XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,145,557) $ (1,955,885)
Gain on extinguishment of liabilities   (23,981)
Debt conversion expense   966
Write off of website development costs   38,750
Warrants/options issued for consulting services   61,954
Common stock issued for services 25,542 155,534
Common stock issued for compensation 80,000 105,500
Stock issued for interest 6,918 6,842
Compensatory element of stock options 16,182 220,379
Depreciation   13,249
Amortization of software and website development costs 59,340 47,021
Amortization of debt discount 213,129 535,054
Prepaid expenses and other assets   (3,138)
Deposit 6,754  
Deferred rent   (1,846)
Accounts payable and accrued expenses 263,735 375,936
Due to stockholders   (4,314)
Total adjustments 671,601 1,527,906
Net cash used in operating activities (473,956) (427,979)
CASH FLOWS FROM INVESTING ACTIVITIES    
Capitalized software costs   (123,301)
Capitalized website development costs   (5,000)
NET CASH USED IN INVESTING ACTIVITIES   (128,301)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from sale of common stock 48,000 337,500
Proceeds from exercise of stock options   26,970
Proceeds from bridge notes payable 499,500 170,000
Payments of bridge notes payable (77,500) (30,000)
Payments of note payable - equipment   (2,773)
Payments under capital lease   (3,229)
NET CASH PROVIDED BY FINANCING ACTIVITIES 470,000 498,468
NET INCREASE (DECREASE) IN CASH (3,956) (57,812)
CASH - BEGINNING OF PERIOD 3,956 60,209
CASH - END OF PERIOD   2,397
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Interest paid in cash 33,570  
NONCASH INVESTING AND FINANCING ACTIVITIES:    
Common stock issued in connection with settlement agreement   25,000
Beneficial conversion feature in connection with issuance of bridge notes 343,033  
Common stock issued in connection with extinguishment of payable   267,033
Common stock issued as a result of debt conversion 45,000 1,116,126
Common stock issued in lieu of accrued interest   125,012
Common stock dividends payable for Series B Preferred Stock $ 235,083 $ 233,792