XML 23 R5.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Statements of Cash Flows (Unaudited) (USD $)
 6 Months Ended
Jun. 30, 2011
Jun. 30, 2010
Cash flows from operating activities:    
Net loss $ (1,247,223) $ (1,283,817)
Adjustments to reconcile net loss to net cash used for operating activities:    
Depreciation and amortization 18,827 48,365
Amortization of loan costs 1,897 1,897
Stock based compensation 16,000  
Loss on disposal of equipment   608
Change in fair value of warrant liability (29,791)  
Cash provided by (used for):    
Accounts receivable 1,980 (125,359)
Other receivables 38,105 (34,086)
Prepaid expenses and other assets (1,234,066) (31,486)
Accounts payable 38,446 76,993
Related party payable 2,770  
Accrued expenses 23,170 45,556
Unearned revenue 131,490 257,127
Deferred rent (5,270)  
Net cash used for operating activities (2,243,665) (1,039,010)
Cash flows from investing activities:    
Purchase of property and equipment   (8,464)
Security deposit   7,250
Net cash used for investing activities   (1,214)
Cash flows from financing activities:    
Proceeds from the issuance of series A2 preferred stock   2,659,554
Proceeds from issuance of convertible notes payable   600,000
Proceeds from issuance of promissory note 500,000  
Proceeds from issuance of common and preferred stock and warrants, net 2,507,473  
Proceeds from exercise of stock options 405 918
Payments on notes payable (175,330) (166,667)
Net cash provided by (used for) financing activities 2,832,548 3,093,805
Net decrease in cash and cash equivalents 588,883 2,053,581
Cash and cash equivalents, beginning of year 1,503,105 515,446
Cash and cash equivalents, end of year 2,091,988 2,569,027
Supplemental cash flow information:    
Cash paid during year for interest 12,023 19,593
Non-cash financing and investing activities    
Series A2 Preferred Stock issued for conversion of notes payable plus accrued interest   1,444,800
Promissory note exchanged in financing arrangement 500,000  
Warrants issued in financing arrangement $ 1,067,210