|
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
|
6 Months Ended |
236 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ (614,209) |
$ (1,610,147) |
$ (197,660,277) |
| Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
|
| Purchased in-process research and development |
|
|
12,146,544 |
| Write-off of acquired technology |
|
|
3,500,000 |
| Loss on disposition of assets |
|
|
3,391 |
| Interest expense settled through issuance of notes payable |
|
|
350,500 |
| Expenses satisfied with the issuance of stock |
|
|
28,680 |
| Forgiveness of debt |
|
|
(476,837) |
| Gain on early extinguishment of debt |
|
|
(6,277,100) |
| Non-cash gain on restricted stock valuation |
|
|
(58,814) |
| Non-cash interest expense |
|
|
3,966,394 |
| Non-cash charges related to options, warrants and common stock |
|
834 |
11,115,437 |
| Amortization of financing costs |
|
6,842 |
25,188 |
| Amortization and depreciation |
893 |
27,274 |
2,891,559 |
| Changes in operating assets and liabilities: |
|
|
|
| (Increase) decrease in prepaid expenses and other current assets |
(39,043) |
(24,112) |
461,320 |
| Increase (decrease) in accounts payable and accrued expenses |
86,813 |
(769,025) |
2,001,215 |
| Increase in accrued interest payable |
208,255 |
911,222 |
8,023,052 |
| Decrease in accrued lease |
|
(96,425) |
|
| Net cash used for operating activities |
(357,291) |
(1,553,537) |
(159,959,748) |
| Cash flows from investing activities: |
|
|
|
| Cash acquired through Merger |
|
|
1,758,037 |
| Purchases of property and equipment |
|
|
(1,654,487) |
| Proceeds from the sale of property and equipment |
|
|
3,430 |
| Decrease (increase) in security deposits and other assets |
|
88,600 |
|
| Decrease in indemnity fund |
|
85 |
|
| Purchases of marketable securities |
|
|
(132,004,923) |
| Sales and maturities of marketable securities |
|
|
132,004,923 |
| Net cash provided by investing activities |
|
88,685 |
106,980 |
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of common stock |
|
|
66,731,339 |
| Buyback of common stock |
|
|
(26,356) |
| Proceeds from issuance of preferred stock |
|
|
39,922,170 |
| Preferred stock conversion inducement |
|
|
(600,564) |
| Proceeds from issuance of promissory notes |
285,000 |
1,440,000 |
58,770,000 |
| Proceeds from issuance of convertible debentures |
|
|
9,000,000 |
| Principal payments of notes payable/repurchase of debt |
|
|
(7,750,667) |
| Dividend payments on Series E Cumulative Convertible Preferred Stock |
|
|
(516,747) |
| Payments of financing costs |
|
|
(5,612,855) |
| Net cash provided by financing activities |
285,000 |
1,440,000 |
159,916,320 |
| Net (decrease) increase in cash and cash equivalents |
(72,291) |
(24,852) |
63,552 |
| Cash and cash equivalents, beginning of period |
135,843 |
98,514 |
|
| Cash and cash equivalents, end of period |
63,552 |
73,662 |
63,552 |
| Supplemental cash flow disclosures: |
|
|
|
| Cash paid for interest |
|
|
628,406 |
| Supplemental disclosure of non-cash financing activity: |
|
|
|
| Conversion of notes payable to common stock |
|
|
7,172,412 |
| Capital contribution related to forgiveness of accrued interest |
|
|
6,328,306 |
| Accrued interest reclassified in connection with conversion of Series F convertible redeemable preferred stock to common stock |
|
|
$ 640,874 |