XML 18 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Series B Preferred Stock [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of Series B Preferred Stock $ 4,283,437
Goodwill Acquired through Stock Issuance to Predecessor Stockholders [Member]    
NONCASH TRANSACTIONS    
Goodwill recognized in connection with reverse business combination 404,169
Net Loss (1,264,273) (146,910)
Depreciation expense 234
Goodwill impairment 404,169
Stock based compensation 239,865 81,077
Interest added to bridge loan 7,161
Legal fees satisfied through issuance of Series B preferred stock 150,000
Change in fair value of the derivative liability 28,394
Other receivables 6,428 (377)
Other assets 4,147
Accounts payable and accrued expenses (74,422) (5,423)
NET CASH USED IN OPERATING ACTIVITIES (502,443) (67,486)
Proceeds from sale of common stock 50,201
Proceeds from bridge loan 19,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,302,437 50,201
Effect of exchange rate on cash and cash quivalents (15,148) (109)
NET DECREASE IN CASH AND CASH EQUIVALENTS 3,784,846 (17,394)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,343 22,733
CASH AND CASH EQUIVALENTS, END OF YEAR 3,788,189 5,339
Cash paid for interest expense
Cash paid for income taxes
Warrants issued to placement agent 146,641
Warrants issued for Atrinsic debt settlement and conversion 340,784
Debt settled with issuance of Series B preferred stock 425,265
Reclassification of warrants to derivative liabilities from equity 487,425
Accrued liabilities paid through the issuances of Series B preferred stock $ 125,000