from an accounting perspective , the accounting acquirer is considered to be tg therapeutics , inc. and accordingly , the historical financial statements are those of tg therapeutics , inc. tg therapeutics , inc. was incorporated in delaware in november 2010 , but did not commence operations until april 2011 , thus the historical financial statements of tg consists of only 2011. we are a biopharmaceutical company focused on the development of a novel monoclonal antibody for the treatment of various b-cell proliferative disorders including lymphoma , leukemia , and auto-immune diseases . the company may also pursue complementary technology and product acquisitions , in-licensing and investments . we have not earned any revenues from the commercial sale of any of our drug candidates , or from any other source . 35 our research and development expenses consist primarily of expenses related to in-licensing of new product candidates , fees paid to consultants and outside service providers for clinical and laboratory development , facilities-related and other expenses relating to the design , development , manufacture , testing , and enhancement of our drug candidates and technologies . we expense our research and development costs as they are incurred . research and development expenses for the year ended december 31 , 2011 was $ 327,283. the following table sets forth the research and development expenses per project , for 2011 . 2011 ublituximab $ 325,671 ast-726 — ast-915 1,612 total $ 327,283 our general and administrative expenses consist primarily of salaries and related expenses for executive , finance and other administrative personnel , recruitment expenses , professional fees and other corporate expenses , including investor relations , legal activities and facilities-related expenses . our results of operations include non-cash compensation expense as a result of the grants of stock options and restricted stock . compensation expense for awards of options and restricted stock granted to employees and directors represents the fair value of the award recorded over the respective vesting periods of the individual awards . the expense is included in the respective categories of expense in the consolidated statements of operations . we expect to continue to incur significant non-cash compensation expenses . for awards of options and restricted stock to consultants and other third-parties , compensation expense is determined at the “ measurement date . ” the expense is recognized over the vesting period of the award . until the measurement date is reached , the total amount of compensation expense remains uncertain . we record compensation expense based on the fair value of the award at the reporting date . the awards to consultants and other third-parties are then revalued , or the total compensation is recalculated based on the then current fair value , at each subsequent reporting date . this results in a change to the amount previously recorded in respect of the equity award grant , and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value , such as changes in market price , until the measurement date is reached and the compensation expense is finalized . the company did not grant any consultant options during the year ended december 31 , 2011. in addition , certain restricted stock issued to employees vest upon the achievement of certain milestones , therefore the total expense is uncertain until the milestone is probable . our clinical trials will be lengthy and expensive . even if these trials show that our drug candidates are effective in treating certain indications , there is no guarantee that we will be able to record commercial sales of any of our drug candidates in the near future . in addition , we expect losses to continue as we continue to fund in-licensing and development of new drug candidates . as we continue our development efforts , we may enter into additional third-party collaborative agreements and may incur additional expenses , such as licensing fees and milestone payments . in addition , we may need to establish the commercial infrastructure required to manufacture , market and sell our drug candidates following approval , if any , by the fda , which would result in us incurring additional expenses . as a result , our quarterly results may fluctuate and a quarter-by-quarter comparison of our operating results may not be a meaningful indication of our future performance . 36 results of operations year ended december 31 , 2011 year ended december 31 , 2011 costs and expenses : research and development : non-cash compensation expense $ - other research and development expenses 327,283 total research and development expenses 327,283 general and administrative : non-cash compensation expense 86,494 other general and administrative expenses 468,197 total general and administrative expenses 554,691 other expense interest and amortization on notes payable ( 7,097 ) total other expense ( 7,097 ) net loss $ ( 889,071 ) non-cash compensation expense ( research and development ) . no non-cash compensation expense ( research and development ) related to equity incentive grants was recorded during the year ended december 31 , 2011. non-cash compensation expense is related to grants of equity awards to research and development personnel and the recording of the related fair value of the awards over the respective vesting periods of the individual awards . we expect non-cash compensation expense ( research and development ) to increase in 2012 as we begin clinical trials with r-603 and hire personnel to manage those programs . other research and development expenses . other research and development expenses totaled $ 327,283 for the year ended december 31 , 2011. this expense was primarily related to a non-cash charge recorded associated with the stock issued to lfb biotechnologies , for the license to tgtx-1101 . story_separator_special_tag the estimates utilized in the black-scholes calculation involve inherent uncertainties and the application of management judgment . in addition , we are required to estimate the expected forfeiture rate and only recognize expense for those equity awards expected to vest . as a result , if other assumptions had been used , our recorded stock-based compensation expense could have been materially different from that reported . in addition , because some of the options and warrants issued to employees , consultants and other third-parties vest upon the achievement of certain milestones , the total expense is uncertain . total compensation expense for options and restricted stock issued to consultants is determined at the “ measurement