Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities    
Net loss $ (2,411,866) $ (338,150)
Adjustments to reconcile net loss to net cash used in operating activities:    
Settlement of litigation and debt 0 67,294
Stock based compensation expense 437,222 922,730
Issuance of common stock for services 0 49,000
Change in fair value of derivative liabilities 0 220,614
Gain on extinguishment of derivative liability 0 (3,441,752)
Gain on disposition of assets 0 (46,968)
Depreciation and amortization 6,912 8,040
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 3,240 (66,685)
Accounts payable and accrued expenses (91,320) (164,776)
Accounts payable - license agreements 158,457 77,083
Accounts payable and accrued expenses - related parties (233,675) (97,551)
Net cash used in operating activities (2,131,030) (2,811,121)
Cash flows from investing activities    
Purchase of equipment 0 (7,573)
Proceeds from sale of equipment 0 21,500
Net cash used in investing activities 0 13,927
Cash flows from financing activities    
Net proceeds from exercise of warrants and options 1,308,284 5,701,139
Net cash provided by financing activities 1,308,284 5,701,139
Net (decrease) increase in cash (822,746) 2,903,945
Cash, beginning of period 4,137,068 1,601,791
Cash, end of period 3,314,322 4,505,736
Supplemental disclosures of cash flow information    
Cash paid during the year for: Interest 0 260
Cash paid during the year for: Income taxes $ 0 $ 0