• Filing Date: 2018-08-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net loss $ (20,024,535) $ (7,859,229)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation Expense 0 6,451
Amortization - Intangible Assets 9,800 14,300
Amortization - Debt discount 874,443 1,363,013
Common stock issued for services 189,740 314,310
Loss on sale of company stock 6,965,000 0
Common stock issued for interest 406,375 0
Change in derivative instrument 9,246,435 (1,284,031)
Stock-based compensation 327,405 425,358
Initial derivative expense 559,728 1,284,704
Gain on settlement of debt 0 2,706,197
Loss on disposal of assets 0 12,241
Expenses paid from note 0 567,737
Changes in operating assets and liabilities:    
Accounts receivable (203,384) (84,676)
Inventory 0 13,149
Prepaid expenses and other assets 7,313 48,461
Investment in corporate stock (7,560,000) 0
Accounts payable (38,092) (163,310)
Accrued expenses and other current liabilities 137,872 361,064
Accrued interest 447,608 0
Total adjustments 11,370,243 5,584,968
Net Cash Used in Operating Activities (8,654,292) (2,274,261)
Net Cash Used in Operating Activities-discontinued operations 0 (244,298)
Cash Flows from Financing Activities:    
Proceeds from the issuance of notes, net 1,273,500 1,735,000
Proceeds from issuance of common stock 460,000 311,250
Proceeds received from exercising warrants 0 95,834
Proceeds from the collection of stock subscription 200,000 456,503
Stock subscription receivable (260,000) 0
Cash received from bank loans 143,077 0
Cash paid on bank loans (197,721) 0
Loss on sale of company stock 6,965,000 0
Net Cash Provided by Financing Activities 8,583,856 2,598,587
Net Increase (Decrease) in Cash and Cash Equivalents (70,436) 80,028
Cash and Cash Equivalents, beginning of period 56,470 213,184
Change in foreign currency 0 13,047
Unrealized gain on securities 135,000 0
Cash and Cash Equivalents, end of period 121,034 306,259
Supplemental Disclosure Information:    
Cash paid for interest 5,000 3,140
Cash paid for taxes 0 0
Non-cash Financing and Investing Activities:    
Stock issued for interest 406,375 0
Original debt discount against derivative liabilities 0 1,600,000
Investment in corporate stock 7,425,000 0
Conversion of note and interest into AAA Preferred and Common Stock 12,791,476
Recognition of debt discount $ 1,123,931 $ 294,939