date . ” the expense is recognized over the vesting period for the options and restricted stock . until the measurement date is reached , the total amount of compensation expense remains uncertain . we record stock-based compensation expense based on the fair value of the equity awards at the reporting date . these equity awards are then revalued , or the total compensation is recalculated based on the then current fair value , at each subsequent reporting date . this results in a change to the amount previously recorded in respect of the equity award grant , and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value , such as changes in market price , until the measurement date is reached and the compensation expense is finalized . in-process research and development . all acquired research and development projects are recorded at their fair value as of the date acquisition . the fair values are assessed as of the balance sheet date to ascertain if there has been any impairment of the recorded value . if there is an impairment the asset is written down to its current fair value by the recording of an expense . accruals for clinical research organization and clinical site costs . we make estimates of costs incurred in relation to external clinical research organizations , or cros , and clinical site costs . we analyze the progress of clinical trials , including levels of patient enrollment , invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability . significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period . we review and accrue cro expenses and clinical trial study expenses based on work performed and rely upon estimates of those costs applicable to the stage of completion of a study . accrued cro costs are subject to revisions as such trials progress to completion . revisions are charged to expense in the period in which the facts that give rise to the revision become known . with respect to clinical site costs , the financial terms of these agreements are subject to negotiation and vary from contract to contract . payments under these contracts may be uneven , and depend on factors such as the achievement of certain events , the successful recruitment of patients , the completion of portions of the clinical trial or similar conditions . the objective of our policy is to match the recording of expenses in our financial statements to the actual services received and efforts expended . as such , expense accruals related to clinical site costs are recognized based on our estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract . accounting related to goodwill . as of december 31 , 2011 , there was approximately $ 630,000 of goodwill on our consolidated balance sheet . goodwill is reviewed for impairment annually , or when events arise that could indicate that an impairment exists . we test for goodwill impairment using a two-step process . the first step compares the fair value of the reporting unit with the unit 's carrying value , including goodwill . when the carrying value of the reporting unit is greater than fair value , the unit 's goodwill may be impaired , and the second step must be completed to measure the amount of the goodwill impairment charge , if any . in the second step , the implied fair value of the reporting unit 's goodwill is compared with the carrying amount of the unit 's goodwill . if the carrying amount is greater than the implied fair value , the carrying value of the goodwill must be written down to its implied fair value . we are required to perform impairment tests annually , at december 31 , and whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable . for all of our acquisitions , various analyses , assumptions and estimates were made at the time of each acquisition that were used to determine the valuation of goodwill and intangibles . in future years , the possibility exists that changes in forecasts and estimates from those used at the acquisition date could result in impairment indicators . 40 accounting for income taxes . in preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves management estimation of our actual current tax exposure and assessment of temporary differences resulting from differing treatment of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and , to the extent we believe that recovery is not likely , we must establish a valuation allowance . to the extent we establish a valuation allowance or increase this allowance in a period , we must include an expense within the

liquidity and capital resources our primary source of cash has been proceeds from the private placement of equity securities , and through debt financings . we have not yet commercialized any of our drug candidates and can not be sure if we will ever be able to do so . even if we commercialize one or more of our drug candidates , we may not become profitable . our ability to achieve profitability depends on a number of factors , including our ability to obtain regulatory approval for our drug candidates , successfully complete any post-approval regulatory obligations and successfully commercialize our drug candidates alone or in partnership . we may continue to incur substantial operating losses even if we begin to generate revenues from our drug candidates . 37 as of december 31 , 2011 , we had $ 9.7 million in cash , and cash equivalents . we currently anticipate that our cash and cash equivalents as of december 31 , 2011 , inclusive of our 2011 equity pipe closings subsequent to december 31 , 2011 , to be sufficient to fund our anticipated operating cash requirements for approximately 24-30 months from december 31 , 2011. the actual amount of cash that we will need to operate is subject to many factors , including , but not limited to , the timing , design and conduct of clinical trials for our drug candidates . we are dependent upon significant financing to provide the cash necessary to execute our current operations , including the commercialization of any of our drug candidates . cash used in operating activities for the year ended december 31 , 2011 was $ 86,577 , which primarily related to general and administrative and research and development expenses associated with tg therapeutics commencing operations and development of tgtx-1101 . for the year ended december 31 , 2011 , net cash provided by investing activities of $ 10,386 , which consisted of cash that was acquired in the exchange transaction between tg therapeutics and the company . for the year ended december 31 , 2011 , net cash provided by financing activities of $ 9,824,682 , related to net proceeds from the issuance of the company 's common stock .


