in the first quarter of 2012. the trial will use a patented technology developed at the mayo clinic . tapimmune has the exclusive option to license this technology . recent clinical trials of her2neu vaccines have shown considerable promise but have left significant room for improvements , and the technology we are evaluating in our phase i clinical trial offers a vaccine with broader coverage , making it applicable to a much larger population of women with breast cancer . we anticipate that this technology will be used therapeutically together with our tap expression technology as it reaches clinical development in combination with the improved her2neu targeted vaccine . currently , herceptin® ( trastuzumab : an intravenously delivered monoclonal antibody ) is used in the treatment of her-2/neu breast cancer . sales of this product in 2009 were approximately us $ 5 billion ( source : roche ag 's pharmaceutical division ) . as our vaccine approach has the potential to treat a broader her-2/neu positive clinical population , the market potential is significant . our gene-based tap vaccines also have the potential to significantly improve the efficacy of prophylactic vaccines for viral pandemics and as agents for biodefense . in a novel approach to the development of a smallpox vaccine , in our collaboration with the mayo clinic , research studies have progressed well and are now testing unique and patentable smallpox antigens in combination with tap technology which we expect to be completed by the third quarter of 2012. once these feasibility studies are complete , we would move to larger preclinical animal studies , and phase i safety trials . this study will also act as a platform for more extensive use of gene-based tap vectors for biodefense . we will be seeking non-dilutive avenues to finance and advance this program by way of biodefense focused grants and contracts . we have the exclusive option to license the patented mayo technology that is derived from this collaboration . the opening of our new laboratories and offices at 1551 eastlake avenue , seattle , on january 23 , 2012 represents a significant advance for the company on several fronts . first , our sub-lease and service agreements with the puget sound blood center research institute enables our scientific team to access a wide array of functioning core labs and shared equipment relevant to all aspects of development of our gene-based product candidates . second , such an arrangement allows us to speed the development of tap-based products towards the clinic . third , we now have the capabilities to produce and test a range of proprietary tap-based expression vectors for both cancer and infectious disease and to expand our external collaborations . fourth , the development of new tap constructs in our laboratories allows us to significantly enhance our intellectual property portfolio . us patent # 7,994,146 issued in 2011 represents the most recent example of this strategy . the opening of these new facilities is consistent with our strategy of managing costs using a small core internal team that leverages external resources . we will continue to build our technical team in 2012. under the leadership of mark reddish , who joined the tapimmune management team as vice president product development , the recruitment of world-class scientists is progressing rapidly . mark is a recognized leader in vaccine technology development with an impressive track record in taking leading immunotherapy products from early research through development , both in the areas of cancer vaccines and biodefense . he was formerly vice president of product development and principal investigator , biodefense at id biomedical , bothell , wa , prior to the acquisition of the company by glaxo smithkline for $ 1.6 billion . at biomira inc , ( renamed oncothyreon ) he was responsible for preclinical development of their cancer vaccines program where he led the early research and clinical development of stimuvax , which is currently in late stage 3 clinical trials under a partnership with merck kgaa . 