XML 70 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash Flows From Operating Activities:    
Net loss $ (10,405,209) $ (7,910,226)
Depreciation and amortization 75,772 29,877
Share-based compensation, net 920,251 566,301
Fair value of common stock and warrants issued for services 118,465 384,620
(Gain) loss on revaluation of derivative warrant liability (201,281) 2,258,679
Non-cash loss on extinguishment of debt    1,514
Non-cash interest expense    12,159
Non-cash loss on disposal of assets 21,272 2,731
Non-cash debt financing costs 160,000   
Amortization of discount on note payable 5,556   
Amortization of non-cash deferred financing costs 80,667   
Accounts receivable 37,065 100,804
Deferred financing costs    (106,719)
Prepaid expenses and other current assets 99,041 (144,192)
Deposits and other assets 9,999 (10,566)
Accounts payable 664,190 (243,121)
Deferred revenue from licensing arrangements (92,781) (198,550)
Accrued expenses and other liabilities 637,633 356,991
Net cash used in operating activities (7,869,360) (4,899,698)
Cash Flows from Investing Activities:    
Purchase of furniture, equipment and leasehold improvements (985,158) (290,733)
Decrease (increase) in restricted cash (157,463) 265,500
Net cash provided by (used in) investing activities (1,142,621) (25,233)
Cash Flows From Financing Activities:    
Proceeds from Platinum note payable 1,000,000   
Proceeds from the exercise of warrants 212,017 1,250,824
Proceeds from issuance of common stock and warrants, net of expenses 6,667 1,121,124
Principal payments for capital lease obligations (1,694) (1,534)
Proceeds from issuance of Series D Convertible Preferred Stock, net of expenses    2,478,702
Proceeds from bridge notes    1,000,000
Repayment of bridge notes    (75,000)
Proceeds from exercise of stock options 195,260 66,790
Net cash provided by financing activities 1,412,250 5,840,906
Net increase (decrease) in cash and cash equivalents (7,599,731) 915,975
Cash and cash equivalents, beginning of period 8,995,571 1,342,044
Cash and cash equivalents, end of period 1,395,840 2,258,019
Supplemental Disclosure of Cash Flow Information and Non Cash Financing Transactions:    
Cash paid for interest 408 1,581
Accretion of dividend on Series B Perpetual Redeemable Preferred Stock    142,761
Deemed dividend on beneficial conversion of Series D Convertible Preferred Stock    1,975,211
Issuance of common stock in settlement of short term note    25,000
Conversion of notes payable and accrued interest into Series D Convertible Preferred Stock    1,006,000
Reclassification of derivative warrant liability to additional paid-in capital 61,520 2,242,431
Fair value of warrants issued to investor relations services    173,000
Fair value of common stock issued for short-term note extension    10,500
Fair value of warrants issued to financial advisors recorded as financing costs    41,363
Fair value of common stock issued in connection with settlement agreement 208,000   
Cancellation of restricted common stock    5,250
Deemed dividend on repricing of warrants    87,500
Fair value of Commitment Warrant issued in connection with debt financing 4,840,000   
Fair value of Draw Warrant issued for note payable recorded as discount 1,000,000   
Fair value of Draw Warrant issued for note payable recorded as debt financing costs $ 160,000