Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Operating Activities:    
Net Loss $ (3,089,030) $ (2,302,766)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 125,297 210,653
Depreciation and amortization 0 12,390
Unrealized and realized (gains) loss on marketable securities (792) 46,001
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimburseable project costs 17,685 (61,426)
Prepaid expenses and other assets (50,203) 52,845
Accounts payable, accrued liabilities and other current liabilities 378,220 37,719
Net Cash Used In Operating Activities (2,618,823) (2,004,584)
Investing Activities:    
Proceeds from the sale of marketable securities 0 500,000
Purchase of Marketable securities 0 (32,831)
Patent costs (65,546) (73,354)
Net Cash Used In Investing Activities (65,546) 393,815
Financing Activities:    
Restricted cash (554) (770)
Net Cash Used In Financing Activities (554) (770)
Net Decrease In Cash and Cash Equivalents (2,684,923) (1,611,539)
Cash and Cash Equivalents, Beginning of Period 3,672,877 2,197,555
Cash and Cash Equivalents, End of Period 987,954 586,016
Cash paid during the year:    
Interest paid 0 0
Income taxes paid $ 0 $ 0