13 with respect to the broader market , a major driver and positive influence on our activities has been the emergence and general acceptance of the potential of a new generation of immunotherapies that promise to change the standard of care for cancer . the immunotherapy sector has been greatly stimulated by the approval of provenge® ( dendreon nasd : dndn ) for prostate cancer and yervoy ( bms ) for metastatic melanoma , anticipation of the results from phase iii trials on stimuvax® ( merck kgaa/oncothyreon nasd : onty ) and mage-3 ( gsk ) for treatment of lung cancer , and progression of approaches for multiple cancer indications through phase ii and into phase iii . management believes that tapimmune is well positioned to be a leading player in this emerging market . it is important to note that the late stage immunotherapies in development do not necessarily represent competition to our programs , but rather offer us opportunities as our tap expression technology is potentially synergistic with many other vaccine approaches . the addition of a tap expression vector to patients already receiving a therapeutic vaccine could enhance the efficacy of these vaccines , as tap is designed to help killer t-cells kill tumor cells . this concept of enhancing the effector stage of an immune response differentiates tap technology from a wide list of immunotherapies currently in development , and offers a great opportunity for collaborations and partnerships . accordingly we believe that the use of tap expression vectors represents the next logical step in the development of more effective immunotherapies . in 2011 , we made significant progress with very few resources . story_separator_special_tag our recent progress and our buildup of resources indicate that we will make even greater progress in 2012. on the technology and product pipeline side , management believes that the company is fundamentally strong and poised to be a leading company in a highly attractive and expanding market , a position reinforced by our recruitment of top-class managers , advisors and investors who all share our vision . results of operations the following table sets out our consolidated losses for the periods indicated and reflects the restated december 31 , 2010 numbers as referenced by our 10-k/a filed october 14 , 2011 : replace_table_token_2_th restatement relating to classification and valuation of derivative liabilities for the years ended december 31 , 2010 14 management has restated the consolidated financial statements as of and for the year ended december 31 , 2010 relating to the company 's accounting for share purchase warrants issued as part of private placement transactions , consulting service agreements and debt settlement transactions . previously , the fair value of the share purchase warrants was determined using the black-scholes valuation model , or an alternate methodology , at the time of issuance and classified within shareholders ' equity . following discussions with our auditors , the company has reviewed the terms and conditions underlying its outstanding share purchase warrants and determined that the accounting for the warrants should be reviewed . specifically , the company had issued warrants to purchase our common stock that may require the company , or a successor , to purchase unexercised warrants for a cash amount equal to their fair value following the announcement of specified events defined as “ fundamental transactions ” ( e.g . , merger , sale of all or substantially all assets , tender offer , going private or share exchange ) . the cash settlement provisions require the use of the black-scholes model in calculating the cash payment value in the event of a fundamental transaction or a delisting . as a consequence of these provisions , management now believes that these share purchase warrants should be classified as a liability on our balance sheets and measured at fair value with the changes in fair value reported in results of operations at each reporting period . in coming to this conclusion , management evaluated the application of asc 480-10 distinguishing liabilities from equity , asc 815-40 contracts in an entity 's own equity and asc 718-10 compensation – stock compensation to the issued and outstanding warrants to purchase common stock that were issued with the private placements , consulting and debt settlement transactions . in summary , the guidance requires the share purchase warrant or equity instrument to be classified as a liability , not equity , whenever the company could be required to settle the equity instrument by transferring cash or other assets . the fundamental transaction clause creates a situation where the warrants may be contingently puttable back to the company for cash settlement . as a result , the company has restated its accounting for the share purchase warrants and recorded the fair value of the warrants under “ derivative liability- warrants ” on its balance sheet with changes in the fair value over time reflected in the statements of operations as “ changes in fair value of derivative liabilities ” . the net loss for the year ended december 31 , 2010 decreased by $ 1,558,028 due to recognition of the derivative liabilities . year ended december 31 , 2011 compared to the year ended december 31 , 2010 ( as restated ) in this discussion of the company 's results of operations and financial condition , amounts , other than per-share amounts , have been rounded to the nearest thousand dollars . we are a development stage company . we recorded a net loss of $ 2,029,000 during the year ended december 31 , 2011 compared to $ 3,533,000 for the year ended december 31 , 2010 . 