XML 42 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,223,868) $ (2,088,966)
Adjustments to reconcile net loss to net cash used by operating activities    
Depreciation and amortization 15,313 12,163
Non-cash fair value of common stock issued for consulting 178,160 36,150
Share-based compensation related to employee stock options 232,872 264,715
Non-cash fair value of stock options issued to non-employees for consulting 4,081 153,761
Loss on intangible asset dispositions 16,591   
Net loss on sale of trading securities 302,116   
Unrealized loss on trading securities (236,143)   
Loss on revaluation of derivative warrant liabilitiy 706,967   
(Increase) decrease in:    
Prepaid expenses (103,818) 46,599
Increase (decrease) in:    
Accounts payable 586,100 202,048
Accrued expenses (26,278) (63,594)
Net Cash Used in Operating Activities (1,547,907) (1,437,124)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of investments, net 568,852   
Purchase of intangible assets 350,000   
Cash paid for purchase of property and equipment 6,564 1,029
Net Cash Used by Investing Activities 212,288 (1,029)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of notes - stockholders    200,000
Proceeds from the exercise of stock warrants 90,375   
Proceeds from sale of Common Stock, net 203,055   
Net Cash Provided by Financing Activities 293,430 200,000
Net Increase (Decrease) in Cash and Cash Equivalents (1,042,189) (1,238,153)
Cash and Cash Equivalents, Beginning of Period 1,143,175 1,304,088
Cash and Cash Equivalents, End of Period 100,986 65,935
Supplemental Cash Flow Disclosures:    
Tax paid 1,683   
Supplemental Non-Cash Disclosure:    
Fair value of warrants modified in connection with Series B financing (114,923)   
Fair value of warrants issued to Series B placement agents (12,738)   
Series B Preferred Stock dividends accrued (225,219)   
Series A Preferred Stock dividend (38,666) (89,721)
Conversion of Series A Preferred Stock dividend to Common Stock (16,068)   
Conversion of Series A Preferred Stock to Common Stock (1,434)   
Conversion of Series B Preferred Stock dividend to Common Stock $ (1,254)