we expect to begin the phase 2b clinical trial in the second quarter of 2014. we also began conducting a clinical trial of our orally ingested exenatide in january 2013 , and commenced a first human clinical trial on healthy volunteers with our oral insulin capsule delivered in combination with our oral exenatide capsule . clinical trials are planned in order to substantiate our results as well as for purposes of making future filings for drug approval . we also plan to conduct further research and development by deploying our proprietary drug delivery technology for the delivery of other polypeptides in addition to insulin , and to develop other innovative pharmaceutical products . long term business strategy if our oral insulin capsule or other drug delivery solutions show significant promise in clinical trials , we plan to ultimately seek a strategic commercial partner , or partners , with extensive experience in the development , commercialization , and marketing of insulin applications and or other orally digestible drugs . we anticipate such partner or partners would be responsible for , or substantially support , late stage clinical trials ( phase 3 ) to increase the likelihood of obtaining regulatory approvals and registrations in the appropriate markets in a timely manner . we further anticipate that such partner , or partners , would also be responsible for sales and marketing of our oral insulin capsule in these markets . such planned strategic partnership , or partnerships , may provide a marketing and sales infrastructure for our products as well as financial and operational support for global clinical trials , post marketing studies , label expansions and other regulatory requirements concerning future clinical development in the united states and elsewhere . any future strategic partner , or partners , may also provide capital and expertise that would enable the partnership to develop new oral dosage form for other polypeptides . while our strategy is to partner with an appropriate party , no assurance can be given that any third party would be interested in partnering with us . under certain circumstances , we may determine to develop one or more of our oral dosage form on our own , either world-wide or in select territories . 29 other planned strategic activities in addition to developing our own oral dosage form drug portfolio , we are , on an on-going basis , considering in-licensing and other means of obtaining additional technologies to complement and or expand our current product portfolio . our goal is to create a well-balanced product portfolio that will enhance and complement our existing drug portfolio . results of operations critical accounting policies our significant accounting policies are more fully described in the notes to our accompanying consolidated financial statements . we believe that the accounting policies below are critical for one to fully understand and evaluate our financial condition and results of operations . the discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements , which we prepared in accordance with u.s. generally accepted accounting principles . the preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements , as well as the reported revenues and expenses during the reporting periods . on an ongoing basis , we evaluate such estimates and judgments . we base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . marketable securities : consist mainly of equity securities classified as available-for-sale and are recorded at fair value . until august 26 , 2013 , the fair value of the restricted securities was measured based on the quoted prices of the otherwise identical unrestricted securities , adjusted for the effect of the restriction by applying a proper discount . the discount was determined with reference to other similar restricted instruments . similar securities , with no restriction on tradability , are quoted on an active market . as of august 31 , 2013 , the securities are not restricted and the fair value of the securities is measured based on the quoted prices of the securities on an active market . changes in fair value , net of taxes , are reflected in other comprehensive income . factors considered in determining whether a loss is temporary include the extent to which fair value has been less than the cost basis , and the financial condition and near-term prospects of the investee based on our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value . the loss is recorded as a charge to comprehensive income . 