Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ 559,511 $ (2,186,373)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation for services 47,884 433,402
Depreciation and amortization 19,401 64,021
Amortization of license fees (24,175) $ (24,175)
Other noncash charges 133,899
Gain on sale of property and equipment $ (1,919,361)
Change in:    
Accounts receivable $ 7,077
Prepaid expenses and other current assets $ 69,155 89,690
Accounts payable (380,010) (34,707)
Accrued compensation (437,324) (565,862)
Accrued expenses 28,058 (69,744)
Net cash (used in) operating activities (1,902,962) (2,286,671)
Cash flows from investing activities:    
Purchases of short-term investments (7,537,862) (11,305,556)
Sales of short-term investments 9,648,744 $ 14,402,745
Proceeds from sale of property and equipment 1,748,571
Purchases of patent and trademark application costs (10,778) $ (14,679)
Net cash provided by investing activities 3,848,675 3,082,510
Cash flows from financing activities:    
Repayment of notes payable and other obligations (116,931) (133,715)
Net cash (used in) financing activities (116,931) (133,715)
Net change in cash and cash equivalents 1,828,782 662,124
Cash and cash equivalents at beginning of period 2,012,283 3,539,911
Cash and cash equivalents at end of period 3,841,065 4,202,035
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 31,140 $ 25,286
Supplemental disclosure of investing information:    
Liability payoffs upon property sale $ 2,064,758