Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (5,539,168) $ (5,946,788)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation for services 729,413 895,347
Depreciation and amortization 153,592 171,797
Impairment charges    2,951
Amortization of license fees (47,349) (39,904)
Change in:    
Accounts receivable (18,943)   
Prepaid expenses and other current assets 209,658 266,316
Accounts payable (280,565) 260,992
Accrued compensation 127,000 (406,414)
Accrued expenses (363,859) 242,053
Deferred revenue 68,584 196,860
Net cash used in operating activities (4,961,637) (4,356,790)
Cash flows from investing activities:    
Purchases of short-term investments (28,420,458) (12,504,775)
Sales of short-term investments 11,714,964 3,411,351
Purchases of property and equipment (2,200) (22,911)
Purchases of patents and other assets (113,304) (51,992)
Net cash used in investing activities (16,820,998) (9,168,327)
Cash flows from financing activities:    
Repayment of notes payable and other obligations (245,933) (685,697)
Net proceeds from issuance of common stock 20,122,652 12,969,587
Net cash provided by financing activities 19,876,719 12,283,890
Net decrease in cash and cash equivalents (1,905,916) (1,241,227)
Cash and cash equivalents at beginning of period 5,658,683 10,977,974
Cash and cash equivalents at end of period 3,752,767 9,736,747
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest $ 52,928 $ 81,647