|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
12 Months Ended |
|
Dec. 31, 2011
|
Dec. 31, 2010
|
| Cash flows from operating activities: |
|
|
| Net loss |
$ (15,837,168) |
$ (8,409,605) |
| Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| Depreciation and amortization |
119,805 |
49,672 |
| Impairment of intangible assets, net of related liabilities |
1,859,778 |
650,000 |
| Value of stock issued in excess of value received and for warrant expense |
2,768,969 |
2,934,040 |
| Stock issued for services |
|
1,361,993 |
| Non-cash gain on reversal of liability |
(1,000,000) |
|
| Stock issued to settle legal disputes |
|
704,480 |
| Increase / (decrease) in: |
|
|
| Deposits and prepaid expenses |
(566,142) |
(608,817) |
| Accounts payable |
(114,237) |
518,307 |
| Deferred salary |
68,165 |
293,125 |
| Accrued interest |
406,084 |
68,350 |
| Other accrued expenses and liabilities |
270,267 |
457,329 |
| Net cash used in operating activities |
(12,024,479) |
(1,981,126) |
| Cash flows from investing activities: |
|
|
| Capital expenditures |
(124,999) |
(13,636) |
| Payment for Core Tour acquisition |
(502,126) |
|
| Advances to acquisition targets, net |
(358,768) |
(1,370,809) |
| Net cash used in investing activities |
(985,893) |
(1,384,445) |
| Cash flows from financing activities: |
|
|
| Bank overdraft |
(62,796) |
54,536 |
| Proceeds/(payments) on loans payable to officers and a director |
(611,776) |
350,315 |
| Proceeds on notes payable, net |
387,983 |
25,000 |
| Proceeds from issuance of preferred stock |
9,406,051 |
625,720 |
| Proceeds from issuance of common stock |
3,989,359 |
2,310,000 |
| Net cash provided by financing activities |
13,108,821 |
3,365,571 |
| Increase in cash |
98,449 |
|
| Cash at beginning of period |
|
|
| Cash at end of period |
98,449 |
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid during the period for interest |
|
|
| Cash paid during the period for income taxes |
|
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Conversion of accrued interest into common stock |
|
|
| Conversion of loans, accrued salary, accrued interest and expenses due to an officer of the company into common stock |
|
|