XML 50 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income (loss) $ (4,553,300) $ 185,700
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 13,100 12,200
Amortization of discounts on convertible and promissory notes 481,900 94,000
Change in warrant liability 1,727,200 (1,804,900)
Stock-based compensation 203,400 198,100
Expense related to modification of warrants    (34,500)
Non-cash rent and relocation expense (1,400)   
Interest income on note receivable for stock purchase (2,500) (2,500)
Fair value of common stock granted for services 134,000   
Fair value of warrants granted for services and interest following the Merger 16,500 22,500
Loss (gain) on currency fluctuation 19,800 17,400
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets (11,900) (36,100)
Security deposits and other assets      
Accounts payable and accrued expenses, including accrued interest 193,400 616,300
Net cash used in operating activities (1,011,800) (731,800)
Cash flows from investing activities:    
Purchases of equipment, net    (9,600)
Net cash used in investing activities    (9,600)
Cash flows from financing activities:    
Net proceeds from issuance of common stock and warrants, including Units 1,520,000 57,000
Proceeds from exercise of modified warrants    178,700
Repayment of capital lease obligations (2,000) (1,900)
Repayment of notes (105,500) (40,700)
Net cash provided by financing activities 1,412,500 193,100
Net (decrease) increase in cash and cash equivalents 400,700 (548,300)
Cash and cash equivalents at beginning of period    638,100
Cash and cash equivalents at end of period $ 400,700 $ 89,800