our actual results could differ materially from those anticipated in these forward-looking statements , which are subject to a number of risks , uncertainties and assumptions described in the “ risk factors ” section and elsewhere in this report . company history we were originally incorporated in the state of delaware in june 1985 under the name vocaltech , inc. to develop , design , manufacture and market products utilizing proprietary speech-generated tactile feedback devices . we completed our initial public offering of our securities in october 1987. in january 1992 , we effected a 1-for-6.3 reverse stock split of our common stock . we changed our name to innotek , inc. in november 1992. in december 1994 , we acquired all of the outstanding stock of innovisions , inc. , a developer and marketer of skin protective products , discontinued our prior operations in their entirety and changed our name to dermarx corporation . in april 2000 , we effected a reverse merger with a subsidiary of go public network , inc. , which was engaged in assisting early-stage development and emerging growth companies with financial and business development services . we changed our name to gopublicnow.com , inc. , effected a 1-for-5 reverse stock split and discontinued our prior operations in their entirety . in november 2000 , we changed our name to gpn network , inc. in july 2001 , we discontinued the operations of gpn network , inc. in their entirety and began looking for appropriate merger partners . our objective became the acquisition of an operating company with the potential for growth in exchange for our securities . in july 2003 , we effected a reverse merger with immuneregen biosciences , inc. , adopted our current business model and thereafter changed our name to ir biosciences holdings , inc. in july 2003 , we effected a 1-for-20 reverse stock split , and in april 2004 , we effected a 2-for-1 stock split . in june 2006 , our stockholders voted to increase the number of authorized shares of common stock to 250,000,000. on august 1 , 2008 , the company effected a 1-for-10 reverse stock split of all of its issued and outstanding shares of common stock and simultaneously reduced its authorized shares of common stock to 100,000,000 ; par value remained unchanged . accordingly , the number of shares and per share amounts included in the consolidated financial statements and the accompanying notes included in the f- section have been adjusted to reflect the reverse stock split retroactively . unless otherwise indicated , all references to number of share , per share amounts and earnings per share information contained in this report give effect to the 1-for-10 reverse stock split . immuneregen biosciences , inc. was incorporated in october 2002 ; all information contained herein refers to the operations of immuneregen biosciences , inc. , our wholly-owned operational subsidiary . overview we continue to engage in research and development activities focused on developing therapies in pulmonology , immunology and hematology , and in developing proprietary therapeutics through phase i / ii clinical studies while seeking out-licensing arrangements and collaborations with partners to complete development and achieve commercialization . we have not commenced any product commercialization and , until such time , we will not generate significant product revenues . our accumulated deficit has increased , from $ 24,556,491 at december 31 , 2008 to $ 27,759,973 at december 31 , 2009. operating losses are expected to continue for the foreseeable future and until such time as the company is able obtain a pharmaceutical partner or attain sales levels sufficient to support operations . in 2010 we will continue research and development activities , as well as the activities necessary to develop commercial partnerships and licenses . expenditure of financial resources in 2010 will fall principally into five broad categories , as follows : research and development ; personnel ; consulting and professional ( except legal and accounting ) ; legal and accounting ; and public relations , investor relations and shareholder relations . 58 the preliminary results of our pre-clinical studies may not be indicative of results that will be obtained from subsequent studies or from more extensive trials . further , our pre-clinical or clinical trials may not be successful , and we may not be able to obtain the required regulatory approvals in a timely fashion , or at all . see `` risk factors . `` story_separator_special_tag in a timely manner on a basis favorable to us , or at all . if we are unable to raise needed funds , we will not be able to develop or enhance our potential products , take advantage of future opportunities or respond to competitive pressures or unanticipated requirements . a material shortage of capital will require us to take drastic steps such as reducing our level of operations , disposing of selected assets or seeking an acquisition partner . during fiscal year 2010 , we will pay our chief executive officer , chief financial officer and chief scientific officer an aggregate of $ 775,000 pursuant to their employment agreements . as of december 31 , 2009 we have $ 9,068,889 in notes payable , of which $ 2,000,000 is current on december 31 , 2009 and of which $ 1,500,000 is callable by the noteholder at any time after december 31 , 2009. any amount redeemed by this call provision will be subject to a 20 % redemption premium payable to the holder of the note . the company and the lender are currently in negotiations to restructure the terms of the call provision . an additional $ 1,000,000 matures on may 31 , 2011 and the remaining balance of $ 6,068,889 will mature in 2013 and beyond . story_separator_special_tag until such time , if at all , as we receive adequate funding , we intend to continue to defer payment of all of our obligations which are capable of being deferred , which actions have resulted in some vendors demanding cash payment for their goods and services in advance , and other vendors refusing to continue to do business with us . we do not expect to generate a positive cash flow from our operations for at least several years , if at all , due to anticipated expenditures for research and development activities , administrative and marketing activities , and working capital requirements and expect to continue to attempt to raise further capital through one or more further private placements . we believe that we will require an additional $ 3,500,000 to meet our expenses over the next 12 months . critical accounting policies the preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the united states requires us to make estimates and judgments that affect our reported assets , liabilities , revenues , and expenses , and the disclosure of contingent assets and liabilities . we base our estimates and judgments on historical experience and on various other assumptions we believe to be reasonable under the circumstances . future events , however , may differ markedly from our current expectations and assumptions . while there are a number of significant accounting policies affecting our consolidated financial statements ; we believe the following critical accounting policy involves the most complex , difficult and subjective estimates and judgments : 60 stock-based compensation the company accounts for our stock based awards in accordance with accounting standards codification subtopic 718-10 , compensation ( “ asc 718-10 ” ) . , which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors , including employee stock options and restricted stock awards . the company estimates the fair value of stock options granted using the black-scholes valuation model . this model requires us to make estimates and assumptions including , among other things , estimates regarding the length of time an employee will retain vested stock options before exercising them , the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting . the fair value is then amortized on a straight-line basis over the requisite service periods of the awards , which is generally the vesting period . changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently , the related amount recognized in our consolidated statements of operations . the expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards , giving consideration to the contractual terms , vesting schedules and expectations of future employee behavior . recent accounting pronouncements for a discussion of new accounting pronouncements affecting the company , refer to note 1 of notes to financial statements . result of operations comparison of results for the fiscal year ended december 31 , 2009 , to the fiscal year ended december 31 , 2008. revenues we have not generated any revenues from operations from our inception . we believe we will begin earning revenues from operations during calendar year 2010 as we transition from a development stage company . 61 costs and expenses from our inception through december 31 , 2009 , we have incurred losses of $ 27,759,973. these expenses were associated principally with equity-based compensation to employees and consultants , product development costs and professional services , interest expense and equity based compensation to stockholders for the penalty incurred for the late registration of shares . selling , general and administrative expenses we were successful in cutting costs in 2009. selling , general and administrative expenses were reduced from $ 5,024,013 for the fiscal year ended december 31 , 2008 to $ 3,126,423 for the fiscal year ended december 31 , 2009 , a cost savings of $ 1,897,590 or approximately 38 % . this was mostly because payroll and related expenses were cut by $ 418,411 ( 29.8 % ) from $ 1,405,528 in 2008 to $ 987,117 in 2009 , research and development cost were reduced by 732,787 ( 56.7 % ) , legal and accounting fees were reduced by $ 310,312 ( 33.9 % ) , non-cash