• Filing Date: 2018-04-17
  • Form Type: 10-K
  • Description: Annual report
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash Flows from Operating Activities:    
Net loss $ (10,245,493) $ (10,178,492)
Net gain (loss) - discontinued operations 129,113 (532,011)
Total Net Loss (10,116,382) (10,710,503)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation Expense 2,994 130,634
Amortization - Intangible Assets 19,600 28,600
Amortization - Debt discount 2,338,155 2,662,564
Change in derivatives (3,376,620) (1,870,653)
Stock-based compensation 595,692 683,036
Common stock issued for services 406,454 122,730
Stock incentives 63,255 0
Initial derivative expense 1,284,704 565,780
Disposal of assets 12,241 17,526
Gain on settlement of debt 4,071,789 (36,177)
Impairment of long-lived assets 0 223,487
Gain on sale of segment (128,720) 0
Expenses paid from note 567,737 0
Changes in operating assets and liabilities:    
Accounts receivable (18,576) 24,385
Inventory 0 38,602
Prepaid expenses and other assets 7,851 593,969
Accounts payable 32,325 432,243
Accrued expenses and other current liabilities 12,906 371,813
Accrued interest 559,056 792,112
Total adjustments 6,450,844 4,780,651
Net Cash from operating activities - Discontinued operations (72,359) 0
Net Cash Used in Operating Activities (3,665,537) (5,929,852)
Cash Flows from Investing Activities:    
Purchase of property and equipment 0 (283,684)
Net Cash Used in Investing Activities 151,954 (283,684)
Cash from investing activities - discontinued operations 151,954 0
Cash Flows from Financing Activities:    
Proceeds from the issuance of notes, net 2,557,000 3,400,760
Proceeds from issuance of common stock 311,250 0
Proceeds received from exercising warrants 95,834 595,417
Cash paid for accrued interest (3,140) 0
Proceeds from the collection of stock subscription receivable 456,503 0
Cash received from bank notes 121,000 0
Cash paid on bank loans (103,016) 0
Proceeds from issuance of preferred stock 0 400,000
Net Cash Provided by Financing Activities 3,435,431 4,396,177
Net Change in Cash and Cash Equivalents (150,511) (1,817,359)
Cash and Cash Equivalents, beginning of period 193,933 2,044,662
Change in foreign currency 13,047 (14,119)
Cash and Cash Equivalents, end of period 56,470 193,933
Supplemental Disclosure Information:    
Cash paid for interest 30,635 169,873
Cash paid for taxes 0 0
Non-cash Financing and Investing Activities:    
Stock issued for interest 907,053 476,297
Discount on convertible notes 2,096,947 0
Recognition of debt discount 0 1,079,016
Conversion of notes and interest in AAA Preferred and Common Stock $ 13,480,992 $ 0