15 operating expenses operating expenses incurred during the fiscal year ended december 31 , 2011 were $ 3,316,000 compared to $ 5,472,000 in the prior year . significant changes and expenditures are outlined as follows : · consulting fees were $ 179,000 during the fiscal year ended december 31 , 2011 compared to $ 88,000 during the prior fiscal year . the increase was due primarily to higher business development services that were entered into during the current period . · stock-based consulting fees were $ 872,000 in the year ended december 31 , 2011 compared to $ 1,058,000 in the prior year . the current and prior year charges result from the fair valuation of shares issued to consultants and options granted to or earned by consultants during such periods . · general and administrative expenses were $ 306,000 in the year ended december 31 , 2011 compared to $ 203,000 in the prior year , with the increase resulting primarily from increased investor relations and travel expenses . · interest and finance charges were $ 679,000 during the fiscal year ended december 31 , 2011 compared to $ 1,241,000 during the prior fiscal year . current and prior period interest charges are primarily accretion of interest and the fair value of warrants issued with convertible notes . · management fees were $ 248,000 in the year ended december 31 , 2011 compared to $ 329,000 in the prior year , with the difference resulting primarily due to one less person in management in the current period offset somewhat by higher management fee paid to the current management . · management compensation – stock-based were $ 390,000 in the year ended december 31 , 2011 compared to $ 1,088,000 in the prior year . the current and prior year charges result from the fair valuation of options granted to management that were earned during the period . · professional fees were $ 438,000 in the year ended december 31 , 2011 compared to $

cash reserves $ 250,000 $ 24,000 working capital ( deficit ) $ ( 3,493,000 ) $ ( 3,958,000 ) 16 subject to the availability of additional financing , we intend to spend approximately $ 5,000,000 over the next twelve months in carrying out our plan of operations . at december 31 , 2011 , we had $ 250,000 of cash on hand and a working capital deficit of $ 3,493,000. as such , our working capital at december 31 , 2011 will not be sufficient to enable us to pay our general and administrative expenses , and to pursue our plan of operations over the next twelve months . we anticipate that we will require additional funding of approximately $ 5,000,000. our management is currently making significant efforts to secure the needed financing , but we have not yet secured any commitments with respect to such financing . if we are not able to obtain financing in the amounts required or on terms that are acceptable to us , we may be forced to scale back , or abandon , our plan of operations . various conditions outside of our control may detract from our ability to raise the capital needed to execute our plan of operations , including overall market conditions in the international and local economies.


 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.
     ```cash reserves $ 250,000 $ 24,000 working capital ( deficit ) $ ( 3,493,000 ) $ ( 3,958,000 ) 16 subject to the availability of additional financing , we intend to spend approximately $ 5,000,000 over the next twelve months in carrying out our plan of operations . at december 31 , 2011 , we had $ 250,000 of cash on hand and a working capital deficit of $ 3,493,000. as such , our working capital at december 31 , 2011 will not be sufficient to enable us to pay our general and administrative expenses , and to pursue our plan of operations over the next twelve months . we anticipate that we will require additional funding of approximately $ 5,000,000. our management is currently making significant efforts to secure the needed financing , but we have not yet secured any commitments with respect to such financing . if we are not able to obtain financing in the amounts required or on terms that are acceptable to us , we may be forced to scale back , or abandon , our plan of operations . various conditions outside of our control may detract from our ability to raise the capital needed to execute our plan of operations , including overall market conditions in the international and local economies.