compensation was reduced by $ 128,972 ( 35.8 % ) and travel and entertainment costs were reduced by $ 94,444 ( 49.4 % ) . interest expense for the twelve months ending december 31 , 2009 , interest expense ( net ) was $ 2,163,065 an increase of approximately 258 % compared to interest income ( net ) of $ 603,965 during the 12 months ended december 31 , 2008. interest expense increased during 2009 and we expect it to remain the same during the coming twelve months as we have accrued a full year of interest expenses on the convertible debentures we issued in january , june and august of 2008. net loss for the reasons stated above , our net loss for the twelve months ending december 31 , 2009 was $ 6,462,817 or $ 0.49 per share versus a net loss for the twelve months ending december 31 , 2008 of $ 5,807,353 or $ 0.49 per share . for the period of inception ( october 30 , 2002 ) through december 31 , 2009 , our net loss was $ 27,759,973 , or $ 3.55 per share . we expect that losses will continue at least through the year ending december 31 , 2011. our independent certified public accountants have stated in their report included in this form 10-k that we have incurred a net loss and negative cash flows from operations of $ 6,462,817 and $ 2,876,417 , respectively , for the year ended december

liquidity and capital resources at december 31 , 2009 , we had current assets of $ 348,656 consisting of cash and cash equivalents of $ 280,309 , and prepaid assets and other current assets of $ 68,347. also , at december 31 , 2009 , we had current liabilities of $ 3,085,501 , consisting of accounts payable and accrued liabilities of $ 785,501 , notes payable of $ 2,000,000 and a redemption option liability of $ 300,000. this resulted in a working capital deficit of $ 2,736,845. during the twelve months ended december 31 , 2009 , we used cash in operating activities of $ 2,876,417. from the date of inception ( october 30 , 2002 ) to december 31 , 2009 , we had a net loss of $ 27,759,973 and used cash of $ 16,095,893 in operating activities . we met our cash requirements from our inception ( october 30 , 2002 ) through december 31 , 2009 via the private placement of $ 7,889,151 of our common stock and $ 8,573,628 from the issuance of notes payable , net of repayments . continued losses and lack of liquidity indicate that we may not be able to continue as a going concern for a reasonable period of time . the ability to continue as a going concern is dependent upon several factors including , but not limited to , the ability to generate sufficient cash flow to meet obligations on a timely basis , obtain additional financing and continue to obtain supplies and services from vendors . we currently have no revenue . there is no guarantee that our business model will be successful , or that we will be able to generate sufficient revenue to fund future operations . as a result , we expect our operations to continue to use net cash , and that we will be required to seek additional debt or equity financings during the coming quarters . since inception , we have financed our operations through debt and equity financing .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources at december 31 , 2009 , we had current assets of $ 348,656 consisting of cash and cash equivalents of $ 280,309 , and prepaid assets and other current assets of $ 68,347. also , at december 31 , 2009 , we had current liabilities of $ 3,085,501 , consisting of accounts payable and accrued liabilities of $ 785,501 , notes payable of $ 2,000,000 and a redemption option liability of $ 300,000. this resulted in a working capital deficit of $ 2,736,845. during the twelve months ended december 31 , 2009 , we used cash in operating activities of $ 2,876,417. from the date of inception ( october 30 , 2002 ) to december 31 , 2009 , we had a net loss of $ 27,759,973 and used cash of $ 16,095,893 in operating activities . we met our cash requirements from our inception ( october 30 , 2002 ) through december 31 , 2009 via the private placement of $ 7,889,151 of our common stock and $ 8,573,628 from the issuance of notes payable , net of repayments . continued losses and lack of liquidity indicate that we may not be able to continue as a going concern for a reasonable period of time . the ability to continue as a going concern is dependent upon several factors including , but not limited to , the ability to generate sufficient cash flow to meet obligations on a timely basis , obtain additional financing and continue to obtain supplies and services from vendors . we currently have no revenue . there is no guarantee that our business model will be successful , or that we will be able to generate sufficient revenue to fund future operations . as a result , we expect our operations to continue to use net cash , and that we will be required to seek additional debt or equity financings during the coming quarters . since inception , we have financed our operations through debt and equity financing .
