Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (unaudited)

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)
 6 Months Ended 35 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Jun. 30, 2013
Operating Activities      
Net loss $ (1,955,288) $ (1,733,210) $ (9,540,924)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 72,525 69,815 347,987
Stock based compensation 166,669 341,471 1,432,118
Common stock and warrants issued to settle liabilities for services 223,771 264,332 1,453,429
Amortization of stock issued in advance of services 35,000 35,000 134,167
Changes in operating assets and liabilities:      
Accounts receivable    (11,707)   
Prepaid expenses (26,421) (1,701) (51,970)
Other current assets (776) (4,790) (7,457)
Accounts payable and accrued liabilities (62,576) (102,964) 403,943
Net Cash Used In Operating Activities (1,547,096) (1,143,754) (5,828,707)
Investing Activities      
Purchases of property and equipment (714) (71,121) (126,264)
Net Cash Used in Investing Activities (714) (71,121) (126,264)
Financing Activities      
Proceeds from issuance of common shares 1,421,500 1,287,376 5,861,104
Grants received 517,280    1,193,626
Proceeds from note payable       59,942
Repayment of note payable - related party (1,321)    (357,128)
Cash acquired through reverse merger       100
Net Cash Provided By Financing Activities 1,937,459 1,287,376 6,757,644
Effect of foreign exchange on cash (15,321) (34,144) (51,924)
Increase in Cash 374,328 38,357 750,749
Cash - Beginning of Period 376,421 347,892   
Cash - End of Period 750,749 386,249 750,749
Supplemental Disclosures of Cash Flow Information      
Interest paid         
Income tax paid         
Non Cash Financing Activities::      
Acquisition of subsidiary for debt       1,000,000
Common stock issued for debt $ 18,583    $ 1,169,943