|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2013
|
Sep. 30, 2013
|
Sep. 30, 2012
|
| OPERATING ACTIVITIES: |
|
|
|
| Net (loss)/income |
$ (294,719) |
$ (827,684) |
$ 1,036,232 |
| Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: |
|
|
|
| Share based compensation |
|
|
|
| Depreciation and amortization expense |
11,186 |
33,102 |
31,511 |
| Changes in assets and liabilities: |
|
|
|
| Accounts receivable |
|
117,924 |
(2,296,464) |
| Accounts payable and accrued expenses |
|
333,562 |
1,527,888 |
| Due to related parties |
|
29,442 |
13,560 |
| Net cash (used in)/provided by operating activities |
|
(313,653) |
312,726 |
| INVESTING ACTIVITIES: |
|
|
|
| Loan receivable |
|
|
(187,125) |
| Investment in intangible assets |
|
(216,217) |
(78,653) |
| Net cash used in investing activities |
|
(216,217) |
(265,778) |
| FINANCING ACTIVITIES: |
|
|
|
| Proceeds from issuance of common stock |
|
|
200 |
| Common stock subscribed |
|
515,000 |
|
| Additional contributed capital |
|
|
69,909 |
| Net cash provided by financing activities |
|
515,000 |
70,109 |
| Net (decrease)/increase in cash |
|
(14,869) |
117,057 |
| CASH AT BEGINNING OF PERIOD |
|
17,718 |
4,404 |
| CASH AT END OF PERIOD |
2,849 |
2,849 |
121,461 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
| Stock issued to settle payroll liabilities |
$ 115,000 |
$ 310,454 |
|