Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Net Cash Provided by (Used in) Operating Activities    
NET INCOME (LOSS) $ (10,038,374) $ (6,059,627)
Adjustments to reconcile Net Loss to net cash used in operating activities:    
Stocks and warrants issued for services rendered 1,217,369 1,291,444
Issuance of warrants for services - related party 1,234,992 15,601
Warrants issued for Directors' Fees 166,668 69,713
Loss on Extinguishment of Debt 406,482 0
Stocks and warrants issued for financing costs 144,000 72,000
Amortization of deferred finance costs 690,079 26,813
Amortization of bond discount 574,716 1,376,181
Depreciation expense 18,750 25,000
Changes in assets and liabilities:    
(Increase) in prepaid expenses (1,705) (1,096)
(Decrease) in accounts payable (124,656) (448,061)
Increase in due to related party 156,600 108,001
Increase in accrued liabilities 1,312,188 980,558
Net Cash Provided by (Used in) Operating Activities (4,242,891) (2,543,473)
Cash Flows from Investing Activities:    
Net Cash Provided by (Used in) Investing Activities 0 0
Net Cash Provided by (Used in) Financing Activities    
Proceeds from (payments of) loans payable, related parties 148,040 (91,130)
Deferred Finance Costs (95,000) (125,000)
Proceeds from issuance of 11% convertible debentures 4,000,000 3,250,000
Net Cash Provided by (Used in) Financing Activities 4,053,040 3,033,870
Increase (Decrease) in Cash (189,851) 490,397
Cash and Cash Equivalents, at Carrying Value, Beginning Balance 506,986 16,589
Cash and Cash Equivalents, at Carrying Value, Ending Balance 317,135 506,986
Supplemental Cash Flow Information    
Interest Paid 0 0
Income Taxes Paid $ 0 $ 0