|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
|
3 Months Ended |
26 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (549,248) |
$ (211,679) |
$ (2,418,982) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
| In-kind contribution |
|
|
119,730 |
| Depreciation |
2,370 |
2,112 |
12,694 |
| Warrants issued for services |
353,814 |
12,323 |
1,211,329 |
| Common stock issued for services |
21,000 |
41,500 |
116,000 |
| Common stock issued for liquidated damages |
|
34,250 |
34,250 |
| Changes in operating assets and liabilities: |
|
|
|
| Decrease / (increase) in prepaid expenses |
1,500 |
(1,226) |
3,000 |
| Increase/ (decrease) in deposits |
|
36,195 |
(4,290) |
| Increase in accounts payable |
58,295 |
|
134,386 |
| Increase in liquidated damages |
|
|
16,575 |
| Increase / (decrease) in deferred revenue |
19,261 |
(1,695) |
19,261 |
| Net Cash Used In Operating Activities |
(93,008) |
(88,220) |
(756,047) |
| CASH FLOWS USED IN INVESTING ACTIVITIES: |
|
|
|
| Purchase of computer equipment and website |
|
(2,669) |
(30,183) |
| Cash acquired in acquisition |
|
4,088 |
4,088 |
| Net Cash Used In Investing Activities |
|
1,419 |
(26,095) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from notes payable |
|
30,000 |
45,000 |
| Repayment of notes payable |
|
(30,000) |
(30,000) |
| Proceeds from notes payable - convertible |
120,000 |
|
120,000 |
| Sale of common stock |
|
266,212 |
680,462 |
| Proceeds from stockholder loan |
|
1,389 |
|
| Net Cash Provided By Financing Activities |
120,000 |
267,601 |
815,462 |
| NET INCREASE / (DECREASE) IN CASH |
26,992 |
180,800 |
33,320 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD |
6,328 |
13,989 |
|
| CASH AND CASH EQUIVALENTS AT END OF PERIOD |
33,320 |
194,789 |
33,320 |
| Supplemental disclosure of cash flow information: |
|
|
|
| Cash paid for income taxes |
|
|
|
| Cash paid for interest expense |
|
|
|
| Supplemental disclosure of non cash investing & financing activities: |
|
|
|
| License |
|
1,454 |
|
| Accounts payable and accrued liabilities |
|
$ 14,573 |
|
| On March 16, 2011, the Company issued 144,000 shares of common stock in exchange for a note payable of $15,000 with a beneficial conversion feature valued at $3,000. |
|
|
|
| On March 16, 2011, the Company issued 12,403,374 common shares and 638,602 preferred shares for the acquisition of Mmax Media, Inc. |
|
|
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