|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
3 Months Ended |
18 Months Ended |
|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
| CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
| Net loss |
$ (98,955) |
$ (121,691) |
$ (721,411) |
| Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
| Share based compensation |
1,870 |
|
19,979 |
| Changes in operating assets and liabilities: |
|
|
|
| Accounts payable |
49,537 |
76,127 |
430,118 |
| Accrued interest |
(1,523) |
240 |
(266) |
| Net cash used in operating activities |
(49,071) |
(45,324) |
(271,580) |
| CASH FLOWS FROM INVESTING ACTIVITY |
|
|
|
| Purchase of intangible assets |
(13,497) |
(3,110) |
(64,551) |
| Net cash used in investing activity |
(13,497) |
(3,110) |
(64,551) |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Advances from investors |
|
(94,000) |
99,000 |
| Proceeds from issuance of promissory note payable |
|
|
12,000 |
| Proceeds from issuance of common stock and warrants |
|
237,500 |
276,500 |
| Repayment of convertible note payable |
(50,000) |
|
(50,000) |
| Net cash provided by (used in) financing activities |
(50,000) |
143,500 |
337,500 |
| NET CHANGE IN CASH |
(112,568) |
95,066 |
1,369 |
| CASH |
|
|
|
| BEGINNING OF PERIOD |
113,937 |
127,000 |
|
| END OF PERIOD |
1,369 |
222,066 |
1,369 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
| Liabilities assumed as part of reverse merger |
|
|
451,915 |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION |
|
|
|
| Interest paid |
3,086 |
|
|
| Income tax paid |
|
|
|
|
Accounts Payable
|
|
|
|
| NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
| Conversion to common stock |
|
|
118,845 |
|
Convertible note
|
|
|
|
| NON-CASH INVESTING AND FINANCING ACTIVITIES |
|
|
|
| Conversion to common stock |
|
|
$ 167,585 |