```    
 Suspicious Activity Report : our actual results could differ materially from those anticipated in these forward-looking statements , which are subject to a number of risks , uncertainties and assumptions described in the “ risk factors ” section and elsewhere in this report . company history we were originally incorporated in the state of delaware in june 1985 under the name vocaltech , inc. to develop , design , manufacture and market products utilizing proprietary speech-generated tactile feedback devices . we completed our initial public offering of our securities in october 1987. in january 1992 , we effected a 1-for-6.3 reverse stock split of our common stock . we changed our name to innotek , inc. in november 1992. in december 1994 , we acquired all of the outstanding stock of innovisions , inc. , a developer and marketer of skin protective products , discontinued our prior operations in their entirety and changed our name to dermarx corporation . in april 2000 , we effected a reverse merger with a subsidiary of go public network , inc. , which was engaged in assisting early-stage development and emerging growth companies with financial and business development services . we changed our name to gopublicnow.com , inc. , effected a 1-for-5 reverse stock split and discontinued our prior operations in their entirety . in november 2000 , we changed our name to gpn network , inc. in july 2001 , we discontinued the operations of gpn network , inc. in their entirety and began looking for appropriate merger partners . our objective became the acquisition of an operating company with the potential for growth in exchange for our securities . in july 2003 , we effected a reverse merger with immuneregen biosciences , inc. , adopted our current business model and thereafter changed our name to ir biosciences holdings , inc. in july 2003 , we effected a 1-for-20 reverse stock split , and in april 2004 , we effected a 2-for-1 stock split . in june 2006 , our stockholders voted to increase the number of authorized shares of common stock to 250,000,000. on august 1 , 2008 , the company effected a 1-for-10 reverse stock split of all of its issued and outstanding shares of common stock and simultaneously reduced its authorized shares of common stock to 100,000,000 ; par value remained unchanged . accordingly , the number of shares and per share amounts included in the consolidated financial statements and the accompanying notes included in the f- section have been adjusted to reflect the reverse stock split retroactively . unless otherwise indicated , all references to number of share , per share amounts and earnings per share information contained in this report give effect to the 1-for-10 reverse stock split . immuneregen biosciences , inc. was incorporated in october 2002 ; all information contained herein refers to the operations of immuneregen biosciences , inc. , our wholly-owned operational subsidiary . overview we continue to engage in research and development activities focused on developing therapies in pulmonology , immunology and hematology , and in developing proprietary therapeutics through phase i / ii clinical studies while seeking out-licensing arrangements and collaborations with partners to complete development and achieve commercialization . we have not commenced any product commercialization and , until such time , we will not generate significant product revenues . our accumulated deficit has increased , from $ 24,556,491 at december 31 , 2008 to $ 27,759,973 at december 31 , 2009. operating losses are expected to continue for the foreseeable future and until such time as the company is able obtain a pharmaceutical partner or attain sales levels sufficient to support operations . in 2010 we will continue research and development activities , as well as the activities necessary to develop commercial partnerships and licenses . expenditure of financial resources in 2010 will fall principally into five broad categories , as follows : research and development ; personnel ; consulting and professional ( except legal and accounting ) ; legal and accounting ; and public relations , investor relations and shareholder relations . 58 the preliminary results of our pre-clinical studies may not be indicative of results that will be obtained from subsequent studies or from more extensive trials . further , our pre-clinical or clinical trials may not be successful , and we may not be able to obtain the required regulatory approvals in a timely fashion , or at all . see `` risk factors . `` story_separator_special_tag in a timely manner on a basis favorable to us , or at all . if we are unable to raise needed funds , we will not be able to develop or enhance our potential products , take advantage of future opportunities or respond to competitive pressures or unanticipated requirements . a material shortage of capital will require us to take drastic steps such as reducing our level of operations , disposing of selected assets or seeking an acquisition partner . during fiscal year 2010 , we will pay our chief executive officer , chief financial officer and chief scientific officer an aggregate of $ 775,000 pursuant to their employment agreements . as of december 31 , 2009 we have $ 9,068,889 in notes payable , of which $ 2,000,000 is current on december 31 , 2009 and of which $ 1,500,000 is callable by the noteholder at any time after december 31 , 2009. any amount redeemed by this call provision will be subject to a 20 % redemption premium payable to the holder of the note . the company and the lender are currently in negotiations to restructure the terms of the call provision . an additional $ 1,000,000 matures on may 31 , 2011 and the remaining balance of $ 6,068,889 will mature in 2013 and beyond . story_separator_special_tag until