Quarterly report pursuant to sections 13 or 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 9 Months Ended 48 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (7,725,223) $ (5,697,839) $ (15,741,693)
Amortization of notes payable discount 3,356,000 19,312 3,643,500
Amortization of deferred financing costs 416,337 188,511 778,426
Amortization of intangible asset 2,658 0 2,953
Stock-based compensation expense 495,120 3,269,893 4,182,622
Warrant expense 76,064 0 76,064
Derivative expense 559,791 311,794 717,552
Bad debt expense 341,780 0 341,780
Changes in operating assets and liabilities:      
Increase in other assets (24,331) (188,444) (194,800)
Increase in due from related parties 18,948 (151,809) (187,661)
Increase in accounts payable and accrued expenses 457,350 142,067 646,729
Increase in accounts payable and accrued expenses - related party 590,838 522,893 1,395,699
Increase in interest payable 365,485 188,399 746,060
Net Cash Used In Operating Activities (1,069,183) (1,395,223) (3,592,769)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of fixed assets 0 (11,717) (11,717)
Acquisition of assets 0 (500,000) (500,000)
(Increase) decrease in interest receivable - related party (10,212) 31,547 (13,553)
Issuance of note receivable - related party 0 (305,603) (1,138,057)
Payments on note receivable - related party 0 974,228 974,228
Net Cash Provided by (Used In) Investing Activities (10,212) 188,455 (689,099)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Payments of financing costs (270,300) 0 (512,300)
Proceeds from issuance of convertible notes payable 2,703,000 1,575,000 6,183,500
Repayments of convertible notes payable (67,500) 0 (103,000)
Proceeds from issuance of notes payable - related party 234,700 0 234,700
Proceeds from issuance of equity financing 4,970,453 0 4,970,453
Payment of placement agent compensation and issuance costs (849,858) 0 (849,858)
Net Cash Provided By Financing Activities 6,720,495 1,575,000 9,923,495
Net increase in cash 5,641,100 368,232 5,641,627
Cash - Beginning of Period 527 25,878 0
Cash - End of Period 5,641,627 394,110 5,641,627
Cash Paid During the Period for:      
Taxes 0 0 0
Interest 0 0 0
Non-Cash Transactions:      
Assumption of accrued expenses in reverse merger 0 1,207 1,207
Assumption of due to/from related party in reverse merger 0 23,263 23,263
Conversion of convertible notes payable to common stock 5,710,500 0 5,710,500
Conversion of interest payable to common stock 647,342 0 647,342
Conversion of accounts payable and accrued expense - related party to common stock 275,000 0 275,000
Beneficial conversion feature recorded as a debt discount 2,922,938 0 2,922,938
Warrant value recorded as a debt discount 433,062 0 433,062
Assets acquired in asset acquisition:      
Inventory 0 223,000 223,000
Fixed assets 0 264,000 264,000
Intangible assets 0 13,000 13,000
Cash paid for asset acquisition $ 0 $ 500,000 $ 500,000