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 $)
9 Months Ended 181 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Cash flows from operating activities:      
Net loss $ (1,143,100) $ (9,116,600) $ (68,812,200)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 40,200 21,000 817,700
Amortization of discounts on convertible and promissory notes 356,100 352,200 5,031,700
Change in warrant and put and note term extension option liabilities (3,823,700) (357,800) (2,606,500)
Stock-based compensation 893,700 962,000 6,489,200
Expense related to modification of warrants 174,500 440,700 1,424,400
Non-cash rent and relocation expense 56,700    56,700
Interest income on note receivable for stock purchase (400) (26,800) (28,000)
Fair value of common stock granted for services following the Merger    340,000 846,000
Fair value of warrants granted for services and interest following the Merger 54,000 150,000 748,300
Gain on currency fluctuation (30,100) (37,100) (83,100)
Fair value of additional warrants granted pursuant to exercises of modified warrants    35,900 173,900
Loss on settlements of accounts payable    78,300 78,300
Acquired in-process research and development       7,523,200
Loss on early extinguishment of debt    3,537,000 4,761,300
Fair value of Series C preferred stock, common stock, and warrants granted for services prior to the Merger       3,150,900
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       (16,700)
Changes in operating assets and liabilities:      
Unbilled contract payments receivable    106,200   
Prepaid expenses and other current assets 56,100 (16,500) 97,800
Security deposits and other assets (17,900)    (46,900)
Accounts payable and accrued expenses 1,725,000 1,051,500 17,696,400
Deferred revenues    (13,200)   
Net cash used in operating activities (1,658,900) (2,493,200) (22,630,600)
Cash flows from investing activities:      
Purchases of equipment, net 9,600 131,100 825,800
Net cash used in investing activities (9,600) (131,100) (825,800)
Cash flows from financing activities:      
Net proceeds from issuance of common stock and warrants, including Units 597,900 480,600 4,583,000
Proceeds from exercise of modified warrants 264,200 262,100 1,692,600
Proceeds from issuance of Platinum notes and warrants 250,000 2,222,100 7,172,100
Proceeds from issuance of 7% note payable to founding stockholder       90,000
Advance from officer 64,000    64,000
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 preferred stock and warrants       4,198,600
Net proceeds from issuance of notes and warrants from 2006 to 2010       4,851,800
Net proceeds from issuance of February 2012 12% convertible notes and warrants       466,500
Repayment of capital lease obligations (5,700) (15,300) (123,100)
Repayment of notes (119,300) (382,000) (1,948,400)
Net cash provided by financing activities 1,051,100 2,567,500 23,477,100
Net increase (decrease) in cash and cash equivalents (617,400) (56,800) 20,700
Cash and cash equivalents at beginning of period 638,100 81,000   
Cash and cash equivalents at end of period $ 20,700 $ 24,200 $ 20,700