as of october 31 , 2013 and october 31 , 2012 we had an accumulated deficit of $ 70,465,823 and $ 47,601,427 , respectively and shareholders ' equity of $ 18,002,142 and shareholders ' deficiency of $ 5,962,724 , respectively . our research and development costs decreased from approximately $ 6.6 million for the year ended october 31 , 2012 to approximately $ 5.6 million for the year ended october 31 , 2013. we expect to incur significant additional costs . the timing and estimated costs of these projects are difficult to predict . we may attempt to accelerate the timing of the required financing and , conversely , if the trial or trials are not successful we may slow our spending and defer the timing of additional financing . while we will attempt to attract corporate partnership and grants , we have not assumed the receipt of any additional financial resources in our cash planning . to date , we have outsourced many functions of drug development including manufacturing and clinical trial management . accordingly , the expenses for these outsourced services account for a significant amount of our accumulated loss . we can not predict when , if ever , any of our immunotherapies will become commercially viable or approved by the u.s. food and drug administration , or fda . we expect to spend substantial additional sums on continued research and development of proprietary products and technologies , including conducting clinical trials for our immunotherapies , with no certainty that our immunotherapies will become commercially viable or profitable as a result of these expenditures . 40 the timing of additional financing . while we will attempt to attract a corporate partnership and grants , we have not assumed the receipt of any additional financial resources in our cash planning . to date , we have outsourced many functions of drug development including manufacturing and clinical trial management . accordingly , the expenses of these outsourced services account for a significant amount of our accumulated loss . we can not predict when , if ever , any of our immunotherapies will become commercially viable or approved by the u.s. food and drug administration , or fda . we expect to spend substantial additional sums on the continued research and development of proprietary products and technologies , including conducting clinical trials for our immunotherapies , with no certainty that our immunotherapies will become commercially viable or profitable as a result of these expenditures . 41 plan of operations we intend to use the majority of the proceeds from our recent raise to advance adxs-hpv over the next two to five years , through registrational phase 3 trials and regulatory approval ( s ) in the united states and relevant markets for the treatment of women with cervical cancer . the preliminary data from our completed phase 2 clinical trial of adxs-hpv in patients with recurrent cervical cancer demonstrate that adxs-hpv is an active agent in this disease setting with a manageable safety profile . we also anticipate using the funds to further our preclinical and clinical research and development efforts in developing immunotherapies for the treatment of head and neck cancer , anal cancer , prostate cancer , her2 overexpressing cancers in dogs and for general and administrative activities . our strategy is to maintain and fortify a leadership position in the discovery , acquisition and development of lm -llo immunotherapies that target for cancer and infectious disease . the fundamental goals of our business strategy include the following : be the first immunotherapy company to commercialize a therapeutic hpv-associated oncology drug . because we believe adxs-hpv is the most clinically advanced cervical cancer immunotherapy , we aim to fortify our leadership position and be the first to commercialize our lm -llo immunotherapy for this unmet medical need . develop and commercialize adxs-hpv in multiple hpv-associated cancers . we plan to advance adxs-hpv through registrational phase 3 trials and regulatory approval in the united states and relevant markets for the treatment of cervical cancer . if successful , we plan to submit a biologics license application , or bla , to the fda as the basis for marketing approval in the united states of adxs-hpv for the treatment of cervical cancer . hpv , the target for adxs-hpv , is expressed on a wide variety of cancers including cervical , head and neck , anal , vulva , vaginal , and penile . accordingly , we believe that adxs-hpv should be active in these hpv-associated cancers and these indications could represent significant market opportunities for adxs-hpv . obtain orphan drug designation with the fda and the emea for adxs-hpv for use in the treatment of invasive cervical cancer , head and neck cancer and anal cancer . in june 2013 , we filed three applications for orphan drug designation with the fda for adxs-hpv for the treatment of anal cancer ( granted