CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
|
6 Months Ended |
Jun. 30, 2015 |
Jun. 30, 2014 |
| Cash flows from operating activities |
|
|
| Net loss |
$ (4,003,493)
|
$ (2,245,559)
|
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
| Non controlling interest |
(12,145)
|
(41,655)
|
| Share based compensation |
1,202,742
|
752,518
|
| Deferred revenue |
(310,241)
|
(81,386)
|
| Gain on change in fair value and settlement of beneficial conversion derivative |
(2,022,036)
|
46,113
|
| Depreciation and amortization |
1,065,267
|
1,216,491
|
| Non cash interest |
349,146
|
0
|
| Amortization of debt discount |
983,715
|
1,644,626
|
| (Recovery of ) provision for loan losses |
(94,770)
|
(1,438,704)
|
| (Gain) loss on disposal of fixed assets |
(23,854)
|
28,320
|
| Gain on disposal of derivative |
0
|
(5,569,158)
|
| Loss on debt extinguishment |
0
|
3,962,406
|
| Gain on MBF debt restructure |
0
|
(1,596,000)
|
| Changes in assets and liabilities, net of acquisitions and the effect of consolidation of equity affiliates |
|
|
| Account receivable |
266,529
|
5,771,525
|
| Advances to aggregators |
(92,017)
|
2,675,228
|
| Prepaid expenses and other assets |
173,598
|
(305,374)
|
| Accounts payable |
507,737
|
(552,372)
|
| Accrued expenses |
(460,826)
|
(882,971)
|
| Net cash (used in) provided by operating activities |
(2,470,648)
|
3,384,048
|
| Cash flows from investing activities |
|
|
| Purchase of portfolio and client acquisition costs |
(303,775)
|
(1,260,339)
|
| Acquisition of PayOnline assets, net of cash received |
(3,195,452)
|
0
|
| Purchase of fixed and other assets |
(65,051)
|
(941)
|
| Net cash used in investing activities |
(3,564,278)
|
(1,261,280)
|
| Cash flows from financing activities |
|
|
| Repayment to Financial Institutions |
0
|
(7,756,017)
|
| Proceeds from preferred stock |
5,500,000
|
0
|
| Proceeds from indebtedness |
650,000
|
8,879,898
|
| Note payable (non-current) |
0
|
(3,030,666)
|
| Related party advances (payments) |
84,256
|
(1,793,423)
|
| Net cash provided by (used in) financing activities |
6,234,256
|
(3,700,208)
|
| Effect of exchange rate changes on cash |
(27,443)
|
2,722,837
|
| Net increase in cash |
171,888
|
1,145,397
|
| Cash at beginning of period |
503,343
|
126,319
|
| Cash at end of period |
675,231
|
1,271,716
|
| Cash paid during the period for: |
|
|
| Interest |
121,253
|
324,716
|
| Taxes |
90,211
|
230,191
|
| Non cash activities: |
|
|
| Notes payable (net of discount) |
277,778
|
0
|
| Funds in escrow from issuance of notes |
5,000,000
|
0
|
| Preferred dividends paid in common stock |
525,197
|
0
|
| Warrant [Member] |
|
|
| Non cash activities: |
|
|
| Liabilities Assumed |
$ 3,623,182
|
$ 0
|