Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Operating Activities:    
Net Loss $ (3,654,314) $ (4,587,165)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 282,276 329,499
Depreciation and amortization 0 17,221
Loss on marketable securities 1,297 49,116
Warrant revaluation (1,162,730) (277,796)
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimbursable project costs (43,170) 175,887
Prepaid expenses and other assets 83,754 285,651
Accounts payable and accrued liabilities 177,040 91,405
Net Cash Used In Operating Activities (4,315,847) (3,916,182)
Investing Activities:    
Proceeds from the sale of marketable securities 14,434 1,572,242
Purchase of marketable securities 0 (38,880)
Payments for Patent costs (134,392) (98,572)
Net Cash Provided by (Used In) Investing Activities (119,958) 1,434,790
Financing Activities:    
Net proceeds from the issuance of common stock 4,753,326 3,958,040
Restricted cash 229,827 (1,326)
Net Cash Provided by Financing Activities 4,983,153 3,956,714
Net Increase In Cash and Cash Equivalents 547,348 1,475,322
Cash and Cash Equivalents, Beginning of Year 3,672,877 2,197,555
Cash and Cash Equivalents, End of Year 4,220,225 3,672,877
Cash paid during the year:    
Interest paid 0 0
Income taxes paid 0 0
Non-Cash Financing Activity:    
Warrant liability - fair value of warrants exercised $ 331,144 $ 0