    8    8,047              8,055 
Common shares issued for conversion of Series B Preferred Shares at $0.95 per share, August 23, 2011                                 419,829    420                   420 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, August 23, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, August 23, 2011                                           69,351              69,351 
Dividend paid to Seaside 88, LP, August 23, 2011                                           (6,521)             (6,521)
Common shares issued as Dividend to Seaside 88, LP at $0.95 per share, August 23, 2011                                 6,844    7    6,514              6,521 
Common shares issued for consulting and legal services valued at $1.14 per share, August 31, 2011                                 5,263    5    5,995              6,000 
Common shares issued for conversion of Series B Preferred Shares at $0.95 per share, September 6, 2011                                 422,873    423                   423 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, September 6, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Shares, September 6, 2011                                           69,887              69,887 
Dividend paid to Seaside 88, LP, September 6, 2011                                           (4,986)             (4,986)
Common shares issued as Dividend to Seaside 88, LP at $0.95 per share, September 6, 2011                                 5,264    5    4,981              4,986 
Common shares issued in conversion of Series B Preferred Shares at $0.94 per share, September 19, 2011                                 427,652    428                   428 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, September 19, 2011             (40,000)   (40)                                      (40)
Derivative liability - retirement of Series B Preferred Share, September 19, 2011                                           69,970              69,970 
Dividend to Seaside 88, LP, paid on September 19, 2011                                           (3,452)             (3,452)
Common shares issued as Dividend to Seaside 88, LP at $0.94 per share, September 19, 2011                                 3,691    3    3,449              3,452 
Common shares issued for consulting and legal services valued at $1.07 per share, September 30, 2011                                 5,607    6    5,994              6,000 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $.78 per share, .001 par value, on October 3, 2011                                 514,311    514                   514 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on October 3, 2011             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on October 3, 2011                                           69,496              69,496 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.85 on October 3, 2011                                 2,270    2    1,916              1,918 
Dividend to Seaside 88, LP, paid on October 3, 2011                                           (1,918)             (1,918)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.69 per share, .001 par value, on October 17, 2011                                 144,484    144                   144 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on October 17, 2011           (10,000)   (10)                               (10)
Derivative Liability - Retirement of Preferred Series B on October 17, 2011                                           17,790              17,790 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.75 on October 17, 2011                                 510    1    383              384 
Dividend to Seaside 88, LP, paid on October 17, 2011                                           (384)             (384)
Shares issued for consulting and legal services rendered at $0..92 per share on October 31, 2011                                 6,537    5    5,995              6,000 
Series B Preferred Shares issued to SeaSide 88, LP, $.001 par value on November 1, 2011             250,000    250                        2,499,750              2,500,000 
Placement Agents Fees related to sale of Convertible Preferred shares on November 1, 2011                                           (160,000)             (160,000)
Derivative Liability - Issuance of Preferred Series B                                           (429,804)             (429,804)
Legal  Fees related to Sale of Convertible Preferred Stock November 1, 2011                                           (25,000)             (25,000)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.78 per share, .001 par value, on November 1, 2011                                 511,787    512                   512 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on November 2, 2011             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on November 1, 2011                                           68,297              68,297 
Warrants issued to Scientific Advisory Board on November 15, 2011                                           56,400              56,400 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.69 per share, .001 par value, on November 15, 2011                                 578,595    579                   579 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on November  15, 2011             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on November 15, 2011                                           68,411              68,411 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0..73 onNovember 15, 2011                                 10,311    10    7,469              7,479 
