Annual report pursuant to section 13 and 15(d)

Statements of Cash Flows

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Statements of Cash Flows (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:      
Net loss $ (5,877,718) $ (8,311,411) $ (9,454,235)
Adjustments to reconcile net loss to net cash flows from operating activities:      
Depreciation and license amortization 416,970 354,885 266,223
Expenses paid through the issuance of common stock 124,625   29,749
Share-based compensation 2,031,291 989,902 245,462
Loss (gain) on change in fair value of derivative liabilities 171,371   (1,227,500)
Amortization and write-off of debt issuance costs and original issue discounts 2,061,078 1,359,687 889,624
Write-off of costs of withdrawn IPO     1,788,609
Increase (decrease) in cash resulting from changes in:      
Accounts receivable (43,852) (370,040) (31,540)
Inventory (270,686) 91,519 (1,214,962)
Cost of deferred product revenue (47,639)    
Prepaid expenses and other current assets (43,461) (3,233) 38,487
Other assets 16,581 4,520 19,520
Accounts payable and accrued expenses (2,738,727) 2,244,576 3,543,310
Deferred revenue (3,233,649) (2,600,000) (2,600,000)
Net cash flows from operating activities (7,433,816) (6,239,595) (7,707,253)
Cash flows from investing activities:      
Purchases of property and equipment (127,453) (26,101) (61,704)
Net cash flows from investing activities (127,453) (26,101) (61,704)
Cash flows from financing activities:      
Net proceeds from pre-public unit offerings 3,424,950 2,831,610 3,000,000
Net proceeds from issuance of convertible notes   2,000,000 3,777,142
Net proceeds from PIPE financing 5,516,495    
Proceeds from warrant exercises 94,351 2,250  
Net cash flows from financing activities 9,035,796 4,833,860 6,777,142
Net change in cash and cash equivalents 1,474,527 (1,431,836) (991,815)
Cash and cash equivalents, beginning of year 145,478 1,577,314 2,569,129
Cash and cash equivalents, end of year 1,620,005 145,478 1,577,314
SUPPLEMENTAL CASH FLOW INFORMATION      
Income taxes       49,250
Interest $ 33,200