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 181 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Cash flows from operating activities:      
Net loss $ (1,274,100) $ (3,781,600) $ (68,943,300)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 25,800 11,800 803,300
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 161,900 53,000 635,600
Amortization of discounts on Platinum notes 40,100    3,602,200
Amortization of discounts on August 2010 short-term notes       572,000
Amortization of discounts on February 2012 12% convertible notes    18,100 22,700
Loss (gain) on currency fluctuation (9,300) (28,500) (62,300)
Loss on early extinguishment of debt       4,761,300
Loss on settlements of accounts payable    78,300 78,300
Change in warrant and put and note term extension option liabilities (1,883,500)    (666,300)
Stock-based compensation 424,300 148,300 6,019,900
Expense related to modification of warrants (32,900) 440,700 1,217,000
Non-cash rent and relocation expense 40,800    40,800
Fair value of Series C preferred stock, common stock, and warrants granted for services       925,400
Fair value of common stock granted for services prior to the Merger       2,225,500
Fair value of common stock granted for services following the Merger    183,100 792,000
Fair value of warrants granted for services and interest following the Merger 46,600 48,500 794,900
Fair value of additional warrants granted pursuant to exercises of modified warrants (fiscal year 2013) and under Discounted Warrant Exercise Program (fiscal year 2012)    35,900 174,000
Fair value of common stock issued for note term modification       22,400
Interest income on note receivable for stock purchase (500)    (28,100)
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   
Prepaid expenses and other current assets 3,300 (26,300) 45,000
Security deposits and other assets (17,900)    (46,900)
Accounts payable and accrued expenses 1,159,000 1,195,100 17,130,500
Deferred revenues    (13,200)   
Net cash used in operating activities (1,316,400) (1,530,600) (22,288,100)
Cash flows from investing activities:      
Purchases of equipment, net (33,700)    (849,900)
Net cash used in investing activities (33,700)    (849,900)
Cash flows from financing activities:      
Net proceeds from issuance of common stock and warrants, including units 267,300 170,000 4,252,400
Net proceeds from issuance of preferred stock and warrants       4,198,600
Proceeds from exercise of modified warrants 264,200 262,100 1,692,600
Proceeds from issuance of notes under line of credit       200,000
Proceeds from issuance of 7% note payable to founding stockholder       90,000
Proceeds of advance from officer 30,000    30,000
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 250,000 1,250,000 7,172,100
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 (2,700) (10,000) (120,100)
Repayment of notes (90,300) (209,100) (1,919,400)
Net cash provided by financing activities 718,500 1,463,000 23,144,500
Net increase (decrease) in cash and cash equivalents (631,600) (67,600) 6,500
Cash and cash equivalents at beginning of period 638,100 638,100   
Cash and cash equivalents at end of period $ 6,500 $ 13,400 $ 6,500