|
Statements of Cash Flows (Interim Periods Unaudited) (USD $)
|
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
| Cash flows from operating activities: |
|
|
|
|
|
| Net loss |
$ (4,074,368) |
$ (4,319,900) |
$ (8,311,411) |
$ (9,454,235) |
$ (7,159,060) |
| Adjustments to reconcile net loss to net cash flows from operating activities: |
|
|
|
|
|
| Depreciation and license amortization |
212,670 |
138,965 |
354,885 |
266,223 |
168,710 |
| Expenses paid through the issuance of common stock |
|
|
|
29,749 |
|
| Share-based compensation |
1,137,561 |
508,660 |
989,902 |
245,462 |
130,587 |
| Loss (gain) on change in fair value of derivative liability |
26,545 |
|
|
(1,227,500) |
|
| Amortization and write-off of debt issuance costs and original issue discounts (see Note 8) |
2,057,649 |
647,529 |
1,359,687 |
889,624 |
98,500 |
| Write-off of costs of withdrawn IPO |
|
|
|
1,788,609 |
|
| Increase (decrease) in cash resulting from changes in: |
|
|
|
|
|
| Accounts receivable |
231,732 |
(23,046) |
(370,040) |
(31,540) |
|
| Inventory |
(107,777) |
(186,335) |
91,519 |
(1,214,962) |
(569,350) |
| Prepaid expenses and other current assets |
(56,435) |
9,859 |
(3,233) |
38,487 |
(83,049) |
| Other assets |
1,281 |
20,000 |
4,520 |
19,520 |
4,775 |
| Accounts payable and accrued expenses |
(1,380,990) |
1,024,989 |
2,244,575 |
3,543,310 |
418,970 |
| Related party deferred revenue |
(1,300,000) |
(1,300,000) |
(2,600,000) |
(2,600,000) |
(2,488,725) |
| Net cash flows from operating activities |
(3,252,132) |
(3,479,279) |
(6,239,596) |
(7,707,253) |
(9,478,642) |
| Cash flows from investing activities: |
|
|
|
|
|
| Purchases of property and equipment |
(84,861) |
(1,739) |
(26,101) |
(61,704) |
(282,362) |
| Net cash flows from investing activities |
(84,861) |
(1,739) |
(26,101) |
(61,704) |
(282,362) |
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from issuance of convertible notes payable |
3,425,000 |
|
|
|
|
| Proceeds from 2011 junior secured note payable |
|
|
2,000,000 |
|
|
| Net cash flows from financing activities |
4,414,470 |
2,501,000 |
4,833,860 |
6,777,142 |
2,409,332 |
| Proceeds from sale of unit securities |
|
|
|
3,000,000 |
|
| Deposits received for July 2012 offering |
989,520 |
|
|
|
|
| Proceeds from warrant and option exercises |
|
1,000 |
2,250 |
|
10,663 |
| Purchase of treasury stock for cash |
|
|
|
|
(547,835) |
| Issuance of note receivable, stockholder |
|
|
|
|
(500,000) |
| Deferred offering costs paid |
|
|
|
|
(53,496) |
| Net change in cash and cash equivalents |
1,077,477 |
(980,018) |
(1,431,837) |
(991,815) |
(7,351,672) |
| Cash and cash equivalents, beginning of period |
145,478 |
1,577,314 |
1,577,314 |
2,569,129 |
9,920,801 |
| Cash and cash equivalents, end of period |
1,222,955 |
597,296 |
145,478 |
1,577,314 |
2,569,129 |
| SUPPLEMENTAL CASH FLOW INFORMATION |
|
|
|
|
|
| Income taxes |
|
|
|
49,250 |
|
| Interest |
11,479 |
|
|
|
|
|
Convertible Notes Payable, Net [Member]
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from issuance of convertible notes payable |
3,424,950 |
2,500,000 |
|
|
|
|
Related Party Convertible Notes Payable [Member]
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from issuance of convertible notes payable |
|
|
|
|
3,500,000 |
|
The 2010 Unsecured Convertible Notes Payable [Member]
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from issuance of convertible notes payable |
|
|
|
3,777,142 |
|
|
Related Party 2011 Unsecured Convertible Notes Payable [Member]
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from issuance of convertible notes payable |
|
|
1,310,000 |
|
|
|
The 2011 Unsecured Convertible Notes Payable [Member]
|
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from issuance of convertible notes payable |
|
|
$ 1,521,610 |
|
|