 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 our primary source of cash has been proceeds from the private placement of equity securities , and through debt financings . we have not yet commercialized any of our drug candidates and can not be sure if we will ever be able to do so . even if we commercialize one or more of our drug candidates , we may not become profitable . our ability to achieve profitability depends on a number of factors , including our ability to obtain regulatory approval for our drug candidates , successfully complete any post-approval regulatory obligations and successfully commercialize our drug candidates alone or in partnership . we may continue to incur substantial operating losses even if we begin to generate revenues from our drug candidates . 37 as of december 31 , 2011 , we had $ 9.7 million in cash , and cash equivalents . we currently anticipate that our cash and cash equivalents as of december 31 , 2011 , inclusive of our 2011 equity pipe closings subsequent to december 31 , 2011 , to be sufficient to fund our anticipated operating cash requirements for approximately 24-30 months from december 31 , 2011. the actual amount of cash that we will need to operate is subject to many factors , including , but not limited to , the timing , design and conduct of clinical trials for our drug candidates . we are dependent upon significant financing to provide the cash necessary to execute our current operations , including the commercialization of any of our drug candidates . cash used in operating activities for the year ended december 31 , 2011 was $ 86,577 , which primarily related to general and administrative and research and development expenses associated with tg therapeutics commencing operations and development of tgtx-1101 . for the year ended december 31 , 2011 , net cash provided by investing activities of $ 10,386 , which consisted of cash that was acquired in the exchange transaction between tg therapeutics and the company . for the year ended december 31 , 2011 , net cash provided by financing activities of $ 9,824,682 , related to net proceeds from the issuance of the company 's common stock .
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 Suspicious Activity Report : from an accounting perspective , the accounting acquirer is considered to be tg therapeutics , inc. and accordingly , the historical financial statements are those of tg therapeutics , inc. tg therapeutics , inc. was incorporated in delaware in november 2010 , but did not commence operations until april 2011 , thus the historical financial statements of tg consists of only 2011. we are a biopharmaceutical company focused on the development of a novel monoclonal antibody for the treatment of various b-cell proliferative disorders including lymphoma , leukemia , and auto-immune diseases . the company may also pursue complementary technology and product acquisitions , in-licensing and investments . we have not earned any revenues from the commercial sale of any of our drug candidates , or from any other source . 35 our research and development expenses consist primarily of expenses related to in-licensing of new product candidates , fees paid to consultants and outside service providers for clinical and laboratory development , facilities-related and other expenses relating to the design , development , manufacture , testing , and enhancement of our drug candidates and technologies . we expense our research and development costs as they are incurred . research and development expenses for the year ended december 31 , 2011 was $ 327,283. the following table sets forth the research and development expenses per project , for 2011 . 2011 ublituximab $ 325,671 ast-726 — ast-915 1,612 total $ 327,283 our general and administrative expenses consist primarily of salaries and related expenses for executive , finance and other administrative personnel , recruitment expenses , professional fees and other corporate expenses , including investor relations , legal activities and facilities-related expenses . our results of operations include non-cash compensation expense as a result of the grants of stock options and restricted stock . compensation expense for awards of options and restricted stock granted to employees and directors represents the fair value of the award recorded over the respective vesting periods of the individual awards . the expense is included in the respective categories of expense in the consolidated statements of operations . we expect to continue to incur significant non-cash compensation expenses . for awards of options and restricted stock to consultants and other third-parties , compensation expense is determined at the “ measurement date . ” the expense is recognized over the vesting period of the award . until the measurement date is reached , the total amount of compensation expense remains uncertain . we record compensation expense based on the fair value of the award at the reporting date . the awards to consultants and other third-parties are then revalued , or the total compensation is recalculated based on the then current fair value , at each subsequent reporting date . this results in a change to the amount previously recorded in respect of the equity award grant , and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value , such as changes in market price , until the measurement date is reached and the compensation expense is finalized . the company did not grant any consultant options during the year ended december 31 , 2011. in addition , certain restricted stock issued to employees vest upon the achievement of certain milestones , therefore the total expense is uncertain until the milestone is probable . our clinical trials will be lengthy and expensive . even if these trials show that our drug candidates are effective in treating certain indications , there is no guarantee that we will be able to record commercial sales of any of our drug candidates in the near future . in addition , we expect losses to continue as we continue to fund in-licensing and development of new drug candidates . as we continue our development efforts , we may enter into additional third-party collaborative agreements and may incur additional expenses , such as licensing fees and milestone payments . in addition , we may need to establish the commercial infrastructure required to manufacture , market and sell our drug candidates following approval , if any , by the fda , which would result in us incurring additional expenses . as a result , our quarterly results may fluctuate and a quarter-by-quarter comparison of our operating results may not be a meaningful indication of our future performance . 