XML 24 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended105 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Cash flows from operating activities   
Net loss$ (4,091,439)$ (4,534,292)$ (98,803,778)
Adjustments to reconcile net loss to net cash used in operating activities:   
Stock payable for acquired research and development  112,440
Stock issued for acquired research and development  26,286,589
Stock issued for services87,02864,3502,061,743
Stock issued for debt in excess of principal  109,070
Amortization of discount on notes payable due to warrants and beneficial conversion feature 314,7496,752,698
Gain on extinguishment of debt  (1,612,440)
Depreciation157,254136,0221,293,483
Amortization of debt financing costs 108,117524,378
Option expense385,811414,75315,471,104
Gain on derivative instruments  (1,388,848)
Loss on disposal of assets413 500,975
Changes in:   
Other current assets(20,120)33,498(522,318)
Accounts payable - third parties and related parties59,817(140,280)(16,396)
Accrued expenses(49,976)95,316237,321
Net cash used in operating activities(3,471,212)(3,507,767)(48,993,979)
Cash flows from investing activities   
Purchase of property & equipment(284,017) (1,658,878)
Net cash used in investing activities(284,017) (1,658,878)
Cash flows from financing activities   
Common stock and warrants sold for cash, net of offering costs8,618,157 49,072,488
Common stock repurchased and canceled  (325)
Proceeds from exercise of warrants and options 109,6411,248,588
Proceeds from debt  9,283,184
Repayments on notes payable(35,607)(50,011)(311,222)
Net cash provided by financing activities8,582,55059,63059,292,713
Net change in cash and cash equivalents4,827,321(3,448,137)8,639,856
Cash and cash equivalents at beginning of period3,812,5358,181,582 
Cash and cash equivalents at end of period8,639,8564,733,4458,639,856
Cash paid for:   
Income tax   
Interest2,64385,043152,033
NON-CASH TRANSACTIONS   
Issuance of common stock to Sportan shareholders  147,733
Issuance of common stock for accrued interest 78,091603,604
Issuance of warrants to placement agent  37,453
Conversion of notes payable to common stock 1,302,0007,709,980
Conversion of accrued liabilities to common stock  197,176
Conversion of accounts payable to note payable  93,364
Discount on convertible notes relating to:   
Warrants  3,659,737
Beneficial conversion feature  1,805,519
Stock attached to notes  1,287,440
Fair value of derivative instrument  4,680,220
Derivative reclassified to equity  587,609
Unpaid additions to property and equipment$ 10,911 $ 10,911