Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Operating Activities:    
Net loss $ (856,820) $ (697,280)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,305 5,826
Extinguishment of accounts payable 26,000
Amortization of debt discount and debt issuance costs 39,678 79,370
Stock compensation 264,273 167,173
Effect of changes in operating assets and liabilities:    
Accounts receivable 8,468
Prepaid expenses and other current assets (23,413) 39,046
Other assets 3,977
Accounts payable and accrued expenses 214,440 129,893
Net cash used in operating activities (318,092) (275,972)
Financing Activities:    
Proceeds from series A preferred stock 255,000
Proceeds from sale of common stock 170,000 132,480
Proceeds from notes payable - related parties 82,446
Net cash provided by financing activities 425,000 214,926
Net change in cash 106,908 (61,046)
Cash - beginning of period 16,762 103,019
Cash - end of period 123,670 41,973
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,750 3,750
Cash paid for income taxes
Supplemental disclosure of non-cash investing and financing activities:    
Accrued management fees payable deemed paid as part of International Monetary extension $ 30,000