30 valuation of options and warrants : we grant options to purchase shares of our common stock to employees and consultants and issue warrants in connection with some of our financings and to certain other consultants . we account for share-based payments in accordance with the guidance that requires awards classified as equity awards be accounted for using the grant-date fair value method . the fair value of share-based payment transactions is recognized as an expense over the requisite service period , net of estimated­ forfeitures . we estimate forfeitures based on historical experience and anticipated future conditions . we elected to recognize compensation cost for an award with only service conditions that has a graded vesting schedule using the accelerated method based on the multiple-option award approach . story_separator_special_tag result of the deletion of the anti-dilution provisions of the warrants ( as described below ) , which resulted in a cost of $ 296,982 and by a gain on sale of marketable securities of $ 90,370 in fiscal year 2013. taxes on income / tax benefit taxes on income for the years ended august 31 , 2013 and august 31 , 2012 , a benefit of $ 205,062 and tax of $ 90,218 , respectively , are a result of recognizing and measuring uncertain tax positions . the decrease in uncertain tax positions as of august 31 , 2013 , is a result of the expiration of the statute of limitations with respect to the 2008 tax year of oramed ltd. other comprehensive income a subsequent increase in the fair value of available for sale securities previously written down as impaired for the year ended august 31 , 2013 of $ 130,845 resulted from the increase in fair value of our d.n.a ordinary shares . reclassification adjustment for gains included in net loss for the year ended august 31 , 2013 of $ 90,370 , resulted from the sale of 7,000,000 of our d.n.a ordinary shares in february and march 2013. unrealized gain on available for sale securities for the year ended august 31 , 2013 of $ 262,928 , resulted from the increase in fair value of our d.n.a ordinary shares . impairment of available for sale securities for the year ended august 31 , 2012 of $ 184,254 resulted from the decrease in fair value of our d.n.a ordinary shares . 35 story_separator_special_tag in such private placements and received certain special rights , including preemptive rights as long as they hold at least 5 % of our outstanding common stock . with respect to regals ' participation in the august 2012 private placement , we undertook to file a registration statement to register their shares and the shares underlying their warrants , by december 27 , 2012. since such registration statement was not timely filed , we may be required to pay liquidated damages of $ 10,000 or , at regals ' discretion , 27,027 shares of common stock . the liquidated damages may not exceed , in the aggregate , $ 100,000. regals has not notified us that they plan to request such payment , and such damages may be waived by regals . ● in october 2012 , we entered into a securities purchase agreement with d.n.a , according to which we issued to d.n.a 199,172 shares of our common stock in consideration for an option to purchase up to 21,637,611 ordinary shares of d.n.a , or the d.n.a option . we had previously acquired 8,404,667 ordinary shares of d.n.a issued in march 2011 , as further discussed in “ our business—out-licensed technology . ” in february 2013 , we exercised the d.n.a option . in addition , in february and march 2013 we sold a total amount of 7,000,000 of our d.n.a ordinary shares , of which 5,250,000 ordinary shares were issued to us in march 2011 and 1,750,000 ordinary shares were issued to us in february 2013 upon our exercise of the d.n.a option . the ordinary shares were sold in private transactions for a total of nis 840,000 ( or approximately $ 226,670 , based on the exchange rate between the nis and the u.s. dollar , as quoted by the bank of israel on the dates of sale ) , before brokerage fees . in october and november 2013 we also sold in the market total of 1,025,991 of our d.n.a ordinary shares , all of which were issued to us in march 2011 , for total consideration of nis 152,453 ( or approximately $ 43,208 ) . as of november 25 , 2013 , we own approximately 10.6 % of d.n.a 's outstanding ordinary shares . the market price for d.n.a 's ordinary shares may decline , which could result in a loss to us if we sell such shares at a price below the value on the date we acquired such shares . the ordinary shares of d.n.a have historically experienced low trading volume ; as a result there is no guarantee that we will be able to resell the ordinary shares of d.n.a at the prevailing market prices . 