|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
6 Months Ended |
185 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
|
| Cash flows from operating activities: |
|
|
|
| Net loss |
$ (2,473,906) |
$ (2,555,766) |
$ (86,620,825) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
21,415 |
29,780 |
2,470,830 |
| Amortization of debt discount |
382,478 |
304,167 |
2,376,855 |
| Gain on disposal of property and equipment |
|
|
(21,663) |
| Gain on extinguishment of debt |
|
|
(216,617) |
| Interest expense paid with Series B Preferred Stock in connection with conversion of notes payable |
|
|
3,147 |
| Abandoned patents |
|
|
183,556 |
| Bad debts - employee advances |
|
|
255,882 |
| Contributed technology expense |
|
|
4,550,000 |
| Consulting expense |
|
|
237,836 |
| Management unit expense |
|
|
1,334,285 |
| Expense for issuance of warrants |
|
|
533,648 |
| Expense for issuance of options |
4,532 |
178,069 |
2,509,592 |
| Amortization of deferred compensation |
|
|
74,938 |
| Penalties in connection with non-registration event |
|
|
361,496 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(7,316) |
|
(43,394) |
| Inventories |
(104,236) |
|
(535,258) |
| Prepaid expenses and other current assets |
(102,340) |
308,923 |
(417,616) |
| Other assets |
|
|
(56,394) |
| Accounts payable and accrued expenses |
60,581 |
114,268 |
3,018,437 |
| Accrued interest expense |
|
|
1,823,103 |
| Net cash used by operating activities |
(2,218,792) |
(1,620,559) |
(64,796,201) |
| Cash flows from investing activities: |
|
|
|
| Proceeds from sale of property and equipment |
|
|
32,491 |
| Purchases of property and equipment |
(1,065) |
(17,065) |
(2,402,025) |
| Patent costs |
(24,957) |
(11,333) |
(504,515) |
| Purchases of short-term investments |
|
|
(393,607) |
| Proceeds from sale of short-term investments |
|
|
393,607 |
| Loan receivable |
|
|
(1,632,168) |
| Net cash used by investing activities |
(26,022) |
(28,398) |
(4,506,217) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of common stock |
|
|
400,490 |
| Proceeds from issuance of preferred stock |
|
|
9,579,040 |
| Equity contributions - net of fees incurred |
2,100,000 |
2,756,860 |
48,671,310 |
| Proceeds from borrowings |
700,000 |
1,250,000 |
11,888,881 |
| Proceeds from subscription receivables |
|
2,953 |
499,395 |
| Proceeds from exercise of stock options |
|
|
5,141 |
| Net cash provided by financing activities |
2,800,000 |
4,009,813 |
71,044,257 |
| Net change in cash and cash equivalents |
555,186 |
2,360,856 |
1,741,839 |
| Cash and cash equivalents - beginning of period |
1,186,653 |
1,055,669 |
|
| Cash and cash equivalents - end of period |
1,741,839 |
3,416,525 |
1,741,839 |
| Supplemental disclosure of cash flow information: |
|
|
|
| Cash paid during the period for interest |
|
|
590,189 |
| Supplemental schedule of noncash investing and financing activities: |
|
|
|
| Debt discount in connection with issuance of convertible debt |
87,700 |
1,250,000 |
1,644,505 |
| Fair value of shares issued as costs of raising capital |
213,584 |
106,344 |
549,534 |
| Issuance of 5,666,616 shares of common stock pursuant to cashless exercise of warrants |
|
|
|
| Note payable principal and interest conversion to equity |
395,153 |
882,900 |
12,344,602 |
| Change in fair value of management units for cost of raising capital |
|
|
278,087 |
| Issuance of common stock in exchange for stock subscribed |
|
|
399,395 |
| Costs paid from proceeds in conjunction with issuance preferred stock |
|
|
768,063 |
| Preferred stock dividends |
1,241,121 |
1,619,571 |
9,651,744 |
| Net effect of conversion of common stock to preferred stock prior to merger |
|
|
559 |
|
Convertible Notes Payable And Accrued Interest
|
|
|
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Issuance of common stock |
|
|
3,351,961 |
|
Consultant Services
|
|
|
|
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| Issuance of common stock |
|
|
30,000 |
|
Leasehold Improvements
|
|
|
|
| Supplemental schedule of noncash investing and financing activities: |
|
|
|
| Issuance of member units |
|
|
141,635 |
|
Stock Issuance Costs
|
|
|
|
| Supplemental schedule of noncash investing and financing activities: |
|
|
|
| Issuance of member units |
|
|
437,206 |
|
Loans Receivable
|
|
|
|
| Supplemental schedule of noncash investing and financing activities: |
|
|
|
| Issuance of member units |
|
|
1,632,168 |
|
Accounts Payable
|
|
|
|
| Supplemental schedule of noncash investing and financing activities: |
|
|
|
| Issuance of member units |
|
|
$ 1,614,446 |