General form of registration statement for all companies including face-amount certificate companies

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended 12 Months Ended 67 Months Ended 70 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:            
Net loss $ (2,001,203) $ (2,014,988) $ (9,449,600) $ (3,470,113) $ (15,844,280) $ (17,845,483)
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation 4,138 2,354 14,329 9,300 31,641 35,779
Amortization and write off of deferred financing costs 0 196,166 196,166 53,377 249,543 249,543
Non cash interest, consisting of beneficial conversion feature in connection with convertible debentures 0 426,152 710,000 0 710,000 710,000
Non cash interest, consisting of common stock and warrants issued in connection with convertible debentures 0 81,337 426,152 0 426,152 426,152
Non-cash financing costs related to January and March 2012 financing 0 0 81,337 0 81,337 81,337
Warrants issued for services rendered 10,435 0       10,435
Stock based compensation 392,323 0 865,158 435,651 1,551,871 1,944,194
Change in fair value of warrant liability 0 (47,023) 1,177,026   1,177,026 1,177,026
Common stock issued in exchange for intellectual property 0 0 0 0 383,250 383,250
Gain on extinguishment of debt 0 0 0 0 (7,908) (7,908)
Changes in operating assets and liabilities:            
Prepaid expenses 156,968 38,383 (122,229) (79,117) (224,659) (67,691)
Accounts payable 44,259 (512,790) 130,639 377,453 825,837 870,096
Accrued interest (3,155) (35,195) (32,040) 38,306 6,266 3,111
Accrued expenses 35,993 88,503 293,125 (12,304) 404,065 440,058
Deferred rent payable (1,387) (513) (2,927) 9,909 26,156 24,769
Net cash used in operating activities (1,361,629) (1,777,614) (5,712,864) (2,637,538) (10,203,703) (11,565,332)
CASH FLOWS FROM INVESTING ACTIVITIES:            
Purchase of furniture and fixtures 0 0 (35,673) (2,764) (78,535) (78,535)
Proceeds from security deposit     0 3,156 0  
Payment of restricted cash and interest earned on restricted cash (22) (22) (90) (90) (60,267) (60,289)
Net cash (used in) provided by investing activities (22) (22) (35,763) 302 (138,802) (138,824)
CASH FLOWS FROM FINANCING ACTIVITIES:            
Proceeds from demand notes 0 0 0 0 480,000 480,000
Proceeds from other notes payable 0 0 320,000 500,000 1,020,000 1,020,000
Proceeds, net of expenses of $24,000 from Convertible Debentures 0 0 390,000 1,501,000 1,891,000 1,891,000
Repayment of Convertible Debentures 0 (150,000) (150,000) 0 (150,000) (150,000)
Proceeds, net of expenses of $374,870 from sale of units consisting of common stock and warrants 0 4,387,895 6,932,894 0 6,932,894 6,932,894
Proceeds from the sale of capital stock 0 0 0 612,000 1,954,001 1,954,001
Net cash provided by financing activities 0 4,237,895 7,492,894 2,613,000 12,127,895 12,127,895
Net increase (decrease) in cash (1,361,651) 2,460,259 1,744,267 (24,236) 1,785,390 423,739
Cash, beginning of the period 1,785,390 41,123 41,123 65,359 0 0
Cash, end of period 423,739 2,501,382 1,785,390 41,123 1,785,390 423,739
Supplemental disclosures of cash flow information:            
Interest paid 3,155 35,195 35,195 0 0 38,350
Non cash investing and financing activities:            
Senior convertible notes exchanged for preferred shares 0 0 0 0 200,000 200,000
Capital contribution of accrued interest 0 0 3,111 0 26,836 26,836
Demand notes together with accrued interest converted into capital stock 0 0 0 0 549,078 549,078
Common stock issued for deferred financing costs 0 0 0 144,000 144,000 144,000
Exchange of Notes Payable for Convertible Debenture 0 0 320,000 0 820,000 820,000
Warrants Liability reclassified to Stockholders' Equity 0 0 3,938,946 0 3,938,946 3,938,946
Exchange of Convertible Debenture for Units consisting of common stock and warrants $ 0 $ 0 $ 2,635,000 $ 0 $ 2,635,000 $ 2,635,000