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Consolidated Statements of Cash Flows (continued)

30 2008 2007 Non-cash investing and financing activities The Company received treasury stock in settlement of a loan with an employee $ 497,297 $ — The Company issued shares in connection with the settlement of a license liability $ — $ 651,000 The Company issued warrants in connection with a research and development agreement $ — $ 482,919 The Company reclassified warrants issued to a vendor and an affiliate to equity $ — $ 5,037,000 The Company issued warrants in satisfaction of costs incurred to advisors $ — $ 1,390,556 See accompanying notes to consolidated financial statements. Consolidated Statements of Cash Flows Years Ended December 31, 2008 and 2007 (continued)