|
Condensed Statements of Cash Flows (Unaudited) (USD $)
|
6 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash flows from operating activities: |
|
|
| Net loss |
$ (4,074,368) |
$ (4,319,900) |
| Adjustments to reconcile net loss to net cash flows from operating activities: |
|
|
| Depreciation and license amortization |
212,670 |
138,965 |
| Share-based compensation |
1,137,561 |
508,660 |
| Loss on change in fair value of derivative liability |
26,545 |
|
| Amortization and write-off of debt issuance costs and original issue discounts (see Note 8) |
2,057,649 |
647,529 |
| Increase (decrease) in cash resulting from changes in: |
|
|
| Accounts receivable |
231,732 |
(23,046) |
| Inventory |
(107,777) |
(186,335) |
| Prepaid expenses and other current assets |
(56,435) |
9,859 |
| Other assets |
1,281 |
20,000 |
| Accounts payable and accrued expenses |
(1,380,990) |
1,024,989 |
| Related party deferred revenue |
(1,300,000) |
(1,300,000) |
| Net cash flows from operating activities |
(3,252,132) |
(3,479,279) |
| Cash flows from investing activities: |
|
|
| Purchases of property and equipment |
(84,861) |
(1,739) |
| Net cash flows from investing activities |
(84,861) |
(1,739) |
| Cash flows from financing activities: |
|
|
| Proceeds from issuance of convertible notes payable, net of issuance costs |
3,424,950 |
2,500,000 |
| Deposits received for July 2012 offering |
989,520 |
|
| Proceeds from warrant exercise |
|
1,000 |
| Net cash flows from financing activities |
4,414,470 |
2,501,000 |
| Net change in cash and cash equivalents |
1,077,477 |
(980,018) |
| Cash and cash equivalents, beginning of period |
145,478 |
1,577,314 |
| Cash and cash equivalents, end of period |
1,222,955 |
597,296 |
| Cash paid for: |
|
|
| Income taxes |
|
|
| Interest |
$ 11,479 |
|