XML 28 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (5,738,361) $ (14,545,224)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 17,389 20,457
Stock-based compensation expense 2,044,382 978,243
Non-cash interest 0 10,041,292
Changes in operating assets and liabilities:    
Accounts receivable 669,310 1,263,432
Prepaid expenses and other (90,846) (9,051)
Accounts payable (102,395) 51,522
Payable to related party (86,683) 86,683
Accrued liabilities 11,491 (99,543)
Net cash used in operating activities (3,275,713) (2,212,189)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of furniture and equipment (42,975) (48,392)
Net cash used in investing activities (42,975) (48,392)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of convertible notes and warrants 0 10,000,000
Debt issuance costs 0 (683,955)
Proceeds from sale of common stock and warrants 10,789,987 0
Stock issuance costs (448,402) (88,856)
Proceeds from exercise of options and warrants 59,537 1,999
Net cash provided by financing activities 10,401,122 9,229,188
Net increase in cash and cash equivalents 7,082,434 6,968,607
Cash and cash equivalents at beginning of year 8,049,237 1,080,630
Cash and cash equivalents at end of year 15,131,671 8,049,237
Non-cash financing activity:    
Common stock issued in connection with conversion of convertible notes and accrued interest 0 10,144,658
Common stock issued in connection with conversion of preferred stock 0 3,500,000
Warrant issued to placement agent 115,150 0
Non-cash investing activity:    
Disposal of fully depreciated property and equipment, at cost $ 123,980 $ 129,672