```    
 Suspicious Activity Report : in the first quarter of 2012. the trial will use a patented technology developed at the mayo clinic . tapimmune has the exclusive option to license this technology . recent clinical trials of her2neu vaccines have shown considerable promise but have left significant room for improvements , and the technology we are evaluating in our phase i clinical trial offers a vaccine with broader coverage , making it applicable to a much larger population of women with breast cancer . we anticipate that this technology will be used therapeutically together with our tap expression technology as it reaches clinical development in combination with the improved her2neu targeted vaccine . currently , herceptin® ( trastuzumab : an intravenously delivered monoclonal antibody ) is used in the treatment of her-2/neu breast cancer . sales of this product in 2009 were approximately us $ 5 billion ( source : roche ag 's pharmaceutical division ) . as our vaccine approach has the potential to treat a broader her-2/neu positive clinical population , the market potential is significant . our gene-based tap vaccines also have the potential to significantly improve the efficacy of prophylactic vaccines for viral pandemics and as agents for biodefense . in a novel approach to the development of a smallpox vaccine , in our collaboration with the mayo clinic , research studies have progressed well and are now testing unique and patentable smallpox antigens in combination with tap technology which we expect to be completed by the third quarter of 2012. once these feasibility studies are complete , we would move to larger preclinical animal studies , and phase i safety trials . this study will also act as a platform for more extensive use of gene-based tap vectors for biodefense . we will be seeking non-dilutive avenues to finance and advance this program by way of biodefense focused grants and contracts . we have the exclusive option to license the patented mayo technology that is derived from this collaboration . the opening of our new laboratories and offices at 1551 eastlake avenue , seattle , on january 23 , 2012 represents a significant advance for the company on several fronts . first , our sub-lease and service agreements with the puget sound blood center research institute enables our scientific team to access a wide array of functioning core labs and shared equipment relevant to all aspects of development of our gene-based product candidates . second , such an arrangement allows us to speed the development of tap-based products towards the clinic . third , we now have the capabilities to produce and test a range of proprietary tap-based expression vectors for both cancer and infectious disease and to expand our external collaborations . fourth , the development of new tap constructs in our laboratories allows us to significantly enhance our intellectual property portfolio . us patent # 7,994,146 issued in 2011 represents the most recent example of this strategy . the opening of these new facilities is consistent with our strategy of managing costs using a small core internal team that leverages external resources . we will continue to build our technical team in 2012. under the leadership of mark reddish , who joined the tapimmune management team as vice president product development , the recruitment of world-class scientists is progressing rapidly . mark is a recognized leader in vaccine technology development with an impressive track record in taking leading immunotherapy products from early research through development , both in the areas of cancer vaccines and biodefense . he was formerly vice president of product development and principal investigator , biodefense at id biomedical , bothell , wa , prior to the acquisition of the company by glaxo smithkline for $ 1.6 billion . at biomira inc , ( renamed oncothyreon ) he was responsible for preclinical development of their cancer vaccines program where he led the early research and clinical development of stimuvax , which is currently in late stage 3 clinical trials under a partnership with merck kgaa . 13 with respect to the broader market , a major driver and positive influence on our activities has been the emergence and general acceptance of the potential of a new generation of immunotherapies that promise to change the standard of care for cancer . the immunotherapy sector has been greatly stimulated by the approval of provenge® ( dendreon nasd : dndn ) for prostate cancer and yervoy ( bms ) for metastatic melanoma , anticipation of the results from phase iii trials on stimuvax® ( merck kgaa/oncothyreon nasd : onty ) and mage-3 ( gsk ) for treatment of lung cancer , and progression of approaches for multiple cancer indications through phase ii and into phase iii . management believes that tapimmune is well positioned to be a leading player in this emerging market . it is important to note that the late stage immunotherapies in development do not necessarily represent competition to our programs , but rather offer us opportunities as our tap expression technology is potentially synergistic with many other vaccine approaches . the addition of a tap expression vector to patients already receiving a therapeutic vaccine could enhance the efficacy of these vaccines , as tap is designed to help killer t-cells kill tumor cells . this concept of enhancing the effector stage of an immune response differentiates tap technology from a wide list of immunotherapies currently in development , and offers a great opportunity for collaborations and partnerships . accordingly we believe that the use of tap expression vectors represents the next logical step in the development of more effective immunotherapies . in 2011 , we made significant progress with very few resources . story_separator_special_tag our recent progress and our buildup