Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended 36 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net Loss $ (5,697,839) $ (562,044) $ (6,986,852)
Amortization of notes payable discount 19,312 119,377 287,500
Amortization of deferred financing costs 188,511 47,833 271,504
Stock-based compensation expense 3,269,893 0 3,269,893
Derivative expense 311,794 0 311,794
Changes in operating assets and liabilities:      
Increase in other assets (188,444) (122,175) (450,119)
Increase in due from related parties (151,809) 0 (151,809)
Increase in accounts payable and accrued expenses 142,067 299 251,329
Increase in accounts payable and accrued expenses - related party 522,893 0 522,893
Increase in interest payable 188,399 54,875 298,523
Net Cash Used In Operating Activities (1,395,223) (461,835) (2,375,344)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of fixed assets (11,717) 0 (11,717)
Acquisition of assets (500,000) 0 (500,000)
Decrease (increase) in interest receivable - related party 31,547 (16,572) 0
Issuance of note receivable - related party (305,603) (630,200) (1,138,057)
Payments on note receivable - related party 974,228 0 974,228
Net Cash Provided By (Used In) Financing Activities 188,455 (646,772) (675,546)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of convertible notes payable 1,575,000 1,200,000 3,480,500
Repayments of convertible notes payable 0 (35,500) (35,500)
Net Cash Provided By Financing Activities 1,575,000 1,164,500 3,445,000
Net increase in cash 368,232 55,893 394,110
Cash - Beginning of Period 25,878 0 0
Cash - End of Period 394,110 55,893 394,110
Cash Paid During the Period for:      
Taxes 0 0 0
Interest 0 0 0
Non-Cash Transactions:      
Assumption of liabilities in reverse merger 24,470 0 24,470
Assets acquired in asset acquisition:      
Inventory 223,000 0 223,000
Fixed Assets 264,000 0 264,000
Intangible assets 13,000 0 13,000
Cash paid for asset acquisition $ 500,000 $ 0 $ 500,000