Liquidity and Capital Resources Nine Months E
Post# of 86
Posted On: 12/19/2014 11:22:46 AM
Liquidity and Capital Resources
Nine Months Ended September 30, 2014 Compared to Nine Months Ended September 30, 2013
As of September 30, 2014, we had a working capital deficit of $467,561, comprised of cash of $268,877 and prepaid expenses of $100,700, which was offset by $443,194 of accounts payable and accrued expenses and accrued dividends on preferred stock issuances of $393,944. For the nine months ended September 30, 2014, we used $1,535,858 of cash in operating activities and $3,963 of cash in investing activities. Cash provided by financing activities totaled $1,506,511, comprised of proceeds from the sale of our common stock of $1,537,292, net with repayments of related party advances of $30,781. In the comparable period in 2013, $1,721,870 was raised through the sale of our Series C Preferred Stock, net with repayments of related party notes and advances of $30,000 and $16,540, respectively. At September 30, 2014, we had cash of $268,877 compared to $302,187 at December 31, 2013. Our cash is held in bank deposit accounts. At September 30, 2014 and December 31, 2013, we had no convertible debentures outstanding.
Cash used in operations for the nine months ended September 30, 2014 and 2013 was $1,535,858 and $1,668,910, respectively, which represent cash outlays for research and development and general and administrative expenses in such periods. Increase in cash outlays principally resulted from increased research and development and general and administrative expenses due to the continued development of our operations.
Nine Months Ended September 30, 2014 Compared to Nine Months Ended September 30, 2013
As of September 30, 2014, we had a working capital deficit of $467,561, comprised of cash of $268,877 and prepaid expenses of $100,700, which was offset by $443,194 of accounts payable and accrued expenses and accrued dividends on preferred stock issuances of $393,944. For the nine months ended September 30, 2014, we used $1,535,858 of cash in operating activities and $3,963 of cash in investing activities. Cash provided by financing activities totaled $1,506,511, comprised of proceeds from the sale of our common stock of $1,537,292, net with repayments of related party advances of $30,781. In the comparable period in 2013, $1,721,870 was raised through the sale of our Series C Preferred Stock, net with repayments of related party notes and advances of $30,000 and $16,540, respectively. At September 30, 2014, we had cash of $268,877 compared to $302,187 at December 31, 2013. Our cash is held in bank deposit accounts. At September 30, 2014 and December 31, 2013, we had no convertible debentures outstanding.
Cash used in operations for the nine months ended September 30, 2014 and 2013 was $1,535,858 and $1,668,910, respectively, which represent cash outlays for research and development and general and administrative expenses in such periods. Increase in cash outlays principally resulted from increased research and development and general and administrative expenses due to the continued development of our operations.
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