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 $)
3 Months Ended 44 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
Operating Activities      
Net loss $ (2,194,426) $ (907,797) $ (12,390,109)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 30,914 36,434 452,772
Impairment of intangible asset       350,000
Stock based compensation 45,871 84,176 1,593,332
Common stock and warrants issued to settle liabilities for services 121,732 83,849 1,823,812
Amortization of stock issued in advance of services    17,500 350,000
Non-operating income - grants received (143,987)    (1,009,610)
Derivative expense 1,100,240    1,100,240
Changes in operating assets and liabilities:      
Prepaid expenses 18,954 (95,488) (57,216)
Other current assets (12,388) 5,286 (13,105)
Accounts payable and accrued liabilities 55,527 219,689 692,933
Net Cash Used In Operating Activities (977,563) (556,351) (8,207,191)
Investing Activities      
Purchases of property and equipment (18,067) (714) (144,331)
Net Cash Used in Investing Activities (18,067) (714) (144,331)
Financing Activities      
Proceeds from issuance of common shares 2,767,935 596,000 10,035,789
Grants received 143,987    1,639,908
Proceeds from note payable       59,942
Repayment of notes payable    (1,321) (546,393)
Cash acquired through reverse merger       100
Net Cash Provided By Financing Activities 2,911,922 594,679 11,189,346
Effect of foreign exchange on cash (4,194) (3,169) (37,022)
Increase in Cash 1,912,098 34,445 2,800,802
Cash - Beginning of Period 888,704 376,421   
Cash - End of Period 2,800,802 410,866 2,800,802
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