XML 50 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Statements of Cash Flows (USD $)
6 Months Ended 92 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Operating Activities:      
Net loss $ (13,517,475) $ (11,416,372) $ (225,292,809)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,096,426 3,081,163 27,609,573
Stock based compensation 367,918 551,688 13,179,610
Common stock issued for services 65,000 0 123,950
Realized loss on forward contracts 0 0 1,430,766
Foreign currency transaction loss (gain) 0 5,365 (590,433)
Amortization of financing costs and discounts 0 0 998,565
Impairment loss 0 0 83,171,090
Contract cancellation loss 0 0 1,167,586
Changes in operating assets and liabilities:      
Accounts receivable (35,228) 214,204 (135,392)
Related party receivables and deposits 421,222 0 (175,117)
Inventories 80,863 160,388 (2,078,690)
Prepaid expenses and other current assets (271,502) (147,762) (506,807)
Accounts payable (514,086) (173,387) 341,286
Accrued expenses 322,607 (115,095) 1,160,205
Warranty reserve 3,216 0 41,403
Net cash used in operating activities (9,981,039) (7,839,808) (99,555,214)
Investing Activities:      
Purchases of available-for-sale-securities 0 (638,572) (907,118,828)
Maturities and sales of available-for-sale securities 0 13,253,650 907,118,828
Purchase of property, plant and equipment (648,056) (4,260,552) (135,470,059)
Restricted cash for manufacturing equipment 0 958,391 0
Patent activity costs (261,052) (46,636) (785,123)
Net cash provided by (used in) investing activities (909,108) 9,266,281 (136,255,182)
Financing Activities:      
Proceeds from bridge loan financing 0 0 1,600,000
Repayment of bridge loan financing 0 0 (1,600,000)
Payment of debt financing costs 0 0 (273,565)
Payment of equity offering costs 0 0 (10,302,040)
Proceeds from debt 0 0 7,700,000
Repayment of debt (130,288) (521,989) (2,315,218)
Proceeds from shareholder under Section 16(b) 0 0 148,109
Proceeds from issuance of stock and warrants 2,395,017 1,236,663 244,897,297
Redemption of Class A warrants 0 0 (48,128)
Net cash provided by (used in) financing activities 2,264,729 714,674 239,806,455
Net change in cash and cash equivalents (8,625,418) 2,141,147 3,996,059
Cash and cash equivalents at beginning of period 12,621,477 12,621,477 0
Cash and cash equivalents at end of period 3,996,059   3,996,059
Non-Cash Transactions:      
ITN initial contribution of assets for equity 0 0 31,200
Note with ITN and related capital expenditures 0 0 1,100,000
Make-whole provision on convertible preferred stock 332,000 0 332,000
Beneficial conversion feature on convertible preferred stock $ 265,259 $ 0 $ 265,259