XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net Loss $ (2,259,636) $ (2,275,826)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation expense 148 534
Goodwill impairment 404,169
Stock based compensation 888,281 546,134
Accretion to bridge loan 7,162
Legal fees satisfied through issuance of Series B preferred stock 150,000
Change in fair value of the derivative liability (91,032) 29,445
Gain on sale of marketable securities (766)
Modification of warrants 99,782
Changes in operating assets and liabilities    
Prepaid expenses (34,125) (60,417)
Other receivables 6,230
Accounts payable and accrued expenses 17,259 52,250
NET CASH USED IN OPERATING ACTIVITIES (1,380,089) (1,140,319)
CASH FLOWS USED IN INVESTING ACTIVITIES    
Sale of marketable securities 2,145,000
Purchase of marketable securities (3,431,414)
NET CASH USED IN INVESTING ACTIVITIES (1,286,414)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from conversion of stock options 6,500
Proceeds from bridge loan 19,000
Proceeds from issuance of Series B Preferred Stock 4,258,438
NET CASH PROVIDED BY FINANCING ACTIVITIES 4,283,938
Effect of exchange rate on cash and cash equivalents (34,208) (46,564)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,700,711) 3,097,055
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 3,100,398 3,343
CASH AND CASH EQUIVALENTS, END OF PERIOD 399,687 3,100,398
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid for interest expense
Cash paid for income taxes
NONCASH TRANSACTIONS    
Unrealized loss on marketable securities 1,427
Debt settled with issuance of Series B preferred stock 425,265
Reclassification of warrants to derivative liabilities from equity 487,425
Shares issued in connection with reverse business combination 404,169
Accrued liabilities paid through the issuances of Series B preferred stock 150,000
Series B Preferred stock converted to common stock $ 10