28
Consolidated Statements of Shareholders´ Equity
Years Ended December 31, 2008 and 2007
Additional
Total
Common
paid-in
Retained
Treasury
stockholders´
stock
capital
earnings
stock
equity
Balances as of December 31, 2006
$16,256
$ 3,383,194
$ (15,381,152
)
$ —
$ (11,981,702
)
Issuance of shares to settle license liability
65
650,935
—
—
651,000
Issuance of shares, net of offering costs of $7,266,519
of which $1,390,556 represent non-cash warrants
issued to underwriters
5,000
42,292,805
—
—
42,297,805
R R
e
classification of warrants from liability to equity
—
5,037,000
—
—
5,037,000
Issuance of warrants
—
482,919
—
—
482,919
Purchase of treasury stock
—
—
—
(665
)
(665
)
Stock-based compensation
679
3,971,764
—
—
3,972,443
Net loss
—
—
(16,537,854
)
—
(16,537,854
)
Balances as of December 31, 2007
22,000
55,818,617
(31,919,006
)
(665
)
23,920,946
Exchange of note for treasury stock
—
—
—
(497,297
)
(497,297
)
Proceeds from sale of treasury stock
—
(34,666
)
—
493,767
459,101
Stock-based compensation
—
4,090,831
—
—
4,090,831
Net loss
—
—
(17,404,811
)
—
(17,404,811
)
Balances as of December 31, 2008
$22,000
$ 59,874,782
$ (49,323,817
)
$ (4,195
)
$ 10,568,770
See accompanying notes to consolidated financial statements.