Dividend to Seaside 88, LP, paid on November 15, 2011                                           (7,479)             (7,479)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.62 per share, .001 par value, on November 29, 2011                                 642,735    643                   643 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on November  29, 2011             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on November 29, 2011                                           68,591              68,591 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.64 on November 29, 2011                                 10,139    10    6,511              6,521 
Dividend to Seaside 88, LP, paid on November 29, 2011                                           (6,521)             (6,521)
Shares issued for consulting and legal services rendered at $0.81 per share on November 30, 2011                                 7,373    7    5,993              6,000 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.53 per share, .001 par value, on December 13, 2011                                 751,315    751                   751 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on December 13, 2011             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on December 13, 2011                                           68,753              68,753 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.57 on December 13, 2011                                 8,798    9    4,977              4,986 
Dividend to Seaside 88, LP, paid on December 13, 2011                                           (4,986)             (4,986)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.51 per share, .001 par value, on December 27, 2011                           796,785    798                798 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on December 27, 2011             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on December 27, 2011                                           68,965              68,965 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.57 on December 27, 2011                                 6,818    7    3,443              3,450 
Dividend to Seaside 88, LP, paid on December 27, 2011                                           (3,452)             (3,452)
Shares issued for consulting and legal services rendered at $0.64 per share on December 31, 2011                                 9,403    9    5,991              6,000 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $.51 per share, .001 par value, on January 10, 2012                                 788,053    788                   788 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on January 10,2012             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on January 10, 2012                                           69,222              69,222 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.51 onJanuary 10, 2012                                 3,742    4    1,914              1,918 
Dividend to Seaside 88, LP, paid on January 10, 2012                                           (1,918)             (1,918)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.48 per share, .001 par value, on January 24, 2012                                 208,546    209                   209 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on January 24, 2012             (10,000)   (10)                                      (10)
Derivative Liability - Retirement of Preferred Series B on January 24, 2012                                           69,883              69,883 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.49 on January 24, 2012                                 786         383              384 
Dividend to Seaside 88, LP, paid on January 24, 2012                                           (384)             (384)
Shares issued for consulting and legal services rendered at $0.58 per share on January 31, 2012                                 10,367    10    5,990              6,000 
Series B Preferred Shares issued to SeaSide 88, LP,  $.001 par value on February 8, 2012             250,000    250                        2,499,750              2,500,000 
Placement Agents Fees related to sale of Convertible Preferred shares on February 8, 2012                                           (150,000)             (150,000)
Derivative Liability - Issuance of Preferred Series B                                           (430,283)             (430,283)
Legal  Fees related to Sale of Convertible Preferred Stock February 8, 2012                                           (6,250)             (6,250)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.56 per share, .001 par value, on February 8, 2012                                 717,142    717                   717 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on  February 8, 2012             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on  February 8, 2012                                           68,169              68,169 
Warrants issued to Scientific Advisory Board on February 15, 2012                                           51,000              51,000 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.69 per share, .001 par value, on  February 22, 2012                                 576,062    576                   576 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on February 22, 2012             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on February 22, 2012                                           68,424              68,423 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.69 on February 22, 2012                                 11,600    12    7,467              7,479 
Dividend to Seaside 88, LP, paid on February 22, 2012                                   (7,479)           (7,479)
Shares issued for consulting and legal services rendered at $0.77 per share on February 29, 2012                                 7,767    8    5,992              6,000 
Common shares issued for employee stock compensation  at $.73 per share, March 3, 2012                                 250,000    250    181,624              181,874 
