XML 17 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net loss before non-controlling interest $ (7,609,153) $ (2,276,941)
Adjustments to reconcile net loss to net cash used in operating activities    
Change in fair value of derivative liability 2,262,774
Extinguishment of derivative liability (76,015)
Amortization of debt discount 256,830
Financing cost 530,966  
Loss on extinguishment of debt 1,499,918
Impairment of goodwill 319,237
Depreciation expense 859 3,140
Stock compensation 1,940,239 1,864,240
Changes in operating assets and liabilities:    
Accounts receivable 11,248 (11,248)
Prepayments and other assets 41,965 (38,882)
Accounts payable 5,345 (75,168)
Accrued interest 70,072 7,292
Accrued payroll – related party (25,000) 1,000
Deferred revenues (63,699)
Advances from related party (80,280) 50,000
Accrued expenses and other current liabilities 63,699
Net cash used in operating activities (914,694) (412,868)
Cash flows from investing activities:    
Deposit on project paid to related party (250,000) (50,000)
Purchase of computer equipment (1,203)
Acquisition payable
Net cash used in investing activities (250,000) (51,203)
Cash flows from financing activities:    
Proceeds from note payable 23,347 20,000
Proceeds from issuance of convertible notes payable 305,470
Repayment of convertible notes payable (5,000)
Proceeds from issuance of common stock 340,750 197,496
Repayments of note payable (54,960)
Proceeds from note payable - related party 405,000 361,300
Repayment for note payable - related party (25,000) (111,000)
Collection of common stock receivable 8,015
Contribution to capital 76,000
Net cash provided by financing activities 1,052,582 488,836
Net change in cash (112,112) 24,765
Cash at beginning of the period 160,377 135,612
Cash at end of the period 48,265 160,377
Supplemental disclosure of cash flows information:    
Interest paid 5,569 2,722
Income tax paid
Non-cash financing and investing activities:    
Conversion of accrued interest – related party to convertible notes payable – related party 12,815
Conversion of convertible notes payable to shares of common stock 69,335
Derivative liability accounted as convertible debt discount 305,474
Derivative liability accounted as reduction to paid in capital 149,500
Finder fee settled in shares of common stock 400,000
Issuance of common stock for conversion of notes payable 100,000
Minority share of losses of subsidiary $ 32,008 $ 56,745