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 $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (5,534,965) $ (6,833,659)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization 277,688 325,660
Stock-based compensation expense 682,775 1,101,465
Non-cash interest expense related to convertible debt 426,458 0
Loss on disposal of fixed assets 2,269 4,513
Gain on revaluation of derivative warrants (2,539,239) (2,263,756)
Loss on issuance of derivative warrants 0 744,957
Changes in:    
Accounts payable and accrued liabilities (22,594) 440,323
Prepaid expenses and other current assets 4,335 (1,959)
Other assets and liabilities 4,000 6,450
Cash used in operating activities (6,699,273) (6,476,006)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of fixed assets (17,397) (134,956)
Change in restricted cash 0 2,000,000
Cash (used in) provided by investing activities (17,397) 1,865,044
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible debentures 4,000,000 0
Proceeds from issuance of notes payable 617,500 0
Payment of notes payable (617,500) 0
Payments on capital lease obligations (1,694) (1,782)
Reverse stock split fractional shares (1,158) 0
Proceeds from issuance of common stock, net of underwriting issuance costs 12,395,965 4,975,153
Cash paid for issuance costs (518,822) 0
Change in deferred issuance costs 0 70,539
Cash provided by financing activities 15,874,291 5,043,910
INCREASE IN CASH AND EQUIVALENTS 9,157,621 432,948
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD 2,418,384 4,677,545
CASH AND EQUIVALENTS AT END OF PERIOD 11,576,005 5,110,493
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Exchange of debentures and accrued interest for common stock 4,172,444 0
Fair value of warrants classified as derivative liability 0 5,720,000
Relative fair value of warrants issued with debentures $ 254,024 $ 0