Annual report pursuant to Section 13 and 15(d)

Statement of Cash Flows

v2.4.0.8
Statement of Cash Flows (USD $)
 12 Months Ended 153 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Cash Flows from Operating Activities:      
Net loss $ (9,499,424) $ (6,226,670) $ (72,810,707)
Adjustments to reconcile net loss to net cash used in operating activities:      
Beneficial conversion feature     1,625,000
Compensatory stock 306,800   2,436,677
Depreciation and amortization 37,133 42,386 720,056
Stock-based compensation 565,428 230,987 6,374,044
Amortization of deferred research and development arrangement (792,370) (125,000) (1,592,370)
Note receivable (Note 5)   18,682  
Realized losses on marketable securities     13,301
Unrealized loss/(gain) on fair value of warrants 1,365,654 (663,876) (2,974,327)
Unrealized gain on fair value of put feature on common stock     (2,315,539)
Financing expense 204,212 332,108 1,176,343
Amortization of deferred lease incentive (16,222) (20,000) (86,222)
Deferred lease expenses 25,709 (18,971) 61,126
Loss on impairment of intangible assets     286,132
Changes in assets and liabilities:      
Prepaid expenses and other current assets (263,697) 144,363 (452,505)
Accounts payable and accrued expenses 81,921 (333,568) 933,758
Net Cash Used in Operating Activities (7,984,856) (6,619,559) (66,605,233)
Cash Flows from Investing Activities:      
Restricted cash equivalents 895,671 339,964 (196,130)
Purchase of equipment (50,149)   (615,144)
Purchase of marketable securities     (21,123,960)
Proceeds from sales of marketable securities   1,850,000 21,010,659
Payment of licensing fees     (356,216)
Net Cash Provided By (Used in) Investing Activities 845,522 2,189,964 (1,280,791)
Cash Flows from Financing Activities:      
Issuance of common stock and units, net of issuance costs 10,041,155 7,128,650 72,975,379
Proceeds from exercise of stock options 90,000   260,082
Proceeds from exercise of stock warrants 2,209,667   5,791,004
Proceeds from long-term debt     5,150,000
Proceeds from research and development arrangement   926,000 2,426,000
Purchase of treasury stock     (28,410)
Net Cash Provided by Financing Activities 12,340,822 8,054,650 86,574,055
Net Increase in Cash and Cash Equivalents 5,201,488 3,625,055 18,688,031
Cash and Cash Equivalents - beginning of period 13,486,543 9,861,488  
Cash and Cash Equivalents - end of period 18,688,031 13,486,543 18,688,031
Supplemental Cash Flow Information      
Interest paid     301,147
Non-cash financing and investing activties:      
Warrants issued 2,564,002 2,637,216 16,255,645
Put feature on common stock issued     4,954,738
Dilutive issuances of common stock     2,639,199
Warrant liability extinguishment from exercise of warrants 1,737,663   7,918,323
Leasehold improvement incentive 54,660   154,660
Settlement of lawsuit     $ 43,953