Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
12 Months Ended 29 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2012
Operating Activities      
Net loss $ (4,083,050) $ (2,608,463) $ (7,585,633)
Adjustments to reconcile to net cash used in to non-cash operating activities      
Depreciation and amortization 135,743 118,617 275,462
Stock based compensation 858,413 407,036 1,265,449
Common stock and warrants issued to settle liabilities for services 432,013 362,482 1,229,655
Amortization of stock issued in advance of services 70,000 29,167 99,167
Changes in operating assets and liabilities:      
Prepaid expenses. (25,549)    (25,549)
Other current assets. (7,807) (14,687) (6,681)
Accounts payable and accrued liabilities 305,655 53,413 602,709
Net Cash Used In Operating Activities (2,314,582) (1,652,435) (4,145,421)
Investing Activities      
Purchases of property and equipment (90,685) (34,865) (125,550)
Net Cash Used in Investing Activities (90,685) (34,865) (125,550)
Proceeds from issuance of common shares 2,576,375 1,595,906 4,439,604
Grants received    676,346 676,346
Proceeds from note payable       59,942
Repayment of note payable (102,560) (289,437) (491,997)
Cash acquired through reverse merger    100 100
Net Cash Provided By Financing Activities 2,473,815 1,982,915 4,683,995
Effect of foreign exchange on cash (40,019) 4,796 (36,603)
Increase in Cash 28,529 300,411 376,421
Cash - Beginning of Period 347,892 47,481   
Cash - End of Period 376,421 347,892 376,421
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 $ 1,169,943