Series A Preferred Shares issued for employee stock compensation, March 3, 2012   593,750    594                                  633,814              634,408 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.64 per share, .001 par value, on March 07, 2012                                 628,289    628                   628 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on March 7, 2012             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on  March 7, 2012                                           68,602              68,602 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.64 on March 7, 2012                                 10,242    10    6,511              6,521 
Dividend to Seaside 88, LP, paid on March 7, 2012                                           (6,521)             (6,521)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.63 per share, .001 par value, on March 21, 2012                                 635,991    636                   636 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on March  21, 2012             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on March 21, 2012                                           68,862              68,862 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.64 on March 21, 2012                                 7,812    8    4,978              4,986 
Dividend to Seaside 88, LP, paid on March 21, 2012                                           (4,986)             (4,986)
Shares issued for consulting and legal services rendered at $0.78 per share on March 31, 2012                                 7,728    8    5,992              6,000 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $.61 per share, .001 par value, on April 4, 2012                                 661,496    661                   661 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on April 4, 2012             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on April 4, 2012                                           69,098              69,098 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.61 on April 4, 2012                                 5,709    6    3,446              3,452 
Dividend to Seaside 88, LP, paid on April 4, 2012                                           (3,452)             (3,452)
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.51 per share, .001 par value, on April 18, 2012                                 785,453    785                   785 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on April 18, 2012             (40,000)   (40)                                      (40)
Derivative Liability - Retirement of Preferred Series B on April 18, 2012                                           69,224              69,224 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.54 on April 18, 2012                                 3,579    4    1,914              1,918 
Dividend to Seaside 88, LP, paid on April 18, 2012                                           (1,918)             (1,918)
Shares issued for consulting and legal services rendered at $0.63 per share on April 30, 2012                                 9,547    9    5,990              5,999 
Shares issued in conversion of Series B Preferred Shares to Common Stock at $0.50 per share, .001 par value, on May 2, 2012                                 198,354    199                   199 
Retirement of Series B Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on  May 2, 2012             (10,000)   (10)                                      (10)
Derivative Liability - Retirement of Preferred Series B on  May 2, 2012                                           69,892              69,892 
Warrants issued to Scientific Advisory Board on May 15, 2012                                 47,400            47,400 
Shares issued as Dividend to Seaside 88, LP, .001 par value common stock at $0.51 on May 2, 2012                                 754    1    383              384 
Dividend to Seaside 88, LP, paid on May 2, 2012                                           (384)             (384)
Shares issued for consulting and legal services rendered at $0.67 per share on May 31, 2012                                 8,962    9    5,991              6,000 
Series C Preferred Shares issued to SeaSide 88, LP,  $.001 par value on June 28, 2012                       2,500    3              2,499,997              2,500,000 
Placement Agents Fees related to sale of Convertible Preferred shares on June 28, 2012                                           (150,000)             (150,000)
Derivative Liability - Issuance of Preferred Series C                                           (1,090,017)             (1,090,017)
Legal  Fees related to Sale of Convertible Preferred Stock June 28, 2012                                           (25,000)             (25,000)
Sharees of Series A Preferred issued for legal services rendered   10,000    10                                  3,277              3,287 
Shares issued in conversion of Series C Preferred Shares to Common Stock at $0.49 per share, .001 par value, on June 28, 2012                                 298,472    298                   298 
Retirement of Series C Preferred Shares converted into common stock by SeaSide 88, LP, .001 par value on June 28, 2012                       (147)   -                             - 
Derivative Liability - Retirement of Preferred Series C on June 28, 2012                                           63,704              63,704 
Series A Preferred Shares issued for employee stock compensation, June 28, 2012   1,050,000    1,050                                  344,122              345,172 
Shares issued for consulting and legal services rendered at $0.61 per share on June 30, 2012                                 9,867    10    5,990              6,000 
                                                             
