XML 21 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (2,275,826) $ (1,023,442)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation expense 534 143
Goodwill impairment 404,169
Stock based compensation 546,134 478,629
Accretion to bridge loan 7,162 11,473
Legal fees satisfied through issuance of Series B preferred stock 150,000
Change in fair value of the derivative liability 29,445
Changes in operating assets and liabilities    
Prepaid expenses (60,417)
Other assets 6,230 (2,916)
Accounts payable and accrued expenses (52,250) (154,752)
NET CASH USED IN OPERATING ACTIVITIES (1,140,319) (381,341)
CASH FLOWS USED IN INVESTING ACTIVITIES    
Purchase of equipment (1,791)
NET CASH USED IN INVESTING ACTIVITIES (1,791)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of stock options 6,500
Proceeds from bridge loan 19,000 387,630
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,283,938 387,630
Effect of exchange rate on cash and cash equivalents (46,564) (23,888)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,097,055 (19,390)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,343 22,733
CASH AND CASH EQUIVALENTS, END OF PERIOD 3,100,398 3,343
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest expense
Cash paid for income taxes
NONCASH TRANSACTIONS    
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 150,000
Goodwill Acquired through Stock Issuance to Predecessor Stockholders [Member]    
NONCASH TRANSACTIONS    
Shares issued in connection with reverse business combination 404,169
Series B Preferred Stock [Member]    
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuance of Series B Preferred Stock 4,283,437
Series B Convertible Preferred Stock [Member]    
NONCASH TRANSACTIONS    
Series B Preferred stock converted to common stock $ 10