XML 19 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended 161 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES      
Net loss $ (953,936) $ (2,531,228) $ (18,420,733)
Adjustments to reconcile net loss to net cash used in operating activities:      
Estimated fair value of contributed services 0 0 2,475,000
Gain on forgiveness of liabilities (60,292) (26,299) (176,505)
Amortization of prepaid consulting fees 0 235,600 807,608
Depreciation 338 1,056 3,154
Non-cash interest on notes payable 75,000 55,479 1,706,234
Stock-based compensation 192,153 680,195 2,128,816
Payments made on behalf of Company by related party 254,142 0 254,142
Changes in assets and liabilities:      
Prepaid consulting costs 0 0 (140,000)
Prepaid expenses and other current assets 45,695 20,425 (14,797)
Accounts payable 144,980 (607,382) 308,526
Accrued Phase Three expenses 0 (231,762) 111,871
Accrued expenses and payroll liabilities (9,240) 25,605 86,591
Deferred revenue 20,000 80,000 100,000
NET CASH USED IN OPERATING ACTIVITIES (291,160) (2,298,311) (10,770,093)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of fixed assets 0 0 (3,154)
NET CASH USED IN INVESTING ACTIVITIES 0 0 (3,154)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of notes payable to stockholders 300,000 0 526,300
Proceeds from issuance of preferred stock 100,000 0 100,000
Proceeds from notes payable 0 1,000,000 2,500,000
Cash advances from related party 27,537 0 27,537
Repayment of advances from related party (281,679) 0 (281,679)
Capital contributions 0 0 168,707
Net proceeds from purchase of common stock and exercise of warrants and stock options 0 0 99,450
Proceeds from Private Placements 0 0 7,779,092
NET CASH PROVIDED BY FINANCING ACTIVITIES 145,858 1,000,000 10,919,407
NET CHANGE IN CASH AND CASH EQUIVALENTS (145,302) (1,298,311) 146,160
CASH AND CASH EQUIVALENTS BALANCES, beginning of period 291,462 1,589,773  
CASH AND CASH EQUIVALENTS BALANCES, end of period 146,160 291,462 146,160
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Issuance of and adjustment to common stock and warrants to consulting firms for prepaid consulting fees 0 0 432,007
Conversion of notes payable and accrued interest into common stock 0 0 1,530,177
Forgiveness of notes payable and accrued interest to stockholders 0 0 241,701
Conversion of advances to notes payable to stockholders 0 0 196,300
Accretion of preferred stock discount (100,000) 0 (100,000)
Payment of Phase Three liabilities by related party $ 56,087 $ 0 $ 56,087