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Consolidated Statements of Cash Flows (USD $) | 12 Months Ended
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Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES |
Consolidated net loss | $ (889,071)
Adjustments to reconcile consolidated net loss to cash flows used in operating activities: |
Stock compensation expense | 86,494
Stock issued in exchange for license option | 297,000
Changes in assets and liabilities, net of effects of acquisition: |
Decrease in other current assets | 3,593
Increase in accounts payable and accrued expenses | 408,310
Increase in interest payable | 7,097
Net cash used in operating activities | (86,577)
CASH FLOWS FROM INVESTING ACTIVITIES |
Cash acquired in connection with acquisition | 10,386
Net cash provided by investing activities | 10,386
CASH FLOWS FROM FINANCING ACTIVITIES |
Proceeds from sale of common stock, net | 9,824,682
Net cash provided by financing activities | 9,824,682
NET INCREASE IN CASH AND CASH EQUIVALENTS | 9,748,491
Cash and cash equivalents at beginning of year | 0
CASH AND CASH EQUIVALENTS AT END OF YEAR | 9,748,491
NON-CASH TRANSACTIONS |
Conversion of notes payable to preferred stock | 55,271
Accrued financing costs | $ 61,138

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