Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Operating activities:    
Net loss $ (697,280) $ (1,577,882)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,826 91,752
Amortization of debt discount 79,370  
Share based compensation 167,173 64,496
Effect of changes in operating assets and liabilities:    
Prepaid expenses and other current assets $ 39,046 12,868
Book overdraft 3,916
Accounts payable and accrued expenses $ 129,893 18,435
Net cash used in operating activities $ (275,972) (1,386,415)
Investing activities:    
Purchase of property and equipment (41,802)
Acquisition of Songstagram (43,900)
Net cash used in investing activities (85,702)
Financing activities:    
Proceeds from common stock subscriptions $ 132,480  
Proceeds from notes payable $ 300,000
Proceeds from notes payable - related parties, net $ 82,446
Net cash provided by financing activities 214,926 $ 300,000
Net change in cash (61,046) (1,172,117)
Cash, beginning of period 103,019 $ 1,172,117
Cash, end of period 41,973
Supplemental disclosures of cash flow information:    
Cash paid for interest expense $ 3,750
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing transactions:    
Note payable issued as payment for professional fees $ 125,000
Conversion of note receivable for the acquisition of Songstagram 861,435
Common stock issuable in connection with settlement agreement 160,000
Issuance of common stock in connection with settlement agreements $ 250,000