august 2013 ) , head and neck cancer ( granted november 2013 ) , invasive cervical cancer ( denied in october 2013 as the target population estimate exceeded the statutory maximum allowed . in january 2014 , a telecon meeting was conducted with the fda to discuss the orphan drug designation request and subsequent denial for adxs-hpv for invasive cervical cancer . we intend to submit a new application based on the discussions.with the fda ) . orphan status is granted by the fda to promote the development of products that demonstrate promise for the treatment of rare diseases affecting fewer than 200,000 individuals in the united states annually , or more than 200,000 individuals in the united states and for which there is no reasonable expectation that the cost of developing and making a drug or biological product available in the united states for this type of disease or condition will be recovered from sales of the product . story_separator_special_tag 2013 , the company received notice that it had been preliminarily approved to transfer and sell its available net operating losses ( “ nol ” ) and r & d tax credits for the years ended october 31 , 2009 , 2010 and 2011. on january 17 , 2014 , the company received $ 625,563 from the transfer and sale of these nol 's and r & d tax credits . story_separator_special_tag font style= `` font-family : 'times new roman ' , 'serif ' ; font-size : 10pt `` > subsequent to october 31 , 2013 , the company plans to continue to raise additional funds through the sales of debt and or equity securities . the company recognizes it will need to raise additional capital over and above the amount raised during october 2013 in order to continue to execute its business plan . there is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the company or whether the company will become profitable and generate positive operating cash flow . if the company is unable to raise sufficient additional funds , it will have to scale back its business plan , extend payables and reduce overhead until sufficient additional capital is raised to support further operations . there can be no assurance that such a plan will be successful . 48 off-balance sheet arrangements as of october 31 , 2013 , we had no off-balance sheet arrangements . critical accounting estimates the preparation of financial statements in accordance with gaap accepted in the u.s. requires management to make estimates and assumptions that affect the reported amounts and related disclosures in the financial statements . management considers an accounting estimate to be critical if : it requires assumptions to be made that were uncertain at the time the estimate was made , and changes in the estimate of difference estimates that could have been selected could have material impact in our results of operations or financial condition . while we base our estimates and judgments on our experience and on various other factors that we believe to be reasonable under the circumstances , actual results could differ from those estimates and the differences could be material . the most significant estimates impact the following transactions or account balances : stock compensation , warrant valuation , impairment of intangibles , dilution caused by anti-dilution provisions in the warrants and other agreements . stock based compensation we account for stock-based compensation using fair value recognition and record stock-based compensation as a charge to earnings net of the estimated impact of forfeited awards . as such , we recognize stock-based compensation cost only for those stock-based awards that are estimated to ultimately vest over their requisite service period , based on the vesting provisions of the individual grants . the process of estimating the fair value of stock-based compensation awards and recognizing stock-based compensation cost over their requisite service period involves significant assumptions and judgments . we estimate the fair value of stock option awards on the date of grant using the black-scholes option-valuation model for the remaining awards , which requires that we make certain assumptions regarding : ( i ) the expected volatility in the market price of our common stock ; ( ii ) dividend yield ; ( iii ) risk-free interest rates ; and ( iv ) the period of time employees are expected to hold the award prior to exercise ( referred to as the expected holding period ) . as a result , if we revise our assumptions and estimates , our stock-based compensation expense could change materially for future grants . stock-based compensation for directors is reflected in general and administrative expenses in the statements of operations . stock-based compensation for employees and consultants could be reflected in research and development expenses or general and administrative expenses in the consolidated statements of operations . fair value of financial instruments the carrying amounts of financial instruments , including