Net loss for the year ended June 30, 2012                                                     (6,272,780)   (6,272,780)
                                                             
Balance, June 30, 2012   9,871,250   $9,872    -   $-    2,353   $3    155,612,293   $155,644   $43,108,790   $-   $(29,489,689)  $13,784,620 

 

See accompanying notes to the financial statements

 

F-5
 

 

NanoViricides, Inc.

(A Development Stage Company)

Statement of Stockholders' Equity

For the period from May 12, 2005 (inception) through September 30, 2013

 

                                           Deficit     
                                           Accumulated     
   Series A Preferred Stock: Par $0.001   Series B Preferred Stock: Par $0.001   Series C Preferred Stock: Par $0.001   Common Stock: Par $0.001   Additional   Stock   During the   Total 
   Number of       Number of       Number of       Number of       Paid-in   Subscription   Development   Stockholders' 
   Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount   Capital   Receivable   Stage   Equity 
                                                 
Common shares issued May 12, 2005 (Inception)                                 5,714    6    14    (20)        - 
Share exchange with Edot-com.com Inc., June 1, 2005                                 (5,714)   (6)   (14)   20         - 
Common shares exchanged in reverse acquisition of Edot-com.com Inc., June 1, 2005                                 22,857,143    22,857    (22,837)   (20)        - 
Common shares outstanding Edot-com.com Inc., June 1, 2005                                 5,714,286    5,714    (5,714)             - 
Options granted in connection with reverse acquisition                                 -         -              - 
                                                             
Net loss                                 -         -         (66,005)   (66,005)
                                                             
Balance, June 30, 2005   -    -    -    -    -    -    28,571,429    28,571    (28,551)   (20)   (66,005)   (66,005)
                                                             
Discount related to beneficial conversion feature of Convertible debentures, July 13, 2005                                 -         5,277              5,277 
Legal expenses related private placement of common stock, July 31, 2006                                 -         (2,175)             (2,175)
Discount related to beneficial conversion feature of Convertible debentures, July 31, 2005                                 -         5,302              5,302 
Warrants issued to Scientific Advisory Board, August 15, 2005                                 -         4,094              4,094 
Options issued to officers, September 23, 2005                                 -         87,318              87,318 
Common shares issued for consulting services valued at $.081 per share, September 30, 2005                                 657,143    657    185,643              186,300 
Common shares issued for interest on debentures, September 30, 2005                                 13,765    14    4,301              4,315 
Discount related to beneficial conversion feature of Convertible debentures, October 28, 2005                                 -         166,666              166,666 
Discount related to beneficial conversion feature of Convertible debentures, November 9, 2005                                 -         166,667              166,667 
Discount related to beneficial conversion feature of Convertible debentures, November 10, 2005                                 -         45,000              45,000 
Discount related to beneficial conversion feature of Convertible debentures, November 11, 2005                                 -         275,000              275,000 
Discount related to beneficial conversion feature of Convertible debentures, November 15, 2005                                 -         49,167              49,167 
Warrants issued to Scientific Advisory Board, November 15, 2005                                 -         25,876              25,876 
Common shares and warrants issued in connection with private placement of common stock, November 28, 2005                                 97,143    97    169,903              170,000 
Common shares and warrants issued in connection with private placement of common stock, November 29, 2005                                 85,715    86    149,914              150,000 
Common shares and warrants issued in connection with private placement of common stock, November 30, 2005                                 42,857    43    74,957              75,000 
Common shares and warrants issued in connection with private placement of common stock, December 2, 2005                                 28,571    29    49,971              50,000 
Common shares and warrants issued in connection with private placement of common stock, December 6, 2005                                 242,857    243    424,757              425,000 
Common shares issued for legal services valued at $.95 per share, December 6, 2005                                 5,714    6    18,994              19,000 
Common shares and warrants issued in connection with private placement of common stock, December 12, 2005                                 214,286    214    374,786              375,000 
Common shares and warrants issued in connection with private placement of common stock, December 13, 2005                                 14,286    14    24,986              25,000 
Common shares and warrants issued in connection with private placement of common stock, December 14, 2005                                 14,285    14    24,986              25,000 
Common shares issued in connection with debenture offering, December 15, 2005                                 14,286    14    48,986              49,000 
Common shares and warrants issued in connection with private placement of common stock, December 20, 2005                                 14,285    14    24,986              25,000 
Common shares and warrants issued in connection with private placement of common stock, December 29, 2005                                 14,286    14    24,986              25,000 
Common shares and warrants issued in connection with private placement of common stock, December 30, 2005.                                 14,285    14    24,986              25,000 
Common shares issued for interest on debentures, December 31, 2005                                 5,565    6    17,334              17,340 
Common shares issued for consulting services valued at $1.46 per share, January 9, 2006                                 978    1    5,000              5,001 
Warrants issued to Scientific Advisory Board, February 15, 2006                                 -         49,067              49,067 
Warrnats issued to Scientific Advisory Board, May 15, 2006