such time , if at all , as we receive adequate funding , we intend to continue to defer payment of all of our obligations which are capable of being deferred , which actions have resulted in some vendors demanding cash payment for their goods and services in advance , and other vendors refusing to continue to do business with us . we do not expect to generate a positive cash flow from our operations for at least several years , if at all , due to anticipated expenditures for research and development activities , administrative and marketing activities , and working capital requirements and expect to continue to attempt to raise further capital through one or more further private placements . we believe that we will require an additional $ 3,500,000 to meet our expenses over the next 12 months . critical accounting policies the preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the united states requires us to make estimates and judgments that affect our reported assets , liabilities , revenues , and expenses , and the disclosure of contingent assets and liabilities . we base our estimates and judgments on historical experience and on various other assumptions we believe to be reasonable under the circumstances . future events , however , may differ markedly from our current expectations and assumptions . while there are a number of significant accounting policies affecting our consolidated financial statements ; we believe the following critical accounting policy involves the most complex , difficult and subjective estimates and judgments : 60 stock-based compensation the company accounts for our stock based awards in accordance with accounting standards codification subtopic 718-10 , compensation ( “ asc 718-10 ” ) . , which requires a fair value measurement and recognition of compensation expense for all share-based payment awards made to our employees and directors , including employee stock options and restricted stock awards . the company estimates the fair value of stock options granted using the black-scholes valuation model . this model requires us to make estimates and assumptions including , among other things , estimates regarding the length of time an employee will retain vested stock options before exercising them , the estimated volatility of our common stock price and the number of options that will be forfeited prior to vesting . the fair value is then amortized on a straight-line basis over the requisite service periods of the awards , which is generally the vesting period . changes in these estimates and assumptions can materially affect the determination of the fair value of stock-based compensation and consequently , the related amount recognized in our consolidated statements of operations . the expected term of the options represents the estimated period of time until exercise and is based on historical experience of similar awards , giving consideration to the contractual terms , vesting schedules and expectations of future employee behavior . recent accounting pronouncements for a discussion of new accounting pronouncements affecting the company , refer to note 1 of notes to financial statements . result of operations comparison of results for the fiscal year ended december 31 , 2009 , to the fiscal year ended december 31 , 2008. revenues we have not generated any revenues from operations from our inception . we believe we will begin earning revenues from operations during calendar year 2010 as we transition from a development stage company . 61 costs and expenses from our inception through december 31 , 2009 , we have incurred losses of $ 27,759,973. these expenses were associated principally with equity-based compensation to employees and consultants , product development costs and professional services , interest expense and equity based compensation to stockholders for the penalty incurred for the late registration of shares . selling , general and administrative expenses we were successful in cutting costs in 2009. selling , general and administrative expenses were reduced from $ 5,024,013 for the fiscal year ended december 31 , 2008 to $ 3,126,423 for the fiscal year ended december 31 , 2009 , a cost savings of $ 1,897,590 or approximately 38 % . this was mostly because payroll and related expenses were cut by $ 418,411 ( 29.8 % ) from $ 1,405,528 in 2008 to $ 987,117 in 2009 , research and development cost were reduced by 732,787 ( 56.7 % ) , legal and accounting fees were reduced by $ 310,312 ( 33.9 % ) , non-cash compensation was reduced by $ 128,972 ( 35.8 % ) and travel and entertainment costs were reduced by $ 94,444 ( 49.4 % ) . interest expense for the twelve months ending december 31 , 2009 , interest expense ( net ) was $ 2,163,065 an increase of approximately 258 % compared to interest income ( net ) of $ 603,965 during the 12 months ended december 31 , 2008. interest expense increased during 2009 and we expect it to remain the same during the coming twelve months as we have accrued a full year of interest expenses on the convertible debentures we issued in january , june and august of 2008. net loss for the reasons stated above , our net loss for the twelve months ending december 31 , 2009 was $ 6,462,817 or $ 0.49 per share versus a net loss for the twelve months ending december 31 , 2008 of $ 5,807,353 or $ 0.49 per share . for the period of inception ( october 30 , 2002 ) through december 31 , 2009 , our net loss was $ 27,759,973 , or $ 3.55 per share . we expect that losses will continue at least through the year ending december 31 , 2011. our independent certified public accountants have stated in their report included in this form 10-k that we have incurred a net loss and negative cash flows from operations of $ 6,462,817 and $ 2,876,417 , respectively , for the year ended december