of resources indicate that we will make even greater progress in 2012. on the technology and product pipeline side , management believes that the company is fundamentally strong and poised to be a leading company in a highly attractive and expanding market , a position reinforced by our recruitment of top-class managers , advisors and investors who all share our vision . results of operations the following table sets out our consolidated losses for the periods indicated and reflects the restated december 31 , 2010 numbers as referenced by our 10-k/a filed october 14 , 2011 : replace_table_token_2_th restatement relating to classification and valuation of derivative liabilities for the years ended december 31 , 2010 14 management has restated the consolidated financial statements as of and for the year ended december 31 , 2010 relating to the company 's accounting for share purchase warrants issued as part of private placement transactions , consulting service agreements and debt settlement transactions . previously , the fair value of the share purchase warrants was determined using the black-scholes valuation model , or an alternate methodology , at the time of issuance and classified within shareholders ' equity . following discussions with our auditors , the company has reviewed the terms and conditions underlying its outstanding share purchase warrants and determined that the accounting for the warrants should be reviewed . specifically , the company had issued warrants to purchase our common stock that may require the company , or a successor , to purchase unexercised warrants for a cash amount equal to their fair value following the announcement of specified events defined as “ fundamental transactions ” ( e.g . , merger , sale of all or substantially all assets , tender offer , going private or share exchange ) . the cash settlement provisions require the use of the black-scholes model in calculating the cash payment value in the event of a fundamental transaction or a delisting . as a consequence of these provisions , management now believes that these share purchase warrants should be classified as a liability on our balance sheets and measured at fair value with the changes in fair value reported in results of operations at each reporting period . in coming to this conclusion , management evaluated the application of asc 480-10 distinguishing liabilities from equity , asc 815-40 contracts in an entity 's own equity and asc 718-10 compensation – stock compensation to the issued and outstanding warrants to purchase common stock that were issued with the private placements , consulting and debt settlement transactions . in summary , the guidance requires the share purchase warrant or equity instrument to be classified as a liability , not equity , whenever the company could be required to settle the equity instrument by transferring cash or other assets . the fundamental transaction clause creates a situation where the warrants may be contingently puttable back to the company for cash settlement . as a result , the company has restated its accounting for the share purchase warrants and recorded the fair value of the warrants under “ derivative liability- warrants ” on its balance sheet with changes in the fair value over time reflected in the statements of operations as “ changes in fair value of derivative liabilities ” . the net loss for the year ended december 31 , 2010 decreased by $ 1,558,028 due to recognition of the derivative liabilities . year ended december 31 , 2011 compared to the year ended december 31 , 2010 ( as restated ) in this discussion of the company 's results of operations and financial condition , amounts , other than per-share amounts , have been rounded to the nearest thousand dollars . we are a development stage company . we recorded a net loss of $ 2,029,000 during the year ended december 31 , 2011 compared to $ 3,533,000 for the year ended december 31 , 2010 . 15 operating expenses operating expenses incurred during the fiscal year ended december 31 , 2011 were $ 3,316,000 compared to $ 5,472,000 in the prior year . significant changes and expenditures are outlined as follows : · consulting fees were $ 179,000 during the fiscal year ended december 31 , 2011 compared to $ 88,000 during the prior fiscal year . the increase was due primarily to higher business development services that were entered into during the current period . · stock-based consulting fees were $ 872,000 in the year ended december 31 , 2011 compared to $ 1,058,000 in the prior year . the current and prior year charges result from the fair valuation of shares issued to consultants and options granted to or earned by consultants during such periods . · general and administrative expenses were $ 306,000 in the year ended december 31 , 2011 compared to $ 203,000 in the prior year , with the increase resulting primarily from increased investor relations and travel expenses . · interest and finance charges were $ 679,000 during the fiscal year ended december 31 , 2011 compared to $ 1,241,000 during the prior fiscal year . current and prior period interest charges are primarily accretion of interest and the fair value of warrants issued with convertible notes . · management fees were $ 248,000 in the year ended december 31 , 2011 compared to $ 329,000 in the prior year , with the difference resulting primarily due to one less person in management in the current period offset somewhat by higher management fee paid to the current management . · management compensation – stock-based were $ 390,000 in the year ended december 31 , 2011 compared to $ 1,088,000 in the prior year . the current and prior year charges result from the fair valuation of options granted to management that were earned during the period . · professional fees were $ 438,000 in the year ended december 31 , 2011 compared to $