cash , receivables , accounts payable and accrued expenses approximated fair value , as of the balance sheet date presented , because of the relatively short maturity dates on these instruments . the carrying amounts of the financing arrangements issued approximate fair value , as of the balance sheet date presented , because interest rates on these instruments approximate market interest rates after consideration of stated interest rates , anti-dilution protection and associated warrants . the estimate of fair value of such financial instruments involves the exercise of significant judgment and the use of estimates by management derivative financial instruments we do not use derivative instruments to hedge exposures to cash flow , market or foreign currency risks . we evaluate all of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives . for derivative financial instruments that are accounted for as liabilities , the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date , with changes in the fair value reported in the statements of operations . the determination of fair value requires the use of judgment and estimates by management . for stock-based derivative financial instruments , we used the black-scholes valuation model which approximated the binomial lattice options pricing model to value the derivative instruments at inception and on subsequent valuation dates . the classification of derivative instruments , including whether such instruments should be recorded as liabilities or as equity , is evaluated at the end of each reporting period . derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the instrument could be required within 12 months of the balance sheet date . the variables used in the model are projected based on our historical data , experience , and other factors . changes in any of these variables could result

liquidity and capital resources since our inception through october 31 , 2013 , we have reported accumulated net losses of approximately $ 70.5 million and recurring negative cash flows from operations . we anticipate that we will continue to generate significant losses from operations for the foreseeable future . cash used in operating activities for the year ended october 31 , 2013 was approximately $ 8.7 million , resulting primarily from spending associated with our clinical trial programs and general & administrative expenses . cash used in investing activities for the year ended october 31 , 2013 was approximately $ 296,000 resulting from legal cost spending in support of our intangible assets ( patents ) and costs paid to penn for patents . cash provided by financing activities for the year ended october 31 , 2013 was approximately $ 29.6 million , primarily consisting of net proceeds received from the sale of common stock ( $ 27.4 million ) , net proceeds from the sale of convertible promissory notes ( $ 2.0 million ) and the exercise of warrants ( $ 0.1 million ) . on october 22 , 2013 , the company closed of its public offering of 6,612,500 shares of common stock , and warrants to purchase up to an aggregate of 3,306,250 shares of its common stock , at a price to the public of $ 4.00 per share and $ 0.001 per warrant . the warrants have a per share exercise price of $ 5.00 , 125 % of the public offering price of the common stock , are exercisable immediately , and expire five years from the date of issuance .


 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 since our inception through october 31 , 2013 , we have reported accumulated net losses of approximately $ 70.5 million and recurring negative cash flows from operations . we anticipate that we will continue to generate significant losses from operations for the foreseeable future . cash used in operating activities for the year ended october 31 , 2013 was approximately $ 8.7 million , resulting primarily from spending associated with our clinical trial programs and general & administrative expenses . cash used in investing activities for the year ended october 31 , 2013 was approximately $ 296,000 resulting from legal cost spending in support of our intangible assets ( patents ) and costs paid to penn for patents . cash provided by financing activities for the year ended october 31 , 2013 was approximately $ 29.6 million , primarily consisting of net proceeds received from the sale of common stock ( $ 27.4 million ) , net proceeds from the sale of convertible promissory notes ( $ 2.0 million ) and the exercise of warrants ( $ 0.1 million ) . on october 22 , 2013 , the company closed of its public offering of 6,612,500 shares of common stock , and warrants to purchase up to an aggregate of 3,306,250 shares of its common stock , at a price to the public of $ 4.00 per share and $ 0.001 per warrant . the warrants have a per share exercise price of $ 5.00 , 125 % of the public offering price of the common stock , are exercisable immediately , and expire five years from the date of issuance .
