Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.6
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended 154 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Cash Flows From Operating Activities:      
Net loss $ (689,027) $ (908,909) $ (56,432,490)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 94,200 199,990 6,146,236
Depreciation expense    158 3,262,462
Loss on disposition of equipment 4,122    554,308
Amortization of debt discount    221,918 900,000
Amortization of deferred financing costs    72,972 292,692
Gain on extinguishment of liability       (260,000)
Gain on change in fair value of derivative liabilities (1,334,512) (409,301) (2,033,898)
(Increase) decrease in:      
R&D reimbursable receivable    50,068   
Prepaid expenses and other current assets 50,000 (11,568) 22,857
Increase (decrease) in:      
Accounts payable and accrued expenses (437,121) (163,255) 801,652
Accounts payable and accrued expenses - related party       31,185
Net Cash Used In Operating Activities (2,312,338) (947,927) (46,714,996)
Cash Flows From Investing Activities:      
Payment made for patent rights       (3,000,000)
Purchase of property and equipment (1,112) (1,157) (816,771)
Net Cash Used In Investing Activities (1,112) (1,157) (3,816,771)
Cash Flows From Financing Activities:      
Borrowings on convertible debt, net of offering costs       645,888
Sales of stock, net of offering costs    660,164 53,191,098
Payments on note payable (65,333)    (65,333)
Net Cash Provided By (Used in) Financing Activities (65,333) 660,164 53,771,653
Net change in cash (2,378,783) (288,920) 3,239,886
Cash at beginning of period 5,618,669    
Cash at end of period 3,239,886   3,239,886
Supplemental disclosures of cash flow information:      
Cash paid for taxes         
Cash paid for interest 561    1,243
Supplemental disclosure of non-cash investing and financing activities:      
Beneficial conversion feature discount       372,850
Fair value of warrants issued with debt       377,150
Fair value of warrants issued with stock    318,087 5,985,238
Fair value of warrants issued to the placement agent    159,044 2,170,282
Conversion of notes payable and accrued interest to stock       981,729
Transfer from liability classification to equity classification       $ 4,231,324