Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited)

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CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (USD $)
 3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Revenue:        
PCT products, services, other $ 224,384 $ 190,686 $ 389,156 $ 371,329
Grant revenue 100,524    241,413   
Total revenue 324,908 190,686 630,569 371,329
Costs and expenses:        
Cost of PCT products and services 109,203 78,296 187,397 157,225
Research and development 256,307 263,809 527,918 482,774
Selling and marketing 168,173 242,544 406,265 546,383
General and administrative 474,015 448,314 1,156,361 860,843
Total operating costs and expenses 1,007,698 1,032,963 2,277,941 2,047,225
Operating loss (682,790) (842,277) (1,647,372) (1,675,896)
Other (expense) income:        
Interest (expense) income (4,214) 75 (60,527) 329
Change in fair value of warrant derivative liability 177,312 84,021 135,300 84,021
Total other (expense) income 173,098 84,096 74,773 84,350
Net loss (509,692) (758,181) (1,572,599) (1,591,546)
Accrued and deemed dividends on convertible preferred stock (579,974) (414,360) (604,388) (547,451)
Net loss applicable to common shareholders $ (1,089,666) $ (1,172,541) $ (2,176,987) $ (2,138,997)
Net loss per share attributable to common stockholders - basic and diluted (in dollars per share) $ (0.11) $ (0.41) $ (0.21) $ (0.75)
Weighted average common stock shares outstanding used in the basic and diluted net loss per share calculation (in shares) 10,197,850 2,874,305 10,352,461 2,867,381