Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.6
Condensed Consolidated Statements of Cash Flows (USD $)
 9 Months Ended 26 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Operating Activities      
Net loss $ (2,605,726) $ (1,690,986) $ (6,108,305)
Adjustments to net loss relating to non-cash operating items:      
Depreciation and amortization 103,477 77,615 243,196
Stock based compensation 445,142 390,530 852,178
Common stock and warrants issued to settle liabilities for services 286,583 362,482 1,084,225
Amortization of stock issued in advance of services 52,500 0 81,667
Changes in operating assets and liabilities:      
Prepaid expenses. (83,028) 0 (83,028)
Other current assets. (10,444) (88,112) (12,432)
Accounts payable and accrued liabilities 28,288 (95,755) 224,522
Related parties payables (84,081) (34,674) (13,839)
Net Cash Used In Operating Activities (1,867,289) (1,078,900) (3,731,820)
Investing Activities      
Purchases of property and equipment (71,576) (24,526) (106,442)
Net Cash Used in Investing Activities (71,576) (24,526) (106,442)
Financing Activities      
Proceeds from issuance of common shares 1,951,625 1,595,907 3,814,854
Grants received 0 676,346 676,346
Proceeds from note payable 0 0 59,942
Repayment of note payable - related party 0 (255,807) (355,807)
Cash acquired through reverse merger 0 0 100
Net Cash Provided By Financing Activities 1,951,625 2,016,446 4,195,435
Effect of foreign exchange on cash (45,375) (1,412) (41,897)
Increase (Decrease) in Cash (32,615) 911,608 315,277
Cash - Beginning of Period 347,892 47,482 0
Cash - End of Period 315,277 959,090 315,277
Supplemental Disclosures of Cash Flow Information      
Interest paid 0 0 0
Income tax paid 0 0 0
Non Cash Financing Activities::      
Acquisition of subsidiary for Debt 0 0 1,000,000
Shares issuable for acquisition of intangible assets $ 0 $ 0 $ 1,169,943