Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended 163 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Cash Flows From Operating Activities:      
Net loss $ (10,773,792) $ (8,361,205) $ (66,517,255)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 657,812 2,223,926 6,709,848
Depreciation expense 1,560 581 3,264,022
Loss on disposition of equipment 4,122    554,308
Amortization of debt discount    775,637 900,000
Amortization of deferred financing costs    252,248 292,692
Gain on extinguishment of liability       (260,000)
Change in fair value of derivative liabilities 4,179,392 (685,420) 3,480,006
(Increase) decrease in:      
R&D reimbursable receivable    234,088   
Prepaid expenses and other current assets 106,579 (18,013) 79,436
Increase (decrease) in:      
Accounts payable and accrued liabilities (518,089) 334,263 720,684
Accounts payable and accrued liabilities - related parties 50,000 31,185 81,185
Net Cash Used In Operating Activities (6,292,416) (5,212,710) (50,695,074)
Cash Flows From Investing Activities:      
Payment made for patent rights       (3,000,000)
Purchase of property and equipment (16,592) (2,359) (832,251)
Net Cash Used In Investing Activities (16,592) (2,359) (3,832,251)
Cash Flows From Financing Activities:      
Borrowings on convertible debt, net of offering costs       645,888
Payments on note payable (140,000)    (140,000)
Sales of stock, net of offering costs 2,883,257 5,129,940 56,074,355
Proceeds from exercise of options 13,053    13,053
Proceeds from exercise of warrants 3,467,395    3,467,395
Net Cash Provided By Financing Activities 6,223,705 5,129,940 60,060,691
Net change in cash (85,303) (85,129) 5,533,366
Cash at beginning of period 5,618,669 5,703,798   
Cash at end of period 5,533,366 5,618,669 5,533,366
Supplemental disclosures of cash flow information:      
Cash paid for interest 561    1,243
Cash paid for income tax         
Supplemental disclosure of non-cash investing and financing activities:      
Beneficial conversion feature discount       372,850
Insurance prepaid through premium finance 157,825 140,000 297,825
Fair value of warrants issued with debt       377,150
Fair value of warrants issued with stock    3,393,338 5,985,238
Fair value of warrants issued to the placement agent    658,753 2,170,282
Conversion of notes payable and accrued interest to stock    981,729 981,729
Transfer from derivative liability classification to equity classification $ 1,047,095 $ 4,231,324 $ 5,278,419