Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v2.4.0.6
Consolidated Statement of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Operating Activities:    
Net Loss $ (5,869,007) $ (7,563,481)
Adjustments to reconcile net loss from operations to net cash used in operating activities:    
Stock based compensation 1,513,021 2,691,509
Depreciation and amortization 26,962 27,000
(Gains) losses on marketable securities (93,951) 116,487
Changes in non-cash operating working capital items:    
Accounts receivable - fees and reimburseable project costs 713,352 1,430,525
Prepaid expenses and other assets 95,564 208,834
Accounts payable, accrued liabilities and other current liabilities (337,929) 629,878
Deferred revenue (98,110) 98,110
Net Cash Used In Operating Activities (4,050,098) (2,361,138)
Investing Activities:    
Proceeds from sale of marketable securities 10,408,785 0
Purchase of marketable securities (5,000,300) (10,577,844)
Property and equipment (1,297) (1,620)
Patent costs (159,813) (135,417)
Net Cash Provided By (Used In) Investing Activities 5,247,375 (10,714,881)
Financing Activities:    
Proceeds from the issuance of common stock - net of offering costs 0 12,562,310
Redemption of common stock into treasury stock 0 (243,552)
Restricted cash (1,600) 101,891
Net Cash Provided by (Used In) Financing Activities (1,600) 12,420,649
Net Increase (Decrease) In Cash and Cash Equivalents 1,195,677 (655,370)
Cash and Cash Equivalents, Beginning of Year 2,373,421 3,028,791
Cash and Cash Equivalents, End of Year 3,569,098 2,373,421
Supplemental Disclosure of Cash Flow Information:    
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