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 ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities:    
Net loss $ (3,075,399) $ (5,131,902)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 16,467 357,917
Amortization of debt discount 281,146
Impairment of intangible assets 1,104,327
Share based compensation - stock options 347,763 914,505
Effect of changes in operating assets and liabilities:    
Accounts Receivable. Prepaid expenses and other current assets (3,406) 146,521
Prepaid expenses and other current assets (55,204)
Accounts payable 43,709
Accrued expenses 327,432 156,449
Net cash used in operating activities (1,320,202) (2,452,183)
Investing activities:    
Purchase of property and equipment (2,494) (62,029)
Acquisition of Songstagram (43,900)
Net cash used in investing activities (2,494) (105,929)
Financing activities:    
Proceeds from common stock subscriptions 1,464,850 1,500,942
Stock repurchase of common stock (166,226)
Payments on notes payable (100,000)
Proceeds from notes payable - related parties, net 82,446
Net cash provided by financing activities 1,381,070 1,400,942
Net change in cash 58,374 (1,157,170)
Cash, beginning of period 103,019 1,172,117
Cash, end of period 161,393 14,947
Supplemental disclosures of cash flow information:    
Cash paid for interest expense 11,250 7,500
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 530,000
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
Vendor [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Share based compensation - stock options 475,608
Board Member [Member]    
Adjustments to reconcile net loss to net cash used in operating activities:    
Share based compensation - stock options $ 321,682