XML 30 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net profit (loss) $ (14,424,545) $ 408,460 $ (4,800,308)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 95,517 107,666 475,316
Retirement of fixed assets 10,206 63,853 103,241
Fair value adjustment of warrant liability (7,915,027) (933,420) (656,905)
Impairment loss on fixed assets 0 0 1,187,305
Non-realized foreign exchange loss 17,834 0 0
Gain on sale of affiliate's shares 0 (15,826,217) (1,224,951)
Stock option and warrant expense 1,436,840 1,620,088 2,867,638
Common stock issued for services 0 44,450 43,000
Changes in assets and liabilities:      
Accounts receivable 83,302 (119,326) (12,400)
Interest receivable 76,349 13,155 (130,779)
Income taxes recoverable 519,158 0 303,535
Prepaid expenses and other current assets 277,232 (56,127) (594,668)
Accounts payable 1,046,539 (38,131) 397,633
Deferred revenue 0 0 (9,400,397)
Accrued expenses and other current liabilities 2,105,212 171,459 (64,454)
Total adjustments (2,246,838) (14,952,550) (7,313,956)
Net cash used in operating activities (16,671,383) (14,544,090) (12,114,264)
Cash flows from investing activities:      
Proceeds from matured marketable securities 25,644,481 26,250,000 (22,750,000)
Purchase of marketable securities (23,134,292) (24,067,861)  
Proceeds from sale of fixed assets 0 0 119,929
Proceeds from sale of assets held for sale 0 73,634 0
Proceeds from sale of affiliate's shares 6,938,603 8,887,614 1,224,951
Purchases of equipment and furnishings (52,868) (315,751) (195,449)
Net cash provided by (used in) investing activities 9,395,924 10,827,636 (21,600,569)
Cash flows from financing activities:      
Common stock issued in accordance with financing 18,939,619 0 18,273,568
Net proceeds from exercise of stock options and warrants 0 147,294 293,083
Net cash provided by financing activities 18,939,619 147,294 18,566,651
Net increase (decrease) in cash and cash equivalents 11,664,160 (3,569,160) (15,148,182)
Cash and cash equivalents at beginning of year 6,324,430 9,893,590 25,041,772
Cash and cash equivalents at end of year 17,988,590 6,324,430 9,893,590
Supplemental disclosures of non-cash financing activities:      
Warrants issued in connection with financing 12,216,680 0 4,027,606
Warrants issued for prepaid services $ 0 $ 0 $ 133,391