Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities:    
Net loss $ (1,984,933) $ (2,583,739)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 11,652 210,702
Amortization of debt discount 179,822
Share based compensation 714,274 253,041
Effect of changes in operating assets and liabilities:    
Accounts Receivable, Prepaid expenses and other current assets (34,362) 100,857
Prepaid expenses and other current assets (41,984)
Accounts payable (19,372)
Accrued expenses 279,228 96,521
Net cash used in operating activities (895,675) (1,922,618)
Investing activities:    
Purchase of property and equipment (49,915)
Acquisition of Songstagram (43,900)
Net cash used in investing activities (93,815)
Financing activities:    
Proceeds from common stock subscriptions 918,980
Stock repurchase of common stock (166,226)
Proceeds from notes payable 935,000
Proceeds from notes payable - related parties, net 82,446
Net cash provided by financing activities 835,200 935,000
Net change in cash (60,475) (1,081,433)
Cash, beginning of period 103,019 1,172,117
Cash, end of period 42,544 90,684
Supplemental disclosures of cash flow information:    
Cash paid for interest expense 6,250 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 410,000
Conversion of notes payable to related parties to convertible notes payable 332,446
Conversion of notes payable to convertible notes payable 600,000
Conversion of accrued payroll to convertible notes payable 121,875
Conversion of accrued interest on notes payable to convertible notes payable 66,463
Conversion of accrued interest on notes payable to related parties to convertible notes payable $ 10,421