Annual report pursuant to section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 6 Months Ended 12 Months Ended 39 Months Ended
Jun. 30, 2012
Jun. 30, 2013
Dec. 31, 2011
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net Loss $ (398,209) $ (6,727,457) $ (590,215) $ (8,016,470)
Amortization of notes payable discount 77,416 19,312 138,939 287,500
Amortization of deferred financing costs 59,021 279,096 23,972 362,089
Amortization of intangible asset 0 295 0 295
Stock-based compensation expense 0 3,687,502 0 3,687,502
Derivative expense 0 157,761 0 157,761
Changes in operating assets and liabilities:        
(Increase) decrease in other assets (2,175) 6,706 (75,000) (170,469)
Increase in due from related parties 0 (206,609) (3,496) (206,609)
Increase (decrease) in accounts payable and accrued expenses (79,742) 80,117 101,144 189,379
Increase in accounts payable and accrued expenses - related party 0 804,861 0 804,861
Increase in interest payable 58,307 270,451 41,439 380,575
Net Cash Used In Operating Activities (285,382) (1,627,965) (363,217) (2,523,586)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Purchase of fixed assets 0 (11,717) 0 (11,717)
Acquisition of assets 0 (500,000) 0 (500,000)
(Increase) decrease in interest receivable (24,436) 28,206 (7,111) (3,341)
Issuance of note receivable - related party (425,450) (305,603) (407,004) (1,138,057)
Payments on note receivable - related party 0 974,228 0 974,228
Net Cash Provided By (Used In) Investing Activities (449,886) 185,114 (414,115) (678,887)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Payments on financing costs (84,500) (157,500) 0 (242,000)
Proceeds from issuance of convertible notes payable 845,000 1,575,000 813,000 3,480,500
Repayments of convertible notes payable 0 0 (35,500) (35,500)
Net Cash Provided By Financing Activities 760,500 1,417,500 777,500 3,203,000
Net increase (decrease) in cash 25,232 (25,351) 168 527
Cash - Beginning of Period 646 25,878 478 0
Cash - End of Period 25,878 527 646 527
Cash Paid During the Period for:        
Taxes 0 0 0 0
Interest 0 0 0 0
Non-Cash Transactions:        
Assumption of accrued expenses in reverse merger 0 1,207 0 1,207
Assumption of due to/from related party in reverse merger 0 23,263 0 23,263
Assets acquired in asset acquisition:        
Inventory 0 223,000 0 223,000
Fixed Assets 0 264,000 0 264,000
Intangible assets 0 13,000 0 13,000
Cash paid for asset acquisition $ 0 $ 500,000 $ 0 $ 500,000