36 results of operations year ended december 31 , 2011 year ended december 31 , 2011 costs and expenses : research and development : non-cash compensation expense $ - other research and development expenses 327,283 total research and development expenses 327,283 general and administrative : non-cash compensation expense 86,494 other general and administrative expenses 468,197 total general and administrative expenses 554,691 other expense interest and amortization on notes payable ( 7,097 ) total other expense ( 7,097 ) net loss $ ( 889,071 ) non-cash compensation expense ( research and development ) . no non-cash compensation expense ( research and development ) related to equity incentive grants was recorded during the year ended december 31 , 2011. non-cash compensation expense is related to grants of equity awards to research and development personnel and the recording of the related fair value of the awards over the respective vesting periods of the individual awards . we expect non-cash compensation expense ( research and development ) to increase in 2012 as we begin clinical trials with r-603 and hire personnel to manage those programs . other research and development expenses . other research and development expenses totaled $ 327,283 for the year ended december 31 , 2011. this expense was primarily related to a non-cash charge recorded associated with the stock issued to lfb biotechnologies , for the license to tgtx-1101 . story_separator_special_tag the estimates utilized in the black-scholes calculation involve inherent uncertainties and the application of management judgment . in addition , we are required to estimate the expected forfeiture rate and only recognize expense for those equity awards expected to vest . as a result , if other assumptions had been used , our recorded stock-based compensation expense could have been materially different from that reported . in addition , because some of the options and warrants issued to employees , consultants and other third-parties vest upon the achievement of certain milestones , the total expense is uncertain . total compensation expense for options and restricted stock issued to consultants is determined at the “ measurement date . ” the expense is recognized over the vesting period for the options and restricted stock . until the measurement date is reached , the total amount of compensation expense remains uncertain . we record stock-based compensation expense based on the fair value of the equity awards at the reporting date . these equity awards are then revalued , or the total compensation is recalculated based on the then current fair value , at each subsequent reporting date . this results in a change to the amount previously recorded in respect of the equity award grant , and additional expense or a reversal of expense may be recorded in subsequent periods based on changes in the assumptions used to calculate fair value , such as changes in market price , until the measurement date is reached and the compensation expense is finalized . in-process research and development . all acquired research and development projects are recorded at their fair value as of the date acquisition . the fair values are assessed as of the balance sheet date to ascertain if there has been any impairment of the recorded value . if there is an impairment the asset is written down to its current fair value by the recording of an expense . accruals for clinical research organization and clinical site costs . we make estimates of costs incurred in relation to external clinical research organizations , or cros , and clinical site costs . we analyze the progress of clinical trials , including levels of patient enrollment , invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability . significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period . we review and accrue cro expenses and clinical trial study expenses based on work performed and rely upon estimates of those costs applicable to the stage of completion of a study . accrued cro costs are subject to revisions as such trials progress to completion . revisions are charged to expense in the period in which the facts that give rise to the revision become known . with respect to clinical site costs , the financial terms of these agreements are subject to negotiation and vary from contract to contract . payments under these contracts may be uneven , and depend on factors such as the achievement of certain events , the successful recruitment of patients , the completion of portions of the clinical trial or similar conditions . the objective of our policy is to match the recording of expenses in our financial statements to the actual services received and efforts expended . as such , expense accruals related to clinical site costs are recognized based on our estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract . accounting related to goodwill . as of december 31 , 2011 , there was approximately $ 630,000 of goodwill on our consolidated balance sheet . goodwill is reviewed for impairment annually , or when events arise that could indicate that an impairment exists . we test for goodwill impairment using a two-step process . the first step compares the fair value of the reporting unit with the unit 's carrying value , including goodwill . when the carrying value of the reporting unit is greater than fair value , the unit 's goodwill may be impaired , and the second step must be completed to measure the amount of the goodwill impairment charge , if any . in the second step , the implied fair value of the reporting unit 's goodwill is compared with the carrying amount of the unit 's goodwill . if the carrying amount is greater than the implied fair value , the carrying value of the goodwill must be written down to its implied fair value . we are required to perform impairment tests annually , at december 31 , and whenever events or changes in circumstances suggest that the carrying value of an asset may not be recoverable . for all of our acquisitions , various analyses , assumptions and estimates were made at the time of each acquisition that were used to determine the valuation of goodwill and intangibles . in future years , the possibility exists that changes in forecasts and estimates from those used at the acquisition date could result in impairment indicators . 40 accounting for income taxes . in preparing our consolidated financial statements , we are required to estimate our income taxes in each of the jurisdictions in which we operate . this process involves management estimation of our actual current tax exposure and assessment of temporary differences resulting from differing treatment of items for tax and accounting purposes . these differences result in deferred tax assets and liabilities . we must then assess the likelihood that our deferred tax assets will be recovered from future taxable income and , to the extent we believe that recovery is not likely , we must establish a valuation allowance . to the extent we establish a valuation allowance or increase this allowance in a period , we must include an expense within the

