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 $)
 3 Months Ended 166 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Cash Flows From Operating Activities:      
Net loss $ (16,699,497) $ (689,027) $ (83,216,752)
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation expense 1,750,926 94,200 8,460,774
Depreciation expense 1,405    3,265,427
Loss on disposition of equipment   4,122 554,308
Amortization of debt discount       900,000
Amortization of deferred financing costs       292,692
Gain on extinguishment of liability       (260,000)
Loss (gain) on change in fair value of derivative liabilities 12,561,071 (1,334,512) 16,041,077
(Increase) decrease in:      
Prepaid expenses and other current assets (449,522) (50,000) (370,086)
Increase (decrease) in:      
Accounts payable and accrued expenses 236,317 (437,121) 957,001
Accounts payable and accrued expenses - related party 108,352    189,537
Net Cash Used In Operating Activities (2,490,948) (2,312,338) (53,186,022)
Cash Flows From Investing Activities:      
Payment made for patent rights       (3,000,000)
Purchase of property and equipment (1,699) (1,112) (833,950)
Net Cash Used In Investing Activities (1,699) (1,112) (3,833,950)
Cash Flows From Financing Activities:      
Borrowings on convertible debt, net of offering costs       645,888
Sales of stock, net of offering costs 2,871,477    58,945,832
Proceeds from the exercise of options 5,220    18,273
Proceeds from the exercise of warrants 23,709    3,491,104
Payments on note payable (63,344) (65,333) (203,344)
Net Cash Provided By (Used in) Financing Activities 2,837,062 (65,333) 62,897,753
Net change in cash 344,415 (2,378,783) 5,877,781
Cash at beginning of period 5,533,366 5,618,669   
Cash at end of period 5,877,781 3,239,886 5,877,781
Supplemental disclosures of cash flows information:      
Cash paid for interest    561 1,243
Cash paid for taxes         
Supplemental disclosure of non-cash investing and financing activities:      
Beneficial conversion feature discount       372,850
Insurance prepaid through premium finance       297,825
Fair value of warrants issued with debt       377,150
Fair value of warrants issued with stock       5,985,238
Fair value of warrants issued to the placement agent       2,170,282
Conversion of notes payable and accrued interest to stock       981,729
Transfer warrant derivatives from liability to equity classification $ 139,565   $ 5,417,984