XML 18 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Net Loss $ (1,719,749) $ (586,387)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation expense 379 107
Goodwill impairment 404,169
Stock based compensation 450,566 358,972
Interest added to bridge loan 7,161 11,473
Legal fees satisfied through issuance of Series B preferred stock 150,000
Change in fair value of the derivative liability 29,332
Changes in operating assets and liabilities    
Prepaid expenses (96,667)
Other receivables 6,428 (321)
Other assets 4,147
Accounts payable and accrued expenses (30,131) 51,893
NET CASH USED IN OPERATING ACTIVITIES (798,511) (160,116)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock 214,149
Proceeds from bridge loan 19,000
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,302,437 214,149
Effect of exchange rate on cash and cash quivalents (18,291) (17,916)
NET DECREASE IN CASH AND CASH EQUIVALENTS 3,485,635 36,117
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 3,343 22,733
CASH AND CASH EQUIVALENTS, END OF YEAR 3,488,978 58,850
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest expense
Cash paid for income taxes
NONCASH TRANSACTIONS    
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
Series B Preferred stock converted to common stock 8
Goodwill Acquired through Stock Issuance to Predecessor Stockholders [Member]    
NONCASH TRANSACTIONS    
Goodwill recognized 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