Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating activities:    
Net loss $ (10,810,160) $ (5,315,672)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation and amortization expense 14,761 15,833
Fair value of equity issued for services 1,414,823 2,364,971
Non-cash interest and fees 3,400,511 1,290,383
Amortization of note discount and original issue discount 2,165,710 1,055,316
Change in fair value of derivative liability 2,982,543 (2,853,291)
(Gain) loss on extinguishment of debt (2,485,277) 488,149
Gain on settlement of debt (80,294) (124,888)
Changes in assets and liabilities:    
Prepaid expenses and other current assets 263,321 86,012
Accounts payable and accrued expenses 144,292 530,853
Net cash used in operating activities (2,989,770) (2,462,334)
Investing activities:    
Acquisition of patents (3,000,000)
Net cash used in investing activities (3,000,000)
Financing activities:    
Proceeds from the issuance of notes payable 4,047,000 1,491,778
Proceeds from issuance of notes payable- related parties 100,000
Proceeds from short term advances 26,000 12,618
Proceeds from exercise of warrants 5,050
Proceeds from issuance of preferred stock 700,005
Repayments on short term advances (11,500) (10,300)
Proceeds from issuance of common stock 1,290,250 1,235,829
Payment on notes payable (120,000) (166,500)
Payment on notes payable- related parties (75,000)
Payment against long term loan (12,395) (12,031)
Net cash provided by financing activities 6,024,410 2,476,394
Net increase in cash 34,640 14,060
Cash, beginning of year 55,533 41,473
Cash, end of year 90,173 55,533
Supplemental disclosure of cash flow information:    
Cash paid for interest 33,868 27,088
Cash paid for income taxes
Non Cash Investing and Financing Activities:    
Conversion of notes payable and accrued interest to common stock 1,582,349 711,098
Settlement of liabilities by issuance of common stock 354,964 61,600
Notes payable issued for services 100,000
Notes payable issued on acquisition of patents 1,500,000
Deferred compensation converted to stock options 1,467,311
Accrued interest converted to notes payable $ 39,570 $ 18,448