Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,029,249) $ (5,518,341)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 188,369 219,968
Stock-based compensation expense 536,216 803,791
Non-cash interest expense related to discount on convertible debt 50,805 0
Loss on disposal of fixed assets 2,268 4,513
Gain on revaluation of derivative warrants (518,806) (666,384)
Loss on issuance of derivative warrants 0 744,957
Changes in:    
Accounts payable and accrued liabilities 33,320 304,484
Prepaid expenses and other current assets 132,115 180,024
Other assets and liabilities 2,622 4,391
Cash used in operating activities (4,602,340) (3,922,597)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (15,191) (92,977)
Change in restricted cash 0 121,768
Cash (used in) provided by investing activities (15,191) 28,791
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible notes 4,000,000 0
Payments on capital lease obligations (1,263) (1,178)
Reverse Stock Split Fractional Shares (1,158) 0
Proceeds from issuance of common stock, net of issuance costs 0 4,975,153
Change in deferred issuance costs (172,407) 70,539
Cash provided by financing activities 3,825,172 5,044,514
(DECREASE) INCREASE IN CASH AND EQUIVALENTS (792,359) 1,150,708
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 2,418,384 4,677,545
CASH AND EQUIVALENTS AT END OF PERIOD 1,626,025 5,828,253
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Fair value of warrants classified as derivative liability 0 5,720,000
Relative fair value of warrants issued with convertible debt $ 254,024 $ 0