Quarterly report pursuant to Section 13 or 15(d)

Condensed Unaudited Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Unaudited Consolidated Statements of Cash Flows (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Operating Activities:    
Net Loss $ (3,850,342) $ (3,622,046)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock-based compensation 227,274 273,558
Depreciation and amortization 0 15,202
Unrealized and realized (gains) loss on marketable securities (556) 49,116
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimbursable project costs 287,890 (26,986)
Prepaid expenses and other assets (11,459) 125,831
Accounts payable, accrued liabilities and other current liabilities (87,224) (102,884)
Net Cash Used In Operating Activities (3,434,417) (3,288,209)
Investing Activities:    
Proceeds from the sale of marketable securities 0 1,572,242
Purchase of Marketable securities 0 (38,133)
Patent costs (102,279) (71,809)
Net Cash Provided by (Used In) Investing Activities (102,279) 1,462,300
Financing Activities:    
Net proceeds from the issuance of common stock 305,490 0
Stock offering costs 0 (8,000)
Redemption of common stock into treasury stock 0 0
Restricted cash (834) (1,049)
Net Cash Provided by (Used In) Financing Activities 304,656 (9,049)
Net Decrease In Cash and Cash Equivalents (3,232,040) (1,834,958)
Cash and Cash Equivalents, Beginning of Period 3,672,877 2,197,555
Cash and Cash Equivalents, End of Period 440,837 362,597
Cash paid during the year:    
Interest paid 0 0
Income taxes paid $ 0 $ 0