Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Operating activities:    
Net loss $ (12,579,091) $ (4,575,841)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization expense 11,070 11,876
Fair value of equity issued for services 1,410,071 2,402,736
Gain on extinguishment of debt (2,175,459) 435,625
Non-cash interest expense 2,478,412 779,045
Non-cash operating expenses on fees paid 106,720
Amortization of note discount 1,467,888 826,063
Change in fair value of derivative liability 6,945,434 (2,645,681)
Changes in assets and liabilities:    
Other current assets 156,321 196,133
Accounts payable and accrued expenses 108,658 549,360
Net cash used in operating activities (2,176,696) (1,803,684)
Investing activities:    
Net cash used in investing activities
Financing activities:    
Proceeds from the issuance of notes payable 1,562,000 1,051,228
Proceeds from short term advances 12,650 5,618
Repayments on short term advances (11,500) (15,300)
Proceeds from issuance of preferred stock 5
Proceeds from issuance of common stock and units 740,250 1,055,829
Payment against long term loan (9,263) (8,989)
Payment against notes payable (96,000) (156,500)
Payment against notes payable- related parties (75,000)
Net cash provided by financing activities 2,198,142 1,856,886
Net increase in cash 8,946 53,202
Cash, beginning of year 55,533 41,473
Cash, end of period 64,479 94,675
Supplemental disclosure of cash flow information:    
Cash paid for interest 27,022 25,486
Cash paid for income taxes
Non Cash Investing and Financing Activities:    
Conversion of notes payable and accrued interest to common stock 1,108,321 532,018
Common stock issued on settlement of debt 289,675
Notes payable and accrued interest exchanged for common stock units 66,367
Value of stock options granted in satisfaction of deferred compensation $ 1,467,311