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 $)
3 Months Ended 169 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Cash flows from operating activities:      
Net loss $ (1,825,900) $ (2,411,100) $ (56,608,400)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 5,900 10,800 749,600
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 20,900 15,600 280,100
Amortization of discounts on Platinum notes    384,300 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 9,800    5,600
Loss on early extinguishment of debt       1,193,500
Change in put and note term extension option and warrant liabilities    77,900 (418,600)
Stock-based compensation 71,000 439,700 4,425,300
Expense related to modification of warrants 436,400    1,178,100
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 26,200    478,200
Fair value of warrants granted for services following the Merger 19,300    583,800
Fair value of additional warrants granted pursuant to exercises of modified warrants (May-June 2012) and under Discounted Warrant Exercise Program (2011) 34,800    172,900
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       (16,800)
Changes in operating assets and liabilities:      
Unbilled contract payments receivable 106,200 (106,300)   
Prepaid expenses and other current assets (3,700) (187,500) (8,200)
Security deposits and other assets       (29,000)
Accounts payable and accrued expenses 816,100 583,900 17,396,700
Deferred revenues (13,200) (39,400)   
Net cash used in operating activities (296,200) (1,086,500) (17,804,700)
Cash flows from investing activities:      
Purchases of equipment, net       (680,800)
Net cash used in investing activities       (680,800)
Cash flows from financing activities:      
Net proceeds from issuance of common stock and warrants, including units    2,217,200 2,800,000
Net proceeds from issuance of preferred stock and warrants       4,198,600
Proceeds from exercise of modified warrants (May-June 2012) and under Discounted Warrant Exercise Program (2011) 257,300    1,423,600
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       3,700,000
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 (5,700) (6,900) (106,200)
Repayment of notes (4,700) (321,100) (1,337,100)
Net cash provided by financing activities 246,900 1,889,200 18,517,200
Net increase in cash and cash equivalents (49,300) 802,700 31,700
Cash and cash equivalents at beginning of period 81,000 139,300   
Cash and cash equivalents at end of period $ 31,700 $ 942,000 $ 31,700