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EXCEL - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.Financial_Report.xls
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v2.4.0.6
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended 126 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Cash flows used in operating activities:      
Net loss $ (1,807,068) $ (1,403,120) $ (19,241,506)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 14,088 22,481 387,713
Original debt discount       450,000
Accretion of debt costs and beneficial conversion feature    530,804 1,237,263
Stock-based compensation 95,912 35,200 367,476
Debt issued for services 110,360 90,000 200,360
Common stock issued for services 10,000    10,000
Preferred stock issued for services    44,750 44,750
Provision for losses on accounts receivable (2,282) 2,282 14,531
Decrease (increase) in:      
Accounts receivable 26,839 80,667 (33,770)
Prepaid expenses and other assets (5,465)    (12,978)
Increase (decrease) in:      
Accounts payable (73,110) 27,738 16,227
Accrued liabilities 10,919 79,855 617,057
Net cash used in operating activities (1,619,807) (489,343) (15,942,877)
Cash flows used in investing activities:      
Purchase of property and equipment (2,363) (5,626) (407,691)
Cash flows from financing activities:      
Proceeds from issuance of notes payable    360,000 5,240,000
Principal payments on notes payable (15,000)    (90,000)
Issuance of preferred stock for cash       8,661,747
Issuance of common stock for cash 190,000    3,821,137
Proceeds from exercise of common stock options 1,800    11,600
Proceeds from exercise of preferred stock warrants       2,233
Net cash provided by financing activities 176,800 360,000 17,646,717
Net change in cash (1,445,370) (134,969) 1,296,149
Cash at beginning of the period 2,741,519 422,198   
Cash at end of the period 1,296,149 287,229 1,296,149
Supplemental disclosure of cash flow information:      
Cash paid for interest    1,695 5,434
Supplemental disclosure of noncash investing and financing activities:      
The Company issued 219,658 shares of common stock in exchange for technology valued at $220.     220
The Company converted $1,050,000 of notes payable to 482,008 shares of Series A2 preferred stock.     1,050,000
The Company converted $29,691 of accrued interest to 482,008 shares of Series A2 preferred stock.     29,691
The Company converted $3,740,000 of notes payable to 1,787,104 shares of Series B preferred stock.     3,740,000
The Company converted $370,346 of accrued interest to 1,787,104 shares of Series B preferred stock.     370,346
The Company issued 19,457 shares of Series B preferred stock in exchange for $44,750 of research and development services provided.     44,750
The Company issued $360,000 of convertible bridge notes payable with an original debt discount of $360,000. The discount was accreted as interest expense over the term of the note.     360,000
The Company issued $90,000 in convertible bridge notes payable for professional services provided, with an original debt discount of $90,000. The discount was accreted as interest expense over the term of the note.     90,000
The Company converted $900,000 of bridge notes payable to 916,644 shares of common stock.     900,000
The Company converted $16,644 of accrued interest to 916,644 shares of common stock.     16,644
The Company converted 250,000 shares of Series A1 preferred stock, 2,022,190 shares of Series A2 preferred stock, and 4,102,654 shares of Series B preferred stock into 13,791,231 shares of common stock.       
The Company issued 10,000 shares of common stock in exchange for licensing $10,000 of research and development assets.     10,000