• Filing Date: 2013-11-12
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (USD $)
9 Months Ended 69 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
CASHFLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (222,476) $ (763,280) $ (5,149,355)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization expense 27,461 28,497 810,155
Common stock issued for services rendered 21,160 580,000 872,410
Common stock issued for penalty shares in the amendment of the OID Notes       273,000
Common stock issued for payment of interest 130,000 20,000 160,000
Warrants issued for services rendered       94,491
Amortization of original issue discount and debt discount       2,082,830
Forgiveness of debt (4,000)    (9,298)
Change in assets and liabilities:      
(Increase) decrease in accounts receivable 20,376 (60,169) (246,739)
(Increase) in prepaid expenses 0 0 (1,417)
Increase (decrease) in accounts payable and accrued expenses 73,785 107,626 463,943
Total adjustments 268,782 675,954 4,499,375
Net cash provided by (used in) operating activities 46,306 (87,326) (649,980)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of fixed assets       (8,288)
Deferred financing fees paid in connection with funding       (154,800)
Net cash used in investing activities       (163,088)
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of stock for cash       5,000
Proceeds received from loan payable - related party       70,000
Repayment of loan payable - related party       (70,000)
Net proceeds received from Original Issue Discount Promissory Notes       990,000
Net cash provided by financing activities       995,000
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 43,306 (87,326) 181,932
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 135,626 255,862   
CASH AND CASH EQUIVALENTS - END OF PERIOD 181,932 168,536 181,932
Cash paid during the period for:      
interest       1,371
NON CASH SUPPLEMENTAL INFORMATION:      
Stock issued for services rendered 21,160 580,000 872,410
Stock issued for penalty shares for the amendment of the OID Notes       273,000
Stock issued for payment of interest 130,000 20,000 160,000
Stock issued for conversion of OID Notes       260,000
Warrants issued for services rendered       94,491
Amortization of original issue discount and debt discount       $ 2,082,830