Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended 172 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Cash flows from operating activities:      
Net loss $ (3,781,600) $ (4,667,400) $ (58,564,100)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 11,800 21,300 755,500
Acquired in-process research and development       7,523,200
Amortization of imputed discount on non-interest bearing notes       45,000
Amortization of discounts on 7%, 7.5% and 10% notes 53,000 37,200 312,200
Amortization of discounts on Platinum notes    635,900 3,548,700
Amortization of discounts on August 2010 short-term notes    14,300 572,000
Amortization of discounts on February 2012 12% convertible notes 18,100    13,900
Loss on early extinguishment of debt       1,193,500
Loss on settlements of accounts payable 78,300    78,300
Change in put and note term extension option and warrant liabilities    77,900 (418,600)
Stock-based compensation 148,300 979,400 4,502,600
Expense related to modification of warrants 440,700    1,182,400
Fair value of Series C preferred stock, common stock, and warrants granted for services prior to the Merger    131,300 1,056,600
Fair value of common stock granted for services following the Merger 183,100    635,100
Fair value of warrants granted for services following the Merger 48,500    613,000
Fair value of additional warrants granted pursuant to exercises of modified warrants (May-August 2012) and under Discounted Warrant Exercise Program (2011) 35,900    174,000
Fair value of common stock issued for note term modification       22,400
Consulting services by related parties settled by issuing promissory notes       44,600
Gain on sale of assets       (16,800)
Changes in operating assets and liabilities:      
Unbilled contract payments receivable 106,200 (84,800)   
Prepaid expenses and other current assets (26,300) 87,900 (30,800)
Security deposits and other assets       (29,000)
Accounts payable and accrued expenses 1,166,600 1,043,900 17,747,200
Deferred revenues (13,200) (65,600)   
Net cash used in operating activities (1,530,600) (1,788,700) (19,039,100)
Cash flows from investing activities:      
Purchases of equipment, net    (7,800) (680,800)
Net cash used in investing activities    (7,800) (680,800)
Cash flows from financing activities:      
Net proceeds from issuance of common stock and warrants, including units 170,000 2,217,200 2,970,000
Net proceeds from issuance of preferred stock and warrants       4,198,600
Proceeds from exercise of modified warrants (May-August 2012) and under Discounted Warrant Exercise Program (2011) 262,100    1,428,400
Proceeds from issuance of notes under line of credit       200,000
Proceeds from issuance of 7% note payable to founding stockholder       90,000
Net proceeds from issuance of 7% convertible notes       575,000
Net proceeds from issuance of 10% convertible notes and warrants       1,655,000
Net proceeds from issuance of Platinum notes and warrants 1,250,000    4,950,000
Net proceeds from issuance of 2008/2010 notes and warrants       2,971,800
Net proceeds from issuance of 2006/2007 notes and warrants       1,025,000
Proceeds from issuance of 7% notes payable       55,000
Net proceeds from issuance of August 2010 short-term notes and warrants       800,000
Net proceeds from issuance of February 2012 12% convertible notes and warrants       466,500
Repayment of capital lease obligations 10,000 14,700 110,500
Repayment of notes 209,100 450,800 1,541,500
Net cash provided by financing activities 1,463,000 1,751,700 19,733,300
Net increase in cash and cash equivalents (67,600) (44,800) 13,400
Cash and cash equivalents at beginning of period 81,000 139,300   
Cash and cash equivalents at end of period $ 13,400   $ 13,400