37 · in november 2012 , we entered into the agreement with regals in connection with the warrants . pursuant to the agreement , we and regals agreed to amend the warrants to provide that the anti-dilution protection of the warrants shall be deleted in its entirety . in addition , as to the warrants issued in august and november 2012 , the parties agreed to reduce the exercise price to $ 3.7656 per share , the current exercise price per share of the warrants originally issued in january 2011. at such time , we also issued to regals the new warrant . · in connection with the new warrant , nadav kidron , our president , chief executive officer and a director , in his personal capacity as one of our stockholders , agreed that following the execution and delivery of the agreement , in the event that an adjustment pursuant to the anti-dilution protection of the warrants ( had they not been amended by the agreement ) would have been triggered and the number of shares of our common stock that regals would have been able to purchase under the warrants would have increased by an aggregate number in excess of 137,311 common shares , then regals shall have the right to purchase from mr. kidron such number of shares of our common stock owned by mr. kidron , up to a maximum of 112,690 shares of our common stock . this right shall survive until the termination of the warrants . · in may 2013 , a total of 10,180 warrants were exercised via a `` cashless `` manner , resulting in the issuance of 3,787

liquidity and capital resources from inception through august 31 , 2013 , we incurred losses in an aggregate amount of $ 22,123,589. we have financed our operations through several private placements of our common stock , as well as and a public offering of our common stock in july 2013 , raising a total of $ 20,859,553 , net of transaction costs . we will seek to obtain additional financing through similar sources in the future as needed . as of august 31 , 2013 , we had $ 2,272,228 of available cash , $ 5,246,627 of short term bank deposits and $ 956,376 of marketable securities . marketable securities are presented at fair value and their realization is subject to certain limitations if sold through the market , and we are therefore exposed to market risk . there is no assurance that at the time of sale of the marketable securities the price per share will be the same or higher , nor that we will be able to sell all of the securities at once given the volume of securities we hold . we anticipate that we will require approximately $ 5.7 million to finance our activities during the 12 months following august 31 , 2013. management is in the process of evaluating various financing alternatives as we will need to finance future research and development activities and general and administrative expenses through fund raising in the public or private equity markets . although there is no assurance that we will be successful with those initiatives , management believes that it will be able to secure the necessary financing as a result of ongoing financing discussions with third party investors and existing stockholders , future public offerings , and additional funding from the ocs . during the year ended august 31 , 2013 , cash and cash equivalents decreased by $ 2,158,512 from the $ 4,430,740 reported as of august 31 , 2012 , which is primarily due to proceeds from the issuance of common stock and the purchase of short term deposits .


 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 from inception through august 31 , 2013 , we incurred losses in an aggregate amount of $ 22,123,589. we have financed our operations through several private placements of our common stock , as well as and a public offering of our common stock in july 2013 , raising a total of $ 20,859,553 , net of transaction costs . we will seek to obtain additional financing through similar sources in the future as needed . as of august 31 , 2013 , we had $ 2,272,228 of available cash , $ 5,246,627 of short term bank deposits and $ 956,376 of marketable securities . marketable securities are presented at fair value and their realization is subject to certain limitations if sold through the market , and we are therefore exposed to market risk . there is no assurance that at the time of sale of the marketable securities the price per share will be the same or higher , nor that we will be able to sell all of the securities at once given the volume of securities we hold . we anticipate that we will require approximately $ 5.7 million to finance our activities during the 12 months following august 31 , 2013. management is in the process of evaluating various financing alternatives as we will need to finance future research and development activities and general and administrative expenses through fund raising in the public or private equity markets . although there is no assurance that we will be successful with those initiatives , management believes that it will be able to secure the necessary financing as a result of ongoing financing discussions with third party investors and existing stockholders , future public offerings , and additional funding from the ocs . during the year ended august 31 , 2013 , cash and cash equivalents decreased by $ 2,158,512 from the $ 4,430,740 reported as of august 31 , 2012 , which is primarily due to proceeds from the issuance of common stock and the purchase of short term deposits .
