Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Operating Activities:    
Net Loss $ (4,057,075) $ (5,869,007)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock based compensation 975,421 1,513,021
Depreciation and amortization 28,357 26,962
Unrealized gains on marketable securities (195,892) (93,951)
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimbursable project costs (324,592) 713,352
Prepaid expenses and other assets (184,407) 95,564
Accounts payable, accrued liabilities and other current liabilities (1,295,210) (337,929)
Deferred revenue 0 (98,110)
Net Cash Used In Operating Activities (5,053,398) (4,050,098)
Investing Activities:    
Proceeds from the sale of marketable securities 3,979,469 10,408,785
Purchase of marketable securities (234,963) (5,000,300)
Property and equipment 936 (1,297)
Patent costs (63,521) (159,813)
Net Cash Provided By Investing Activities 3,681,921 5,247,375
Financing Activities:    
Proceeds from the issuance of common stock 1,733 0
Restricted cash (1,799) (1,600)
Net Cash Used In Financing Activities (66) (1,600)
Net Increase (Decrease) In Cash and Cash Equivalents (1,371,543) 1,195,677
Cash and Cash Equivalents, Beginning of Year 3,569,098 2,373,421
Cash and Cash Equivalents, End of Year 2,197,555 3,569,098
Cash paid during the year:    
Interest paid 0 0
Income taxes paid 0 0
Non-Cash Financing Activity:    
Grant of Common Stock for Payment of Accrued Liabilities $ 0 $ 70,000