Right...

I like what you're trying to do, and I like the way you're going. That said, this is far from a polished game could certainly do with some work.
When the game restarts, some values don't reset. So a after a restart or two, you can end up starting a game with no bullets, or medpacks, or missiles. But you will have a lot of points and (useless) money.
A shop at the end of a stage, where I might restock on whatever, would be nice. And would give me a reason to collect money.
At present, the score doesn't integrate with the newgrounds scoreboard. But well done for trying.
The graphics are pretty naff, you might want team up with an artist.

I like the mouse only controls. It looks like you're generating a background, and that's cool (though it could do with some tweaking). Making the ship degrade as it gets hit, is also cool. Generally gameplay is alright.
Really, this game needs a few tweaks here and there, as well as a bit of polish. However, it is an excellent start.