```    
 Suspicious Activity Report : we expect to begin the phase 2b clinical trial in the second quarter of 2014. we also began conducting a clinical trial of our orally ingested exenatide in january 2013 , and commenced a first human clinical trial on healthy volunteers with our oral insulin capsule delivered in combination with our oral exenatide capsule . clinical trials are planned in order to substantiate our results as well as for purposes of making future filings for drug approval . we also plan to conduct further research and development by deploying our proprietary drug delivery technology for the delivery of other polypeptides in addition to insulin , and to develop other innovative pharmaceutical products . long term business strategy if our oral insulin capsule or other drug delivery solutions show significant promise in clinical trials , we plan to ultimately seek a strategic commercial partner , or partners , with extensive experience in the development , commercialization , and marketing of insulin applications and or other orally digestible drugs . we anticipate such partner or partners would be responsible for , or substantially support , late stage clinical trials ( phase 3 ) to increase the likelihood of obtaining regulatory approvals and registrations in the appropriate markets in a timely manner . we further anticipate that such partner , or partners , would also be responsible for sales and marketing of our oral insulin capsule in these markets . such planned strategic partnership , or partnerships , may provide a marketing and sales infrastructure for our products as well as financial and operational support for global clinical trials , post marketing studies , label expansions and other regulatory requirements concerning future clinical development in the united states and elsewhere . any future strategic partner , or partners , may also provide capital and expertise that would enable the partnership to develop new oral dosage form for other polypeptides . while our strategy is to partner with an appropriate party , no assurance can be given that any third party would be interested in partnering with us . under certain circumstances , we may determine to develop one or more of our oral dosage form on our own , either world-wide or in select territories . 29 other planned strategic activities in addition to developing our own oral dosage form drug portfolio , we are , on an on-going basis , considering in-licensing and other means of obtaining additional technologies to complement and or expand our current product portfolio . our goal is to create a well-balanced product portfolio that will enhance and complement our existing drug portfolio . results of operations critical accounting policies our significant accounting policies are more fully described in the notes to our accompanying consolidated financial statements . we believe that the accounting policies below are critical for one to fully understand and evaluate our financial condition and results of operations . the discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements , which we prepared in accordance with u.s. generally accepted accounting principles . the preparation of our consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements , as well as the reported revenues and expenses during the reporting periods . on an ongoing basis , we evaluate such estimates and judgments . we base our estimates on historical experience and on various other factors that we believe are reasonable under the circumstances , the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources . actual results may differ from these estimates under different assumptions or conditions . marketable securities : consist mainly of equity securities classified as available-for-sale and are recorded at fair value . until august 26 , 2013 , the fair value of the restricted securities was measured based on the quoted prices of the otherwise identical unrestricted securities , adjusted for the effect of the restriction by applying a proper discount . the discount was determined with reference to other similar restricted instruments . similar securities , with no restriction on tradability , are quoted on an active market . as of august 31 , 2013 , the securities are not restricted and the fair value of the securities is measured based on the quoted prices of the securities on an active market . changes in fair value , net of taxes , are reflected in other comprehensive income . factors considered in determining whether a loss is temporary include the extent to which fair value has been less than the cost basis , and the financial condition and near-term prospects of the investee based on our intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value . the loss is recorded as a charge to comprehensive income . 