Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash Flows From Operating Activities:    
Net loss $ (13,184,402) $ (3,473,038)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Stock-based compensation expense 3,141,144 188,400
Depreciation expense 9,457   
Loss on disposition of equipment    4,122
Amortization of debt discount      
Amortization of deferred financing costs      
Gain on extinguishment of liability      
Loss (gain) on change in fair value of derivative liabilities 4,621,360 (26,764)
(Increase) decrease in:    
R&D reimbursable receivable   (2,126)
Prepaid expenses and other current assets (389,716) 85,000
Other assets (34,733)   
Increase (decrease) in:    
Accounts payable and accrued expenses 666,466 (103,414)
Accounts payable and accrued expenses - related party 108,352   
Net Cash Used In Operating Activities (5,062,072) (3,327,820)
Cash Flows From Investing Activities:    
Purchase of property and equipment (128,439) (1,112)
Net Cash Used In Investing Activities (128,439) (1,112)
Cash Flows From Financing Activities:    
Payments on note payable (102,855) (103,050)
Sales of stock, net of offering costs 14,328,725   
Proceeds from the exercise of options and warrants for cash 102,088 3,463,641
Net Cash Provided By Financing Activities 14,327,958 3,360,591
Net change in cash 9,137,447 31,659
Cash at beginning of period 5,533,366 5,618,669
Cash at end of period 14,670,813 5,650,328
Supplemental disclosures of cash flow information:    
Cash paid for interest    561
Cash paid for taxes      
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of notes payable and accrued interest to stock 1,501,988 590,217
Transfer from liability classification to equity classification $ 30,000