Quarterly report pursuant to Section 13 or 15(d)

Statement of Cash Flows

v2.3.0.15
Statement of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Operating Activities:    
Net Loss $ (3,969,456) $ (5,359,032)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 1,147,669 2,259,348
Depreciation and amortization 19,515 18,216
Gain on marketable securities (108,226) (38,638)
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimburseable project costs 153,067 1,149,728
Prepaid expenses and other current assets (31,164) 45,460
Accounts payable, accrued liabilities and other current liabilities (663,489) 176,405
Deferred revenue (98,110) 0
Net Cash Used In Operating Activities (3,550,194) (1,748,513)
Investing Activities:    
Proceeds from (Purchases of) marketable securities 10,569,583 (10,390,614)
Property and equipment (1,228) 0
Patent costs (105,674) (47,716)
Net Cash Provided By (Used In) Investing Activities 10,462,681 (10,438,330)
Financing Activities:    
Proceeds from the issuance of common stock - net of offering costs 0 12,582,575
Redemption of common stock into treasury stock 0 (243,552)
Restricted cash (1,324) 388,555
Net Cash Provided by (Used In) Financing Activities (1,324) 12,727,578
Net Increase In Cash and Cash Equivalents 6,911,163 540,735
Cash and Cash Equivalents, Beginning of Period 2,373,421 3,028,791
Cash and Cash Equivalents, End of Period 9,284,584 3,569,526
Cash paid during the year:    
Interest paid 0 0
Income taxes paid 0 0
Non-Cash Financing Activity:    
Retirement of Treasury Stock 0 243,552
Grant of Common Stock for Payment of Accrued Liabilities $ 70,000 $ 703,737