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, 2015
Jun. 30, 2014
Cash flows from operating activities:    
Net loss $ (4,219,608) $ (5,539,168)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation for services 780,983 729,413
Depreciation and amortization 129,794 153,592
Amortization of license fees (48,349) $ (47,349)
Other noncash charges 4,647  
Change in:    
Accounts receivable (30,260) $ (18,943)
Prepaid expenses and other current assets 232,018 209,658
Accounts payable (143,793) (280,565)
Accrued compensation (547,607) 127,000
Accrued expenses $ 17,161 (363,859)
Deferred revenue   68,584
Net cash used in operating activities $ (3,825,014) (4,961,637)
Cash flows from investing activities:    
Purchases of short-term investments (16,216,718) (28,420,458)
Sales of short-term investments $ 21,652,610 11,714,964
Purchases of property and equipment   (2,200)
Purchases of patent and trademark application costs $ (47,022) (113,304)
Net cash provided by (used in) investing activities $ 5,388,870 (16,820,998)
Cash flows from financing activities:    
Net proceeds from issuance of common stock   20,122,652
Repayment of notes payable and other obligations $ (235,935) (245,933)
Net cash (used in) provided by financing activities (235,935) 19,876,719
Net change in cash and cash equivalents 1,327,921 (1,905,916)
Cash and cash equivalents at beginning of period 3,539,911 5,658,683
Cash and cash equivalents at end of period 4,867,832 3,752,767
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest $ 49,740 $ 52,928