XML 24 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (USD $)
6 Months Ended
Jun. 30, 2014
Net Cash flows used in operating activities:  
Net loss $ (4,019,364)
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization expenses 2,657
Stock based compensation 3,567,163
Change in fair value of virtual currencies 3,749
Fair value adjustments for warrant liabilities (204,957)
Changes in operating assets and liabilities  
Virtual currencies 2,267
Prepaid expense (105,601)
Deposits on purchase of virtual currencies (250,000)
Other current assets (2,175)
Accounts payable 209,823
Customer deposits (4,263)
Net cash used in operating activities (800,701)
Net cash used in investing activities:  
Purchases of intangible assets (13,032)
Purchase of property and equipment (89,289)
Deposits (4,815)
Investment at cost (200,000)
Net cash used in investing activities (307,136)
Net cash provided by financing activities:  
Proceeds from the former members of BCSLLC 8,000
Net proceeds from issuance of Private Placement Units 1,813,000
Net cash (used for) provided from financing activities 1,821,000
Net increase in cash 713,163
Cash, beginning of period 9,052
Cash, end of period 722,215
Supplemental disclosure of non-cash financing and investing activities:  
Conversion of Series B Convertible Preferred to common stock 34,132
Reclassification of derivative liability warrant to additional paid in capital $ 22,282