Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

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Consolidated Statement of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Operating Activities:    
Net Loss $ (2,111,470) $ (2,800,671)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock based compensation 628,445 784,936
Depreciation and amortization 14,517 13,914
Unrealized (Gains) losses on marketable securities (109,757) (85,521)
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimburseable project costs (387,179) (299,829)
Prepaid expenses and other assets (244,885) (447,374)
Accounts payable, accrued liabilities and other current liabilities (750,108) (611,353)
Deferred revenue 0 480,290
Net Cash Used In Operating Activities (2,960,437) (2,965,608)
Investing Activities:    
Proceeds from sale of marketable securities 397,926 1,933,867
Purchase of marketable securities (121,173) 0
Property and equipment (19,738) (1,563)
Patent costs (38,956) (44,879)
Net Cash Provided by Investing Activities 218,059 1,887,425
Financing Activities:    
Proceeds from the issuance of common stock - net of offering costs 1,733 0
Restricted cash (967) (906)
Net Cash Provided by (Used In) Financing Activities 766 (906)
Net Increase (Decrease) In Cash and Cash Equivalents (2,741,612) (1,079,089)
Cash and Cash Equivalents, Beginning of Period 3,569,098 2,373,421
Cash and Cash Equivalents, End of Period 827,486 1,294,332
Cash paid during the period    
Interest paid 0 0
Income taxes paid $ 0 $ 0