Of note:

*At September 30, 2012, the Company held cash and short-term deposits of $2,748,883.

*Total expenses for the quarter ended September 30, 2012 was $707,926 as compared to $1,002,501 befor the same period in 2011, representing a decrease of $1,002,501 (typo?, should read $294,575?). The decrease in expenses from 2011 to 2012 is mainly attributed to Stock Based Compensation costs which decreased by $462,612.

*Cash used in operations was $2,042,808 for the nine months ended September 30 2012, as compared to $1,444,107 for the same period in 2011. The increase in cash usage in 2012 as compared to 2012 is primarily the result of the Company’s increased operations and purchase of parts relating to manufacturing in 2012.

*Net cash provided by financing activities was $760,000 for the nine months ended September 30, 2012, compared to cash provided of $8,191,800 for the same period in 2011. The cash from financing activities in 2012 are attributable to warrant exercises. During the same period in 2011 the Company completed private placements totaling $6,000,000 with the rest of the cash from financing activities during that period attributable to stock option and warrant exercises. Management believes the Company’s current cash position is enough to support operations for at least the next 6 months.