Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
12 Months Ended 41 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Operating Activities      
Net loss $ (3,710,289) $ (4,083,050) $ (11,295,922)
Adjustments to reconcile to net cash used in operating activities:      
Depreciation and amortization 146,396 135,743 421,858
Impairment of intangible asset 350,000    350,000
Stock based compensation 282,012 858,413 1,547,461
Common stock and warrants issued for services 472,425 432,013 1,702,080
Amortization of stock issued in advance of services 250,833 70,000 350,000
Non-operating income - grants received (865,623)    (865,623)
Changes in operating assets and liabilities:      
Prepaid expenses (50,621) (25,549) (76,170)
Other current assets 5,964 (7,807) (717)
Accounts payable and accrued liabilities 34,697 305,655 637,406
Net Cash Used In Operating Activities (3,084,206) (2,314,582) (7,229,627)
Investing Activities      
Purchases of property and equipment (714) (90,685) (126,264)
Net Cash Used in Investing Activities (714) (90,685) (126,264)
Financing Activities      
Proceeds from issuance of common shares 2,828,250 2,576,375 7,267,854
Grants received 819,575    1,495,921
Proceeds from note payable       59,942
Repayment of note payable (54,396) (102,560) (546,393)
Cash acquired through reverse merger       100
Net Cash Provided By Financing Activities 3,593,429 2,473,815 8,277,424
Effect of foreign exchange on cash 3,774 (40,019) (32,829)
Increase in Cash 512,283 28,529 888,704
Cash - Beginning of Period 376,421 347,892  
Cash - End of Period 888,704 376,421 888,704
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       $ 1,169,943