CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
|
6 Months Ended |
Jun. 30, 2016 |
Jun. 30, 2015 |
| Cash flows from operating activities |
|
|
| Net income/(loss) |
$ 7,796,372
|
$ (15,828,587)
|
| Adjustments to reconcile net loss to net cash: |
|
|
| Depreciation and amortization |
14,991
|
64,691
|
| Provisions and allowances |
70,000
|
|
| Loss on sale of rights and assets |
178,032
|
|
| Gain on sale of interest in subsidiary |
(630,571)
|
|
| Charges from escrow deposits |
|
240,400
|
| Inventory valuation reserve |
|
354,939
|
| Change in fair value of derivative liability |
(18,819,893)
|
(3,053,071)
|
| Change in fair value of warrant liability |
(997,121)
|
|
| Amortization of debt discount |
2,613,227
|
6,049,639
|
| Financing costs |
3,060,579
|
2,299,632
|
| Stock based compensation |
644,523
|
4,292,209
|
| Changes in operating assets and liabilities |
|
|
| Accounts receivable |
8,031
|
8,774
|
| Inventory |
48,523
|
228,634
|
| Deposits in escrow |
(10,000)
|
20,076
|
| Prepaid insurance |
(42,094)
|
(338,875)
|
| Prepaid expenses and other current assets |
(196,852)
|
(185,916)
|
| Deferred costs |
105,172
|
|
| Accounts payables |
3,445,251
|
1,659,988
|
| Accrued interest payable |
394,217
|
165,657
|
| Other accrued expenses |
(101,115)
|
(488,135)
|
| Accrued expenses directors |
(3,556)
|
|
| Accrued settlement and severance expenses |
(309,390)
|
1,004,486
|
| Accrued legal contingencies |
227,313
|
|
| Customer deposits |
|
(311,000)
|
| Deferred revenue |
(132,841)
|
(51,304)
|
| Deferred costs |
|
(299,018)
|
| Net cash used in operating activities |
(2,637,202)
|
(4,166,781)
|
| Cash flows from investing activities |
|
|
| Issuance of note receivable |
(10,000)
|
|
| Proceeds from the sale of subsidiary |
35,000
|
|
| Proceeds received for sale of interest held in subsidiary |
630,571
|
|
| Proceeds received for sale of rights and assets |
91,814
|
|
| Construction in Progress |
(529,091)
|
|
| Net cash provided by investing activities |
218,294
|
|
| Cash flows from financing activities |
|
|
| Payments on notes payable |
(223,347)
|
(12,434)
|
| Proceeds from issuance of notes payable |
569,000
|
|
| Proceeds from issuance of/(payments on) notes payable, related party |
41,667
|
(150,000)
|
| Payments on related party notes payable |
(2,500)
|
|
| Exercise of employee stock options |
16,000
|
|
| Proceeds from issuance of convertible notes payable, net of fees |
1,815,811
|
4,642,300
|
| Proceeds from issuance of convertible notes payable from directors, net |
105,000
|
150,000
|
| Net cash provided by financing activities |
2,321,631
|
4,629,866
|
| Net decrease in cash and cash equivalents |
(97,277)
|
463,085
|
| Cash and cash equivalents, beginning of period |
119,010
|
101,182
|
| Cash and cash equivalents, end of period |
21,733
|
564,267
|
| Supplemental disclosures of cash flow information: |
|
|
| Cash paid for interest |
38,595
|
1,151
|
| Cash paid for income tax |
|
|
| Non- cash investing and financing activities: |
|
|
| Common stock issued upon debt conversion |
5,118,247
|
5,810,512
|
| Common stock issued to consultants |
96,015
|
364,728
|
| Issuance of note payable for financing costs |
700,000
|
|
| Issuance of convertible debentures for accounts payable |
500,000
|
|
| Notes Payable issued for accounts payable |
$ 250,700
|
|