XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
CASH FLOW FROM OPERATING ACTIVITIES:    
Net loss $ (1,377,026) $ (1,652,963)
Adjustments to reconcile net loss to cash used for operating activities:    
Depreciation 29,905 18,351
Amortization    
Intangible assets 10,205 8,453
Deferred costs   11,776
Gain on derivative liabilities (117,153)  
Share-based compensation 170,282 62,272
Other 6  
Change in assets and liabilities:    
Accounts receivable (347,549) 508,933
Due from factor (19,259) 179,994
Inventory (2,649) (1,494)
Prepaid expenses and other (7,104) (22,644)
Accounts payable (83,634) (489,453)
Accrued liabilities 144,216 (181,172)
Deferred revenue (97,057) (206,505)
Net cash used for operating activities (1,696,817) (1,764,452)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (9,353) (23,446)
Net cash used for investing activities (9,353) (23,446)
CASH FLOW FROM FINANCING ACTIVITIES:    
Repurchase of outstanding warrants (150,000)  
Issuance of common stock   1,952,693
Repayment of notes payable – related party   (321,428)
Proceeds from issuance of Note Payable   497,307
Costs to issue common stock   (142,133)
Financing costs for Note Payable   (57,202)
Net cash (used for) provided by financing activities (150,000) 1,929,237
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (1,856,170) 141,339
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,023,349 83,989
CASH AND CASH EQUIVALENTS, END OF PERIOD 167,179 225,328
Interest   11,991
Issuance of warrants for deferred financing costs and equity raise   $ 89,637