Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (8,579,246) $ (6,328,340)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 52,032 104,619
Share-based compensation 431,504 339,780
Non-cash impairment of acquired In-Process Research and Development   1,087,638
Non-cash interest income   (577)
Non-cash interest expense   51,739
Foreign currency translation (14,965) (42,155)
Changes in operating assets and liabilities:    
Accounts receivable, prepayments and other receivables (7,519) (31,695)
Accounts payable and accrued expenses 2,066,172 (1,443,063)
Net cash used in operating activities (6,052,022) (6,262,054)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (78,634) (130,084)
Sales of property and equipment   37,847
Overdraft acquired with SymbioTec GmbH   (349)
Change in restricted cash (66,000)  
Net cash used in investing activities (144,634) (92,586)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of common stock   421,163
Proceeds from exercise of stock options 2,090 709
Employee participation in JSOP   61,751
Stock issuance costs   (80,774)
Payments on loan from related party   (706,201)
Net cash provided by (used in) financing activities 2,090 (303,352)
Effect of exchange rate change on cash and cash equivalents (102,818) 677,882
Net decrease in cash and cash equivalents, excluding restricted cash (6,297,384) (5,980,110)
Cash and cash equivalents at beginning of year 11,136,870 17,116,980
Cash and cash equivalents at end of year $ 4,839,486 11,136,870
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Issuance of common stock in connection with SymbioTec GmbH acquisition   9,339,100
Loan to JSOP trustees   $ 4,692,518