Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended 125 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Net loss $ (3,453,879) $ (2,356,903) $ (43,731,279)
Adjustments to reconcile net loss to cash used in operating activities:      
Depreciation and amortization 111,874 139,771 3,025,165
Stock-based compensation 425,898 417,353 4,784,068
Intrinsic value of beneficial conversion feature associated with convertible debt 0 0 471,765
Issuance of stock for technology and services 0 0 89,520
Impairment of intangible assets 0 0 19,671
Loss on disposal of fixed assets 4,513 0 40,990
(Gain) loss on revaluation of derivative warrants (6,043) 28,846 39,969
Loss on issuance of derivative warrants 744,957 0 744,957
Changes in:      
Prepaid expenses and other current assets 135,549 71,667 (175,674)
Accounts payable and accrued liabilities 145,999 (6,412) 482,860
Accrued interest 0 0 463,722
Deferred rent 2,195 2,987 137,599
Cash used in operating activities (1,888,937) (1,702,691) (33,606,667)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Cash acquired in a business combination 0 0 905,649
Purchases of fixed assets (92,977) (15,149) (5,677,260)
Proceeds from sale of fixed assets 0 0 7,000
Purchases of short-term certificates of deposit 0 0 (5,500,730)
Proceeds from short-term certificates of deposit 0 0 5,500,730
Change in restricted cash 121,740 0 (1,933,260)
Payment for intangible assets 0 0 (19,671)
Cash provided by (used in) investing activities 28,763 (15,149) (6,717,542)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of convertible notes 0 0 2,720,985
Proceeds from long-term obligations 0 0 1,677,945
Payments on long-term obligations 0 0 (1,227,944)
Payments on capital lease obligations (584) (544) (7,467)
Proceeds from issuance of common stock, net of issuance costs 4,975,153 0 43,688,181
Proceeds from exercise of warrants 0 0 1,338,300
Repurchase of common stock 0 0 (31,667)
Cash in lieu of fractional shares in a business combination 0 0 (145)
Change in deferred issuance costs 70,539 0 28,500
Cash provided by (used in) financing activities 5,045,108 (544) 48,186,688
INCREASE (DECREASE) IN CASH AND EQUIVALENTS 3,184,934 (1,718,384) 7,862,479
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 4,677,545 5,505,960 0
CASH AND EQUIVALENTS AT END OF PERIOD 7,862,479 3,787,576 7,862,479
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION      
Fair value of warrants classified as derivative liability 5,720,000 0 5,720,000
Interest paid 0 0 208,689
Fair value of derivative warrants reclassified to equity upon cashless exercise 0 19,754 92,194
Issuance of common stock in connection with the conversion of notes payable and $463,722 in accrued interest 0 0 3,184,707
Fair value of assets acquired in exchange for securities in a business combination 0 0 78,408
Fair value of liabilities assumed in exchange for securities in a business combination 0 0 (439,616)
Goodwill resulting from business combination $ 0 $ 0 $ 1,675,462