XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended 109 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (1,663,983) $ (2,147,084) $ (13,560,324)
Adjustments to reconcile net loss to net cash used by operating activities      
Depreciation and amortization 12,464 19,504 244,001
Issuance of common stock for consulting       23,488
Expenses related to employee stock options 158,430 1,566,816 2,462,609
Amortization of debt discount   8,646 19,292
Non-cash fair value of stock options issued to non-employee for consulting 110,500    1,480,610
Non-cash fair value of warrants issued to non-employees 45,816    45,816
Loss on fixed asset dispositions       71,550
Gain on debt settlement (124,000)    (1,607,016)
Loss on early extinguishment of debt       61,419
Expenses Paid by issuance of Preffered stock / Common stock    98,649 177,650
(Increase) decrease in:      
Accounts receivable    (218,753) 50,000
Prepaid expenses (56,569) (66,237) (106,859)
Increase (decrease) in:      
Accounts payable 11,879 (240,368) 717,998
Accrued expenses (36,122) (226,704) 498,892
Net Cash Used by Operating Activities (1,541,585) (1,205,531) (9,420,874)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Cash paid for intangible assets    (2,500) (161,609)
Net cash received in acquisition    69 69
Cash paid for purchase of property and equipment (33,035)    (405,078)
Net Cash Used by Investing Activities (33,035) (2,431) (566,618)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of notes - stockholder       1,400,000
Proceeds from issuance of short-term convertible notes    195,000 608,165
Advances from stockholders       679,500
Proceeds from sale of common stock, net    2,630,929 7,070,348
Proceeds from sale of preferred stock, net    1,395,000 1,920,000
Net Cash Provided by Financing Activities    4,220,929 11,678,013
Net Increase (Decrease) in Cash and Cash Equivalents (1,574,620) 3,012,967 1,690,521
Cash and Cash Equivalents, Beginning of Period 3,265,141 11,413   
Cash and Cash Equivalents, End of Period 1,690,521 3,024,380 1,690,521
Supplemental Cash Flow Disclosures:      
Interest expense paid in cash         
Income tax paid         
Supplemental Non-Cash Disclosure:      
Conversion of preferred stock to common stock       288
Notes payable - stockholder - settled in common stock    835,000 2,135,000
Accrued interest - stockholder - settled in common stock    41,180 188,569
Preferred Stock Dividend (81,416)    (1,058,804)
Advances from stockholders settled in common stock       679,500
Accounts payable settled in common stock       471,472
Accounts payable settled in common stock options       30,500
Accrued expenses settled in common stock options       3,000
Decrease in accounts payable related to fixed asset disposition       133,314
Decrease in accounts payable related to settlement 124,000 113,406 296,889
Decrease in accrued expenses related to settlement       3,000
Increase in accounts receivable related to common stock issuance       $ 50,000