Annual report pursuant to Section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 12 Months Ended 151 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (8,361,205) $ (3,444,795) $ (55,743,463)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 2,223,926 2,173,377 6,052,036
Depreciation expense 581 633 3,262,462
Loss on disposition of equipment       550,186
Amortization of debt discount 775,637 124,363 900,000
Amortization of deferred financing costs 252,248 40,444 292,692
Gain on extinguishment of liability       (260,000)
Gain on change in fair value of derivative liabilities (685,420) (13,966) (699,386)
Changes in operating assets and liabilities:      
R&D reimbursement receivable 234,088 41,567 (3,746)
Prepaid expenses and other current assets (18,013) 4,766 (23,397)
Accounts payable and accrued expenses 334,263 556,019 1,238,773
Accounts payable and accrued expenses - related parties 31,185    31,185
Net cash used in operating activities (5,212,710) (517,592) (44,402,658)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Payment made for patent rights       (3,000,000)
Purchases of property and equipment (2,359)    (815,659)
Net cash used in investing activities (2,359)    (3,815,659)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Borrowings on convertible debt, net of offering costs    645,888 645,888
Sales of stock, net of offering costs 5,129,940 5,379,367 53,191,098
Net cash provided by financing activities 5,129,940 6,025,255 53,836,986
Net increase (decrease) in cash (85,129) 5,507,663 5,618,669
Cash at beginning of period 5,703,798 196,135   
Cash at end of period 5,618,669 5,703,798 5,618,669
Cash paid for:      
Income tax         
Interest       682
NONCASH INVESTING AND FINANCING ACTIVITIES:      
Beneficial conversion feature discount    372,850 372,850
Fair value of warrants issued with debt    377,150 377,150
Fair value of warrants issued with Series E preferred 3,393,338 2,591,900 5,985,238
Fair value of warrants issued to the placement agent 658,753 1,484,529 2,170,282
Conversion of notes payable and accrued interest to stock 981,729    981,729
Transfer from liability classification to equity classification $ 4,231,324   $ 4,231,324