Quarterly report pursuant to sections 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
3 Months Ended 69 Months Ended
Oct. 31, 2013
Oct. 31, 2012
Oct. 31, 2013
Operating activities      
Net loss $ (2,051,486) $ (2,026,925) $ (15,402,401)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 190,453 183,484 1,895,599
Write-down of supplies inventory     38,000
Write-down of web development costs     9,000
Fair value of derivative liabilities in excess of proceeds     808,590
Loss on extinguishment of debt     761,492
Gain on adjustment to fair value of derivative liabilities     (3,150,986)
Non-cash interest expense 12,293 27,449 362,075
Share-based compensation 70,410 179,631 855,316
Common stock issued for services 50,000   449,833
Changes in operating assets and liabilities:      
(Increase) decrease in prepaid expenses and other current assets (542,096) 118,468 (612,415)
(Increase) decrease in other long-term assets (5,708)   (44,921)
(Decrease) increase in accounts payable and accrued liabilities 220,311 358,304 799,396
(Decrease) Increase in accrued other 824 (57,497) 63,027
Net cash used in operating activities (2,054,999) (1,217,086) (13,168,395)
Investing activities      
Purchases of property and equipment (11,454)   (250,801)
Investment in intangible assets     (250,000)
Net cash used in investing activities (11,454)   (500,801)
Financing activities      
Proceeds from issuance of common stock and warrants 11,948,000   31,037,000
Payment of financing and offering costs (836,360)   (1,882,860)
Payment of amounts due under acquisition obligation   (500,000) (1,750,000)
Proceeds from exercise of warrants and stock options 1,178,398 106,050 1,458,816
Proceeds from amounts due to stockholder     153,867
Repayment of amounts due to stockholder     (153,867)
Net cash provided by (used in) financing activities 12,290,038 (393,950) 28,862,956
Net increase (decrease) in cash 10,223,585 (1,611,036) 15,193,760
Cash and cash equivalents, at beginning of period 4,970,175 5,141,509  
Cash and cash equivalents, at end of period 15,193,760 3,530,473 15,193,760
Cash paid during the period for:      
Interest     1,357
Income taxes 1,600   5,200
Noncash investing and financing transaction:      
Fair value of placement agent warrants issued in the public offering 410,535   1,011,076
Acquisition obligation of asset purchase agreement     2,750,000
Acquisition obligation discounts - imputed interest and fair value of warrants     $ 402,355