XML 1059 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:    
Net loss attributable to Safety Quick Lighting & Fans Corp. $ (2,573,335) $ (844,582)
Net loss attributable to noncontrolling interest (34,433) (25,738)
Adjustments to reconcile net loss to net cash used in operating activities:    
Bad debt expense    22,047
Depreciation expense 262 440
Amortization of debt issue costs 11,986   
Amortization of debt discount 92,304   
Amortization of patent 2,457 2,457
Change in fair value of derivative liabilities (34,250)   
Derivative expense 1,156,262   
Loss on debt extinguishment 12,731   
Gain on debt forgiveness (100,000)   
Common stock transferred from existing stockholders for services rendered 562,500  
Stock issued for services - related party 125,000   
Stock options issued for services - related parties 66,785   
Imputed interest    3,386
Change in operating assets and liabilities:    
Accounts receivable    29,497
Prepaid expenses (40,000)   
Inventory    85,899
Other 2,500 2,500
Accounts payable & accrued expenses 63,502 (66,064)
Net cash used in operating activities (685,729) (790,158)
Cash flows from investing activities:    
Purchase of property & equipment (6,013)   
Payment of patent costs      
Net cash used in investing activities (6,013)   
Cash flows from financing activities:    
Direct issue costs paid (247,197)   
Proceeds from issuance of convertible notes 2,000,000   
Proceeds from note payable 160,000 120,000
Proceeds from note payable - related party 61,655 127,000
Repayments of notes (116,331) (230,106)
Repayments of notes - related party (35,547)   
Proceeds from the exercise of warrants 1,400   
Members contribution    774,000
Net cash provided by financing activities 1,823,980 790,894
Increase cash and cash equivalents 1,132,238 736
Cash and cash equivalents at beginning of year 736   
Cash and cash equivalents at end of year 1,132,974 736
Supplementary disclosure of non-cash financing activities:    
Conversion of note payable and accrued interest to convertible note 244,133   
Debt forgiveness - related parties 83,000   
Debt discount recorded on convertible debt accounted for as a derivative liability 1,925,191   
Reclassification of derivative liability to additional paid-in-capital 311,709   
Loss on debt extinguishment - related party 3,278   
Sale of 4.5% subsidiary ownership    5,193
Reacquired 4.5% subsidiary ownership 19,538   
Cash paid during the year for:    
Interest    27,896
Income taxes