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 Suspicious Activity Report : as of october 31 , 2013 and october 31 , 2012 we had an accumulated deficit of $ 70,465,823 and $ 47,601,427 , respectively and shareholders ' equity of $ 18,002,142 and shareholders ' deficiency of $ 5,962,724 , respectively . our research and development costs decreased from approximately $ 6.6 million for the year ended october 31 , 2012 to approximately $ 5.6 million for the year ended october 31 , 2013. we expect to incur significant additional costs . the timing and estimated costs of these projects are difficult to predict . we may attempt to accelerate the timing of the required financing and , conversely , if the trial or trials are not successful we may slow our spending and defer the timing of additional financing . while we will attempt to attract corporate partnership and grants , we have not assumed the receipt of any additional financial resources in our cash planning . to date , we have outsourced many functions of drug development including manufacturing and clinical trial management . accordingly , the expenses for these outsourced services account for a significant amount of our accumulated loss . we can not predict when , if ever , any of our immunotherapies will become commercially viable or approved by the u.s. food and drug administration , or fda . we expect to spend substantial additional sums on continued research and development of proprietary products and technologies , including conducting clinical trials for our immunotherapies , with no certainty that our immunotherapies will become commercially viable or profitable as a result of these expenditures . 40 the timing of additional financing . while we will attempt to attract a corporate partnership and grants , we have not assumed the receipt of any additional financial resources in our cash planning . to date , we have outsourced many functions of drug development including manufacturing and clinical trial management . accordingly , the expenses of these outsourced services account for a significant amount of our accumulated loss . we can not predict when , if ever , any of our immunotherapies will become commercially viable or approved by the u.s. food and drug administration , or fda . we expect to spend substantial additional sums on the continued research and development of proprietary products and technologies , including conducting clinical trials for our immunotherapies , with no certainty that our immunotherapies will become commercially viable or profitable as a result of these expenditures . 41 plan of operations we intend to use the majority of the proceeds from our recent raise to advance adxs-hpv over the next two to five years , through registrational phase 3 trials and regulatory approval ( s ) in the united states and relevant markets for the treatment of women with cervical cancer . the preliminary data from our completed phase 2 clinical trial of adxs-hpv in patients with recurrent cervical cancer demonstrate that adxs-hpv is an active agent in this disease setting with a manageable safety profile . we also anticipate using the funds to further our preclinical and clinical research and development efforts in developing immunotherapies for the treatment of head and neck cancer , anal cancer , prostate cancer , her2 overexpressing cancers in dogs and for general and administrative activities . our strategy is to maintain and fortify a leadership position in the discovery , acquisition and development of lm -llo immunotherapies that target for cancer and infectious disease . the fundamental goals of our business strategy include the following : be the first immunotherapy company to commercialize a therapeutic hpv-associated oncology drug . because we believe adxs-hpv is the most clinically advanced cervical cancer immunotherapy , we aim to fortify our leadership position and be the first to commercialize our lm -llo immunotherapy for this unmet medical need . develop and commercialize adxs-hpv in multiple hpv-associated cancers . we plan to advance adxs-hpv through registrational phase 3 trials and regulatory approval in the united states and relevant markets for the treatment of cervical cancer . if successful , we plan to submit a biologics license application , or bla , to the fda as the basis for marketing approval in the united states of adxs-hpv for the treatment of cervical cancer . hpv , the target for adxs-hpv , is expressed on a wide variety of cancers including cervical , head and neck , anal , vulva , vaginal , and penile . accordingly , we believe that adxs-hpv should be active in these hpv-associated cancers and these indications could represent significant market opportunities for adxs-hpv . obtain orphan drug designation with the fda and the emea for adxs-hpv for use in the treatment of invasive cervical cancer , head and neck cancer and anal cancer . in june 2013 , we filed three applications for orphan drug designation with the fda for adxs-hpv for the treatment of anal cancer ( granted august 2013 ) , head and neck cancer ( granted november 2013 ) , invasive cervical cancer ( denied in october 2013 as the target population estimate exceeded the statutory maximum allowed . in january 2014 , a telecon meeting was conducted with the fda to discuss the orphan drug designation request and subsequent denial for adxs-hpv for invasive cervical cancer . we intend to submit a new application based on the discussions.with the fda ) . orphan status is granted by the fda to promote the development of products that demonstrate promise for the treatment of rare diseases affecting fewer than 200,000 individuals in the united states annually , or more than 200,000 individuals in the united states and for which there is no reasonable expectation that the cost of developing and making a drug or biological product available in the united states for this type of disease or condition will be recovered from sales of the product . story_separator_special_tag 2013 , the company received notice that it had been preliminarily approved to transfer and sell its available net operating losses ( “ nol ” ) and r & d tax credits for the years ended october 31 , 2009 , 2010 and 2011. on january 17 , 2014 , the company received $ 625,563 from the transfer and sale of these nol 's and r & d tax credits . story_separator_special_tag font style= `` font-family : 'times new roman ' , 'serif ' ; font-size : 10pt `` > subsequent to october 31 , 2013 , the company plans to continue to raise additional funds through the sales of debt and or equity securities . the company recognizes it will need to raise additional capital over and above the amount raised during october 2013 in order to continue to execute its business plan . there is no assurance that additional financing will be available when needed or that management will be able to obtain financing on terms acceptable to the company or whether the company will become profitable and generate positive operating cash flow . if the company is unable to raise sufficient additional funds , it will have to scale back its business plan , extend payables and reduce overhead until sufficient additional capital is raised to support further operations . there can be no assurance that such a plan will be successful . 48 off-balance sheet arrangements as of october 31 , 2013 , we had no off-balance sheet arrangements . critical accounting estimates the preparation of financial statements in accordance with gaap accepted in the u.s. requires management to make estimates and assumptions that affect the reported amounts and related disclosures in the financial statements . management considers an accounting estimate to be critical if : it requires assumptions to be made that were uncertain at the time the estimate was made , and changes in the estimate of difference estimates that could have been selected could have material impact in our results of operations or financial condition . while we base our estimates and judgments on our experience and on various other factors that we believe to be reasonable under the circumstances , actual results could differ from those estimates and the differences could be material . the most significant estimates impact the following transactions or account balances : stock compensation , warrant valuation , impairment of intangibles , dilution caused by anti-dilution provisions in the warrants and other agreements . stock based compensation we account for stock-based compensation using fair value recognition and record stock-based compensation as a charge to earnings net of the estimated impact of forfeited awards . as such , we recognize stock-based compensation cost only for those stock-based awards that are estimated to ultimately vest over their requisite service period , based on the vesting provisions of the individual grants . the process of estimating the fair value of stock-based compensation awards and recognizing stock-based compensation cost over their requisite service period involves significant assumptions and judgments . we estimate the fair value of stock option awards on the date of grant using the black-scholes option-valuation model for the remaining awards , which requires that we make certain assumptions regarding : ( i ) the expected volatility in the market price of our common stock ; ( ii ) dividend yield ; ( iii ) risk-free interest rates ; and ( iv ) the period of time employees are expected to hold the award prior to exercise ( referred to as the expected holding period ) . as a result , if we revise our assumptions and estimates , our stock-based compensation expense could change materially for future grants . stock-based compensation for directors is reflected in general and administrative expenses in the statements of operations . stock-based compensation for employees and consultants could be reflected in research and development expenses or general and administrative expenses in the consolidated statements of operations . fair value of financial instruments the carrying amounts of financial instruments , including cash , receivables , accounts payable and accrued expenses approximated fair value , as of the balance sheet date presented , because of the relatively short maturity dates on these instruments . the carrying amounts of the financing arrangements issued approximate fair value , as of the balance sheet date presented , because interest rates on these instruments approximate market interest rates after consideration of stated interest rates , anti-dilution protection and associated warrants . the estimate of fair value of such financial instruments involves the exercise of significant judgment and the use of estimates by management derivative financial instruments we do not use derivative instruments to hedge exposures to cash flow , market or foreign currency risks . we evaluate all of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives . for derivative financial instruments that are accounted for as liabilities , the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date , with changes in the fair value reported in the statements of operations . the determination of fair value requires the use of judgment and estimates by management . for stock-based derivative financial instruments , we used the black-scholes valuation model which approximated the binomial lattice options pricing model to value the derivative instruments at inception and on subsequent valuation dates . the classification of derivative instruments , including whether such instruments should be recorded as liabilities or as equity , is evaluated at the end of each reporting period . derivative liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the instrument could be required within 12 months of the balance sheet date . the variables used in the model are projected based on our historical data , experience , and other factors . changes in any of these variables could result

