XML 43 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended 112 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (2,662,979) $ (2,569,745) $ (14,559,318)
Adjustments to reconcile net loss to net cash used by operating activities      
Depreciation and amortization 18,453 20,580 249,990
Issuance of common stock for consulting 110,500    133,988
Expenses related to employee stock options 265,354 1,636,187 2,569,533
Amortization of debt discount    8,646 19,292
Non-cash fair value of stock options issued to non-employee for consulting 4,642    1,374,752
Non-cash fair value of warrants issued to non-employees 73,220    73,220
Loss on fixed asset dispositions 70,000 127,650 247,650
Gain on debt and accounts payable settlement       71,550
Loss on early extinguishment of debt (133,142)    (1,616,159)
Expenses Paid by issuance of Preffered stock / Common stock       61,419
(Increase) decrease in:      
Accounts receivable      50,000
Prepaid expenses (63,773) (57,770) (114,064)
Increase (decrease) in:      
Accounts payable (114,336) (436,361) 591,783
Accrued expenses (18,482) (298,431) 516,532
Net Cash Used by Operating Activities (2,450,543) (1,569,244) (10,329,832)
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 38,435 9,732 410,478
Net Cash Used by Investing Activities (38,435) (12,163) (572,018)
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    3,190,929 7,070,348
Proceeds from sale of preferred stock, net    1,395,000 1,920,000
Net Cash Provided by Financing Activities    4,780,929 11,678,013
Net Increase (Decrease) in Cash and Cash Equivalents (2,488,978) 3,199,522 776,163
Cash and Cash Equivalents, Beginning of Period 3,265,141 11,413   
Cash and Cash Equivalents, End of Period 776,163 3,210,935 776,163
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 (124,137) (898,863) (1,101,527)
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 debt and accounts payable related to settlement 133,142 113,406 1,616,159
Decrease in accrued expenses related to settlement       3,000
Increase in accounts receivable related to common stock issuance       $ 50,000