XML 58 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Cash flows from operating activities:    
Net loss $ (48,309,347) $ (16,389,931)
Loss on disposition of assets pertaining to discontinued operations 321,643 0
Adjustments to reconcile net loss to net cash used in operating activities:    
Non-Cash Compensation 16,549,820 6,240,196
Non-cash interest expense 0 150,000
Shares issued for advertising and promotion 0 21,800
Depreciation and amortization 2,242,504 266,006
Provision for loan losses 7,640,008 1,638,032
Impairment of goodwill 11,200,000 0
Intangible assets impairment 872,354 0
Noncontrolling interest (1,129,319) (133,360)
Changes in assets and liabilities, net of acquistions and the effect of consolidation of equity affiliates    
Accounts receivable (562,294) (9,662,532)
Advances to aggregators (3,267,679) (5,327,033)
Prepaid expenses and other assets 1,952,570 (228,155)
Accounts payable 2,268,233 (617,800)
Accrued expenses 429,556 388,001
Adjustments for operating activities of continuing operations 38,195,753 (7,264,845)
Adjustments for operating activities of discontinued operations (1,018,003) (1,522,970)
Total adjustments 37,177,750 (8,787,815)
Net cash used in operating activities (10,809,954) (25,177,746)
Cash flows from investing activities- net of acquisitions:    
Advances from notes receivable 0 (12,581,592)
Collections from notes receivable 4,920,510 5,601,183
Acquistion of intangible assets (380,025) 0
Acquisition of Aptito (458,747) 0
Investment in subsidiary (46,113) 0
Capitalized web development and patent costs and equity effects 0 (67,583)
Disposal (purchase) of fixed assets 67,266 (388,836)
Net cash provided by (used in) investing activities 4,102,891 (7,436,828)
Cash flows from financing activities- net of acquisitions:    
(Repayment) borrowings from financial institutions (272,103) 9,400,164
Proceeds from K1 Holdings note payable 2,000,000 0
Change in restricted cash 1,978,527 (2,056,821)
Cash paid for share repurchases (482,417) 0
Due to related parties 0 (1,262,429)
Cash received from Merger Cazador 0 25,690,792
Contributed capital from noncontrolling shareholders 0 28,811
Cash paid for shares and warrants issued purcuant to subscription agreements 0 4,100,000
Repayments to related parties (75,000) (75,000)
Net cash provided by financing activities 3,149,007 35,825,517
Effect of exchange rate changes on cash 137,588 276,457
Net (decrease) increase in cash (3,420,468) 3,487,400
Cash at beginning of period 3,546,787 59,387
Cash at end of period 126,319 3,546,787
Supplemental disclosure of cash flow information    
Cash paid during the period for Interest 1,635,360 706,158
Cash paid during the period for Taxes 196,425 76,197
Supplemental disclosure of non-cash investing and financial activities in connection with business acquisition:    
Retirement of treasury stock 0 2,641,640
Notes payable converted to common stock 0 3,600,000
Issued and outstanding common stock (10% of TOT Group's common stock)- Unified 609,000 0
Assumed debt 20,631,000 0
Total value of consideration for Unified payments acquisition 21,240,000 0
Stock subscription in connection with acquisition of Aptito 718,750 0
Transfer of K1 Note Liability to T1T Lab, LLC in connection with divesture of OOO Music1 $ 2,000,000 $ 0