30 valuation of options and warrants : we grant options to purchase shares of our common stock to employees and consultants and issue warrants in connection with some of our financings and to certain other consultants . we account for share-based payments in accordance with the guidance that requires awards classified as equity awards be accounted for using the grant-date fair value method . the fair value of share-based payment transactions is recognized as an expense over the requisite service period , net of estimated­ forfeitures . we estimate forfeitures based on historical experience and anticipated future conditions . we elected to recognize compensation cost for an award with only service conditions that has a graded vesting schedule using the accelerated method based on the multiple-option award approach . story_separator_special_tag result of the deletion of the anti-dilution provisions of the warrants ( as described below ) , which resulted in a cost of $ 296,982 and by a gain on sale of marketable securities of $ 90,370 in fiscal year 2013. taxes on income / tax benefit taxes on income for the years ended august 31 , 2013 and august 31 , 2012 , a benefit of $ 205,062 and tax of $ 90,218 , respectively , are a result of recognizing and measuring uncertain tax positions . the decrease in uncertain tax positions as of august 31 , 2013 , is a result of the expiration of the statute of limitations with respect to the 2008 tax year of oramed ltd. other comprehensive income a subsequent increase in the fair value of available for sale securities previously written down as impaired for the year ended august 31 , 2013 of $ 130,845 resulted from the increase in fair value of our d.n.a ordinary shares . reclassification adjustment for gains included in net loss for the year ended august 31 , 2013 of $ 90,370 , resulted from the sale of 7,000,000 of our d.n.a ordinary shares in february and march 2013. unrealized gain on available for sale securities for the year ended august 31 , 2013 of $ 262,928 , resulted from the increase in fair value of our d.n.a ordinary shares . impairment of available for sale securities for the year ended august 31 , 2012 of $ 184,254 resulted from the decrease in fair value of our d.n.a ordinary shares . 35 story_separator_special_tag in such private placements and received certain special rights , including preemptive rights as long as they hold at least 5 % of our outstanding common stock . with respect to regals ' participation in the august 2012 private placement , we undertook to file a registration statement to register their shares and the shares underlying their warrants , by december 27 , 2012. since such registration statement was not timely filed , we may be required to pay liquidated damages of $ 10,000 or , at regals ' discretion , 27,027 shares of common stock . the liquidated damages may not exceed , in the aggregate , $ 100,000. regals has not notified us that they plan to request such payment , and such damages may be waived by regals . ● in october 2012 , we entered into a securities purchase agreement with d.n.a , according to which we issued to d.n.a 199,172 shares of our common stock in consideration for an option to purchase up to 21,637,611 ordinary shares of d.n.a , or the d.n.a option . we had previously acquired 8,404,667 ordinary shares of d.n.a issued in march 2011 , as further discussed in “ our business—out-licensed technology . ” in february 2013 , we exercised the d.n.a option . in addition , in february and march 2013 we sold a total amount of 7,000,000 of our d.n.a ordinary shares , of which 5,250,000 ordinary shares were issued to us in march 2011 and 1,750,000 ordinary shares were issued to us in february 2013 upon our exercise of the d.n.a option . the ordinary shares were sold in private transactions for a total of nis 840,000 ( or approximately $ 226,670 , based on the exchange rate between the nis and the u.s. dollar , as quoted by the bank of israel on the dates of sale ) , before brokerage fees . in october and november 2013 we also sold in the market total of 1,025,991 of our d.n.a ordinary shares , all of which were issued to us in march 2011 , for total consideration of nis 152,453 ( or approximately $ 43,208 ) . as of november 25 , 2013 , we own approximately 10.6 % of d.n.a 's outstanding ordinary shares . the market price for d.n.a 's ordinary shares may decline , which could result in a loss to us if we sell such shares at a price below the value on the date we acquired such shares . the ordinary shares of d.n.a have historically experienced low trading volume ; as a result there is no guarantee that we will be able to resell the ordinary shares of d.n.a at the prevailing market prices . 37 · in november 2012 , we entered into the agreement with regals in connection with the warrants . pursuant to the agreement , we and regals agreed to amend the warrants to provide that the anti-dilution protection of the warrants shall be deleted in its entirety . in addition , as to the warrants issued in august and november 2012 , the parties agreed to reduce the exercise price to $ 3.7656 per share , the current exercise price per share of the warrants originally issued in january 2011. at such time , we also issued to regals the new warrant . · in connection with the new warrant , nadav kidron , our president , chief executive officer and a director , in his personal capacity as one of our stockholders , agreed that following the execution and delivery of the agreement , in the event that an adjustment pursuant to the anti-dilution protection of the warrants ( had they not been amended by the agreement ) would have been triggered and the number of shares of our common stock that regals would have been able to purchase under the warrants would have increased by an aggregate number in excess of 137,311 common shares , then regals shall have the right to purchase from mr. kidron such number of shares of our common stock owned by mr. kidron , up to a maximum of 112,690 shares of our common stock . this right shall survive until the termination of the warrants . · in may 2013 , a total of 10,180 warrants were exercised via a `` cashless `` manner , resulting in the issuance of 3,787

