Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

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Statement of Cash Flows (USD $)
9 Months Ended 163 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Cash flows from operating activities:      
Net loss $ (9,167,588) $ (5,945,878) $ (51,740,566)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 33,478 31,986 731,566
Acquired in-process research and development 0 0 7,523,179
Amortization of imputed discount on non-interest bearing notes 0 0 45,000
Amortization of discounts on 7%, 7.5% and 10% notes 57,241 57,529 259,239
Amortization of discounts on Platinum notes 908,947 829,816 3,548,636
Amortization of discounts on August 2010 short-term notes 14,270 516,013 572,013
Loss on early extinguishment of debt 1,193,500 0 1,193,500
Change in put and note term extension option and warrant liabilities 77,894 (156,956) (418,568)
Stock-based compensation 1,447,434 1,221,916 4,210,463
Expense related to modification of warrants 741,663 0 741,663
Fair value of Series C preferred stock, common stock, and warrants granted for services 131,250 0 1,056,642
Consulting services by related parties settled by issuing promissory notes 0 0 44,573
Gain on sale of assets 0 0 (16,748)
Changes in operating assets and liabilities:      
Unbilled contract payments receivable 34,437 (8,227) (7,779)
Prepaid expenses and other current assets 458,117 627,475 455,469
Security deposits and other assets 0 4,500 (31,144)
Accounts payable and accrued expenses 1,267,782 2,108,109 15,009,824
Deferred revenues. (45,742) (37,168) 33,035
Net cash used in operating activities (2,847,317) (750,885) (16,790,003)
Cash flows from investing activities:      
Purchases of equipment, net (13,364) (57,754) (661,750)
Net cash used in investing activities (13,364) (57,754) (661,750)
Cash flows from financing activities:      
Net proceeds from issuance of common stock and warrants, including units 2,528,442 0 2,649,246
Net proceeds from issuance of preferred stock and warrants 0 0 4,198,571
Proceeds from exercise of warrants under discounted warrant exercise program 1,037,102 0 1,037,102
Proceeds from issuance of notes under line of credit 0 0 200,000
Proceeds from issuance of 7% note payable to founding stockholder 0 0 90,000
Net proceeds from issuance of 7% convertible notes 0 0 575,000
Net proceeds from issuance of 10% convertible notes and warrants 0 0 1,655,000
Net proceeds from issuance of Platinum notes and warrants 0 0 3,700,000
Net proceeds from issuance of 2008/2010 notes and warrants 0 270,000 2,971,815
Net proceeds from issuance of 2006/2007 notes and warrants 0 0 1,025,000
Proceeds from issuance of 7% notes payable 0 0 55,000
Net proceeds from issuance of August 2010 short-term notes and warrants 0 800,000 800,000
Repayment of capital lease obligations (24,256) (19,952) (110,282)
Repayment of notes (653,529) (163,000) (1,228,278)
Net cash provided by financing activities 2,887,759 887,048 17,618,174
Net increase in cash and cash equivalents 27,078 78,409 166,421
Cash and cash equivalents at beginning of period 139,343 200,981 0
Cash and cash equivalents at end of period $ 166,421 $ 279,390 $ 166,421